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- Algorithmic_trading abstract "Algorithmic trading, also called automated trading, black-box trading, or algo trading, is the use of electronic platforms for entering trading orders with an algorithm which executes pre-programmed trading instructions whose variables may include timing, price, or quantity of the order, or in many cases initiating the order by a "robot", without human intervention. Algorithmic trading is widely used by investment banks, pension funds, mutual funds, and other buy-side (investor-driven) institutional traders, to divide large trades into several smaller trades to manage market impact and risk. Sell side traders, such as market makers and some hedge funds, provide liquidity to the market, generating and executing orders automatically.A special class of algorithmic trading is "high-frequency trading" (HFT), which is often most profitable during periods of high market volatility. During the past years, companies such as Algorates have employed HFT strategies, recording high profits even during periods in which the markets have seen steep declines.Many types of algorithmic or automated trading activities can be described as HFT. As a result, in February 2012, the Commodity Futures Trading Commission (CFTC) formed a special working group that included academics and industry experts to advise the CFTC on how best to define HFT. HFT strategies utilize computers that make elaborate decisions to initiate orders based on information that is received electronically, before human traders are capable of processing the information they observe. Algorithmic trading and HFT have resulted in a dramatic change of the market microstructure, particularly in the way liquidity is provided.Algorithmic trading may be used in any investment strategy, including market making, inter-market spreading, arbitrage, or pure speculation (including trend following). The investment decision and implementation may be augmented at any stage with algorithmic support or may operate completely automatically. One of the main issues regarding HFT is the difficulty in determining how profitable it is. A report released in August 2009 by the TABB Group, a financial services industry research firm, estimated that the 300 securities firms and hedge funds that specialize in this type of trading took in a maximum of US$21 billion in profits in 2008, which the authors called "relatively small" and "surprisingly modest" when compared to the market's overall trading volume. In 2014 Virtu Financial, an algorithmic trading firm, reported that it had only one losing trading day over the course of three years.A third of all European Union and United States stock trades in 2006 were driven by automatic programs, or algorithms, according to Boston-based financial services industry research and consulting firm Aite Group. As of 2009, studies suggested HFT firms accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012. In 2006, at the London Stock Exchange, over 40% of all orders were entered by algorithmic traders, with 60% predicted for 2007. American markets and European markets generally have a higher proportion of algorithmic trades than other markets, and estimates for 2008 range as high as an 80% proportion in some markets. Foreign exchange markets also have active algorithmic trading (about 25% of orders in 2006). Futures markets are considered fairly easy to integrate into algorithmic trading, with about 20% of options volume expected to be computer-generated by 2010. Bond markets are moving toward more access to algorithmic traders.Algorithmic and HFT have been the subject of much public debate since the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said in reports that an algorithmic trade entered by a mutual fund company triggered a wave of selling that led to the 2010 Flash Crash. The same reports found HFT strategies may have contributed to subsequent volatility. As a result of these events, the Dow Jones Industrial Average suffered its second largest intraday point swing ever to that date, though prices quickly recovered. (See List of largest daily changes in the Dow Jones Industrial Average.) A July, 2011 report by the International Organization of Securities Commissions (IOSCO), an international body of securities regulators, concluded that while "algorithms and HFT technology have been used by market participants to manage their trading and risk, their usage was also clearly a contributing factor in the flash crash event of May 6, 2010." Some algorithmic trading ahead of index fund rebalancing transfers profits from investors.".
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- Algorithmic_trading wikiPageExternalLink algorithms.
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- Algorithmic_trading wikiPageExternalLink sec-risks-harm-with-high-frequency-trading-curbs-cme-ceo-says.html.
- Algorithmic_trading wikiPageExternalLink gbot.
- Algorithmic_trading wikiPageExternalLink trading-system.
- Algorithmic_trading wikiPageExternalLink www.fixprotocol.org.
- Algorithmic_trading wikiPageExternalLink IOSCOPD354.pdf.
- Algorithmic_trading wikiPageExternalLink marketevents-report.pdf.
- Algorithmic_trading wikiPageExternalLink kevin_slavin_how_algorithms_shape_our_world.html.
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- Algorithmic_trading video "How algorithms shape our world, TED (conference)".
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- Algorithmic_trading subject Category:Electronic_trading_systems.
- Algorithmic_trading subject Category:Financial_markets.
- Algorithmic_trading subject Category:Financial_routing_standards.
- Algorithmic_trading subject Category:Mathematical_finance.
- Algorithmic_trading type Abstraction100002137.
- Algorithmic_trading type Act100030358.
- Algorithmic_trading type Activity100407535.
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- Algorithmic_trading comment "Algorithmic trading, also called automated trading, black-box trading, or algo trading, is the use of electronic platforms for entering trading orders with an algorithm which executes pre-programmed trading instructions whose variables may include timing, price, or quantity of the order, or in many cases initiating the order by a "robot", without human intervention.".
- Algorithmic_trading label "Algorithmic trading".
- Algorithmic_trading label "Automatisierter Handel".
- Algorithmic_trading label "Trading algorithmique".
- Algorithmic_trading label "Алгоритмическая торговля".
- Algorithmic_trading label "システムトレード".
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