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Article

Развитие алгоритмической торговли на мировых финансовых рынках: причины, тенденции и перспективы

Финансы и кредит. 2017. Т. 9. № 23. С. 532-548.
Володин С. Н., Якубов А. П.

Subject. An analysis of programs of state regulators and exchanges which stimulate the development of new market segment – algorithmic trading. There is a proper examination of legislative and technological measures which are adopted in the leading world financial markets.

Aims. An examination of world markets’ experience regarding the stimulation of algorithmic trading’s development allows assessing general perspectives of this way of stock exchanges’ transaction execution. Since the largest financial organizations all over the world re-orient towards implementation of robotized systems for trading, this issue has a peculiar actuality. Understanding of the general features of adopted measures and instruments may lead to introduction of the best practices in the domestic stock market.

Methodology. An analysis of relevant legislation, internal stock exchanges’ orders, experts’ opinions was conducted; systematization of information in this sphere was provided.

Results. In the course of the research it was demonstrated that adopted legislative and technological measures favored the successive development of algorithmic trading’s segment. Their peculiarities show the regulators and exchanges’ interest in further development of algorithmic trading operations.

Findings. It was demonstrated that the observed character of measures of algorithmic trading’s stimulation represents the general tendency of stock markets’ transfer to total automatization of trading operations’ execution with the use of robotized systems. Applied regulatory measures towards this segment mostly exert significant positive effect on its development. As a result, further increase of algorithmic trading systems’ importance may be expected and, consequently, the strengthening of that exerted impact on market trading. Obtained results in the present paper may be used by specialists of regulatory organizations, stock exchanges, and by employees of investment and brokerage companies which employ algorithmic systems for market transactions.