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Regular version of the site

Article

Влияние алгоритмической торговли на устойчивость развития мировых фондовых рынков

Финансы и кредит. 2017. Т. 23. № 20. С. 1184-1195.
Володин С. Н., Якубов А. П.

Subject. Various aspects of new market segment’s influence – algorithmic trading – on the development of world stock markets. Authors analyze in detail the most significant cases of algorithmic systems’ impact on market mechanisms and participants of the trading process.

Aims. Authors set the following goal – to study the peculiar features of algorithmic trading’s segment on the sustainable development of stock markets. The research of different influence characteristics allows estimating overall perspectives of development of world stock markets as a whole as well as algorithmic trading itself in particular. Contemporary, this issue obtained a special actuality due to wide spreading of algorithmic systems for stock market operations.

Methodology. Relevant stock market statistics, regulatory norms, legislative acts and opinions of experts in stock market sphere were analyzed; analytical, scientific and practical information in the studied field was systematized.

Results. It was shown that algorithmic trading exerts a significant impact on stock market indices’ dynamics, market liquidity and efficiency, and also on some other features which characterize sustainable market development.

Findings. The results of analysis allows stating that algorithmic trading’s segment has a marked negative effect on stock markets. And it has already worried market specialist as well as employees of stock markets and state regulators. Besides, adopted legislative and technological measures cannot provide a significant restrictive influence on the revealed negative aspects of algorithmic trading’s impact. That is why the increase of the claimed negative effects is expected in the nearest future. The obtained results may be useful for researchers of stock market sustainability, representatives of regulators and direct participants of the trading process.