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Computerization of the Equity, Foreign Exchange, Derivatives, and Fixed-Income Markets

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  • Michael Goldstein
  • Laura Cardella
  • Jia Hao
  • Ivalina Kalcheva
  • Yung-Yu Ma

Abstract

We survey empirical studies on the development and effects of increased computerization across equity, foreign exchange, derivatives, and fixed-income markets. While the changes in the trading process due to computerization in less liquid markets such as the corporate bond market have been modest, there have been dramatic changes in certain derivatives markets, foreign exchange, and particularly in equity markets. In many instances, previous research has found positive effects of computerization on measures of market quality, but our survey highlights that human intermediation is still prominent and beneficial in certain areas.

Suggested Citation

  • Michael Goldstein & Laura Cardella & Jia Hao & Ivalina Kalcheva & Yung-Yu Ma, 2014. "Computerization of the Equity, Foreign Exchange, Derivatives, and Fixed-Income Markets," The Financial Review, Eastern Finance Association, vol. 49(2), pages 231-243, May.
  • Handle: RePEc:bla:finrev:v:49:y:2014:i:2:p:231-243
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    File URL: http://hdl.handle.net/10.1111/fire.12033
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    Cited by:

    1. Stuart Snaith & Neil M. Kellard & Norzalina Ahmad, 2018. "Open outcry versus electronic trading: Tests of market efficiency on crude palm oil futures," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(6), pages 673-695, June.
    2. Cardella, Eric & Kalcheva, Ivalina & Shang, Danjue, 2018. "Financial markets and genetic variation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 64-89.

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