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The implications of electronic trading in financial markets

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  • Bank for International Settlements

Abstract

Preface The Committee on the Global Financial System (CGFS), known until 1999 as the Euro-Currency Standing Committee, serves as a discussion forum for the central bank community on financial stability questions. The CGFS has frequently been asked to examine the potential implications of innovations in global financial market practices. Recent projects by CGFS working groups have concerned the functioning of international interbank markets, financial derivatives and the systemic consequences of standard risk management practices. Last year, the CGFS decided to organise a working group to take a preliminary look at the possible implications of the use of electronic trading platforms for the functioning of global financial markets. The migration of financial trading to electronic platforms merits monitoring because of possible system-wide consequences. The Working Group was chaired by Jos Heuvelman of De Nederlandsche Bank. The Committee was most grateful to Mr Heuvelman and his colleagues for their careful work. The publication of this report is intended to contribute to the general understanding of developments in global financial markets. The CGFS continues to be interested in this topic, and expects to continue monitoring the significance of changes in information processing and communications technologies for the functioning and stability of financial markets. Yutaka Yamaguchi Chairman, Committee on the Global Financial System Deputy Governor, Bank of Japan

Suggested Citation

  • Bank for International Settlements, 2001. "The implications of electronic trading in financial markets," CGFS Papers, Bank for International Settlements, number 16, december.
    • Handle: RePEc:bis:biscgf:16
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    Cited by:

    1. Eichengreen, Barry & Mehl, Arnaud & Lafarguette, Romain, 2016. "Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market," CEPR Discussion Papers 11053, C.E.P.R. Discussion Papers.
    2. Nicolas Audet & Toni Gravelle & Jing Yang, 2002. "Alternative Trading Systems: Does One Shoe Fit All?," Staff Working Papers 02-33, Bank of Canada.
    3. Mr. Jochen R. Andritzky, 2007. "Capital Market Development in a Small Country: The Case of Slovenia," IMF Working Papers 2007/229, International Monetary Fund.
    4. Oliver Burrows & Anne Vila Wetherilt, 2004. "Have markets reacted differently to macroeconomic and monetary policy news since 1997? An empirical analysis of UK intraday trades and prices," Money Macro and Finance (MMF) Research Group Conference 2004 75, Money Macro and Finance Research Group.
    5. Bruce Mizrach & Christopher J. Neely, 2006. "The transition to electronic communications networks in the secondary treasury market," Review, Federal Reserve Bank of St. Louis, vol. 88(Nov), pages 527-542.

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