1251:
compliance, and operations staff are reviewing the design and development of the algorithms and trading systems for compliance with legal requirements will be investigated. FINRA will review whether a firm actively monitors and reviews algorithms and trading systems once they are placed into production systems and after they have been modified, including procedures and controls used to detect potential trading abuses such as wash sales, marking, layering, and momentum ignition strategies. Finally, firms will need to describe their approach to firm-wide disconnect or "kill" switches, as well as procedures for responding to catastrophic system malfunctions.
93:
the option. A look-up table stores a range of theoretical buy and sell prices for a given range of current market price of the underlying security. Accordingly, as the price of the underlying security changes, a new theoretical price may be indexed in the look-up table, thereby avoiding calculations that would otherwise slow automated trading decisions. A distributed processing on-line automated trading system uses structured messages to represent each stage in the negotiation between a market maker (quoter) and a potential buyer or seller (requestor).
218:, this strategy does not predict market movements. Instead, it identifies a trend early in the day and then trades automatically according to a predefined strategy, regardless of directional shifts. Trend following gained popularity among speculators, though remains reliant on manual human judgment to configure trading rules and entry/exit conditions. Finding the optimal initial strategy is essential. Trend following is limited by market volatility and the difficulty of accurately identifying trends.
1182:
This feature enabled traders to submit their strategies, allowing other users to replicate any trades produced by those strategies in their accounts. Subsequently, certain platforms allowed traders to connect their accounts directly in order to replicate trades automatically, without needing to code trading strategies. Since 2010, numerous online brokers have incorporated copy trading into their internet platforms, such as
1221:(HFT) strategies has grown substantially over the past several years and drives a significant portion of activity on U.S. markets. Although many HFT strategies are legitimate, some are not and may be used for manipulative trading. A strategy would be illegitimate or even illegal if it causes deliberate disruption in the market or tries to manipulate it. Such strategies include "momentum ignition strategies":
1158:) became more popular when famous traders like John Henry began to use such strategies. In the mid 1990s, some models were available for purchase. Also, improvements in technology increased the accessibility for retail investors. Later, Justin-Niall Swart employed a Donchian channel-based trend-following trading method for portfolio optimization in his South African futures market analysis.
107:
1181:
emerged as forms of automated algorithmic trading. These systems allowed traders to share their trading histories and strategies, which other traders could replicate in their accounts. One of the first companies to offer an auto-trading platform was
Tradency in 2005 with its "Mirror Trader" software.
1279:
lost four times its 2011 net income. Knight's CEO Thomas Joyce stated, on the day after the market disruption, that the firm had "all hands on deck" to fix a bug in one of Knight's trading algorithms that submitted erroneous orders to exchanges for nearly 150 different stocks. Trading volumes soared
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In recent years, there have been a number of algorithmic trading malfunctions that caused substantial market disruptions. These raise concern about firms' ability to develop, implement, and effectively supervise their automated systems. FINRA has stated that it will assess whether firms' testing and
1237:
FINRA also focuses on the entry of problematic HFT and algorithmic activity through sponsored participants who initiate their activity from outside of the United States. In this regard, FINRA reminds firms of their surveillance and control obligations under the SEC's Market Access Rule and Notice to
1150:
in 1949 when he used a set of rules to buy and sell the funds. Donchian proposed a novel concept in which trades would be initiated autonomously in response to the fulfillment of predetermined market conditions. Due to the absence of advanced technology at the time, Donchian's staff was obligated to
92:
The automated trading system determines whether an order should be submitted based on, for example, the current market price of an option and theoretical buy and sell prices. The theoretical buy and sell prices are derived from, among other things, the current market price of the security underlying
1229:
where a market participant places a non-bona fide order on one side of the market (typically, but not always, above the offer or below the bid) in an attempt to bait other market participants to react to the non-bona fide order and then trade with another order on the other side of the market. They
1241:
FINRA conducts surveillance to identify cross-market and cross-product manipulation of the price of underlying equity securities. Such manipulations are done typically through abusive trading algorithms or strategies that close out pre-existing option positions at favorable prices or establish new
1238:
Members 04-66, as well as potential issues related to treating such accounts as customer accounts, anti-money laundering, and margin levels as highlighted in
Regulatory Notice 10-18 and the SEC's Office of Compliance Inspections and Examination's National Exam Risk Alert dated September 29, 2011.
1161:
The early form of an
Automated Trading System, composed of software based on algorithms, that have historically been used by financial managers and brokers. This type of software was used to automatically manage clients' portfolios. However, the first service to free market without any supervision
1250:
and firms' supervisory obligations. This assessment may take the form of examinations and targeted investigations. Firms will be required to address whether they conduct separate, independent, and robust pre-implementation testing of algorithms and trading systems. Also, whether the firm's legal,
1213:
Automated trading, or high-frequency trading, causes regulatory concerns as a contributor to market fragility. United States regulators have published releases discussing several types of risk controls that could be used to limit the extent of such disruptions, including financial and regulatory
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declined about 1,000 points (about 9 percent) and recovered those losses within minutes. It was the second-largest point swing (1,010.14 points) and the largest one-day point decline (998.5 points) on an intraday basis in the
Average's history. This market disruption became known as the
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perform manual market charting and assess the suitability of executing rule-based trades. Although this laborious procedure was susceptible to human error, it established the foundation for the subsequent development of transacting financial assets.
75:
can execute repetitive tasks at speeds orders of magnitude greater than any human equivalent. Traditional risk controls and safeguards that relied on human judgment are not appropriate for automated trading and this has caused issues such as the
778:
1234:(FINRA) has reminded firms using HFT strategies and other trading algorithms of their obligation to be vigilant when testing these strategies pre- and post-launch to ensure that the strategies do not result in abusive trading.
31:, uses a computer program to create buy and sell orders and automatically submits the orders to a market center or exchange. The computer program will automatically generate orders based on predefined set of rules using a
2131:
Scopino, Gregory (2015). "Preparing
Financial Regulation for the Second Machine Age: The Need for Oversight of Digital Intermediaries in the Futures Markets". Vol. 2015, no. 2: 439. Columbia Business Law
1230:
are also referred to as predatory/abusive strategies. Given the scale of the potential impact that these practices may have, the surveillance of abusive algorithms remains a high priority for regulators. The
51:, but are also available to private investors using simple online tools. An estimated 70% to 80% of all market transactions are carried out through automated trading software, in contrast to manual trades.
1992:
This supports regulatory concerns about the potential drawbacks of automated trading due to operational and transmission risks and implies that fragility can arise in the absence of order flow toxicity.
1038:
1214:
controls to prevent the entry of erroneous orders as a result of computer malfunction or human error, the breaching of various regulatory requirements, and exceeding a credit or capital limit.
442:
538:
492:
821:
582:
1290:(SYMBOL: SPY), which is generally the most heavily traded U.S. security, became the 52nd-most traded stock on that day, according to Eric Hunsader, CEO of market data service
1197:
Now, Automated
Trading System is managing huge assets all around the globe. In 2014, more than 75 percent of the stock shares traded on United States exchanges (including the
210:
Trend following is a trading strategy that bases buying and selling decisions on observable market trends. For years, various forms of trend following have emerged, like the
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1294:. Knight shares closed down 62 percent as a result of the trading error and Knight Capital nearly collapsed. Knight ultimately reached an agreement to merge with
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870:
653:
633:
270:
2005:""CFTC Publishes Sweeping Concept Release Asking Questions About Additional Regulation of Automated Trading Strategies and High-Frequency Trading" - JD Supra"
1554:
Hartheimer, Richard, et al. "Financial exchange system having automated recovery/rollback of unacknowledged orders." U.S. Patent No. 5,305,200. 19 Apr. 1994.
1947:
124:
1247:
1231:
2229:
1377:
Domowitz, Ian; Lee, Ruben (1996-10-28). "The Legal Basis for Stock
Exchanges: The Classification and Regulation of Automated Trading Systems".
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Marynowski, John M., et al. "Automated trading system in an electronic trading exchange." U.S. Patent No. 7,251,629. 31 Jul. 2007.
64:
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is each individual trade that takes place over the defined period of time, excluding cross trades and basket cross trades".
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from credible investors, which lets less experienced traders mirror trades without performing the analysis themselves.
954:"A continuous mean-reverting time series can be represented by an Ornstein-Uhlenbeck stochastic differential equation:
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72:
60:
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and resulted in U.S. regulators issuing new regulations to control market access achieved through automated trading.
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2004:
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or 'circuit breakers' have been put in place in some electronic markets to deal with automated trading systems.
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409:
2094:"FINRA rule amendment requires registration of associated persons who develop algorithmic trading strategies"
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controls related to algorithmic trading and other automated trading strategies are adequate in light of the
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501:
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1948:"As automated trading takes over markets, rational human investors matter even more. - Abernathy MacGregor"
2252:
1308:
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1987:
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2019:"SEC Adopts New Rule Preventing Unfiltered Market Access (Press Release No. 2010-210; November 3, 2010"
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28:
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The high frequency game changer: how automated trading strategies have revolutionized the markets
1390:"Computer Algorithms, Market Manipulation and the Institutionalization of High Frequency Trading"
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56:
36:
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1861:"The Transparency-Revenue Conundrum in Social Trading: Implications for Platforms and Investors"
1677:
Futures
Futures: News, Analysis & Strategies for Futures, Options & Derivatives Traders
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773:{\displaystyle P_{\mathrm {VWAP} }={\frac {\sum _{j}{P_{j}\cdot Q_{j}}}{\sum _{j}{Q_{j}}}}\,}
39:, advanced statistical and mathematical computations or input from other electronic sources.
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1976:
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77:
32:
2092:
Foley, Michael T.; Angstadt, Janet M.; Pazzol, Ross; Van De Graaff, James D. (2016-01-01).
1476:"Concept Release on Risk Controls and System Safeguards for Automated Trading Environments"
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Dai, Min; Yang, Zhou; Zhang, Qing; Zhu, Qiji. "Optimal Trend
Following Trading Rules".
1508:
1170:. Since then, this system has been improving with the development in the IT industry.
2246:
2143:
2018:
1659:"On the Simulation and Estimation of the Mean-Reverting Ornstein-Uhlenbeck Process"
1174:
495:
81:
1795:"Empirical investigation on the performance of copy-portfolios on E-TORO platform"
1743:
Swart, J.N. (2016). "Testing a price breakout strategy using
Donchian Channels".
1190:, Ayondo, and Tradeo. Copy trading benefits from real-time trading decisions and
106:
1675:
Donchian, Richard (1995-11-15). "Donchian's five- and 20-day moving averages".
1606:
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For example, the following formula could be used for trend following strategy:
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1481:. Commodity Futures Trading Commission. September 9, 2013. Archived from
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Examples of recent substantial market disruptions include the following:
131: in this section. Unsourced material may be challenged and removed.
670:
Knowledge (XXG) page, VWAP is calculated using the following formula:
1202:
1764:. Wiley trading series. Hoboken, New Jersey: John Wiley & Sons.
1591:"Trend following algorithms in automated derivatives market trading"
1275:
On August 1, 2012, between 9:30 a.m. and 10:00 a.m. EDT,
1429:"How Algorithmic Trading Undermines Efficiency in Capital Markets"
1291:
1183:
1866:. Jindal School of Management, The University of Texas at Dallas.
1281:
1146:
The concept of automated trading system was first introduced by
2172:
1877:
Apesteguia, Jose; Oechssler, Jörg; Weidenholzer, Simon (2020).
2047:"FINRA Issues Guidance on Master and Sub-Account Arrangements"
1700:"Conceptual Model of Automated Trading Systems Implementation"
100:
2230:"How the Robots Lost: High-Frequency Trading's Rise and Fall"
1683:(13). Cedar Falls, Iowa: The Alpha Pages LLC: 32 – via
1811:
1033:{\displaystyle dx_{t}=\theta (\mu -x_{t})dt+\sigma dW_{t}}
71:", and automated exchanges. Automated trading systems and
1154:
Then, in the 1980s, the concept of rule based trading (
43:
These automated trading systems are mostly employed by
2195:"Knight Shows How to Lose $ 440 Million in 30 Minutes"
225:"Consider a complete probability space (Ω, F, P). Let
1859:
Mingwen, Yang; Eric, Zheng; Vijay, Mookerjee (2019).
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Professional automated trading: theory and practice
1205:) originated from automated trading system orders.
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655:are the initial and terminal times, respectively".
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1507:Hanif, Ayub; Smith, Robert Elliott (2012-09-30).
1962:"A day in the quiet life of a NYSE floor trader"
1704:ROBONOMICS: The Journal of the Automated Economy
1589:Fong, Simon; Si, Yain-Whar; Tai, Jackie (2012).
1509:"Algorithmic, Electronic, and Automated Trading"
1334:Outline of finance § Quantitative investing
1918:"Robo-Advisor: Future to Financial Management?"
1975:Giovanni Cespa, Xavier Vives (February 2017).
1640:"Basics of Statistical Mean Reversion Testing"
55:Automated trading systems are often used with
8:
1568:. Wiley trading series. Hoboken, NJ: Wiley.
481:
469:
1450:Lemke, Thomas; Lins, Gerald. "2:25-2:29".
1298:, a Chicago-based high-speed trading firm.
1452:Soft Dollars and Other Trading Activities
1242:option positions at advantageous prices.
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191:Learn how and when to remove this message
437:{\displaystyle t\leq r\leq T<\infty }
1344:
1248:U.S. Securities and Exchange Commission
1232:Financial Industry Regulatory Authority
1977:"High frequency trading and fragility"
1063:is the rate of reversion to the mean,
540:is the expected return rate in regime
533:{\displaystyle \mu (i)\equiv \mu _{i}}
487:{\displaystyle \alpha _{r}\in \{1,2\}}
16:System for ordering algorithmic trades
2144:"Regulatory Notice 15-09 | FINRA.org"
2033:"Notice to Members 04-66 – FINRA.org"
1916:Muller, Christopher (July 14, 2018).
1162:was first launched in 2008 which was
7:
1454:(2013-2014 ed.). Thomson West.
129:adding citations to reliable sources
2215:"Knight Capital and Getco to Merge"
1354:"3 Myths about Algorithmic Trading"
1103:is the variance of the process and
816:{\displaystyle P_{\mathrm {VWAP} }}
2193:matthewaphilips, Matthew Philips.
1564:Zubulake, Paul; Lee, Sang (2011).
1209:Market disruption and manipulation
1083:is the mean value of the process,
807:
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577:{\displaystyle i=1,2,\sigma >0}
431:
14:
823:is Volume Weighted Average Price;
65:electronic communication networks
2098:Journal of Investment Compliance
1595:Expert Systems with Applications
105:
2072:"Risk Alert Master Subaccounts"
252:denote the stock price at time
116:needs additional citations for
1002:
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514:
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356:
328:
315:
309:
1:
1812:"Tradency, Robo for Advisors"
1657:Smith, William (2010-02-01).
1394:Theory, Culture & Society
1388:Arnoldi, Jakob (2016-01-01).
668:Volume-weighted average price
661:Volume-weighted average price
365:{\displaystyle dS_{r}=S_{r},}
1758:Durenard, Eugene A. (2013).
1730:"History of Trading Systems"
1280:in so many issues, that the
1265:Dow Jones Industrial Average
584:is the constant volatility,
73:electronic trading platforms
1698:Dimov, Diyan (2022-12-19).
1324:Technical analysis software
2289:
2263:Electronic trading systems
1607:10.1016/j.eswa.2012.03.048
140:"Automated trading system"
2110:10.1108/JOIC-07-2016-0028
214:software program. Unlike
1525:10.3905/jot.2012.7.4.078
1406:10.1177/0263276414566642
949:Mean reversion (finance)
400:{\displaystyle S_{t}=X,}
21:automated trading system
1745:University of Cape Town
1199:New York Stock Exchange
1096:{\displaystyle \sigma }
1056:{\displaystyle \theta }
272:satisfying the equation
80:. New controls such as
1895:10.1287/mnsc.2019.3508
1513:The Journal of Trading
1309:High-frequency trading
1219:high-frequency trading
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1988:European Central Bank
1984:Working Papers Series
1793:Lievonen, L. (2020).
1433:Vanderbilt Law Review
1427:Yadav, Yesha (2015).
1125:
1123:{\displaystyle W_{t}}
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901:is quantity of trade
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894:{\displaystyle Q_{j}}
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604:{\displaystyle B_{r}}
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245:{\displaystyle S_{r}}
216:financial forecasting
1488:on November 27, 2013
1352:Khandelwal, Nitesh.
1319:Day trading software
1277:Knight Capital Group
1263:On May 6, 2010, the
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125:improve this article
2268:Algorithmic trading
2217:. 19 December 2012.
1601:(13): 11378–11390.
1314:Algorithmic trading
29:algorithmic trading
2258:Financial software
2169:"No Time To Trade"
1928:on January 6, 2019
1883:Management Science
1732:. 13 January 2014.
1329:Systematic trading
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57:electronic trading
37:technical analysis
35:which is based on
2273:Financial markets
2228:Matthew Philips.
1889:(12): 5608–5622.
1771:978-1-118-12985-2
1664:. Vol. 1.01.
1575:978-1-118-01968-9
1461:978-0-314-63065-0
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2171:. Archived from
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1255:Notable examples
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45:investment banks
33:trading strategy
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2130:
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2091:
2090:
2086:
2074:
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2069:
2065:
2056:
2054:
2045:
2044:
2040:
2031:
2030:
2026:
2017:
2016:
2012:
2003:
2002:
1998:
1979:
1974:
1973:
1969:
1960:
1959:
1955:
1946:
1945:
1941:
1931:
1929:
1915:
1914:
1910:
1876:
1875:
1871:
1863:
1858:
1857:
1853:
1844:
1842:
1836:"Mirror Trader"
1834:
1833:
1829:
1820:
1818:
1810:
1809:
1805:
1797:
1792:
1791:
1787:
1772:
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1426:
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1421:
1387:
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1382:
1376:
1375:
1371:
1362:
1360:
1351:
1350:
1346:
1342:
1305:
1257:
1211:
1156:trend following
1144:
1136:Brownian Motion
1110:
1105:
1104:
1085:
1084:
1065:
1064:
1045:
1044:
1020:
992:
967:
959:
958:
925:
924:
903:
902:
881:
876:
875:
854:
853:
832:
827:
826:
792:
787:
786:
755:
743:
731:
718:
706:
680:
675:
674:
637:
636:
617:
616:
613:Brownian motion
591:
586:
585:
542:
541:
520:
500:
499:
494:is a two-state
456:
451:
450:
408:
407:
378:
373:
372:
346:
318:
299:
286:
278:
277:
254:
253:
232:
227:
226:
205:Trend following
197:
186:
180:
177:
134:
132:
122:
110:
99:
90:
27:), a subset of
17:
12:
11:
5:
2286:
2284:
2276:
2275:
2270:
2265:
2260:
2255:
2245:
2244:
2240:
2239:
2220:
2206:
2200:Bloomberg News
2185:
2160:
2135:
2123:
2084:
2063:
2038:
2024:
2010:
1996:
1967:
1964:. 29 May 2013.
1953:
1939:
1908:
1879:"Copy Trading"
1869:
1851:
1827:
1803:
1785:
1770:
1750:
1735:
1721:
1690:
1667:
1649:
1631:
1620:
1581:
1574:
1556:
1547:
1538:
1499:
1467:
1460:
1442:
1419:
1380:
1369:
1343:
1341:
1338:
1337:
1336:
1331:
1326:
1321:
1316:
1311:
1304:
1301:
1300:
1299:
1273:
1256:
1253:
1210:
1207:
1179:mirror trading
1143:
1140:
1132:Wiener Process
1117:
1113:
1092:
1072:
1052:
1041:
1040:
1027:
1023:
1019:
1016:
1013:
1010:
1007:
1004:
999:
995:
991:
988:
985:
982:
979:
974:
970:
966:
952:
951:
945:
944:
932:
922:
910:
888:
884:
873:
861:
839:
835:
824:
809:
806:
803:
800:
795:
762:
758:
751:
747:
738:
734:
730:
725:
721:
714:
710:
703:
697:
694:
691:
688:
683:
664:
663:
657:
656:
644:
624:
611:is a standard
598:
594:
573:
570:
567:
564:
561:
558:
555:
552:
549:
527:
523:
519:
516:
513:
510:
507:
483:
480:
477:
474:
471:
468:
463:
459:
446:
445:
433:
430:
427:
424:
421:
418:
415:
396:
393:
390:
385:
381:
361:
358:
353:
349:
345:
342:
339:
336:
333:
330:
325:
321:
317:
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311:
306:
302:
298:
293:
289:
285:
274:
273:
261:
239:
235:
208:
207:
199:
198:
113:
111:
104:
98:
95:
89:
86:
61:market centers
53:
52:
15:
13:
10:
9:
6:
4:
3:
2:
2285:
2274:
2271:
2269:
2266:
2264:
2261:
2259:
2256:
2254:
2253:Share trading
2251:
2250:
2248:
2235:
2231:
2224:
2221:
2216:
2210:
2207:
2202:
2201:
2196:
2189:
2186:
2175:on 2015-05-29
2174:
2170:
2164:
2161:
2149:
2148:www.finra.org
2145:
2139:
2136:
2127:
2124:
2119:
2115:
2111:
2107:
2103:
2099:
2095:
2088:
2085:
2080:
2073:
2067:
2064:
2053:on 2014-12-25
2052:
2048:
2042:
2039:
2034:
2028:
2025:
2020:
2014:
2011:
2006:
2000:
1997:
1993:
1989:
1985:
1978:
1971:
1968:
1963:
1957:
1954:
1949:
1943:
1940:
1927:
1923:
1919:
1912:
1909:
1904:
1900:
1896:
1892:
1888:
1884:
1880:
1873:
1870:
1862:
1855:
1852:
1841:
1837:
1831:
1828:
1817:
1813:
1807:
1804:
1796:
1789:
1786:
1781:
1777:
1773:
1767:
1763:
1762:
1754:
1751:
1746:
1739:
1736:
1731:
1725:
1722:
1717:
1713:
1709:
1705:
1701:
1694:
1691:
1686:
1682:
1678:
1671:
1668:
1660:
1653:
1650:
1645:
1641:
1635:
1632:
1624:
1621:
1616:
1612:
1608:
1604:
1600:
1596:
1592:
1585:
1582:
1577:
1571:
1567:
1560:
1557:
1551:
1548:
1542:
1539:
1534:
1530:
1526:
1522:
1518:
1514:
1510:
1503:
1500:
1484:
1477:
1471:
1468:
1463:
1457:
1453:
1446:
1443:
1438:
1434:
1430:
1423:
1420:
1415:
1411:
1407:
1403:
1399:
1395:
1391:
1384:
1381:
1373:
1370:
1359:
1355:
1348:
1345:
1339:
1335:
1332:
1330:
1327:
1325:
1322:
1320:
1317:
1315:
1312:
1310:
1307:
1306:
1302:
1297:
1293:
1289:
1286:
1283:
1278:
1274:
1271:
1266:
1262:
1261:
1260:
1254:
1252:
1249:
1243:
1239:
1235:
1233:
1228:
1224:
1220:
1215:
1208:
1206:
1204:
1200:
1195:
1193:
1189:
1185:
1180:
1176:
1173:Around 2005,
1171:
1169:
1165:
1159:
1157:
1152:
1149:
1141:
1139:
1137:
1133:
1115:
1111:
1090:
1070:
1050:
1025:
1021:
1017:
1014:
1011:
1008:
1005:
997:
993:
989:
986:
980:
977:
972:
968:
964:
957:
956:
955:
950:
947:
946:
930:
923:
908:
886:
882:
874:
859:
837:
833:
825:
793:
785:
784:
783:
780:
760:
756:
749:
745:
736:
732:
728:
723:
719:
712:
708:
701:
681:
671:
669:
666:According to
662:
659:
658:
642:
622:
614:
596:
592:
571:
568:
565:
562:
559:
556:
553:
550:
547:
525:
521:
517:
511:
505:
497:
478:
475:
472:
466:
461:
457:
448:
447:
428:
425:
422:
419:
416:
413:
394:
391:
388:
383:
379:
359:
351:
347:
343:
340:
337:
334:
331:
323:
319:
312:
304:
300:
296:
291:
287:
283:
276:
275:
259:
237:
233:
224:
223:
222:
219:
217:
213:
212:Turtle Trader
206:
203:
202:
195:
192:
184:
173:
170:
166:
163:
159:
156:
152:
149:
145:
142: –
141:
137:
136:Find sources:
130:
126:
120:
119:
114:This section
112:
108:
103:
102:
96:
94:
87:
85:
83:
82:trading curbs
79:
74:
70:
66:
62:
59:in automated
58:
50:
46:
42:
41:
40:
38:
34:
30:
26:
22:
2233:
2223:
2209:
2198:
2188:
2177:. Retrieved
2173:the original
2163:
2152:. Retrieved
2150:. 2015-03-26
2147:
2138:
2126:
2104:(3): 39–41.
2101:
2097:
2087:
2078:
2066:
2055:. Retrieved
2051:the original
2041:
2027:
2013:
1999:
1991:
1983:
1970:
1956:
1942:
1930:. Retrieved
1926:the original
1921:
1911:
1886:
1882:
1872:
1854:
1843:. Retrieved
1839:
1830:
1819:. Retrieved
1815:
1806:
1788:
1760:
1753:
1738:
1724:
1707:
1703:
1693:
1680:
1676:
1670:
1652:
1643:
1634:
1623:
1598:
1594:
1584:
1565:
1559:
1550:
1541:
1519:(4): 78–86.
1516:
1512:
1502:
1492:December 22,
1490:. Retrieved
1483:the original
1470:
1451:
1445:
1436:
1432:
1422:
1400:(1): 29–52.
1397:
1393:
1383:
1372:
1361:. Retrieved
1357:
1347:
1258:
1244:
1240:
1236:
1216:
1212:
1196:
1175:copy trading
1172:
1160:
1153:
1145:
1042:
953:
781:
672:
665:
496:Markov-Chain
220:
209:
187:
178:
168:
161:
154:
147:
135:
123:Please help
118:verification
115:
91:
63:, including
54:
24:
20:
18:
2079:www.sec.gov
1285:S&P 500
1270:Flash Crash
1217:The use of
181:August 2023
49:hedge funds
2247:Categories
2179:2015-05-29
2154:2024-03-23
2057:2014-12-25
1845:2022-07-12
1821:2022-07-12
1644:QuantStart
1363:2019-08-01
1340:References
1192:order flow
1164:Betterment
151:newspapers
97:Strategies
69:dark pools
2234:Bloomberg
2118:1528-5812
1903:0025-1909
1780:847541969
1716:2683-099X
1710:: 25–25.
1615:0957-4174
1533:1559-3967
1414:0263-2764
1188:ZuluTrade
1168:Jon Stein
1091:σ
1071:μ
1051:θ
1015:σ
990:−
987:μ
981:θ
746:∑
729:⋅
709:∑
566:σ
522:μ
518:≡
506:μ
467:∈
458:α
432:∞
423:≤
417:≤
341:σ
320:α
313:μ
88:Mechanism
1986:(2020).
1932:June 24,
1922:Algonest
1840:tradency
1816:tradency
1303:See also
1227:layering
1223:spoofing
2132:Review.
1439:: 1607.
1142:History
782:where:
165:scholar
2116:
1901:
1778:
1768:
1714:
1613:
1572:
1531:
1458:
1412:
1203:NASDAQ
1043:Where
615:, and
449:where
167:
160:
153:
146:
138:
2075:(PDF)
1980:(PDF)
1864:(PDF)
1798:(PDF)
1662:(PDF)
1486:(PDF)
1479:(PDF)
1296:Getco
1292:Nanex
1184:eToro
1130:is a
172:JSTOR
158:books
2114:ISSN
1934:2018
1899:ISSN
1776:OCLC
1766:ISBN
1712:ISSN
1685:Gale
1611:ISSN
1570:ISBN
1529:ISSN
1494:2014
1456:ISBN
1410:ISSN
1282:SPDR
1225:and
1201:and
1177:and
635:and
569:>
429:<
144:news
2106:doi
1891:doi
1603:doi
1521:doi
1402:doi
1288:ETF
1166:by
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1990:.
1982:.
1920:.
1897:.
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1838:.
1814:.
1774:.
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1679:.
1642:.
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1527:.
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2021:.
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1936:.
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1800:.
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