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ResearchTalks Vol. 3 - Markets in the dark: The rise of the robot market
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ResearchTalks Vol. 3 - Markets in the dark: The rise of the robot market

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by Jennifer Nille

by Jennifer Nille

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ResearchTalks Vol. 3 - Markets in the dark: The rise of the robot market ResearchTalks Vol. 3 - Markets in the dark: The rise of the robot market Presentation Transcript

  • Markets in the darkThe rise of the robot market
  • In 20 years, the face of the stock exchanges has dramatically changed.A ROBOT MARKET
  • Out with the old
  • In with the new
  • Several causes
  • HFT
  • HFT
  • Major changes
  • Major Changes
  • Major Changes
  • For the good…• Costs of transactions decreased• Spreads tightening• Better liquidity
  • And the bad…
  • Consequences
  • Side effects• Investors hold less and less a stock: – in 1945, the average holding period was 4 years in the USA. – In 2000, it was 8 months – In 2008, it was 2 months• Focus on the most liquid stocks of the market
  • Side effects
  • Side effects• For Brokers
  • Side effects
  • SolutionsIn Europe In the United States
  • But…
  • Conclusions