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

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by Jennifer Nille

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

  1. 1. Markets in the darkThe rise of the robot market
  2. 2. In 20 years, the face of the stock exchanges has dramatically changed.A ROBOT MARKET
  3. 3. Out with the old
  4. 4. In with the new
  5. 5. Several causes
  6. 6. HFT
  7. 7. HFT
  8. 8. Major changes
  9. 9. Major Changes
  10. 10. Major Changes
  11. 11. For the good…• Costs of transactions decreased• Spreads tightening• Better liquidity
  12. 12. And the bad…
  13. 13. Consequences
  14. 14. 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
  15. 15. Side effects
  16. 16. Side effects• For Brokers
  17. 17. Side effects
  18. 18. SolutionsIn Europe In the United States
  19. 19. But…
  20. 20. Conclusions

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