High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature

Oğuz ERSAN, (Kadir Has Üniversitesi, İşletme Fakültesi, Uluslararası Ticaret ve Finans Anabilim Dalı)
Nihan DALGIÇ, (Yeditepe Üniversitesi, Sosyal Bilimler Enstitüsü, Finansal İktisat Bölümü)
Cumhur EKİNCİ, (İstanbul Teknik Üniversitesi, İşletme Fakültesi, İşletme Mühendisliği Bölümü)
Mehmet BODUR (Kadir Has Üniversitesi, Mühendislik Fakültesi, Finans Mühendisliği Bölümü)
Alanya Akademik Bakış
10 0
Yıl: 2021 Cilt: 5 Sayı: 1 Sayfa Aralığı: 345 - 368 Metin Dili: İngilizce DOI: 10.29023/alanyaakademik.799039 İndeks Tarihi: 28-07-2021

High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature

Öz:
High-frequency trading (HFT) has been dominating the activity in developedfinancial markets in the last two decades. Despite its recent formation, theliterature on the impacts of HFT on financial markets and participants isbroad. However, there are ongoing debates and unanswered questionswithin many subtopics. We survey through the research towards HFT effectson liquidity in an attempt to explain the coexistence of evidence regardingboth the positive and the negative impacts of HFT. We name two mainfactors leading to mixed results. Former concerns the negative marketconditions such as intraday shocks, through which HFT trading patternsmay sharply change. Latter regards the certain characteristics of HFTliquidity provision with the potential to present externalities for the market.
Anahtar Kelime:

Yüksek Frekanslı İşlemler ve Piyasa Likiditesine Etkileri: Yazın Taraması

Öz:
Yüksek frekanslı işlemler (YFİ) son yirmi yılda gelişmiş piyasalardaki işlemleri domine etmektedir. YFİ’nin finansal piyasalar ve katılımcıları üzerindeki etkilerine dair literatür yakın dönemde oluşmasına rağmen geniştir. Diğer yandan, birçok alt konuda devam eden akademik tartışmalar ve cevaplanmamış sorular mevcuttur. Bu çalışma YFİ’nin olumlu ve olumsuz etkilerine dair bulguların beraberce yer aldığı bir alt konu olan YFİ’nin likidite üzerindeki etkilerini inceleyen yazını taramaktadır. Çalışma kapsamında, literatürde çeşitlilik gösteren bu sonuçların varlığını açıklayan iki temel faktör olduğu ortaya konulmaktadır. Bunlardan ilki YFİ’nin piyasalardaki aktivitesinde keskin farklılıklar yaratabilen gün içi şoklar gibi olumsuz piyasa koşullarıdır. İkincisi ise YFİ yoluyla likidite sağlayıcılığı yapmanın piyasa için olumsuzluklar doğurma potansiyeline sahip olmasıdır.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Ersan O, dalgıç n, Ekinci C, Bodur M (2021). High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. , 345 - 368. 10.29023/alanyaakademik.799039
Chicago Ersan Oguz,dalgıç nihan,Ekinci Cumhur,Bodur Mehmet High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. (2021): 345 - 368. 10.29023/alanyaakademik.799039
MLA Ersan Oguz,dalgıç nihan,Ekinci Cumhur,Bodur Mehmet High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. , 2021, ss.345 - 368. 10.29023/alanyaakademik.799039
AMA Ersan O,dalgıç n,Ekinci C,Bodur M High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. . 2021; 345 - 368. 10.29023/alanyaakademik.799039
Vancouver Ersan O,dalgıç n,Ekinci C,Bodur M High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. . 2021; 345 - 368. 10.29023/alanyaakademik.799039
IEEE Ersan O,dalgıç n,Ekinci C,Bodur M "High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature." , ss.345 - 368, 2021. 10.29023/alanyaakademik.799039
ISNAD Ersan, Oguz vd. "High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature". (2021), 345-368. https://doi.org/10.29023/alanyaakademik.799039
APA Ersan O, dalgıç n, Ekinci C, Bodur M (2021). High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. Alanya Akademik Bakış, 5(1), 345 - 368. 10.29023/alanyaakademik.799039
Chicago Ersan Oguz,dalgıç nihan,Ekinci Cumhur,Bodur Mehmet High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. Alanya Akademik Bakış 5, no.1 (2021): 345 - 368. 10.29023/alanyaakademik.799039
MLA Ersan Oguz,dalgıç nihan,Ekinci Cumhur,Bodur Mehmet High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. Alanya Akademik Bakış, vol.5, no.1, 2021, ss.345 - 368. 10.29023/alanyaakademik.799039
AMA Ersan O,dalgıç n,Ekinci C,Bodur M High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. Alanya Akademik Bakış. 2021; 5(1): 345 - 368. 10.29023/alanyaakademik.799039
Vancouver Ersan O,dalgıç n,Ekinci C,Bodur M High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature. Alanya Akademik Bakış. 2021; 5(1): 345 - 368. 10.29023/alanyaakademik.799039
IEEE Ersan O,dalgıç n,Ekinci C,Bodur M "High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature." Alanya Akademik Bakış, 5, ss.345 - 368, 2021. 10.29023/alanyaakademik.799039
ISNAD Ersan, Oguz vd. "High-Frequency Trading and its Impact on Market Liquidity: A Review of Literature". Alanya Akademik Bakış 5/1 (2021), 345-368. https://doi.org/10.29023/alanyaakademik.799039
Sayfa Oluşturulma Tarihi
23-04-2024 18:55

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