{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,13]],"date-time":"2026-02-13T16:02:49Z","timestamp":1770998569288,"version":"3.50.1"},"publisher-location":"Cham","reference-count":38,"publisher":"Springer International Publishing","isbn-type":[{"value":"9783030711573","type":"print"},{"value":"9783030711580","type":"electronic"}],"license":[{"start":{"date-parts":[[2021,1,1]],"date-time":"2021-01-01T00:00:00Z","timestamp":1609459200000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2021,1,1]],"date-time":"2021-01-01T00:00:00Z","timestamp":1609459200000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2021]]},"DOI":"10.1007\/978-3-030-71158-0_7","type":"book-chapter","created":{"date-parts":[[2021,3,13]],"date-time":"2021-03-13T09:05:48Z","timestamp":1615626348000},"page":"149-170","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Time Matters: Exploring the Effects of Urgency and Reaction Speed in Automated Traders"],"prefix":"10.1007","author":[{"given":"Henry","family":"Hanifan","sequence":"first","affiliation":[]},{"given":"Ben","family":"Watson","sequence":"additional","affiliation":[]},{"given":"John","family":"Cartlidge","sequence":"additional","affiliation":[]},{"given":"Dave","family":"Cliff","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2021,3,14]]},"reference":[{"key":"7_CR1","unstructured":"Baxter, G., Cartlidge, J.: Flying by the seat of their pants: what can high frequency trading learn from aviation? In: Proceedings of the 3rd International Conference on Application and Theory of Automation in Command and Control Systems, ATACCS, pp. 56\u201365. (2013). https:\/\/dl.acm.org\/doi\/10.1145\/2494493.2494501"},{"key":"7_CR2","unstructured":"BSE: The Bristol Stock Exchange. GitHub public source-code repository (2012). https:\/\/github.com\/davecliff\/BristolStockExchange"},{"issue":"1","key":"7_CR3","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/1350486X.2018.1434009","volume":"25","author":"\u00c1 Cartea","year":"2018","unstructured":"Cartea, \u00c1., Donnelly, R., Jaimungal, S.: Enhancing trading strategies with order book signals. Appl. Math. Financ. 25(1), 1\u201335 (2018). https:\/\/doi.org\/10.1080\/1350486X.2018.1434009","journal-title":"Appl. Math. Financ."},{"key":"7_CR4","unstructured":"Cartlidge, J., Cliff, D.: Exploring the \u2018robot phase transition\u2019 in experimental human-algorithmic markets. In: The Future of Computer Trading in Financial Markets, Driver Review DR25. Foresight, Government Office for Science, London (2012). https:\/\/bit.ly\/2llHjbh+"},{"key":"7_CR5","series-title":"Springer Proceedings in Complexity","doi-asserted-by":"publisher","first-page":"35","DOI":"10.1007\/978-3-319-99624-0_3","volume-title":"Complex Systems Modeling and Simulation in Economics and Finance","author":"J Cartlidge","year":"2018","unstructured":"Cartlidge, J., Cliff, D.: Modelling complex financial markets using real-time human\u2013agent trading experiments. In: Chen, S.-H., Kao, Y.-F., Venkatachalam, R., Du, Y.-R. (eds.) CEF 2015. SPC, pp. 35\u201369. Springer, Cham (2018). https:\/\/doi.org\/10.1007\/978-3-319-99624-0_3"},{"key":"7_CR6","doi-asserted-by":"publisher","unstructured":"Cartlidge, J., Smart, N.P., Alaoui, Y.T.: MPC joins the dark side. In: Proceedings of the 14th ACM Asia Conference on Computer and Communications Security, pp. 148\u2013159. AsiaCCS (2019). https:\/\/doi.org\/10.1145\/3321705.3329809","DOI":"10.1145\/3321705.3329809"},{"key":"7_CR7","unstructured":"Cartlidge, J., Smart, N.P., Alaoui, Y.T.: Multi-party computation mechanism for anonymous equity block trading: a secure implementation of Turquoise Plato Uncross. Cryptology ePrint Archive, Report 2020\/662 (2020), https:\/\/ia.cr\/2020\/662"},{"key":"7_CR8","doi-asserted-by":"publisher","unstructured":"Cartlidge, J., Szostek, C., De Luca, M., Cliff, D.: Too fast too furious: faster financial-market trading agents can give less efficient markets. In: Proceedings of the 4th International Conference on Agents and Artificial Intelligence, volume 2, pp. 126\u2013135. ICAART (2012). https:\/\/doi.org\/10.5220\/0003720301260135","DOI":"10.5220\/0003720301260135"},{"key":"7_CR9","unstructured":"Cliff, D.: Minimal-intelligence agents for bargaining behaviours in market-based environments. Technical report HPL-97-91, Hewlett-Packard Labs (1997). https:\/\/www.hpl.hp.com\/techreports\/97\/HPL-97-91.html"},{"key":"7_CR10","doi-asserted-by":"publisher","unstructured":"Cliff, D.: An open-source limit-order-book exchange for teaching and research. In: IEEE Symposium Series on Computational Intelligence, SSCI, pp. 1853\u20131860 (2018). https:\/\/doi.org\/10.1109\/SSCI.2018.8628760","DOI":"10.1109\/SSCI.2018.8628760"},{"key":"7_CR11","doi-asserted-by":"publisher","unstructured":"Cliff, D.: Exhaustive testing of trader-agents in realistically dynamic continuous double auction markets: AA does not dominate. In: Proceedings of the 11th International Conference on Agents and Artificial Intelligence, ICAART, volume 2, pp. 224\u2013236 (2019). https:\/\/doi.org\/10.5220\/0007382802240236","DOI":"10.5220\/0007382802240236"},{"key":"7_CR12","unstructured":"Das, R., Hanson, J.E., Kephart, J.O., Tesauro, G.: Agent-human interactions in the continuous double auction. In: Proceedings of the 17th International Joint Conference on Artificial Intelligence, IJCAI, volume 2, pp. 1169\u20131176 (2001). https:\/\/dl.acm.org\/doi\/10.1145\/501158.501183"},{"key":"7_CR13","doi-asserted-by":"publisher","unstructured":"De Luca, M., Cliff, D.: Human-agent auction interactions: adaptive aggressive agents dominate. In: Proceedings of the 22nd International Joint Conference on Artificial Intelligence, IJCAI, volume 1, pp. 178\u2013185 (2011). https:\/\/doi.org\/10.5591\/978-1-57735-516-8\/IJCAI11-041","DOI":"10.5591\/978-1-57735-516-8\/IJCAI11-041"},{"key":"7_CR14","unstructured":"De Luca, M., Szostek, C., Cartlidge, J., Cliff, D.: Studies of interactions between human traders and algorithmic trading systems. In: The Future of Computer Trading In Financial Markets, Driver Review DR13. Foresight, Government Office for Science, London (2011). https:\/\/bit.ly\/2llv52c+"},{"key":"7_CR15","doi-asserted-by":"publisher","unstructured":"Duffin, M., Cartlidge, J.: Agent-based model exploration of latency arbitrage in fragmented financial markets. In: IEEE Symposium Series on Computational Intelligence, SSCI, pp. 2312\u20132320 (2018). https:\/\/doi.org\/10.1109\/SSCI.2018.8628638","DOI":"10.1109\/SSCI.2018.8628638"},{"key":"7_CR16","unstructured":"ExPo: The Exchange Portal. SourceForge public source-code repository (2011). https:\/\/sourceforge.net\/projects\/exchangeportal\/"},{"key":"7_CR17","unstructured":"Gjerstad, S.: The strategic impact of pace in double auction bargaining. In: Econometric Society 2004 North American Winter Meetings 190. Econometric Society (2004). https:\/\/ideas.repec.org\/p\/ecm\/nawm04\/190.html"},{"issue":"1","key":"7_CR18","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1006\/game.1997.0576","volume":"22","author":"S Gjerstad","year":"1998","unstructured":"Gjerstad, S., Dickhaut, J.: Price formation in double auctions. Games Econ. Behav. 22(1), 1\u201329 (1998). https:\/\/doi.org\/10.1006\/game.1997.0576","journal-title":"Games Econ. Behav."},{"key":"7_CR19","doi-asserted-by":"publisher","unstructured":"Gode, D.K., Sunder, S.: Allocative efficiency of markets with zero-intelligence traders: market as a partial substitute for individual rationality. J. Polit. Econ. 101(1), 119\u2013137 (1993). https:\/\/doi.org\/10.1086\/261868","DOI":"10.1086\/261868"},{"key":"7_CR20","unstructured":"Hanifan, H.: Investigating the impact speed has on the performance of algorithmic traders within the BSE simulation. Master\u2019s thesis, Department of Computer Science, University of Bristol, UK (2019)"},{"key":"7_CR21","doi-asserted-by":"publisher","unstructured":"Hanifan, H., Cartlidge, J.: Fools rush. In: Competitive Effects of Reaction Time in Automated Trading. In: Proceedings of the 12th International Conference on Agents and Artificial Intelligence, ICAART, volume 1, pp. 82\u201393 (2020). https:\/\/doi.org\/10.5220\/0008973700820093","DOI":"10.5220\/0008973700820093"},{"key":"7_CR22","doi-asserted-by":"publisher","unstructured":"Imaev, D.D., Imaev, D.H.: Automated trading systems based on order book imbalance. In: XX IEEE International Conference on Soft Computing and Measurements (SCM), pp. 815\u2013819 (2017). https:\/\/doi.org\/10.1109\/SCM.2017.7970733","DOI":"10.1109\/SCM.2017.7970733"},{"issue":"2627","key":"7_CR23","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1038\/srep02627","volume":"3","author":"N Johnson","year":"2013","unstructured":"Johnson, N., et al.: Abrupt rise of new machine ecology beyond human response time. Sci. Rep. 3(2627), 1\u20137 (2013). https:\/\/doi.org\/10.1038\/srep02627","journal-title":"Sci. Rep."},{"issue":"1","key":"7_CR24","doi-asserted-by":"publisher","first-page":"217","DOI":"10.1007\/s10479-018-3019-4","volume":"282","author":"F McGroarty","year":"2019","unstructured":"McGroarty, F., Booth, A., Gerding, E., Chinthalapati, V.L.R.: High frequency trading strategies, market fragility and price spikes: an agent based model perspective. Ann. Oper. Res. 282(1), 217\u2013244 (2019). https:\/\/doi.org\/10.1007\/s10479-018-3019-4","journal-title":"Ann. Oper. Res."},{"key":"7_CR25","unstructured":"Miles, B., Cliff, D.: A cloud-native globally distributed financial exchange simulator for studying real-world trading-latency issues at planetary scale. In: Proceedings of the 31st European Modelling and Simulation Symposium, EMSS, pp. 294\u2013303 (2019). https:\/\/arxiv.org\/abs\/1909.12926"},{"key":"7_CR26","doi-asserted-by":"publisher","unstructured":"Ockenfels, A., Roth, A.E.: Ending rules in internet auctions. In: Vulkan, N., Roth, A.E., Neeman, Z. (eds.) The Handbook of Market Design, chap. 13. Oxford University Press (2013). https:\/\/doi.org\/10.1093\/acprof:oso\/9780199570515.003.0014","DOI":"10.1093\/acprof:oso\/9780199570515.003.0014"},{"key":"7_CR27","unstructured":"OpEx: The Open Exchange. SourceForge public source-code repository (2011). https:\/\/sourceforge.net\/projects\/open-exchange\/"},{"issue":"1","key":"7_CR28","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1016\/0165-1889(94)90069-8","volume":"18","author":"J Rust","year":"1994","unstructured":"Rust, J., Miller, J.H., Palmer, R.: Characterizing effective trading strategies: insights from the computerized double auction tournament. Econ. Dyn. Control 18(1), 61\u201396 (1994). https:\/\/doi.org\/10.1016\/0165-1889(94)90069-8","journal-title":"Econ. Dyn. Control"},{"issue":"2","key":"7_CR29","doi-asserted-by":"publisher","first-page":"111","DOI":"10.1086\/258609","volume":"70","author":"VL Smith","year":"1962","unstructured":"Smith, V.L.: An experimental study of competitive market behavior. J. Polit. Econ. 70(2), 111\u2013137 (1962). https:\/\/doi.org\/10.1086\/258609","journal-title":"J. Polit. Econ."},{"key":"7_CR30","series-title":"Lecture Notes in Computer Science (Lecture Notes in Artificial Intelligence)","doi-asserted-by":"publisher","first-page":"246","DOI":"10.1007\/978-3-030-37494-5_13","volume-title":"Agents and Artificial Intelligence","author":"D Snashall","year":"2019","unstructured":"Snashall, D., Cliff, D.: Adaptive-aggressive traders don\u2019t dominate. In: van den Herik, J., Rocha, A.P., Steels, L. (eds.) ICAART 2019. LNCS (LNAI), vol. 11978, pp. 246\u2013269. Springer, Cham (2019). https:\/\/doi.org\/10.1007\/978-3-030-37494-5_13"},{"key":"7_CR31","doi-asserted-by":"publisher","unstructured":"Stotter, S., Cartlidge, J., Cliff, D.: Exploring assignment-adaptive (ASAD) trading agents in financial market experiments. In: Proceedings of the 5th International Conference on Agents and Artificial Intelligence, ICAART, volume 1, pp. 77\u201388 (2013). https:\/\/doi.org\/10.5220\/0004248000770088","DOI":"10.5220\/0004248000770088"},{"key":"7_CR32","series-title":"Lecture Notes in Computer Science","doi-asserted-by":"publisher","first-page":"22","DOI":"10.1007\/978-3-662-44994-3_2","volume-title":"Transactions on Computational Collective Intelligence XVII","author":"S Stotter","year":"2014","unstructured":"Stotter, S., Cartlidge, J., Cliff, D.: Behavioural investigations of financial trading agents using exchange portal (ExPo). In: Nguyen, N.T., Kowalczyk, R., Fred, A., Joaquim, F. (eds.) Transactions on Computational Collective Intelligence XVII. LNCS, vol. 8790, pp. 22\u201345. Springer, Heidelberg (2014). https:\/\/doi.org\/10.1007\/978-3-662-44994-3_2"},{"key":"7_CR33","unstructured":"Tesauro, G., Bredin, J.L.: Strategic sequential bidding in auctions using dynamic programming. In: Proceedings of the 1st International Joint Conference on Autonomous Agents and Multiagent Systems: Part 2, AAMAS, pp. 591\u2013598 (2002). http:\/\/doi.acm.org\/10.1145\/544862.544885"},{"key":"7_CR34","doi-asserted-by":"publisher","unstructured":"Tesauro, G., Das, R.: High-performance bidding agents for the continuous double auction. In: Proceedings of the 3rd ACM Conference on Electronic Commerce, pp. 206\u2013209 (2001). https:\/\/doi.org\/10.1145\/501158.501183","DOI":"10.1145\/501158.501183"},{"key":"7_CR35","unstructured":"Vach, D.: Comparison of double auction bidding strategies for automated trading agents. Master\u2019s thesis, Faculty of Social Sciences, Charles University in Prague, CZ (2015). https:\/\/is.cuni.cz\/webapps\/zzp\/detail\/152184"},{"key":"7_CR36","unstructured":"Vytelingum, P.: The structure and behaviour of the continuous double auction. Ph.D. thesis, School of Electronics and Computer Science, University of Southampton, UK (2006). https:\/\/eprints.soton.ac.uk\/263234\/"},{"issue":"14","key":"7_CR37","doi-asserted-by":"publisher","first-page":"1700","DOI":"10.1016\/j.artint.2008.06.001","volume":"172","author":"P Vytelingum","year":"2008","unstructured":"Vytelingum, P., Cliff, D., Jennings, N.R.: Strategic bidding in CDAs. Artif. Intell. 172(14), 1700\u20131729 (2008). https:\/\/doi.org\/10.1016\/j.artint.2008.06.001","journal-title":"Artif. Intell."},{"key":"7_CR38","unstructured":"Watson, B.A.: Algorithmic trading on multiple trading platforms. Master\u2019s thesis, Department of Computer Science, University of Bristol, UK (2019)"}],"container-title":["Lecture Notes in Computer Science","Agents and Artificial Intelligence"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/978-3-030-71158-0_7","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,3,13]],"date-time":"2021-03-13T09:14:49Z","timestamp":1615626889000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/978-3-030-71158-0_7"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021]]},"ISBN":["9783030711573","9783030711580"],"references-count":38,"URL":"https:\/\/doi.org\/10.1007\/978-3-030-71158-0_7","relation":{},"ISSN":["0302-9743","1611-3349"],"issn-type":[{"value":"0302-9743","type":"print"},{"value":"1611-3349","type":"electronic"}],"subject":[],"published":{"date-parts":[[2021]]},"assertion":[{"value":"14 March 2021","order":1,"name":"first_online","label":"First Online","group":{"name":"ChapterHistory","label":"Chapter History"}},{"value":"ICAART","order":1,"name":"conference_acronym","label":"Conference Acronym","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"International Conference on Agents and Artificial Intelligence","order":2,"name":"conference_name","label":"Conference Name","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"Valletta","order":3,"name":"conference_city","label":"Conference City","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"Malta","order":4,"name":"conference_country","label":"Conference Country","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"2020","order":5,"name":"conference_year","label":"Conference Year","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"22 February 2020","order":7,"name":"conference_start_date","label":"Conference Start Date","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"24 February 2020","order":8,"name":"conference_end_date","label":"Conference End Date","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"12","order":9,"name":"conference_number","label":"Conference Number","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"icaart2020","order":10,"name":"conference_id","label":"Conference ID","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"http:\/\/www.icaart.org\/?y=2020","order":11,"name":"conference_url","label":"Conference URL","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"Double-blind","order":1,"name":"type","label":"Type","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"PRIMORIS","order":2,"name":"conference_management_system","label":"Conference Management System","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"276","order":3,"name":"number_of_submissions_sent_for_review","label":"Number of Submissions Sent for Review","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"45","order":4,"name":"number_of_full_papers_accepted","label":"Number of Full Papers Accepted","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"74","order":5,"name":"number_of_short_papers_accepted","label":"Number of Short Papers Accepted","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"16% - The value is computed by the equation \"Number of Full Papers Accepted \/ Number of Submissions Sent for Review * 100\" and then rounded to a whole number.","order":6,"name":"acceptance_rate_of_full_papers","label":"Acceptance Rate of Full Papers","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"3","order":7,"name":"average_number_of_reviews_per_paper","label":"Average Number of Reviews per Paper","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"4","order":8,"name":"average_number_of_papers_per_reviewer","label":"Average Number of Papers per Reviewer","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}},{"value":"No","order":9,"name":"external_reviewers_involved","label":"External Reviewers Involved","group":{"name":"ConfEventPeerReviewInformation","label":"Peer Review Information (provided by the conference organizers)"}}]}}