{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,13]],"date-time":"2025-11-13T12:24:14Z","timestamp":1763036654865},"reference-count":39,"publisher":"Springer Science and Business Media LLC","issue":"2","license":[{"start":{"date-parts":[[2012,3,6]],"date-time":"2012-03-06T00:00:00Z","timestamp":1330992000000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Bus Inf Syst Eng"],"published-print":{"date-parts":[[2012,4]]},"DOI":"10.1007\/s12599-012-0205-9","type":"journal-article","created":{"date-parts":[[2012,3,5]],"date-time":"2012-03-05T23:22:20Z","timestamp":1330989740000},"page":"93-108","source":"Crossref","is-referenced-by-count":11,"title":["High Frequency Trading"],"prefix":"10.1007","volume":"4","author":[{"given":"Christoph","family":"Lattemann","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Peter","family":"Loos","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Johannes","family":"Gomolka","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hans-Peter","family":"Burghof","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Arne","family":"Breuer","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Peter","family":"Gomber","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Michael","family":"Krogmann","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Joachim","family":"Nagel","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Rainer","family":"Riess","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Ryan","family":"Riordan","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Rafael","family":"Zajonz","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2012,3,6]]},"reference":[{"key":"205_CR1","volume-title":"High-frequency trading. A\u00a0practical guide to algorithmic strategies","author":"I Aldridge","year":"2009","unstructured":"Aldridge I (2009) High-frequency trading. A\u00a0practical guide to algorithmic strategies. Wiley, Hoboken"},{"key":"205_CR2","doi-asserted-by":"crossref","unstructured":"Brogaard JA (2010) High frequency trading and volatility. Working paper, Northwestern University, Chicago","DOI":"10.2139\/ssrn.1970072"},{"key":"205_CR3","volume-title":"An introduction to high-frequency finance","author":"MM Dacorogna","year":"2001","unstructured":"Dacorogna MM, Gencay R, M\u00fcller U, Olsen RB, Pictet OV (2001) An introduction to high-frequency finance. Academic Press, San Diego"},{"key":"205_CR4","volume-title":"All about high frequency trading \u2013 the easy way to get started","author":"M Durbin","year":"2010","unstructured":"Durbin M (2010) All about high frequency trading \u2013 the easy way to get started. McGraw Hill, New York"},{"key":"205_CR5","doi-asserted-by":"crossref","unstructured":"Gomber P, Arndt B, Lutat M, Uhle T (2011) High-frequency trading. Working paper, Goethe-Universit\u00e4t Frankfurt","DOI":"10.2139\/ssrn.1858626"},{"key":"205_CR6","unstructured":"Gomolka J (2011) Algorithmic Trading: Analyse von computergesteuerten Prozessen im Wertpapierhandel unter Verwendung der Multifaktorenregression. Dissertation, Potsdam, Universit\u00e4tsverlag Potsdam"},{"key":"205_CR7","doi-asserted-by":"crossref","unstructured":"Hendershott T, Riordan R (2011) Algorithmic trading and information. Working paper, University of California (Berkeley), Karlsruhe Institute of Technology","DOI":"10.2139\/ssrn.1472050"},{"key":"205_CR8","volume-title":"High frequency trading models + website","author":"G Ye","year":"2011","unstructured":"Ye G (2011) High frequency trading models + website. Wiley, Hoboken"},{"key":"205_CR9","doi-asserted-by":"crossref","unstructured":"Zhang F (2010) High-frequency trading, stock volatility, and price discovery. http:\/\/ssrn.com\/abstract=1691679 . Accessed 2012-01-30","DOI":"10.2139\/ssrn.1691679"},{"key":"205_CR10","unstructured":"European Commission (2010) European Commission directorate general internal market and services. Public consultation: review of the markets in financial instruments directive (MiFID). http:\/\/ec.europa.eu\/internal_market\/consultations\/docs\/2010\/mifid\/consultation_paper_en.pdf . Accessed 2011-01-19"},{"key":"205_CR11","doi-asserted-by":"crossref","unstructured":"Gomber P, Arndt B, Lutat M, Uhle T (2011) High frequency trading. Working paper, Universit\u00e4t Frankfurt","DOI":"10.2139\/ssrn.1858626"},{"key":"205_CR12","doi-asserted-by":"crossref","unstructured":"Kirilenko A, Kyle A, Samadi M, Tuzun T (2011) The flash crash: the impact of high frequency trading on an electronic market. Working paper","DOI":"10.2139\/ssrn.1686004"},{"key":"205_CR13","doi-asserted-by":"crossref","unstructured":"Brogaard JA (2010) High frequency trading and volatility. Working paper, Northwestern University, Chicago","DOI":"10.2139\/ssrn.1970072"},{"key":"205_CR14","unstructured":"Forbes (2010) Wall Street\u2019s speed war. 2010-09-27"},{"issue":"1","key":"205_CR15","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/j.1540-6261.2010.01624.x","volume":"66","author":"T Hendershott","year":"2011","unstructured":"Hendershott T, Jones CM, Menkveld AJ (2011) Does algorithmic trading improve liquidity? J Finance 66(1):1\u201333","journal-title":"J Finance"},{"key":"205_CR16","doi-asserted-by":"crossref","unstructured":"Hendershott T, Riordan R (2011) High frequency trading and price discovery. Working paper, University of California (Berkeley), Karlsruhe Institute of Technology","DOI":"10.2139\/ssrn.1928510"},{"key":"205_CR17","unstructured":"Securities and Exchange Commission (SEC) (2010) Concept release on equity market structure. Release No.\u00a034-61358, File No.\u00a0S7-02-10"},{"key":"205_CR18","volume-title":"Proc ECIS 2011","author":"S Zhang","year":"2011","unstructured":"Zhang S, Riordan R (2011) Technology and market quality: the case of high frequency trading. In: Proc ECIS 2011"},{"key":"205_CR19","unstructured":"Deutsche B\u00f6rse AG (2011) Several internal papers and statistics. August 2011, Eschborn"},{"key":"205_CR20","doi-asserted-by":"crossref","unstructured":"Brogaard JA (2010) High frequency trading and volatility. Working paper, Northwestern University, Chicago","DOI":"10.2139\/ssrn.1970072"},{"key":"205_CR21","unstructured":"AFM\/Netherlands Authority for the Financial Markets (2010) High frequency trading \u2013 the application of advanced trading technology in the European marketplace"},{"key":"205_CR22","unstructured":"SEC and CFTC (2010) Findings regarding the market events of May 6, 2010"},{"key":"205_CR23","volume-title":"Proc ECIS 2011","author":"S Zhang","year":"2011","unstructured":"Zhang S, Riordan R (2011) Technology and market quality: the case of high frequency trading. In: Proc ECIS 2011"},{"key":"205_CR24","unstructured":"Biais B, Foucault T, Moinas S (2010) Equilibrium algorithmic trading. Working paper, Toulouse School of Economics"},{"key":"205_CR25","doi-asserted-by":"crossref","unstructured":"Breuer A, Burghof H-P (2011) An empirical analysis of order dynamics in a high-frequency trading environment. Unpublished working paper, Universit\u00e4t Hohenheim","DOI":"10.2139\/ssrn.1927276"},{"key":"205_CR26","doi-asserted-by":"crossref","unstructured":"Cvitanic J, Kirilenko A (2010) High frequency traders and asset prices. Unpublished working paper, CFTC","DOI":"10.2139\/ssrn.1569075"},{"key":"205_CR27","unstructured":"Deutsche B\u00f6rse (2009) Price list for the utilization of the trading system of FWB Frankfurt Stock Exchange. Deutsche B\u00f6rse AG"},{"key":"205_CR28","first-page":"16","volume":"18","author":"AR Dombert","year":"2011","unstructured":"Dombert AR (2011) Hochfrequenzhandel: Nutzen und Risiken neuer Technologien auf den Finanzm\u00e4rkten. Kreditwesen 18:16\u201318","journal-title":"Kreditwesen"},{"issue":"2","key":"205_CR29","doi-asserted-by":"crossref","first-page":"383","DOI":"10.2307\/2325486","volume":"25","author":"E Fama","year":"1970","unstructured":"Fama E (1970) Efficient capital markets: a\u00a0review of theory and empirical work. J\u00a0Finance 25(2):383\u2013417","journal-title":"J\u00a0Finance"},{"issue":"3","key":"205_CR30","doi-asserted-by":"crossref","first-page":"74","DOI":"10.3905\/JOT.2009.4.3.074","volume":"4","author":"M Gsell","year":"2009","unstructured":"Gsell M (2009) Algorithmic activity on Xetra. J\u00a0Trading 4(3):74\u201386","journal-title":"J\u00a0Trading"},{"key":"205_CR31","volume-title":"Proc 9th IFIP conference on e-business, e-services, and e-society (I3E 2009)","author":"S Groth","year":"2009","unstructured":"Groth S (2009) Algorithmic trading engines and liquidity contribution: the blurring of \u201ctraditional\u201d definitions. In: Godart C, Gronau N, Sharma S, Canals S (eds) Proc 9th IFIP conference on e-business, e-services, and e-society (I3E 2009)"},{"key":"205_CR32","doi-asserted-by":"crossref","unstructured":"Hendershott T, Riordan R (2011) High frequency trading and price discovery. Working paper, University of California (Berkeley), Karlsruhe Institute of Technology","DOI":"10.2139\/ssrn.1928510"},{"issue":"1","key":"205_CR33","doi-asserted-by":"crossref","first-page":"46","DOI":"10.3905\/jot.2011.6.1.046","volume":"6","author":"K-O Maurer","year":"2011","unstructured":"Maurer K-O, Sch\u00e4fer C (2011) Analysis of binary trading patterns in Xetra. J Trading 6(1):46\u201360","journal-title":"J Trading"},{"key":"205_CR34","unstructured":"McEachern Gibbs C (2009) HFT is market making evolved, says NYSE exec. http:\/\/www.advancedtrading.com\/managingthedesk\/219501268 . Accessed 2012-01-30"},{"key":"205_CR35","doi-asserted-by":"crossref","unstructured":"Gomber P, Arndt B, Lutat M, Uhle T (2011) High frequency trading. Working paper, Universit\u00e4t Frankfurt","DOI":"10.2139\/ssrn.1858626"},{"key":"205_CR36","doi-asserted-by":"crossref","unstructured":"Brogaard JA (2010) High frequency trading and volatility. Working paper, Northwestern University, Chicago","DOI":"10.2139\/ssrn.1970072"},{"key":"205_CR37","unstructured":"NANEX (2010) Analysis of the \u201cflash crash\u201d. http:\/\/www.nanex.net\/20100506\/FlashCrashAnalysis_CompleteText.html . Accessed 2012-01-30"},{"key":"205_CR38","unstructured":"European Commission (2010) European Commission directorate general internal market and services. Public consultation: review of the markets in financial instruments directive (MiFID). http:\/\/ec.europa.eu\/internal_market\/consultations\/docs\/2010\/mifid\/consultation_paper_en.pdf . Accessed 2011-01-19"},{"key":"205_CR39","doi-asserted-by":"crossref","unstructured":"Kirilenko A, Kyle A, Samadi M, Tuzun T (2011) The flash crash: the impact of high frequency trading on an electronic market. Working paper","DOI":"10.2139\/ssrn.1686004"}],"container-title":["Business & Information Systems Engineering"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s12599-012-0205-9.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s12599-012-0205-9\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s12599-012-0205-9","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,7,3]],"date-time":"2020-07-03T18:33:58Z","timestamp":1593801238000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s12599-012-0205-9"}},"subtitle":["Costs and Benefits in Securities Trading and its Necessity of\u00a0Regulations"],"short-title":[],"issued":{"date-parts":[[2012,3,6]]},"references-count":39,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2012,4]]}},"alternative-id":["205"],"URL":"https:\/\/doi.org\/10.1007\/s12599-012-0205-9","relation":{},"ISSN":["1867-0202"],"issn-type":[{"value":"1867-0202","type":"electronic"}],"subject":[],"published":{"date-parts":[[2012,3,6]]}}}