This short paper presents a new model of the market capitalization of Bitcoin that builds upon
a standard model based upon Metcalfe’s Law. The model incorporates the logistic diffusion …

This paper theorises about the behaviour of firms engaged in complex product systems
innovation and engineering under the lean startup/minimum viable product process. In doing so, …

Market fragmentation, technical complexity and information asymmetry drive the regulation
of financial markets. We examine how government bodies develop and implement policy …

Financial markets are now ecologies of trading algorithms. In this chapter, we propose
market effectiveness as the ethical goal of automated markets and review the professional, …

All of finance is now automated, most notably high frequency trading. This paper examines
the ethical implications of this fact. As automation is an interdisciplinary endeavor, we argue …

The ethics of high frequency trading are obscure, due in part to the complexity of the practice.
This article contributes to the existing literature of ethics in financial markets by examining …

This paper examines every NASDAQ ITCH feed message for the S&P 500 stocks for 2012
and identifies clusters of extremely high and extremely low limit order cancellation activity. We …

The last few decades has seen an ever-increasing growth in the way activities are productized
and associated with a financial cost. This phenomenon, termed financialization, spans all …

High-frequency trading dominates trading in financial markets. How it affects the low-frequency
trading, however, is still unclear. Using NASDAQ order book data, the authors investigate …

High-frequency trading (HFT) systems come in different shapes and sizes. They include
stock and option market making systems, as well as other algorithm-driven strategies such as …