The Financial Adoption Of Flash 2013 - 1024 Words

\subsection{The Financial Adoption of `Flash} The term `Flash first appeared in a financial context with a new type of order quotes, which could be measured in milliseconds. A flash order is such that if it cannot be executed against available liquidity at the market where it is issued, then it is routed away \citep{RQ}.\\ \newline After the emergence of flash order/quotes, the term was linked with the trading strategies that involved them. Leading to the adoption of the term `Flash Trading as well. Flash trading was not welcomed by the market in 2009; since then, it has been controversial in the markets \cite{RQ}.\\ \subsection{A Brief Historical Overview} In recent years flash crashes had been observed within many financial†¦show more content†¦The first can be associated with the arrival of new information. For instance, as an exogenous flash crash, one could mention the turmoil generated as Switzerland abandoned the cap on the currencys value; another instance is the crash attributed to the hack of the twitter account of Associated Press. Moreover, some others flash crashes have no clear cause. Their underlying nature is challenging researchers, regulators and practitioners. The causes are still unclear for events such as May 6h, 2010, and also for the Flash Rally on August 24, 2015, \citep{BPFC,APHack,JSR1,JSR}. \subsection{An Unachieved Milestone} The structure of the financial markets has changed. The changes had been reflected in the resulting data stream. Market structures seem to have failed to keep pace with the changes in the role of the market and within technology. Market micro structures theory examines the order flow. The term `Order flow refers to the manner in which transactions are executed. Additionally, it refers to the way in which data and information are built, queued and disclosed \citep{Easley2,HFTUSMMS, HEMM}. \\ \newline Algorithmic trading has been identified as key elements ofShow MoreRelatedEssay High Frequency Trading1493 Words   |  6 Pagesat super fast speed, which are mostly measured in microsecond or milliseconds. ( Investopedia, n.d) with the aim to identify and arbitrage temporary market inefficiencies that are created by the competing interests of market participants (Aldridge,2013) Algorithms, low latency technology, high message rates and high speed connections are the 4 main characteristics in the performance of a High Frequency Trading. Algorithms is a set of instructions for accomplishing a given task. 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