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High frequency trading: New trading models on emerging markets: Effects and experiences of HFT in South Africa
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
2015 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This theory driven -deductive- study seeks to add value to our understanding of High Frequency Trading (HFT) on emerging markets by increasing our knowledge of how HFT is perceived by acknowledged operational authorities within the financial market relating to HFT on the African continent.

 

Despite an intense debate about HFT, little research exist on its effects on emerging markets and on liquidity. This defined research gap serves as this study’s point of departure. Hence, the aim of this thesis is to gain insight of HFT’s perceived effects on emerging financial markets notably the effects HFT has brought to the Johannesburg Stock Exchange (JSE) in terms of liqudity. By answering two research questions, deriving from this aim, this study is of qualitative nature using in-depth semi-structured interviews by the use of an Interview Guide.

 

Five respondents were asked to share their subjective experience of HFT in Africa. The findings show that HFT in general terms is perceived beneficiary for the JSE and Africa as a whole as the theoretical hypothesis - HFT works positively for market liquidity, by increasing the volume of trading over a day - is supported by the respondents. Regulatory frameworks are being called for and the vulnerable nature of emerging markets is underlined. All respondents belive the media gives a skewed portrayal of HFT, and hence, acknowledge the research gap identified by this study. The findings encourages further research on the matter. 

Place, publisher, year, edition, pages
2015.
Keywords [en]
High Frequency Trading, Algorithmic Trading, Emerging Markets, Li-quidity, Africa, South Africa
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-27817ISRN: JU-IHH-NAA-1-20150041OAI: oai:DiVA.org:hj-27817DiVA, id: diva2:850132
Subject / course
IHH, Economics
Examiners
Available from: 2015-09-02 Created: 2015-08-31 Last updated: 2015-09-02Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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