This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the...

After exchanges and alternative trading venues have introduced electronic execution mechanisms worldwide, the focus of the securities trading industry shifted to the use of fully electronic trading engines by banks, brokers and their institutional customers. These Algorithmic Trading engines...

Mit dem Inkrafttreten der "Richtlinie über Märkte für Finanzinstrumente" (MiFID) im April 2004 ist das regulatorische Umfeld für den Wertpapierhandel in Europa auf ein neues Fundament gestellt worden. Die MiFID regelt neben der grenzüberschreitenden Erbringung von Wertpapierdienstleistungen...

After exchanges and alternative trading venues have introduced electronic execution mechanisms worldwide, the focus of the securities trading industry shifted to the use of fully electronic trading engines by banks, brokers and their institutional customers. These Algorithmic Trading engines...