Over the last three decades, most face-to-face financial markets have shifted to electronic trading. Since around 2000, many markets have made the further transition to automated trading, including ultrafast, algorithmic high-frequency trading, or HFT. This chapter applies a perspective that the...

"Dark pools" are private, electronic share-trading systems in which participants cannot see each other's buy and sell orders. This article shows that the development of these material "market devices" was strongly shaped by the structural dependency of their intended clientele (fund-management...

"Trading at the Speed of Light tells the story of how many of our most important financial markets have transformed from physical trading floors on which human beings trade face-to-face, into electronic systems within which computer algorithms trade with each other. Tracing the emergence of...