Thesis (M.Sc.)--Acadia University, 2000. / Includes bibliographical references (leaves 97-98). Also available on the Internet via the World Wide Web.

M.Com. (Financial Management) / Electronic trading systems are increasingly implemented by stock exchanges instead of maintaining the traditional floor trading system. This study uses the Historical case study method to examine original minute book volumes from the archives of the Johannesburg Stock Exchange (JSE). The purpose of the study is to identify and examine the antecedents and consequences of the shift to an electronic trading system in the case of the JSE from 1989 to 2000. The study also produces an accurate historical account of the process that the JSE underwent to implement an electronic trading system, for use in further studies concerning the shift from floor to electronic trading. The main antecedents identified in the study were the JSE’s need to automate menial tasks; the need for increased trading capacity; the need for proper information dissemination; the need to dematerialise physical share certificates; international trends with regard to electronic trading; the T + 3 clearing and settlement standard; the establishment of South Africa’s National Payment System; legislative changes to the Securities Exchange Control Act; the need for market liquidity; and the need for investor protection. The main consequences of the abolishment of the floor trading system in favour of the electronic trading system were examined and grouped in four categories, namely the consequences for society, the consequences for the operation of the stock market, the consequences for the liquidity of the market, and the consequences for investor protection. The results of this study could be used as a foundation for a follow-up study to measure the effects of electronic trading implementation on the liquidity and efficiency of a stock market.

by Chan Lai Yee, Lily, Cheung Siu Cheong. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 93-94). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF FIGURES --- p.vi / LIST OF TABLES --- p.vii / ACKNOWLEDGMENT --- p.viii / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- STOCK TRADING IN HONG KONG --- p.3 / Service Providers --- p.4 / Industry Development --- p.4 / Characteristics of Retail Investors in Hong Kong --- p.5 / Chapter III. --- INTERNET IN HONG KONG --- p.10 / Internet Penetration in Hong Kong --- p.10 / Profile of Cyberbuyers in Hong Kong --- p.10 / Chapter IV. --- ONLINE STOCK TRADING IN THE UNITED STATES --- p.12 / A Promising Trend --- p.12 / Opportunity is also Threat --- p.13 / Chapter V. --- ONLINE STOCK TRADING IN HONG KONG --- p.14 / Comparison with Conventional Stock Trading --- p.14 / Current Marketing Mix of Online Stock Trading Companies in Hong Kong --- p.17 / Profiles of Major Online Stock Trading Companies in Hong Kong --- p.24 / Chapter VI. --- METHODOLOGY --- p.30 / Perceptual Mapping --- p.30 / Survey Design --- p.37 / Sampling --- p.38 / Data Collection --- p.39 / Data Analysis --- p.39 / Chapter VII. --- FINDINGS AND INTERPRETATION --- p.44 / Demographics of Respondents --- p.44 / Determination of Dimensions of the Map --- p.45 / The Perceptual Map --- p.46 / Relationship between Intention and Overall Attitude --- p.47 / Chapter VIII. --- RECOMMENDATIONS --- p.49 / Quality of Web --- p.49 / Quality of Transaction --- p.53 / Other Recommendations --- p.54 / Chapter IX. --- LIMITATIONS OF RESEARCH --- p.56 / Potential Problems with Factor Analysis --- p.56 / Convenient Sampling --- p.56 / Sample Size --- p.57 / Respondents' Insufficient Knowledge --- p.57 / Companies Selection --- p.58 / Chapter X. --- CONCLUSION --- p.59 / APPENDIX I: PROFILE OF RETAIL INVESTORS --- p.61 / APPENDIX II: THE QUESTIONNAIRE --- p.63 / APPENDIX III: MAIN PAGES OF SELECTED ONLINE STOCK TRADING COMPANIES --- p.73 / APPENDIX IV: SPSS OUTPUT --- p.79 / APPENDIX V: DEMOGRAPHICS OF RESPONDENTS --- p.87 / APPENDIX VI: PERCEPTUAL MAP FOR MAJOR ONLINE STOCK TRADING COMPANIES IN HONG KONG --- p.91 / BIBLIOGRAPHY --- p.93

by Yeung Kwan Ho. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 70-77). / ABSTRACT --- p.ii. / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.vi / LIST OF TABLES --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter 1.0. --- Overview --- p.1 / Chapter 1.1. --- Background --- p.1 / Chapter 1.2. --- Research Objective --- p.2 / Chapter 1.3. --- The Conceptual Model --- p.3 / Chapter 1.4. --- The Research Design --- p.3 / Chapter 1.5. --- Significance of this study --- p.4 / Chapter 1.6. --- Our Thesis Outline --- p.4 / Chapter II. --- DEVELOPMENT OF INTERNET TRADING / Chapter 2.0. --- Overview --- p.6 / Chapter 2.1. --- Development of Internet in US --- p.6 / Chapter 2.1.1. --- Internet in US --- p.6 / Chapter 2.1.2. --- Implications on US internet trading --- p.7 / Chapter 2.2. --- Development of E-commerce in US --- p.8 / Chapter 2.2.1. --- E-commerce in US --- p.8 / Chapter 2.2.2. --- Internet Shopping and behaviors --- p.9 / Chapter 2.2.3. --- Internet banking and finance in US --- p.10 / Chapter 2.3. --- Development of Internet and E-commerce in Hong Kong --- p.17 / Chapter 2.3.1. --- Internet and E-commerce in Hong Kong --- p.17 / Chapter 2.3.2. --- E-commerce Development in Hong Kong --- p.17 / Chapter 2.3.3. --- Internet Banking and Finance in Hong Kong --- p.19 / Chapter 2.3.4. --- Implications of internet and local e-commerce on internet trading --- p.21 / Chapter 2.4. --- Development of Internet Trading in US --- p.22 / Chapter 2.4.1. --- Background of internet trading in US --- p.22 / Chapter 2.4.2. --- Development and the internet traders --- p.23 / Chapter 2.4.3. --- Transaction System in US --- p.28 / Chapter 2.4.4. --- Security System in US --- p.29 / Chapter 2.4.5. --- Regulations in US --- p.31 / Chapter 2.5. --- Development of Internet Trading in Hong Kong --- p.31 / Chapter 2.5.1. --- Background and the Development --- p.32 / Chapter 2.5.2. --- Transaction System in Hong Kong --- p.36 / Chapter 2.5.3 --- Security System in Hong Kong --- p.37 / Chapter 2.5.4. --- Regulations in Hong Kong --- p.38 / Chapter III. --- LITERATURE REVIEW --- p.40 / Chapter 3.0. --- Overview --- p.40 / Chapter 3.1. --- Review of Past Studies in Internet Trading --- p.40 / Chapter 3.2. --- Conceptual Framework: Theory of Reasoned Action --- p.41 / Chapter 3.3. --- Conceptual Model --- p.45 / Chapter 3.4. --- The Causal Relations Among Constructs --- p.46 / Chapter IV. --- METHODOLOGY --- p.49 / Chapter 4.0. --- Overview --- p.49 / Chapter 4.1. --- The Research Design --- p.49 / Chapter 4.2. --- The Sample and the Sampling Procedure --- p.50 / Chapter 4.3. --- Operationalization of the Constructs --- p.51 / Chapter 4.4. --- Data Analysis --- p.56 / Chapter 4.5. --- Research Activities --- p.57 / Chapter V. --- ANALYSIS AND FINDINGS --- p.59 / Chapter 5.0. --- Overview --- p.59 / Chapter 5.1. --- Structural Equation Modeling --- p.59 / Chapter 5.1.1 . --- The Original Conceptual Model --- p.60 / Chapter 5.1.2. --- The Modified Conceptual Model --- p.62 / Chapter 5.2. --- Discussion --- p.63 / Chapter VI. --- CONCLUSION --- p.65 / Chapter 6.0. --- Overview --- p.65 / Chapter 6.1. --- Summary of the Research --- p.65 / Chapter 6.2. --- Managerial Implications --- p.55 / Chapter 6.3. --- Limitations and Future Directions --- p.68 / BIBIOGRAPHY --- p.70 / APPENDIX --- p.78

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We propose a systematic framework for designing adaptive trading strategies that minimize both the mean and the variance of the execution costs. This is achieved by diversifying risk over sequential decisions in discrete time. By incorporating previous trading performance as a state variable, the framework can dynamically adjust the risk-aversion level for future trading. This incorporation also allows the framework to solve the mean-variance problems for different risk aversion factors all at once. After developing this framework, it is then applied to solve three algorithmic trading problems. The first two are trade scheduling problems, which address how to split a large order into sequential small orders in order to best approximate a target price – in our case, either the arrival price, or the Volume-Weighed-Average-Price (VWAP). The third problem is one of optimal execution of the resulting small orders by submitting market and limit orders. Unlike the tradition in both academia and industry of treating the scheduling and order placement problems separately, our approach treats them together and solves them simultaneously. In out-of-sample tests, this unified strategy consistently outperforms strategies that treat the two problems separately.

Thesis (Ph. D.)--University of Washington, 2006. / Vita. Includes bibliographical references (leaves 133-139).

Stock trading provides a relatively low risk and hassle free channel for people to invest, when compared with other methods. However, it is unfortunate that, for those other people who may be equally interested and financially able in stock trading, they have yet to experience the simplicity of, and the wealth accumulated from stock investments. Reasons for their hesitation to be involved in stock trading vary; but primarily it is due to their lack of experience in trading.

Univ., Diss.--Mainz, 2004. / Literaturverz. S. [200] - 206.