The presence of toxic order ow and predatory HFT strategies in a multi-market setting are scarcely researched in the academic world. This thesis studies the toxicity levels of a set of markets by examining unconsolidated quote data and firm specific trade data. A method for deducing the markets toxicity levels is presented along with proxies for toxic order ow, namely: changes in spread and quoted volume, following a trade in a given market. We find both signs of toxicity and different toxicity levels between the markets. However, the results are lacking in statistical significance but they show that this field is of great interest for further research. Also, the methods proposed for deducing the toxicity levels are rudimentary but could serve well as a premise for further development. / Närvaron av toxic order flow och predatoriska HFT-strategier i en flermarknadsmiljö är föga studerat i den akademiska världen. Denna avhandling studerar detta på en uppsättning marknader genom att undersöka okonsoliderad quote data och firma specifika trades, och på så vis ta fram marknadernas toxicity-nivåer. En metod för att fastställa marknadernas toxicity-nivåer presenteras tillsammans med proxys för toxic order flow, mer specifikt: förändringar i spread och quotad volym, efter en handel på en given marknad. Vi finner både tecken på toxicity och olika toxicityniv åer mellan marknaderna. Resultaten saknar dock statistisk signifikans men de visar ändå på att detta område är av stort intresse för ytterligare forskning. De metoder som föreslås för att fastställa toxicity-nivåerna är rudimentära, men kan tjäna som en utgångspunkt för vidare utveckling.

Purpose: Our main purpose is to explore, describe and analyze the organizational conduct when implementing automated trading systems (ATS) in companies, investigate the organizational challenges arising from this, and the effects these have on a successful diffusion. As the extent of implementing ATS in the Swedish financial industry has not been explored to any greater extent, it is therefore also imperative to explore this; which will be seen as a secondary purpose to this article. Background: The study is based on innovation and diffusion theories, as well as those of power structures and organization. Further, an explanation of ATS and its dynamics is provided and discussed to facilitate a definition of the term. Method: The research has been carried out as an exploratory, descriptive and analytical qualitative study. We have conducted case studies of 7 companies that are implementing, or evaluating the implementation, of ATS. The data was collected through interviews. Conclusion: The majority of the case companies are in the clarifying and routinizing stages of the innovation process. What is found unique with ATS is that it can be implemented partly. The dimensions found central to a smooth diffusion in the companies are the required level of competence-sharing and complexity of implementation.

<p><strong><p><strong>Purpose: </strong></p><p><em>Our main purpose is to explore, describe and analyze the organizational conduct when implementing automated trading systems (ATS) in companies, investigate the organizational challenges arising from this, and the effects these have on a successful diffusion</em>. As the extent of implementing ATS in the Swedish financial industry has not been explored to any greater extent, it is therefore also imperative to explore this; which will be seen as a secondary purpose to this article.<strong></strong></p><p><strong>Background: </strong></p><p>The study is based on innovation and diffusion theories, as well as those of power structures and organization. Further, an explanation of ATS and its dynamics is provided and discussed to facilitate a definition of the term.</p><p><strong>Method: </strong></p><p>The research has been carried out as an exploratory, descriptive and analytical qualitative study.<strong> </strong>We have conducted case studies of 7 companies that are implementing, or evaluating the implementation, of ATS. The data was collected through interviews.</p><p><strong>Conclusion: </strong></p><p>The majority of the case companies are in the clarifying and routinizing stages of the innovation process. What is found unique with ATS is that it can be implemented partly. The dimensions found central to a smooth diffusion in the companies are the <em>required level of competence-sharing</em> and <em>complexity of implementation.</em></p></strong></p>