Computerization of the Equity, Foreign Exchange, Derivatives, and Fixed‐Income Markets
综述了股票、外汇、衍生品和固定收益市场计算机化的实证研究，发现计算机化在多数市场提升了质量，但人工中介在某些领域仍重要且有益。
Abstract We survey empirical studies on the development and effects of increased computerization across equity, foreign exchange, derivatives, and fixed‐income markets. While the changes in the trading process due to computerization in less liquid markets such as the corporate bond market have been modest, there have been dramatic changes in certain derivatives markets, foreign exchange, and particularly in equity markets. In many instances, previous research has found positive effects of computerization on measures of market quality, but our survey highlights that human intermediation is still prominent and beneficial in certain areas.