Emerging Technologies and the Transformation of Exchange Trading Platforms
研究了技术对交易和市场结构的当前及未来影响，提出算法信任、生成式人工智能和去中心化自治组织三种新兴技术将重塑市场结构，颠覆现有市场提供商和中介服务。
The authors examine technology’s current and future influence on trading and the structure of markets. Order processing speeds and new algorithmic tools have driven market volumes up well beyond projections. At the same time, some high-profile technology developments have failed, and legacy practices based on dealer intermediation and telephone trading have proven resilient. Looking to the future of exchanges, we examine today’s pressures for changes. We propose that three emerging technologies will create new market structures and disrupt market providers and incumbent firms that offer market data and posttrade services to market participants: (1) algorithmic trust technology, (2) formative artificial intelligence, and (3) autonomous decentralized organizations (DAOs) and their associated webs of smart contracts that could perform financial markets functions.