| Budget Amount *help |
¥41,340,000 (Direct Cost: ¥31,800,000、Indirect Cost: ¥9,540,000)
Fiscal Year 2021: ¥7,150,000 (Direct Cost: ¥5,500,000、Indirect Cost: ¥1,650,000)
Fiscal Year 2020: ¥9,880,000 (Direct Cost: ¥7,600,000、Indirect Cost: ¥2,280,000)
Fiscal Year 2019: ¥7,020,000 (Direct Cost: ¥5,400,000、Indirect Cost: ¥1,620,000)
Fiscal Year 2018: ¥7,150,000 (Direct Cost: ¥5,500,000、Indirect Cost: ¥1,650,000)
Fiscal Year 2017: ¥10,140,000 (Direct Cost: ¥7,800,000、Indirect Cost: ¥2,340,000)
|
|---|
| Outline of Final Research Achievements |
In the foreign exchange market, the electronic broking system, EBS and Reuters, became dominant order-matching systems since the 1990s. After 2003, the bank dealers’ computers became connected directly to the matching computer. Trading with an algorism became popular as algorithmic trading takes place in a fraction of a second. As algorithmic trading became prevalent, researchers became interested in how it would affect the efficiency of the market. We found that arbitrage profit opportunities (negative spread and triangular arbitrage), taking into execution risk, became less likely to occur, and once it occurs it would disappear faster as more algorithmic traders are in the market.
|
