The Design of Innovative Securities Markets: The Case of Asymmetric Information*

Budimir, Miroslav; Holtmann, Christoph

doi:10.1007/978-3-642-59504-2_11

Cited by 4 publications

(2 citation statements)

References 13 publications

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“…VTR 7 (for a detailed description see Budimir and Holtmann 2001;Neumann, Holtmann et al 2002) is a web-based stock trading system designed for the needs of retail investors' OTC trading.…”

Section: Virtual Trading Room (Vtr)mentioning

confidence: 99%

“…The latter generally conduct more than one hundred trades a day for arbitrage reasons. Therefore they request an institutional investor-like treatment and additionally specialized trading vehicles (Weinhardt, Gomber et al 2000;Budimir and Holtmann 2001). As scientific literature remains silent about private investors' demands, surveys of market research institutions have been analyzed and diverse interviews have been performed with leading brokers.…”

Section: 21mentioning

confidence: 99%

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Agent-based Bidding in Electronic Markets

Neumann¹,

Gimpel²,

Holtmann³

et al. 2003

Towards the Knowledge Society

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The overall change in computing from manipulation to delegation was already predicted in the mid-90s but hitherto remains a bold vision. Although software agents have the potential of fully automating processes, real world agent-based applications are very limited in number. Even in the case of electronic markets software agents are rarely employed, albeit they can act as autonomous representatives of human negotiators. The prototypical approach presented in this paper seizes the idea of an agentbased electronic marketplace and describes multilateral negotiations as a core of an electronic trading system. Owing to their open format (i.e. open bidding), agent-based multilateral negotiations are expected to reduce transaction costs and to improve the negotiation outcome. The multilateral negotiations are presented in two different environments: in AMTRAS, an agent-based marketplace for bonds, as well as in VTR, a web-based trading system for stocks. Two key features of these negotiations are the revelation of all bids, and the anonymous nature of trading. The information released in the negotiation constitutes the basis for further research such that the agents are capable of deploying own strategies inferred from the other's bidding behavior. The paper concludes with some recommendations as to how automation of the bidding process can be achieved using software agents' intelligence.

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“…VTR 7 (for a detailed description see Budimir and Holtmann 2001;Neumann, Holtmann et al 2002) is a web-based stock trading system designed for the needs of retail investors' OTC trading.…”

Section: Virtual Trading Room (Vtr)mentioning

confidence: 99%

Section: 21mentioning

confidence: 99%

Agent-based Bidding in Electronic Markets

Neumann¹,

Gimpel²,

Holtmann³

et al. 2003

Towards the Knowledge Society

Self Cite

View full text Add to dashboard Cite

show abstract

Towards a Generic e-Market Design

Neumann¹,

Holtmann²,

Weltzien³

et al. 2003

Towards the Knowledge Society

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The design of the microstructure of electronic markets is crucial for their success. Less effort has been made in this area, especially for commodity markets. This paper illustrates five key problems of e-market design and introduces the concept of cascading dynamic market models as a promising solution to cope with most of them. Taking the multi-dimensional character of commodities into consideration, further research in this area is encouraged. Furthermore, the project 'Electronic-Financial-Brokerage as knowledge intensive services-a generic approach' dealing with those problems is briefly

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Negotiation: an Overview

2008

Production Planning in Production Networks

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The Design of Innovative Securities Markets: The Case of Asymmetric Information*

Cited by 4 publications

References 13 publications

Agent-based Bidding in Electronic Markets

Agent-based Bidding in Electronic Markets

Towards a Generic e-Market Design

Negotiation: an Overview

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