Front-running dynamics

2008 ◽  
Vol 138 (1) ◽  
pp. 288-296 ◽  
Author(s):  
Dan Bernhardt ◽  
Bart Taub
Keyword(s):  
Front Running

The Russian ruble crisis of December 2014

2016 ◽  
pp. 66-86
Author(s):  
A. Obizhaeva
Keyword(s):  
Microstructure Analysis ◽  
Future Market ◽  
Effective Response ◽  
Large Order ◽  
Short Period ◽  
The Face ◽  
Front Running ◽  
Futures And Options

The paper presents a microstructure analysis of the crash of the Russian ruble in mid-December 2014. The author shows that the market break probably happened due to the execution of a large order that converted Russian rubles into U.S. dollars over a short period of a few days. Expirations of futures and options as well as possible front-running could have exacerbated the collapse of the Russian currency. The paper discusses measures taken by the Moscow Exchange and Bank of Russia during the episode and makes several recommendations to prevent a repetition of the similar events and provide an effective response in the face of future market breaks.

scholarly journals The ecological consequences of temperament in spiders

2012 ◽  
Vol 58 (4) ◽  
pp. 589-596 ◽  
Author(s):  
Jonathan N. Pruitt ◽  
Susan E. Riechert
Keyword(s):  
Interspecific Interactions ◽  
Model Systems ◽  
Behavioral Syndromes ◽  
Ecological Communities ◽  
Ecological Consequences ◽  
Behavioral Trait ◽  
Trade Offs ◽  
Evolutionary Studies ◽  
Front Running ◽  
Trait Correlations

Abstract Ecological and evolutionary studies on spiders have been featured prominently throughout the contemporary behavioral syndromes movement. Here we review the behavioral syndromes literature devoted to spiders, and identify some ways in which behavioral syndromes can impact the function of spiders in ecological communities. We further highlight three general themes within the behavioral syndromes literature for which spiders have served as front running model systems: (1) how trait correlations beget performance trade-offs, (2) the influence that behavioral trait variants have on interspecific interactions and (3) mechanisms that aid in maintaining behavioral variation withinand among-populations. Research on behavioral syndromes continues to grow at an impressive rate, and we feel the success of behavioral syndromes studies in spiders bodes well for their continued prominence.

Observations of solitary wave dynamics of film flows

2001 ◽  
Vol 435 ◽  
pp. 191-215 ◽  
Author(s):  
M. VLACHOGIANNIS ◽  
V. BONTOZOGLOU
Keyword(s):  
Solitary Wave ◽  
Solitary Waves ◽  
Inelastic Interaction ◽  
Imaging Method ◽  
Glycerol Solution ◽  
Generation Process ◽  
Transient Phenomena ◽  
Water Glycerol ◽  
Front Running ◽  
The Difference

Experimental results are reported on non-stationary evolution and interactions of waves forming on water and water–glycerol solution flowing along an inclined plane. A nonlinear wave generation process leads to a large number of solitary humps with a wide variety of sizes. A uorescence imaging method is applied to capture the evolution of film height in space and time with accuracy of a few microns. Coalescence – the inelastic interaction of solitary waves resulting in a single hump – is found to proceed at a timescale correlated to the difference in height between the interacting waves. The correlation indicates that waves of similar height do not merge. Transient phenomena accompanying coalescence are reported. The front-running ripples recede during coalescence, only to reappear when the new hump recovers its teardrop shape. The tail of the resulting solitary wave develops an elevated substrate relative to the front, which decays exponentially in time; both observations about the tail confirm theoretical predictions. In experiments with water, the elevated back substrate is unstable, yielding to a tail oscillation with wavelength similar to that of the front-running ripples. This instability plays a key role in two complex interaction phenomena observed: the nucleation of a new crest between two interacting solitary humps and the splitting of a large hump (that has grown through multiple coalescence events) into solitary waves of similar size.

Part III Trading, 17 Algorithmic Trading and High-Frequency Trading (HFT)

2017 ◽  
Author(s):  
Conac Pierre-Henri
Keyword(s):  
High Frequency ◽  
High Frequency Trading ◽  
Algorithmic Trading ◽  
Technical Approach ◽  
Great Cost ◽  
Scarce Resources ◽  
Flash Crash ◽  
Market Abuse ◽  
Front Running ◽  
Do So

This chapter analyses the MiFID II rules on algorithmic trading (AT), including high-frequency trading (HFT). The author argues that AT raises serious issues of volatility and systemic risk, and HFT issues of systematic front-running of investors. However, opinions are divided on the benefits and risks of these techniques, especially HFT. MiFID II takes a technical approach mostly focused on prevention of a repeat of the 2010 ‘Flash Crash’ with provisions on market abuse. The ESMA 2012 Guidelines remain the most effective regulation to frame the development of HFT, able to tackle market developments with relative speed. However, with implementation of the directive still far away, prosecution of market abuse among HFT traders by legislators and supervisors could lead to a de facto ban of HFT in some Member States. However, the author argues that supervisors would need to allocate scarce resources to it, at great cost, and only the most motivated supervisors will do so.

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