This module provides students with a comprehensive understanding of trading, electronic financial markets, and technological innovation in the field. The course covers market design and technological infrastructure of securities markets, as well as the interaction between buy-side institutions (institutional investors and asset managers) and sell-side institutions (banks and brokers). It introduces market microstructure theory, market liquidity, and models such as limit order books, dealer markets, and hybrid markets. Key topics include order matching principles, regulation of financial markets, and competition among exchanges, trading systems, and systematic internalizers. Students also gain practical experience through the LiveX trading simulation and explore technologies such as algorithmic trading and smart order routing.
- Get an in-depth knowledge of electronic securities trading, which enables you to take positions in asset management, brokerage, exchanges and policy making institutions
- Have empirical knowledge of market models, including underlying processes of order execution and price determination
- Assess the quality of a market based on transaction costs and liquidity measures to make optimal trading decisions and understand key techniques concerning the measurement of market liquidity and market quality
- Apply the theoretical knowledge in a simulated trading environment to be able to perform task of traders at buy side trading desks, banks or brokers
This course is part of the prestigious part-time Master in Finance program, conducted in English on Fridays and Saturdays on Campus Westend. It offers a valuable opportunity to network and gain expertise without committing to a full degree program. Upon completion, participants receive a Certificate of Participation. This course may be credited towards the Certificate of Advanced Studies (CAS) in Financial Technology Management when completed together with the other required courses within one academic year. As the number of seats is limited, we recommend to register early. If you're a GBS or Goethe University alum, explore our attractive alumni discount options.
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Next course offering: Summer Semester 2027. New dates will be announced soon.
Dr. Benjamin Clapham
Dr. Benjamin Clapham conducts empirical research at the intersection of finance and information systems and has extensive teaching experience in courses on financial markets and trading at Goethe University Frankfurt. His research focuses on regulatory and technological developments in financial markets and questions related to market design, with particular interest in market microstructure, algorithmic trading, and the detection of financial market manipulation. He has presented his research at various international conferences, published it in leading journals, and received several academic awards.
Candidates with an undergraduate degree (i.e., bachelor or equivalent) of 180 credit points (CP) based on the European Credit Transfer System (ECTS) can apply for our Open Programs. The allocation of credit points for work experience will appear on the Academic Transcript of Records and be titled ‘Prior Learning Assessment’.
Open Program applicants must submit a recent proof of English language proficiency at the higher B2 level per the Common European Framework of Reference (CEFR). The GBS Office of Admissions will accept test results of the following tests, taken no longer than two years ago upon the date of submission:
- TOEFL iBT®
- TOEFL iBT® Home Edition
- IELTS
- Cambridge Certificate of Proficiency in English
- English Language Level Test (ELLT) - Oxford International Digital Institute
Applicants may request a waiver of proof of proficiency in English in case one of the following conditions applies. The applicant
- is a native speaker of English;
- has graduated from an international baccalaureate program
- has completed their undergraduate or master-level studies in a program taught entirely in English;
- has worked in an English-speaking country for at least one year.
If the applicant has not taken any of the above tests when submitting the application, the applicant can upload a confirmation of the test registration to the online admissions portal.
Applicants who submit a language certificate older than two years but without an expiry date will be invited for an additional interview with a native speaker of English.
Proof of relevant post-undergraduate work experience of at least one year is to be submitted, e.g., a performance review, reference letter, or written confirmation from your employer.