This course provides students with a profound understanding of financial trading, electronic financial markets and technical innovations in this field. The course will cover both processes and operations (i) of the market itself and (ii) in the interaction between buy side (institutional investors, asset managers) and sell side (bank and brokers) institutions. Therefore, foundations of market microstructure theory, the concept of market liquidity, state-of-the-art market models (limit order books, dealer and hybrid markets), principles of order matching and the current regulatory framework of financial trading will be discussed and investigated.
Based on these insights into processes and technologies on the market itself, the course will cover the interaction of institutional investors and institutional brokers as well as the role of technology and of transaction costs analysis in this interaction. The investigation of business models and technology services of institutional brokers will include topics like Direct Market Access, Smart Order Routing, Algorithmic and High Frequency trading as well as Dark Pools. Furthermore, the horizontal and vertical competition among exchanges, alternative trading systems and systematic internalizers will be illustrated based on industry examples.
Students will deepen and practically use this knowledge by executing real-world trading tasks within the LiveX trading simulation software of the trading lab on the campus. A guest lecture by M. Graulich (Member Executive Board, Eurex) introduces students into benefits, functions and processes of clearing via a central counterparty (CCP).
This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program. Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.
Upon completion of this course, you will be able to:
Different types of market models and technology solutions of exchanges and alternative trading systems
Regulatory requirements for securities markets in Europe and assess their impact on the market environment and the underlying processes
Key technology solutions in the interaction of institutional investors and their brokers like Algorithmic Trading, Dark Pools and Smart Order Routing
Prof. Dr. Peter Gomber holds the Chair e-Finance at the Faculty of Economics and Business at Goethe University since 2004. He is Co-Chairman and Member of the Board of the E-Finance Lab, an industry-academic partnership between Frankfurt and Darmstadt Universities and leading industry partners (e.g. Deutsche Börse, DZ Bank, Finanz Informatik). Peter’s academic work focuses on Digital Finance and FinTech, Information Systems in Financial Markets, Market Microstructure Theory, Regulatory Impact on Financial Markets / RegTech, and Innovative Concepts for Electronic Trading Systems. He published several articles in leading international journals and was awarded with the Reuters Innovation Award 2000, the University Award of the DAI („Deutsches Aktieninstitut“) 1999, and multiple Best Paper Awards of international conferences.
Beside his teaching responsibilities in Bachelor, Master and Ph.D. courses at Goethe University, Peter taught executive courses at GBS, the Frankfurt School of Finance and Management, the Amsterdam Institute of Finance, the ADG Business School and the Deutsche Börse Capital Markets Academy. Among other advisory positions, Peter is a member of the Exchange Council of the Frankfurt Stock Exchange. 2012-2018 he was a member of the Consultative Working Group (CWG) of the Secondary Market Standing Committee of the European Securities and Markets Authority (ESMA). Before joining Goethe University, Peter worked for five years as a Director, Head of Market Development Cash Markets and Xetra Research at Deutsche Börse AG.
Course materials will be provided in electronic form.
English
Campus Westend of Goethe University Frankfurt.
A GBS certificate of participation is awarded upon completion of the course.
€ 950 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 400.
| Date | Session |
|---|---|
| Fri., Jun 9, 2023 | 13:00 - 15:00, 15:30 - 17:30 |
| Fri., Jun 23, 2023 | 13:00 - 15:00, 15:30 - 17:30 |
| Fri., July 07, 2023 | 13:00 - 15:00, 15:30 - 17:30 |
There are two main things which make returning for Open Programs such a valuable and worthwhile experience. The first is being back on campus – meeting the current students, returning to campus again, the whole experience was just so pleasant. The second is the level of quality in the courses – the faculty teaching are absolute experts.
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