Executive Education

TRADING & TECHNOLOGY

The elective „Trading & Technology” 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, relevant 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 in detail. 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.

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.

Any questions?

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Ludmila Ketterer

 +49 69 798 33512

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Course Format

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.

Learning Objectives

Upon completion of this course, you will be able to:

  • Get an in-depth knowledge of electronic securities trading, 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
  • Be able to assess the quality of a market based on transaction costs and liquidity measures to make optimal trading decisions
  • Understand key techniques concerning the measurement of market liquidity and market quality
  • Apply the theoretical knowledge in a simulated trading environments to be able to perform task of traders at buy side trading desks, banks or brokers
Key Concepts

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

Faculty

Dr. Benjamin Clapham

Benjamin Clapham is a postdoctoral researcher and lecturer at Goethe University Frankfurt. He conducts empirical research at the intersection of finance and information systems and has extensive teaching experience in courses on financial markets and trading. Dr. Clapham’s research focuses on regulatory and technological developments in financial markets and questions related to market design. In particular, his research interests include market microstructure, algorithmic trading, and the detection of financial market manipulations.

After having studied economics and business administration, Benjamin Clapham successfully completed his doctoral studies in finance and information systems at Goethe University in November 2019. In his dissertation, he analyzed the integrity and efficiency of electronic securities markets.

His research has been presented at various international conferences and has been published in leading international journals such as Journal of Finance, Journal of the Association for Information Systems, Journal of Information Technology, Journal of Empirical Finance, Journal of Financial Research, and Financial Analysts Journal. Dr. Clapham has been awarded with several academic awards, e.g., the dissertation award of the Frankfurt Institute for Risk Management and Regulation, the 2020 Best Paper Award of the Journal of the Association for Information Systems, and the 2021 AIS Best Information Systems Publications Award.

Key Facts

Course materials

Course materials will be provided in electronic form.

Language

English

Venue

Campus Westend of Goethe University Frankfurt.

Certificate of participation

A GBS certificate of participation is awarded upon completion of the course.

Course Fee

€ 950 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 400.

Course Schedule
Date Session
Fri., April 5, 2024 18:00-20:00
Sat., April 6, 2024 11:30-13:30, 14:30-16:30
Fri., May 3, 2024 18:00-20:00
Sat., May 18, 2024 09:00-11:00
Sat., June 01, 2024 14:30-16:30
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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.

Stephan KieneDuke-Goethe Executive MBA Class of 2009
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