РАЗПРОСТРАНЕНИЕ НА АЛГОРИТМИЧНАТА И ВИСОКОЧЕСТОТНАТА ТЪРГОВИЯ НА ЧУЖДЕСТРАННИТЕ ФОНДОВИ ПАЗАРИ – ИМАТ ЛИ ТЕ ПРИЛОЖЕНИЕ И В БЪЛГАРИЯ?
SPREADING OF ALGORITHMIC AND HIGH-FREQUENCY TRADING ON INTERNATIONAL STOCK MARKETS – ARE THEY APPLICABLE IN BULGARIA AS WELL?

Summary/Abstract: This article analyzes the origins and recent development of algorithmic and high-frequency trading platforms in the USA, Europe and Asia. Legal aspects and minimizing of transaction costs are considered. Classification of algorithms and different types of algorithmic trading strategies are discussed as well as trends in their usage. The focus is entirely placed on the Bulgarian Stock Exchange. Thus, this paper discusses the circumstances on the Bulgarian capital market and the needed criteria, that should be met in order to establish the ground of the application of algorithmic and high-frequency trading. Such criteria include high liquidity and trading volumes, block trading, transaction costs and investment brokers. The article concludes, that only systematic trading is practically applicable on the Bulgarian Stock Exchange.

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