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Högfrekvenshandel: En kvalitativ studie
Södertörn University, School of Social Sciences.
Södertörn University, School of Social Sciences.
2015 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Syfte: Högfrekvenshandel har på senare år varit ett omdiskuterat och kontroversiellt ämne. Fenomenet har genomgått omfattande granskning och åsikterna kring dess påverkan på marknaden och dess aktörer går isär. Då tidigare forskning främst genomförts på den amerikanska marknaden är syftet med den här studien att bistå med en djupare insikt kring denna typ av handel och dess avtryck på den svenska finansmarknaden.

Metod: För att behandla syftet har en kvalitativ studie av högfrekvenshandel med en deduktiv ansats genomförts.

Teori: Studien utgår från Rational Choice Theory, Effektiva marknadshypotesen och tidigare forskning inom ämnet. Med hjälp av det teoretiska ramverket har studien analyserat det empiriska underlaget. Relevanta aspekter har identifierats som kan förklara varför studiens respondenter har ett specifikt förhållningssätt gentemot högfrekvenshandel.

Empiri: Studien består av en dokumentstudie och fyra semistrukturerade intervjuer med intressenter på den svenska finansmarknaden. Intervjuerna ämnar identifiera de olika intressenternas förhållningssätt gentemot högfrekvenshandel och dess bakomliggande orsaker.

Slutsats: Studien har kommit fram till att förhållningssättet gentemot högfrekvenshandel står i relation till vilken typ av verksamhet som intressenten bedriver. Vidare kan det konstateras att tidigare forskning till stor del går att applicera på den svenska marknaden.

Abstract [en]

Purpose: In recent years, High Frequency Trading has been a widely debated and controversial topic. The phenomenon has been subject to extensive examination and the opinions regarding its effect on the financial markets are inconsistent. Previous research has foremost been conducted on the American financial market. Thus the purpose of this thesis is to contribute with deeper insight regarding this kind of trading and its impact on the Swedish financial market.

Method: To address the purpose of this thesis, a qualitative study with a deductive approach has been conducted.

Theory: The thesis emanates from Rational Choice Theory, The Efficient Market Hypothesis and previous research within the field. Using the theoretical framework, the thesis has analyzed the empirical data. Relevant aspects has been identified which can explain why the thesis’ respondents has a specific approach towards High Frequency Trading.

Empirics: The thesis consists of a document study and four semi structured interviews with stakeholders on the Swedish financial market. Through these interviews, the thesis aims to identify the stakeholders’ different approaches towards High Frequency Trading and what might cause this particular point of view.

Conclusion: The thesis can conclude that the approach towards High Frequency Trading is correlated to the type of operation conducted by the respondent. Furthermore, it can be concluded that previous research in general is applicable on the Swedish financial market.

Place, publisher, year, edition, pages
2015. , 57 p.
Keyword [en]
High Frequency Trading, Algorithmic Trading, Liquidity, Volatility, Market Quality
Keyword [sv]
Högfrekvenshandel, Algoritmisk handel, Likviditet, Volatilitet, Marknadskvalitet
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-27857OAI: oai:DiVA.org:sh-27857DiVA: diva2:826077
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2015-06-25 Created: 2015-06-24 Last updated: 2015-06-25Bibliographically approved

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