This course provides a deep understanding of financial trading, electronic markets, and technical innovations. It covers market processes, including the interaction between buy-side (institutional investors, asset managers) and sell-side (banks, brokers) institutions. Topics include market microstructure theory, market liquidity, modern market models (limit order books, dealer, hybrid markets), order matching principles, and the regulatory framework of financial trading. The course also explores the role of technology and transaction cost analysis, institutional brokers' business models and services, such as Direct Market Access, Smart Order Routing, Algorithmic, High-Frequency Trading, and Dark Pools, along with competition among exchanges and trading systems. 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 campus. A guest lecture by M. Graulich (Member Executive Board, Eurex) will introduce students to the benefits, functions, and clearing processes via a central counterparty (CCP).
- 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. As the number of seats is limited, we recommend to register early. If you're a GBS or Goethe University alumni, explore our attractive alumni discount options.
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Participants have the choice of completing the course with a qualified certificate or attending as a guest auditor. As an auditor, you are not required to complete assignments, take exams or earn academic credits.
| ECTS | Certificate | |
|---|---|---|
| Guest auditor | - | Certificate of Participation |
| Full participant | 3 CP | Qualified Certificate |
This course can also be upgraded to a Certificate of Advanced Studies (CAS) in Financial Technology Management in combination with other courses from our Master in Finance program.
Dr. Benjamin Clapham
Dr. Benjamin Clapham is a postdoctoral researcher and lecturer at Goethe University Frankfurt, specializing in the intersection of finance and information systems. His research focuses on regulatory and technological developments in financial markets, including market microstructure, algorithmic trading, and market manipulation detection. Dr. Clapham completed his Ph.D. at Goethe University in 2019, where he analyzed electronic securities markets. His work has been published in top international journals and presented at global conferences. He has received several academic awards, including the dissertation award from the Frankfurt Institute for Risk Management and Regulation and the AIS Best Information Systems Publications Award.