{"id":"W2108284144","doi":"10.2139/ssrn.2001912","title":"Algorithmic Trading and the Market for Liquidity","year":2012,"lang":"en","type":"article","venue":"SSRN Electronic Journal","topic":"Financial Markets and Investment Strategies","field":"Economics, Econometrics and Finance","cited_by":93,"is_retracted":false,"has_abstract":false,"ca_institutions":"Queen's University","funders":"","keywords":"Market liquidity; Algorithmic trading; Dark liquidity; High-frequency trading; Business; Pairs trade; Financial economics; Market microstructure; Monetary economics; Economics; Financial system; Alternative trading system; Finance; Order (exchange)","routes":{"ca_aff":true,"ca_fund":false,"ca_venue":false,"about_ca":false,"invisible_to_affiliation_only":false},"retraction":null,"screen":null,"direct_labels":[],"prediction":{"model_version":"metacan-v3-hybrid-931329e0061c","candidate_categories":[],"consensus_categories":[],"category_scores_codex":[0.001960153,0.0003703281,0.0006427164,0.0008114236,0.0007349853,0.004791746,0.000978123,0.002402295,0.006332378],"category_scores_gemma":[0.01908835,0.0003328209,0.0005563463,0.0006533633,0.002939928,0.007369156,0.001561288,0.001689102,0.0003263966],"about_ca_system_candidate":false,"about_ca_system_consensus":false,"about_ca_system_score_codex":0.0006849222,"about_ca_system_score_gemma":0.0008370537,"about_ca_topic_candidate":false,"about_ca_topic_consensus":false,"about_ca_topic_score_codex":0.0004053763,"about_ca_topic_score_gemma":0.0004204053,"domain_scores_codex":[0.9991386,0.0004291026,0.00005170852,0.0001196287,0.0001794575,0.00008141162],"domain_scores_gemma":[0.9902692,0.007359553,0.001032085,0.0006782573,0.0003556957,0.0003052484],"domain_codex":null,"domain_gemma":null,"domain_candidate":null,"domain_consensus":null,"study_design_codex":"theoretical_or_conceptual","study_design_gemma":"theoretical_or_conceptual","study_design_scores_codex":[0.0001116293,0.00005004225,0.001254641,0.0000600444,0.00003750126,0.00009134563,0.00008860009,0.02856242,0.0007433869,0.9535512,0.001178185,0.01427101],"study_design_scores_gemma":[0.00003089696,0.00001395198,0.0002481505,0.000009740404,0.000005975328,0.0000394914,0.00001924314,0.09184439,0.000146191,0.9070598,0.0005732145,0.000008938698],"study_design_candidate":"theoretical_or_conceptual","study_design_consensus":"theoretical_or_conceptual","genre_codex":"empirical","genre_gemma":"empirical","genre_scores_codex":[0.5396459,0.004544078,0.3779876,0.01412904,0.0004155694,0.00006776232,0.0001897419,0.0004103419,0.06261],"genre_scores_gemma":[0.980884,0.0004929125,0.01468804,0.0001991085,0.0001806258,0.00002487277,0.00004604708,0.00003514139,0.003449375],"genre_candidate":"empirical","genre_consensus":"empirical","teacher_disagreement_score":0.006332378,"threshold_uncertainty_score":0.02118391,"prediction_status":"machine_predicted_unvalidated"},"machine_scores":{"provisional":true,"baseline":true,"maturity_gate_passed":false,"score_opus":0.01970462199224512,"score_gpt":0.2129749471054079,"score_spread":0.1932703251131628,"validation_status":"score_only:v0-immature-baseline","note":"Baseline scores from an immature model (maturity gate not passed). Scores rank; they never assert a category."}}