Illustrations

Figures

  1. 1Fictitious wealth (world stock of financial assets) and global real revenue (GNP) US$ trillions 20
  2. 2Co-location (number of trades) – Bovespa segment 71
  3. 3HFT (daily number of trades) – BM&F segment 72
  4. 4HFT (daily financial volume) – Bovespa segment 77
  5. 5The rough timeline of the events spanning decades that led to the current market penetration of high-frequency trading 83
  6. 6The spiral of complexity of digitalized finance 88
  7. 7Cycle of operation of digitalized finance 93
  8. 8Participation by type of investor (volume of trades) – Bovespa segment 135
  9. 9Participation by type of investor (contracts volume) – BM&F segment 136
  10. 10Share of the stock market in the hands of the five biggest brokerage firms (as a percent of the total) 137
  11. 11Number of registered brokerage firms operating in the stock market 138
  12. 12Average daily number of trades made in the stock market 139

Tables

  1. 1Sudden events relating to the operation of HFTs and/or incorrect functioning of automated trading mechanisms and systems 82
  2. 2Measures for regulation and risk control in the financial markets 95
  3. 3Time line of technological innovations in the Brazilian capitals market 130