The average size of share orders on the world's exchanges has halved in the past five years, highlighting the inroads that automated and “high-frequency” trading has made on global markets.
The finding, in research carried out by Mondo Visione, a consultancy, and commissioned by the Financial Times, comes amid concerns over the ability of exchanges and brokers to supervise a surge in orders and data flowing through trading and risk-management systems.
The research also shows how the trend is driving the growth of “dark pools”, with traders interested in executing large orders shunning exchanges and seeking to carry out such trades on specialist platforms.
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