أثر التداول الخوارزمي و الجرائم الالكترونية على استقرار الأسواق المالية

Abstract

This study examines the effects of financial technology on the activities of financial markets by focusing on the topics of algorithmic trading (AT) and cybercrime. Where the paper focuses on testing the pricing efficiency in the Turkish stock market before and after the adoption of the BISTECH technology transformation program. , GPH statistic, and RH statistic. Where the results of the study showed weak evidence for the existence of the long-memory feature in the level of returns of the Turkish stock market after BISTECH, and this is in contrast to the absolute value of returns and returns square, which indicates the efficiency of this market at the weak level. While there is strong evidence for long-term memory in fluctuating especially after BISTECH; This indicates the long-term impact that any shock can have on market stability.