Regulamentação da tecnologia no mercado de ações: um estudo sobre velocidade das operações no mercado do Brasil e Estados Unidos

Abstract

This monograph investigates the need for regulation of high-frequency trading (HFT) technologies in the context of algorithmic trading (AT) in the Brazilian and U.S. stock markets. The study examines major projects and articles on the regulation of these technologies, comparing regulatory approaches between the two countries. The analysis covers data from the Brazilian Securities and Exchange Commission (CVM), B3, ANBIMA(Brazilian Financial and Capital Markets Association), Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), New York Stock Exchange (NYSE), and Chicago Mercantile Exchange (CME), in addition to the specialized literature on HFT. The research addresses the benefits and challenges of AT and HFT, including increased liquidity and the possibility of market manipulation and price distortions. It also explores the phenomenon of "phantom liquidity" and its implications for regulation. The monograph highlights the importance of regulation to ensure market integrity, protect investors, and promote fair competition, considering the Theory of Economic Regulation by Stigler. The study concludes that effective regulation is crucial to ensure stability and fairness in financial markets in a rapidly evolving technological landscape.