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TOSHIBA CORPORATION

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Toshiba : and Dharma Capital's Joint Experiment in Financial Markets to Verify the Effectiveness of a Quasi-Quantum Computer When Applied to High Frequency Trading

05/12/2021 | 09:16pm EDT

*1 Based on examination conducted by Toshiba Corporation

*2 According to [Shleifer A., and R. W. Vishny, 1997, The Limits of Arbitrage, The Journal of Finance, March 1997, Vol. 52, No. 1, pp.35-55], market efficiency is achieved by arbitrage*5 whose effect is to bring prices to fundamental values.

*3 An index that indicates the level of ease for investors to trading stocks in the market. Market with high liquidity is where you can execute large-lot trading at any time without significantly impacting the market price.

*4 This refers to high speed trading defined in Article 2 Paragraph 41 of the Financial Instruments and Exchange Act of Japan. According to [1st Market Working Group by the Financial System Council of Japan, Secretariat Briefing Materials, May 2016], the ratio of the number of orders from the co-location area to all transactions on the Tokyo Stock Exchange was over 70% as of January 2016, and it is said that most of them are orders from HFT. According to [Malceniece L., K. Malcenieks, and T. J. Putnins, 2019, High frequency trading and comovement in financial markets, Journal of Financial Economics, Vol. 134, pp.381-399.], while estimates of scale of HFT activity vary depending on the market and how broadly HFT is defined, there is no doubt HFT accounts for a large share of trading volume in most developed markets.

*5 Brogaard J., H. Terrence, and R. Ryan, 2014, High-Frequency Trading and Price Discovery, The Review of Financial Studies, August 2014, Vol. 27, No. 8 (August 2014), pp.2267-2306.

*6 Arbitrage is defined by [Sharp W., and G. Alexander, 1990, Investments, 4th edition] as 'the simultaneous purchase and sale of the same, or essentially similar, security in two different markets for advantageously different prices'.

*7 In this article, 'wide-area search' mean finding the best one from all candidates. Specifically, the term is referring to find the best investment opportunity by solving mathematically defined combinatorial optimization problems.

*8 Toshiba Press Release 1: https://www.global.toshiba/ww/technology/corporate/rdc/rd/topics/19/1904-01.html; H. Goto et al., Science Advances 5, eaav2372 (2019). https://advances.sciencemag.org/content/5/4/eaav2372

Toshiba Press Release 2: https://www.global.toshiba/ww/technology/corporate/rdc/rd/topics/21/2102-01.html; H. Goto et al., Science Advances 7, eabe7953 (2021). https://advances.sciencemag.org/content/7/6/eabe7953

Toshiba Press Release 3: https://www.global.toshiba/ww/technology/corporate/rdc/rd/topics/21/2103-01.html; K. Tatsumura et al., Nature Electronics 4, 208-217 (2021). https://doi.org/10.1038/s41928-021-00546-4

*9 Toshiba Press Release: https://www.global.toshiba/ww/technology/corporate/rdc/rd/topics/19/1910-02.html; K. Tatsumura et al., IEEE Int'l Symp. on Circuits and Systems (ISCAS), 1-5 (2020). https://doi.org/10.1109/ISCAS45731.2020.9181114

*10 As a high-speed trading operator as defined in Article 2 Paragraph 42 of the Financial Instruments and Exchange Act of Japan.

Disclaimer

Toshiba Corporation published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 01:15:08 UTC.


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