DOCSLIB.ORG

High-Frequency Trading and Networked Markets

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
High-Frequency Trading and Networked Markets High-frequency trading and networked markets Federico Musciottoa, Jyrki Piilob , and Rosario N. Mantegnaa,c,d,1 SPECIAL FEATURE aDipartimento di Fisica e Chimica, Universita` degli Studi di Palermo, I-90128 Palermo, Italy; bTurku Centre for Quantum Physics, Department of Physics and Astronomy, University of Turku, FI-20014 Turun Yliopisto, Finland; cComplexity Science Hub Vienna, A1080 Vienna, Austria; and dDepartment of Computer Science, University College London, London WC1E 6BT, United Kingdom Edited by Simon Asher Levin, Princeton University, Princeton, NJ, and approved March 5, 2021 (received for review August 14, 2020) Financial markets have undergone a deep reorganization dur- provide liquidity only under normal market conditions whereas ing the last 20 y. A mixture of technological innovation and their trading is not guaranteed in exceptional market states, mak- regulatory constraints has promoted the diffusion of market frag- ing the markets more fragile and prone to flash or microflash mentation and high-frequency trading. The new stock market crashes (14). There is also empirical evidence that HFTs com- has changed the traditional ecology of market participants and petition is deteriorating liquidity provision (15) and that the market professionals, and financial markets have evolved into interaction of HFTs with orders of large institutions is performed complex sociotechnical institutions characterized by a great het- in a strategic way (16). erogeneity in the time scales of market members’ interactions The technical and regulatory changes observed in markets in that cover more than eight orders of magnitude. We analyze the last 20 y are not minor but rather they deeply affect the three different datasets for two highly studied market venues strategic behavior of market participants (5). An example of this recorded in 2004 to 2006, 2010 to 2011, and 2018. Using methods huge impact concerns market making and liquidity provision. of complex network theory, we show that transactions between Market making is the trading activity providing liquidity to the specific couples of market members are systematically and per- market (i.e., the trading activity allowing one to find quickly a sistently overexpressed or underexpressed. Contemporary stock counterpart for a transaction in a market). In the past market markets are therefore networked markets where liquidity provi- making was done by institutionalized figures (called specialists sion of market members has statistically detectable preferences at the New York Stock Exchange and jobbers at the London or avoidances with respect to some market members over time Stock Exchange [LSE]) that paid fees to the market and had with a degree of persistence that can cover several months. privileges and obligations for their role. Today, in most settings, We show a sizable increase in both the number and persis- market making is not institutionalized and it is freely strategically ECONOMIC SCIENCES tence of networked relationships between market members in performed by specialized market participants. Technical innova- most recent years and how technological and regulatory inno- tions (e.g., the use of computer algorithms and the fast access and vations affect the networked nature of the markets. Our study process of market quotes) and regulatory changes (e.g., market also shows that the portfolio of strategic trading decisions of fragmentation and changes in the information production and high-frequency traders has evolved over the years, adding to the dissemination) provide a changing environment deeply affect- liquidity provision other market activities that consume market ing the profile and ecology of different classes of investors and liquidity. the way they perform their strategic choices. We believe this extraordinary transition into a changing financial market set- STATISTICS complex networks j financial markets j high-frequency trading j ting is a clear case study of evolution and adaptation of the statistically validated networks ecology of market participants to new states of the financial world (17–19). he last 20 y have seen deep changes in the way finan- Tcial markets operate (1). The adoption of the regulation Significance about the national market system (“NMS”) for equity securi- ties (2) from the Securities and Exchange Commission of the During the last two decades, technological innovation and United States and a similar adoption subsequently taken by regulatory requirements have deeply changed the way finan- the European Securities and Market Authority have affected cial markets work. Today, financial markets are characterized the structure and practice of trading of equity securities in US, by the presence of high-frequency traders (able to perform European, and several other markets worldwide. The most evi- financial transactions at a submillisecond time scale) and mar- dent change has been the proliferation of market venues in a ket fragmentation. Using methods of complex networks, we given country or in a group of countries, usually addressed as show that some market participants (specifically so-called fragmentation of markets. A related change has been the spe- market members) preferentially interact with or avoid other cialization of a number of market participants in high-frequency market members persistently over a time scale extending up traders (HFTs). HFTs are professional traders able to use high to several months. By investigating two financial venues at speed in the generation, routing, and execution of orders (3). three different periods of time from two different decades, The amount of transactions performed by HFTs is today esti- we show that the persistent networked nature of today’s mar- mated to be around 50% in most markets (4). Typical response kets is most pronounced since the diffusion of high-frequency time of these traders to a market state or information can be trading and market fragmentation. as fast as a few microseconds. This exceptional time perfor- mance is often achieved by colocating technical infrastructures of Author contributions: F.M., J.P., and R.N.M. designed research; F.M. analyzed data; F.M. HFTs near the computer infrastructure of large market venues. performed numerical simulations; F.M., J.P., and R.N.M. analyzed results; and F.M. and The influence of regulatory changes and technological innova- R.N.M. wrote the paper with contributions from J.P.y tions have changed financial markets into complex sociotechnical The authors declare no competing interest.y institutions (5–9). This article is a PNAS Direct Submission.y There is no shared view about how changes occurring in mar- Published under the PNAS license.y kets have modified the basis of financial asset trading. One view 1 To whom correspondence may be addressed. Email: [email protected] is that the presence of HFTs makes markets more efficient by This article contains supporting information online at https://www.pnas.org/lookup/suppl/ decreasing the transaction cost per unit of transaction and by doi:10.1073/pnas.2015573118/-/DCSupplemental.y facilitating price discovery (10–13). Another view is that HFTs Published June 25, 2021. PNAS 2021 Vol. 118 No. 26 e2015573118 https://doi.org/10.1073/pnas.2015573118 j 1 of 8 Downloaded by guest on September 25, 2021 Recently the empirical characterization of the trading deci- transaction, or cancelation time for each order. In addition to its sions of investors (20) has made it possible to detect an ecology standard information, our special release of the database con- of investors (21, 22). In the present study, we analyze two dif- tains the anonymized identity of the market member who placed ferent venues of stock markets in three different periods of the order. Here we investigate all orders submitted through the time at the level of market members, i.e., at the level of those electronic order book. With this unique dataset we track the trad- companies that are acting for their proprietary trading or are ing activity of anonymized market members of the LSE in the acting as brokers or dealers for the trading of customers. Our investigated years. For the Nasdaq OMX Stockholm venue, it aim is to investigate whether the liquidity provision of the most was possible to obtain historical information about the identity of active market members (notably the HFTs) presents a networked market members performing each transaction. Having this type structure (i.e., it is provided under a framework of strategic of information is a rather unique characteristic of this venue and decisions). With the term “networked structure” we mean that for this reason the venue has been investigated in several papers market members trading in a venue of a fragmented market dealing with HFTs (15, 16, 27–31). The dataset for the Stockholm in the presence of HFTs might establish statistically validated venue of the Nasdaq OMX is the ITCH INET data stream main- preferential or avoided trading relationships with specific mar- tained and provided by the Nasdaq OMX (32). For this venue, ket members. By using tools of complex networks (23), we detect we investigate the 20 most liquid stocks, traded during the Febru- a networked structure among market members and we docu- ary 2010 to December 2011 and the January 2018 to December ment that this networked structure has evolved over the past 2018 time periods. The ITCH data stream captures the complete 20 y from a poor and dynamically changing to a richer and dynamics occurring on the electronic order book through a set of dynamically more persistent network structure highlighting an messages specifically formatted for each kind of action. ever-increasing strategic provision of liquidity. For both periods, we are able to reconstruct the full dynam- Financial transactions occurring in financial markets can be ics of the book in terms of submission (except for a small set described in terms of trading networks (23). Examples are trad- of transactions of the order of less than 5% of all transactions), ing networks occurring in the Interbank market (24) and in modification, and deletion of limit orders, together with the equity markets (25).
Load more

Recommended publications
  • SKF Cylindrical Roller Bearings - Always in the Lead Contents
    SKF cylindrical roller bearings - always in the lead Contents The SKF brand now stands for more than ever before, 1 Product information ................................................. 3 and means more to you as a valued customer. Accommodate heavy loads, high speeds and axial displacements...................................................... 3 While SKF maintains its leadership as the hallmark of SKF single row cylindrical roller bearings – quality bearings throughout the world, new dimensions better by design ........................................................... 4 in technical advances, product support and services SKF standard bearings – benefits ............................... 5 have evolved SKF into a truly solutions-oriented supplier, Optimized cross section .............................................. 5 creating greater value for customers. Optimal contact conditions ......................................... 5 Interchangeability of bearing components .................. 5 These solutions encompass ways to bring greater Cages made of three different materials ..................... 6 productivity to customers, not only with breakthrough A wide product range .................................................. 7 application-specific products, but also through leading- SKF Explorer cylindrical roller bearings – edge design simulation tools and consultancy services, a new level of performance ......................................... 10 plant asset efficiency maintenance programmes, and Availability ...................................................................
    [Show full text]
  • Presentation of Directors According to the Nomination Committee's
    Presentation of directors according to the Nomination committee’s proposal NEW ELECTION OF: Anders Nielsen Current occupation: Head of Business development at Volkswagen Truck & Bus including brands such as MAN and SCANIA Education: Industrial Engineering and Management at Linköpings Tekniska Högskola Born: 1962 Other assignments: - Previous experience: Anders was employed at Scania in 1987. During his first years at Scania he was Production manager for transmissions and cabins as well as Techincal director for Latin America. In recent years, Anders has been globally responsible for operations and logistics within Scania before he in 2012 was appointed President for MAN Truck & Bus. No. of shares: - RE-ELECTION OF: Göran Carlson Chairman of the board Member of the audit committee Elected: 2010 Current occupation: Investor Education: MBA Born: 1957 Other assignments: Vice chairman of Svenskt Tenn AB Previous experience: Previously President of Ur & Penn, CEO and owner of c/o Departments & Stores and founder of pharmacy chain Medstop AB. No. of shares: 2,506,365 Independent: Yes Staffan Jufors Board member Member of the compensation committee Elected: 2013 Current occupation: Board assignments Education: MBA Born: 1951 Other assignments: Board member of ÅF, Akelius Residential Property AB and Nordens Ark. Previous experience: Previously Chairman of the Board of Volvo Buses, President of Volvo Trucks, President of Volvo Penta as well as senior management positions at Volvo Cars. No. of share: - Independent: Yes Magnus Johansson Board member Chairman of the compensation committee Elected: 2011 Current occupation: Advisor and Director, Mejex AB. Education: B.Sc. Degree from Behavioral Science Program Born: 1955 Other assignments: Chairman of the Board of Elektroautomatik AB and Lurn AB.
    [Show full text]
  • Corporate Governance
    Report of the Board of Directors Corporate governance ASSA ABLOY is a Swedish public limited liability company Shareholders with registered office in Stockholm, Sweden, whose Series B At year-end, ASSA ABLOY had 22,232 shareholders share is listed on the Nasdaq Stockholm. 1 (17,720). The principal shareholders are Investment The Group’s corporate governance is based on the Swedish AB Latour (9.5 percent of the share capital and 29.5 percent Companies Act, the Annual Accounts Act, the Nasdaq of the votes) and Melker Schörling AB (3.9 percent of the Stockholm Rule Book for Issuers and the Swedish Code of share capital and 11.4 percent of the votes). Foreign share- Corporate Governance, as well as other applicable external holders accounted for around 64 percent (65) of the share laws, regulations and recommendations, and internal rules capital and around 44 percent (44) of the votes. The ten largest and regulations. shareholders accounted for around 38 percent (35) of the This Corporate Governance Report has been prepared as share capital and 58 percent (56) of the votes. For further part of ASSA ABLOY’s application of the Swedish Code of information on shareholders, see page 123. Corporate Governance. The report is audited by A shareholders’ agreement exists between Gustaf Douglas, ASSA ABLOY’s auditor. Melker Schörling and related companies and includes an ASSA ABLOY’s objective is that its activities should gener- agreement on right of first refusal if any party disposes of ate good long-term returns for its shareholders and other Series A shares. The Board of Directors of ASSA ABLOY is not stakeholders.
    [Show full text]
  • Corporate Governance Report 2020.Pdf
    Corporate governance | Report of the Board of Directors Corporate governance ASSA ABLOY AB is a Swedish public limited liability company in that the Vice Chairman of the Board of Directors, Carl with registered office in Stockholm, Sweden, whose Series B Douglas (Investment AB Latour), is also the Chairman of the share is listed on Nasdaq Stockholm. Nomination Committee. The reason for this deviation is that ASSA ABLOY’s corporate governance is based on the the major shareholders consider it to be important to have Swedish Companies Act, the Annual Accounts Act, Nas- the representative from the largest shareholder as Chairman daq Stockholm’s Rule Book for Issuers and the Swedish of the Nomination Committee. Corporate Governance Code (the Code), as well as other The Corporate Governance Report is examined by ASSA applicable external laws, rules and regulations, and internal ABLOY’s auditor. rules and regulations. ASSA ABLOY’s objective is that its operations should gen- This Corporate Governance Report has been prepared erate good long-term returns for its shareholders and other as part of ASSA ABLOY’s application of the Code. ASSA stakeholders. An effective scheme of corporate governance ABLOY follows the Code’s principle to “comply or explain” for ASSA ABLOY can be summarized in a number of interact- and in 2020 ASSA ABLOY has one deviation to explain. The ing components, which are described below. Nomination Committee deviates from Rule 2.4 of the Code Corporate governance structure 1 Shareholders 3 Nomination Committee 2 General Meeting
    [Show full text]
  • Electrical and Two- Wheelers Business Unit
    Electrical and Two- wheelers business unit Presented by Franco Ferro Director, business unit Electrical and Two-wheelers SKF Capital Markets Day 2008 Electrical & two-wheelers global presence ERC Fontenay Airasca St Cyr Sopot Cassino Pune Shanghai Bangalore Bangalore Factories Jakarta Technical Center Development Center Tortuguitas • 3,400 employees worldwide • 8 factories in 7 countries • Product development in Europe and Asia Electrical & two-wheelers main customers Home appliance Power tools Electrical motors Two-wheelers Vehicle electric systems Main electrical & two-wheelers applications Electrical & two-wheelers - all platforms Bulgaria outlook SKF Bulgaria factories Deep groove ball bearings Karnare Forgings & rings Kalofer Sopot Seals SKF standard implementation - Sopot SKF standards are being implemented to work with top class customers, like e.g. Electrolux 20Ind06e =x: 100 2006 = 100 % 700 70% 600 60 >500 >50 500 50 400 Sopot 40 Sopot share 300 Sales to 30 Elctrolux of SKF 200 20 Sales to Electrolux 100 10 0 0 2006 2007 2008 2005 2006 2007 2008 Automatic seal process implementation - Kalofer The factory is now the main supplier for small ball bearing seals for West European factories New business for industrial applications - trackstar seal for track chain New ring rolling process - Karnare A new ring rolling process is implemented in 2008 for small ball bearing rings in order to save 12% of raw material Environmental management system Certified to : SS-EN ISO 14001: 2004 Standard Approved by DNV Cost reduction & profitable
    [Show full text]
  • Sustainable Profit
    SUSTAINABLE PROFIT A handbook for business-driven sustainability work Gunilla Hadders Bengt Olof Hansson Karin Henriksson SUSTAINABLE PROFIT A handbook for business-driven sustainability work © Hadders, Hansson, Henriksson Published by TripleB Publishing 2013, second edition. www.tripleb-publishing.se ISBN 9 789163 397806 Lay out: Karin Henriksson Nature photography by Johan Ernst Nilson, one of the world’s most experienced explorers and nature photographers. Johan Ernst Nilsson is deeply involved with environmental causes and his expeditions are climate-neutral. Portrait photos, cover: Mikael Soudah (Gunilla Hadders and Karin Henriksson), Lennart Durehed (Bengt Olof Hansson) Translation and language support: Maria Dalby We want to show how companies can strengthen their profitability and growth by making continuous and step-wise improvements for people and the environment. The authors SUSTAINABLE PROFIT A handbook for business-driven sustainability work 1 Sustainable profit – what is it? 2 About this handbook 3 The sustainability process 4 Sustainability for the Board and Owners 5 Sustainability for the CEO and the Management team Ericsson, AstraZeneca, Folksam, Getinge 6 The Sustainability Manager – the spider in the web SKF, SEB 7 Sustainability by function SCA, H&M The Finance Manager Skanska, Scandic The Marketing Manager Preem The Product Development Manager Volvo, Driconeq The Production Manager Arla The Environmental Manager Swedavia The Purchasing Manager Coop The Human Resource Manager Loomis The Communications Manager IKEA, Cramo The General Counsel Atlas Copco, Vinge 8 Concluding remarks 9 About us 3 1 SUSTAINABLE PROFIT – WHAT IS IT? Working sustainably is an integral part of normal business development and risk management. Companies can strengthen their profitability and growth by making continuous and step-wise improvements for people and the environment.
    [Show full text]
  • Corporate Governance
    Report of the Board of Directors Corporate governance ASSA ABLOY is a Swedish public limited liability company Shareholders with registered office in Stockholm, Sweden, whose Series B At year-end, ASSA ABLOY had 27,638 shareholders share is listed on the Nasdaq Stockholm. 1 (22,232). The principal shareholders are Invest- The Group’s corporate governance is based on the ment AB Latour (9.5 percent of the share capital and 29.5 Swedish Companies Act, the Annual Accounts Act, the percent of the votes) and Melker Schörling AB (3.9 percent Nasdaq Stockholm Rule Book for Issuers and the Swedish of the share capital and 11.4 percent of the votes). Foreign Code of Corporate Governance, as well as other applicable shareholders accounted for around 64 percent (64) of the external laws, regulations and recommendations, and inter- share capital and around 44 percent (44) of the votes. The nal rules and regulations. ten largest shareholders accounted for around 40 percent This Corporate Governance Report has been prepared as (38) of the share capital and 59 percent (58) of the votes. part of ASSA ABLOY’s application of the Swedish Code of For further information on shareholders, see page 105. Corporate Governance. The report is audited by ASSA A shareholders’ agreement exists between Gustaf ABLOY’s auditor. Douglas, Melker Schörling and related companies and ASSA ABLOY’s objective is that its activities should gener- includes an agreement on right of first refusal if any party ate good long-term returns for its shareholders and other disposes of Series A shares.
    [Show full text]
  • Service & Maintenance Self-Cleaning Hermetic Separators
    Service & Maintenance Self-cleaning Hermetic Separators Product No.: A MRPX 614HGV-14C 881208-01-01 C MRPX 614HGV-74C 881208-01-01 H MRPX 614HGV-74C 881208-01-01 W MRPX 614HGV-74C 881208-01-01 A MRPX 714HGV-14C 881208-02-01 B MRPX 714HGV-14C 881208-02-01 C MRPX 714HGV-74C 881208-02-01 H MRPX 714 HGV-74C 881208-02-01 W MRPX 714HGV-74C 881208-02-01 B BRPX 714HGV-34C 881208-02-01 D MRPX 714HGV-34C 881208-02-01 C MRPX 518HGV-74C 881209-01-01 H MRPX 518HGV-74C 881209-01-01 W MRPX 518HGV-74C 881209-01-01 B MRPX 618HGV-14C 881209-02-01 C MRPX 618HGV-74C 881209-02-01 F MRPX 618HGV-74C 881209-02-01 H MRPX 618HGV-74C 881209-02-01 W MRPX 618HGV-74C 881209-02-01 B BRPX 618HGV-34C 881209-02-01 D MRPX 618HGV-34C 881209-02-01 C MRPX 718HGV-74C 881209-03-01 H MRPX 718HGV-74C 881209-03-01 W MRPX 718HGV-74C 881209-03-01 H MRPX 818HGV-74C 881210-01-01 B MRPX 818HGV-14C 881210-01-02 B BRPX 818HGV-34C 881210-01-02 H MRPX 818HGV-74C 881210-01-02 W MRPX 818HGV-74C 881210-01-02 Product No.: Multiple Book No.: 1271059-02 V5 Alfa Laval Separation AB Separator Manuals, dept. SKEL S-147 80 Tumba, Sweden Telephone: +46 8 53 06 50 00 Telefax: +46 8 53 03 10 40 Printed in Sweden, 00-03 © Alfa Laval Separation AB 2000 This publication or any part thereof may not be reproduced or transmitted by any process or means without prior written permission of Alfa Laval Separation AB.
    [Show full text]
  • SKF (Skfb.ST) INDUSTRY OVERVIEW/ANALYSIS
    Equity Research Europe Capital Goods - Engineering (Europe) 06 November 2013 SKF (SKFb.ST) INDUSTRY OVERVIEW/ANALYSIS China becoming more of a threat than opportunity SKF market share in China (LHS) / Pricing in China (RHS) IDEAS ENGINE SERIES We are concerned about SKF's longer-term positioning and about the scope for a deterioration in returns in the medium term following our detailed proprietary study of the local bearings market in China. Our key concerns: 1) SKF's market share in China has declined by >100bps since 2009 The Ideas Engine and its revenues in China have declined slightly in 2011 and 2012 as local players have made meaningful progress over the period (now 5 sizeable local series showcases players and 2-3 focused specifically on the high-end applications). Credit Suisse’s unique 2) Profitability of the local players has been declining at the gross and insights and investment operating levels and is now below SKF's group level (SKF historically made ideas. higher margins in China vs group), giving potential downside on margins. Source: Company data, Credit Suisse research, Industry associations 3) Average domestic selling prices have been falling since 2010. SKF currently generates highest returns Please contact your 4) Local players' expansion supported by government into high-end 12 CFROI Sales person to market applications such as High-Speed Rail, Wind Turbine and Aero. 10 access the Reiterate Underperform, TP cut to SEK 150 (from SEK 155). China 8 accounts for c11% of SKF sales directly and we are concerned by new 6 supplemental 4 analysis behind this competition from Chinese players in other emerging markets (c30% of group 2 report.
    [Show full text]
  • Annual Report 2019
    Annual Report 2019 Every day, we help billions of people to experience a more open world with innovative solutions that enable safe, secure and convenient access to physical and digital places Contents Report on operations ASSA ABLOY in brief 1 Group key figures 2 Highlights 2019 3 Statement by the President and CEO 4 Market overview and trends 7 Investment story 8 Business model 9 Targets and strategy 10 Market growth 11 Product leadership 16 Cost efficiency 21 People 25 ASSA ABLOY’s divisions Divisions overview 28 Opening Solutions EMEA 30 Opening Solutions Americas 31 Opening Solutions Asia Pacific 32 Global Technologies 33 Entrance Systems 35 Customer solutions around the world 36 ASSA ABLOY in the future 38 Report of the Board of Directors Report of the Board of Directors 40 Significant risks and risk management 42 Corporate governance 46 Board of Directors 50 Executive Team 52 Internal control – financial reporting 55 Remuneration guidelines for senior executives 56 Financial statements Sales and income 58 Consolidated income statement and Statement of comprehensive income 59 Comments by division 60 Results by division 61 Financial position 62 Consolidated balance sheet 63 Cash flow 64 Consolidated statement of cash flows 65 Changes in consolidated equity 66 Parent company financial statements 67 Notes 69 ASSA ABLOY Comments on five years in summary 94 in your daily life Five years in summary 95 Definitions of key ratios 96 We are part of people’s everyday life all over the world! You will find Proposed distribution of earnings 97 ASSA ABLOY’s products and solutions in your home, at work or Auditor’s report 98 school, when you shop or travel.
    [Show full text]
  • 1 the Nomination Committee's Proposal for Decisions
    CONVENIENCE TRANSLATION The Nomination Committee’s proposal for decisions, motivated statement and information on proposed members of the Board of Directors The Nomination Committee prior to the 2019 Annual General Meeting comprises Chairman Carl Douglas (Investment AB Latour), Mikael Ekdahl (Melker Schörling AB), Liselott Ledin (Alecta), Marianne Nilsson (Swedbank Robur fonder) and Anders Oscarsson (AMF and AMF fonder). The five owner-representatives represent approximately 44 per cent of the votes of all shares in ASSA ABLOY AB. The Nomination Committee proposes the 2019 Annual General Meeting resolves as follows. Items 10-12 – Determination of the number of members of the Board of Directors, determination of fees to the Board of Directors and the Auditor as well as election of the Board of Directors, Chairman of the Board of Directors, Vice Chairman of the Board of Directors and the Auditor - The number of members of the Board of Directors shall be seven. - Fees to the Board of Directors shall amount to a total of SEK 6,675,000 (remuneration for committee work not included) to be distributed among the members of the Board of Directors as follows; SEK 2,350,000 to the Chairman, SEK 900,000 to the Vice Chairman and SEK 685,000 to each of the other members of the Board of Directors elected by the Annual General Meeting. As remuneration for the committee work, the Chairman of the Audit Committee is to receive SEK 275,000, the Chairman of the Remuneration Committee SEK 150,000, members of the Audit Committee (the Chairman excluded) SEK 200,000 each, and member of the Remuneration Committee (the Chairman excluded) SEK 75,000.
    [Show full text]
  • NSF-RCN Workshop #6 Panel 1: State-Of-The-Art of Mmw Technology – Recent Significant Developments
    NSF-RCN Workshop #6 Panel 1: State-of-the-Art of mmW Technology – Recent Significant Developments Tommy Svensson Full Professor, PhD, Leader Wireless Systems Department of Electrical Engineering, Communication Systems Group Chalmers University of Technology, Sweden [email protected] Dept. of Electrical Engineering, Communication Systems Slide 1 Chalmers University of Technology in Gothenburg (Göteborg) http://www.goteborg.com/en • Located in the heart of Scandinavia • Founded by Gustav II Adolf in 1621 • 2nd largest city in Sweden - 890,000 inhabitants Knowledge and Industry • Volvo, AstraZeneca, SAAB, SKF, Ericsson • 2 universities, Chalmers and Gothenburg U. / 61,000 students Dept. of Electrical Engineering, Communication Systems Slide 2 Communications Systems group at Chalmers University of Technology Impacts Wireless Standards: 3G, 4G, 5G, and counting... Celtic Excellence Award in Gold Horizon2020 Horizon2020 5GPPP 5GCar → EU FP7 EU FP7 5GPPP 5G refinements ARTIST4G → METIS→ mmMAGIC → EUREKA CELTIC Draft 5G 5G WINNER+ → LTE-Adv. 5G verticals EU FP6 LTE-Advanced evolution 5G WINNER, 4G evolution WINNER II → LTE EU FP4 4G FRAMES → WCDMA 3.9G 3G https://5g-ppp.eu/5gcar https://5g-mmmagic.eu https://www.metis2020.eu https://ict-artist4g.eu http://projects.celtic-initiative.org/winner+ http://cordis.europa.eu/infowin/acts/rus/projects/ac090.htm +52 EU project deliverables (sofar) Dept. of Electrical Engineering, Communication Systems Slide 3 Duration: 24 months Budget: EURO 8.26M Coordinator: Maziar Nekovee, Samsung Technical Manager: Peter von Wrycza, Ericsson mm-wave Based Mobile Radio Access Network for UHD TV/streaming Fifth Generation (5G) Integrated Communications Immersive and interactive 3D services Horizon 2020 Public Private Partnership Consortium Ultra-responsive mobile cloud Coordinator: Samsung Electronics, Europe Ltd.
    [Show full text]