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 1997  2002      Π .

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   ,  .          .  20082016.        . Ѡ2016ࠖ   - .  2019       (   , ).             .







                .             ,      .          ,    ,     [1 - Kissell R. The Science of Algorithmic Trading and Portfolio Management. Amsterdam: Academic Press, 2014. 312p.].


    

             1970- ,     ,         .    ,     ,   ,               [2 - U.S. Securities and Exchange Commission. Regulation NMS. Washington, DC: SEC, 2005. 180p.].

 19801990-          ,    .       Renaissance Technologies,   .                ,      [3 - Russell S., Norvig P. Artificial Intelligence: A Modern Approach. 4th ed. Boston: Pearson, 2021. 1136p.].

  XXI     .      (High-Frequency Trading, HFT),         .         ,         [4 - Sutton R. S., Barto A. G. Reinforcement Learning: An Introduction. 2nd ed. Cambridge: MIT Press, 2018. 552p.].


    

          . -                   . -             [5 - Silver D. et al. Mastering the Game of Go without Human Knowledge // Nature. 2017. Vol. 550. P.354359.].

       ,   ,   (Machine Learning, ML)     (Artificial Intelligence, AI).         ,       .         ,       [6 - Nilsson N. J. The Quest for Artificial Intelligence. Cambridge: Cambridge University Press, 2010. 578p.].


    

     ,        .       ,        .       ,          [7 - McCarthy J. What Is Artificial Intelligence? Stanford: Stanford University, 2007. 24p.].

        .

   ,    ,         .      ,    ,    [8 - Bishop C. M. Pattern Recognition and Machine Learning. New York: Springer, 2006. 738p.].


   

            ,        .       ,  ,    ,      ,          [9 - Hastie T., Tibshirani R., Friedman J. The Elements of Statistical Learning. 2nd ed. New York: Springer, 2009. 745p.].

 . . ꠖ                   ,      .                  [10 -  .       . .:  , 2022. 68.].




 1

     








1.1.  


           1970-    -    Designated Order Turnaround (DOT)[11 - International Organization of Securities Commissions. Guidance on Automated Investment Advice. Madrid: IOSCO, 2017. 44p.].              .

 1984  DOT     SuperDOT[12 -  .    ,    :  . .:  , 2021. 32.],            .

         Opening Automated Report Service (OARS),          [13 - Organisation for Economic Co-operation and Development. Artificial Intelligence in Society. Paris: OECD Publishing, 2019. 290p.].

     Smart Order Routing (SOR),                 [14 - Provost F., Fawcett T. Data Science for Business. Sebastopol: OReilly Media, 2013. 414p.].

        .                  [15 - Ernest P. Chan. Quantitative Trading: How to Build Your Own Algorithmic Trading Business. Hoboken: John Wiley &Sons, 2004. 288p.].

 1980-                     -,    [16 - Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. 3rd ed. Hoboken: John Wiley &Sons, 2012. 992p.].

     ,    ,    ,      1987[17 - Kahn R. N. Financial Risk Management for Asset Managers. New York: McGraw-Hill, 2015. 432p.].               ,      [18 - Sironi P. FinTech Innovation: From Robo-Advisors to Goal Based Investing and Gamification. Chichester: John Wiley &Sons, 2016. 264p.].

 2009  SuperDOT    Super Display Book (SDBK)[19 - Davenport T. H., Ronanki R. Artificial Intelligence for the Real World // Harvard Business Review. 2018. Vol. 96, No. 1. P.108116.],  蠖    Universal Trading Platform (UTP)[20 - Brynjolfsson E., McAfee A. The Second Machine Age. New York: W. W. Norton &Company, 2014. 336p.].




1.2.    


      1973          [21 - Gomber P., Kauffman R. J., Parker C., Weber B. On the Fintech Revolution // Journal of Management Information Systems. 2018. Vol. 35, No. 1. P.220265.].             [22 - Arner D. W., Barberis J., Buckley R. P. The Evolution of Fintech // Georgetown Journal of International Law. 2016. Vol. 47. P.12711319.].

.   .  ,         [23 - Jordan M. I., Mitchell T. M. Machine Learning: Trends, Perspectives, and Prospects // Science. 2015. Vol. 349, No. 6245. P.255260.].   ,   . ,         [24 - Bohnert A., Fritzsche A., Gregor S. Digital Transformation in the Insurance Industry // Geneva Papers on Risk and Insurance. 2019. Vol. 44. P.327347.].




1.3.     


 1990-       (Electronic Communication Networks, ECN),         [25 - Dal Pozzolo A., Bontempi G., Snoeck M. Adversarial Drift Detection // IEEE International Conference on Data Mining. 2014. P.210219.].

 2001       ,         1/16   $0,01[26 - Wedel M., Kannan P. K. Marketing Analytics for Data-Rich Environments // Journal of Marketing. 2016. Vol. 80, No. 6. P.97121.].          .

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 2005        (SEC)     ,         [28 - Jung D., Glaser F., Kopplin W. Robo-Advisory // Electronic Markets. 2019. Vol. 29. P.355373.].




1.4.        



   (Artificial Intelligence, AI)    (Machine Learning, ML)            [29 - Narayanan A., Bonneau J., Felten E., Miller A., Goldfeder S. Bitcoin and Cryptocurrency Technologies. Princeton: Princeton University Press, 2016. 336p.].    (Deep Learning, DL)     (Deep Reinforcement Learning, DRL)          [30 - Schwab K. The Fourth Industrial Revolution. Geneva: World Economic Forum, 2016. 184p.].

  ,  AlphaGo Zero  DeepMind,          ,         [31 - Goodfellow I., Bengio Y., Courville A. Deep Learning. Cambridge: MIT Press, 2016. 775p.].






.1.   AI/ML   




1.4.1.   


                . AI      ,      ,       ,       [32 - Financial Action Task Force. Opportunities and Challenges of New Technologies for AML/CFT. Paris: FATF, 2021. 64p.].  AI    ,     ,   ⠖        ,        [33 - Arner D. W., Buckley R. P., Zetzsche D. A. FinTech, RegTech and the Reconceptualization of Financial Regulation // Northwestern Journal of International Law &Business. 2017. Vol. 37, No. 3. P.371413.].

  (Machine Learning, ML)        .       ,     ,              [34 - McKinsey Global Institute. Artificial Intelligence: The Next Digital Frontier? New York: McKinsey &Company, 2017. 75p.].              ,       ,           [35 - World Economic Forum. The Future of Financial Infrastructure. Geneva: WEF, 2018. 160p.].

  ,         ,      ()    , ,   70%            [36 - Accenture. Banking Technology Vision. Dublin: Accenture, 2020. 88p.].       ,    ,    ,       .




  .


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   ,     (https://www.litres.ru/pages/biblio_book/?art=73832853)  .

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notes


Notes





1


Kissell R. The Science of Algorithmic Trading and Portfolio Management. Amsterdam: Academic Press, 2014. 312p.




2


U.S. Securities and Exchange Commission. Regulation NMS. Washington, DC: SEC, 2005. 180p.




3


Russell S., Norvig P. Artificial Intelligence: A Modern Approach. 4th ed. Boston: Pearson, 2021. 1136p.




4


Sutton R. S., Barto A. G. Reinforcement Learning: An Introduction. 2nd ed. Cambridge: MIT Press, 2018. 552p.




5


Silver D. et al. Mastering the Game of Go without Human Knowledge // Nature. 2017. Vol. 550. P.354359.




6


Nilsson N. J. The Quest for Artificial Intelligence. Cambridge: Cambridge University Press, 2010. 578p.




7


McCarthy J. What Is Artificial Intelligence? Stanford: Stanford University, 2007. 24p.




8


Bishop C. M. Pattern Recognition and Machine Learning. New York: Springer, 2006. 738p.




9


Hastie T., Tibshirani R., Friedman J. The Elements of Statistical Learning. 2nd ed. New York: Springer, 2009. 745p.




10


 .       . .:  , 2022. 68.




11


International Organization of Securities Commissions. Guidance on Automated Investment Advice. Madrid: IOSCO, 2017. 44p.




12


 .    ,    :  . .:  , 2021. 32.




13


Organisation for Economic Co-operation and Development. Artificial Intelligence in Society. Paris: OECD Publishing, 2019. 290p.




14


Provost F., Fawcett T. Data Science for Business. Sebastopol: OReilly Media, 2013. 414p.




15


Ernest P. Chan. Quantitative Trading: How to Build Your Own Algorithmic Trading Business. Hoboken: John Wiley &Sons, 2004. 288p.




16


Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. 3rd ed. Hoboken: John Wiley &Sons, 2012. 992p.




17


Kahn R. N. Financial Risk Management for Asset Managers. New York: McGraw-Hill, 2015. 432p.




18


Sironi P. FinTech Innovation: From Robo-Advisors to Goal Based Investing and Gamification. Chichester: John Wiley &Sons, 2016. 264p.




19


Davenport T. H., Ronanki R. Artificial Intelligence for the Real World // Harvard Business Review. 2018. Vol. 96, No. 1. P.108116.




20


Brynjolfsson E., McAfee A. The Second Machine Age. New York: W. W. Norton &Company, 2014. 336p.




21


Gomber P., Kauffman R. J., Parker C., Weber B. On the Fintech Revolution // Journal of Management Information Systems. 2018. Vol. 35, No. 1. P.220265.




22


Arner D. W., Barberis J., Buckley R. P. The Evolution of Fintech // Georgetown Journal of International Law. 2016. Vol. 47. P.12711319.




23


Jordan M. I., Mitchell T. M. Machine Learning: Trends, Perspectives, and Prospects // Science. 2015. Vol. 349, No. 6245. P.255260.




24


Bohnert A., Fritzsche A., Gregor S. Digital Transformation in the Insurance Industry // Geneva Papers on Risk and Insurance. 2019. Vol. 44. P.327347.




25


Dal Pozzolo A., Bontempi G., Snoeck M. Adversarial Drift Detection // IEEE International Conference on Data Mining. 2014. P.210219.




26


Wedel M., Kannan P. K. Marketing Analytics for Data-Rich Environments // Journal of Marketing. 2016. Vol. 80, No. 6. P.97121.




27


Altman E. I. Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy // Journal of Finance. 1968. Vol. 23, No. 4. P.589609.




28


Jung D., Glaser F., Kopplin W. Robo-Advisory // Electronic Markets. 2019. Vol. 29. P.355373.




29


Narayanan A., Bonneau J., Felten E., Miller A., Goldfeder S. Bitcoin and Cryptocurrency Technologies. Princeton: Princeton University Press, 2016. 336p.




30


Schwab K. The Fourth Industrial Revolution. Geneva: World Economic Forum, 2016. 184p.




31


Goodfellow I., Bengio Y., Courville A. Deep Learning. Cambridge: MIT Press, 2016. 775p.




32


Financial Action Task Force. Opportunities and Challenges of New Technologies for AML/CFT. Paris: FATF, 2021. 64p.




33


Arner D. W., Buckley R. P., Zetzsche D. A. FinTech, RegTech and the Reconceptualization of Financial Regulation // Northwestern Journal of International Law &Business. 2017. Vol. 37, No. 3. P.371413.




34


McKinsey Global Institute. Artificial Intelligence: The Next Digital Frontier? New York: McKinsey &Company, 2017. 75p.




35


World Economic Forum. The Future of Financial Infrastructure. Geneva: WEF, 2018. 160p.




36


Accenture. Banking Technology Vision. Dublin: Accenture, 2020. 88p.


