Dr. Markus Gsell hat von 1999 bis 2004 an der Universität Karlsruhe(TH) Informationswirtschaft studiert. Im Jahr 2005 wurde er der erste wissenschaftlicher Mitarbeiter an der Professur für BWL, insbesondere e-Finance der Goethe-Universität Frankfurt am Main. Im Februar 2010 hat er seine Promotion mit dem Titel „Essays on Algorithmic Trading“ abgeschlossen. Im Anschluss arbeitete er als Product Manager bei der Interactive Data Managed Solutions AG. Heute ist er für die Gruppe Deutsche Börse im Bereich Market Development tätig.  

Research interests:

  • Algorithmic Trading
  • Impact of regulation on financial markets
  • Impact of technological advances on financial markets
  • Market Microstructure
Publications:

2011
Gomber, Peter; Gsell, Markus; Lutat, Marco
Competition among electronic markets and market quality
In: 14th Conference of the Swiss Society for Financial Market Research (SGF) ; Zurich, Switzerland
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Gomber, Peter; Gsell, Markus; Lutat, Marco
The quality of European equity markets after MiFID
In: Lazzari, V. (Ed.), Trends in the European Securities Industry; EGEA, Milan, pp. 179-200

Gomber, Peter; Gsell, Markus; Lutat, Marco
Competition among electronic markets and market quality
In: 2011 Eastern Finance Association (EFA) Annual Meetings; Savannah, GA, USA

Gomber, Peter; Gsell, Markus
The emerging landscape in European securities trading
In: Lazzari, V. (Ed.), Trends in the European Securities Industry; EGEA, Milan, pp. 97-133

2010
Gsell, Markus
Essays on Algorithmic Trading
In: Ibidem-Verlag; Hannover
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2009
Gomber, Peter; Gsell, Markus; Pujol, Gregor; Wranik, Adrian
Regulation and Technology in Equity Trading – The Impact of Regulatory and Technological Changes on Order Execution and the Trading Venue Landscape in Europe
In: Engelen, P.-J. and Lannoo, K. (Eds.) "Facing New Regulatory Frameworks in Securities Trading in Europe"; Intersentia and Centre for European Policy Studies (CEPS), pp. 31-54

Gomber, Peter; Ende , Bartholomäus; Gsell, Markus
Order Handling of Institutional Investors
In: Journal of Trading, Volume 4, No. 4, pp. 10-31

Gomber, Peter; Gsell, Markus
Catching Up with Technology: The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe
In: Markets in Financial Instruments Directive - A Competitive Landscape, Eds.: Bala Bharathi Y, Lingisetti Venu, pp. 145-170; ICFAI Books, Hyderabad, India
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Gomber, Peter; Gsell, Markus
A New Basic Law for Securities Trading in Europe
In: Markets in Financial Instruments Directive - A Competitive Landscape, Eds.: Bala Bharathi Y, Lingisetti Venu, pp. 3-11; ICFAI Books, Hyderabad, India
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Gsell, Markus
Technological Innovations in Securities Trading: The Adoption of Algorithmic Trading
In: Proceedings of the 13th Pacific Asia Conference on Information Systems (PACIS); Hyderabad, India

Gomber, Peter; Ende , Bartholomäus; Gsell, Markus
Order Handling of Institutional Investors
In: EFL Quarterly 02/2009, pp. 6-8; Frankfurt

Gomber, Peter; Groth, Sven; Gsell, Markus
Algorithmischer Handel auf Finanzmärkten - Handels- und Orderabgabeverhalten von Computern versus menschlichen Händlern
In: Zeitschrift für das gesamte Kreditwesen, Ausgabe Technik 2-2009, pp. 11-14; Frankfurt

Gsell, Markus; Gomber, Peter
Algorithmic trading engines versus human traders – Do they behave different in securities markets?
In: 17th European Conference on Information Systems (Newell S, Whitley EA, Pouloudi N, Wareham J, Mathiassen L eds.), pp. 98-109; Verona, Italy

Gomber, Peter; Ende , Bartholomäus; Gsell, Markus
Order Handling of Institutional Investors
In: Study Report

Gsell, Markus
Algorithmic Activity on Xetra
In: Journal of Trading, Volume 4, No. 3, pp. 74-86

Gsell, Markus; Gomber, Peter
Algorithmic trading engines versus human traders – Do they behave different in securities markets?
In: 12th Conference of the Swiss Society for Financial Market Research (SGF); Geneva, Switzerland

Gsell, Markus
Algorithmic Activity on Xetra
In: Campus for Finance Research Conference 2009; WHU - Otto Beisheim School of Management, Vallendar

2008
Gsell, Markus
Assessing the impact of Algorithmic Trading on markets: A simulation approach
In: CFS, EFL and DBAG Research Conference "The Industrial Organisation of Securities Markets: Competition, Liquidity and Network Externalities" (CFS Working Paper Series 2008/49); Frankfurt

Gomber, Peter; Gsell, Markus
Evolution der Anforderungen an die IT im Börsenhandel
In: "Technik / IT für Finanzdienstleister“, Zeitschrift für das gesamte Kreditwesen, 2/2008, pp. 13-16; Frankfurt

Gomber, Peter; Gsell, Markus
Algorithmic Trading
In: "Geld&Brief", Kundenmagazin der Börsen Hamburg und Hannover, 2/2008, pp. 8-9; BÖAG Hannover

Ende , Bartholomäus; Gsell, Markus
Investigating the Buy-Side’s Adoption Decision for Technology-Driven Execution Opportunities - An extension of TAM for an organizational adoption context
In: 16th European Conference on Information Systems (Golden W, Acton T, Conboy K, van der Heijden H, Tuunainen VK eds.), 1262-1273; Galway, Ireland

Gsell, Markus
Assessing the impact of Algorithmic Trading on markets: A simulation approach
In: 16th European Conference on Information Systems (Golden W, Acton T, Conboy K, van der Heijden H, Tuunainen VK eds.), 587-598; Galway, Ireland

2007
Gsell, Markus
Algorithmic Trading and its Impact on Markets
In: EFL Quarterly 04/2007, pp. 4-5

Gomber, Peter; Chlistalla, Michael; Gsell, Markus; Pujol, Gregor; Steenbergen, Jan
Umsetzung der MiFID in Deutschland - Empirische Studien zu Status Quo und Entwicklung der MiFID-Readiness der deutschen Finanzindustrie
In: Books on Demand GmbH; Norderstedt
[Find it]

Gomber, Peter; Chlistalla, Michael; Gsell, Markus; Pujol, Gregor
Status und Entwicklung der MiFID-Umsetzung in der deutschen Finanzindustrie
In: Zeitschrift für Bankrecht und Bankwirtschaft (ZBB), 4/2007, pp. 313-324; Köln

Gomber, Peter; Chlistalla, Michael; Gsell, Markus; Pujol, Gregor
Ist Deutschland „ready“ für die MiFID?
In: BankPraktiker, Issue 07B, pp. 8-9

Gomber, Peter; Chlistalla, Michael; Gsell, Markus; Pujol, Gregor
Die Umsetzung der MiFID “Markets in Financial Instruments Directive“ in der deutschen Finanzindustrie - Auswertung der 2. MiFID-Studie (März 2007)
[protected Download]
Password protected due to future submission/publication, please contact the author

Gomber, Peter; Gsell, Markus
Catching up with technology – The impact of regulatory changes on ECNs/MTFs and the trading venue landscape in Europe
In: Automated Trader Magazin (online-only Bootstrap section)

Gomber, Peter; Gsell, Markus; Reininger, Claudia
MiFID-Readiness - Die Umsetzung der MiFID “Markets in Financial Instruments Directive“ in der deutschen Finanzindustrie
In: Proceedings of the 8. Internationale Tagung Wirtschaftsinformatik (WI 2007), vol. 2, pp. 741-758; Karlsruhe 2007
[protected Download]
Password protected due to former publication, please contact the author

2006
Gsell, Markus; Lutat, Marco; Steenbergen, Jan
NYSE Hybrid Market Model – Implikationen für den deutschen Finanzmarkt
Working Paper
[protected Download]
Password protected due to future submission/publication, please contact the author

Engelen, Peter-Jan; Gomber, Peter; Gsell, Markus
Facing New Regulatory Frameworks in Securities Trading
In: Competition and Regulation in Network Industries; Volume 1, No. 4, December 2006, Special Issue on The Future of Alternative Trading Systems and ECNs in Global Financial Markets, pp. 487-496.
[protected Download]
Password protected due to future submission/publication, please contact the author

Gsell, Markus
Is Algorithmic Trading distinctively different? - Assessing its behaviour in comparison to informed, momentum and noise traders
In: Narender, Vunyale; Malhotra, D K (ed): Advances in Business and Finance Studies, The ICFAI University Press, pp. 1-19; Hyderabad, India (Proceedings of the International Conference on Business and Finance 2006)
[protected Download]
Password protected due to former publication, please contact the author

Gomber, Peter; Reininger, Claudia; Gsell, Markus; Ende , Bartholomäus
Is the German financial industry ready for MiFID?
In: EFL Quarterly, pp. 4-5.
[Download]

Gomber, Peter; Gsell, Markus
Catching up with technology – The impact of regulatory changes on ECNs/MTFs and the trading venue landscape in Europe
In: Competition and Regulation in Network Industries; Volume 1, No. 4, December 2006, Special Issue on The Future of Alternative Trading Systems and ECNs in Global Financial Markets, pp. 535-557
[protected Download]
Password protected due to future submission/publication, please contact the author

Gomber, Peter; Gsell, Markus
A new basic law for securities trading in Europe
In: Handbook of World Stock, Derivative and Commodity Exchanges , pp. XXIII - XXV; London
[protected Download]
Password protected due to former publication, please contact the author

2005
Gomber, Peter; Gsell, Markus; Wranik, Adrian
Algorithmic Trading - Maschinen auf Finanzmärkten
In: Die Bank, Sonderausgabe zur E.B.I.F. (European Banking & Insurance Fair) 2005, S. 40 - 45
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