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Mike Buckle
and
John Thompson

already processed the available information. In this section we provide a brief survey of the literature on market efficiency with respect to the foreign exchange markets. This research is ongoing and the interested reader is recommended to examine the original literature. We first consider the evidence concerning the existence or otherwise of PPP. Efficiency with respect to PPP is

in The UK financial system (fifth edition)
Abstract only
Introduction
Mike Buckle
and
John Thompson

. The benefits and dangers of HFT are discussed in the ‘Foresight’ report commissioned by the UK government (Government Office for Science 2012 ). We give below a summary of its main conclusions. Chapter 3 of that report presents an excellent survey of the literature. Broadly speaking, any beneficial impacts on market quality have come from three sources: liquidity, price

in The UK financial system (fifth edition)
Mike Buckle
and
John Thompson

, suspect but the then economic environment also influenced them. A number of causes have been suggested in the literature, out of which five have attracted the most support: first, the growth of global macro-imbalances; second, inappropriate monetary policy; third, a financial bubble in the US housing market (and the housing market of other economies); fourth, financial market

in The UK financial system (fifth edition)
Mike Buckle
and
John Thompson

technology stocks fell even further than the prices of ‘old economy’ stocks. We now move on to consider the empirical evidence concerning the efficiency of the stock market. 7.6   The stock markets and the efficient markets hypothesis In this section we survey the literature on the informational efficiency of the stock

in The UK financial system (fifth edition)
Mike Buckle
and
John Thompson

This survey of the empirical evidence has of necessity been brief and we have merely tried to identify the important strands of the literature. For further detail the reader is referred to Goodhart ( 1989 ) and the original studies. Nevertheless, we have covered sufficient ground to indicate the main areas of controversy and to draw the conclusion again that the efficiency of

in The UK financial system (fifth edition)
Mike Buckle
and
John Thompson

options and futures. Efficiency requires that these imputed prices provide accurate forecasts. The literature on the efficiency of these markets is more limited than that for the cash markets and so our survey of the evidence is more restricted. We describe studies of the role of options prices in the stock market and foreign currency markets, and futures in relation to the foreign currency

in The UK financial system (fifth edition)