The complex interactions between algorithmic trading agents can have a severe influence
on the functioning of our economy, as witnessed by recent banking crises and trading …

A financial system comprises a set of institutions, such as banks, that engage in financial
transactions. The interconnections showing the liabilities among the banks are represented …

In most modern financial markets, traders express their preferences for assets by making
orders. These orders are either executed if a counterparty is willing to match them or …

The orders of traders in financial markets are typically stored in so-called limit order books. It
is well understood that the mechanisms used to rank buy and sell orders affect the behavior …

This thesis demonstrates that trading algorithms trained through Reinforcement Learning
will learn to manipulate prices (thereby breaking the law) through a process called spoofing …