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Volume 2018, Article ID 9072948, 9 pages
Research Article

Traders’ Networks of Interactions and Structural Properties of Financial Markets: An Agent-Based Approach

1Department of Mechanics, Energetics, Management and Transportation, University of Genova, Genova, Italy
2Department of Management Engineering, LIUC Cattaneo University, Castellanza, Italy

Correspondence should be addressed to Linda Ponta; ti.eginu@atnop.adnil

Received 27 October 2017; Accepted 21 December 2017; Published 29 January 2018

Academic Editor: Ilaria Giannoccaro

Copyright © 2018 Linda Ponta and Silvano Cincotti. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


An information-based multiasset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented and studied so as to determine the influences of agents’ networks on the market’s structure. Agents are organized in networks that are responsible for the formation of the sentiments of the agents. In the market, agents trade risky assets in exchange for cash and share their sentiments by means of interactions that are determined by sparsely connected graphs. A central market maker (clearing house mechanism) determines the price process for each stock at the intersection of the demand and the supply curves. A set of market’s structure indicators based on the main single-assets and multiassets stylized facts have been defined, in order to study the effects of the agents’ networks. Results point out an intrinsic structural resilience of the stock market. In fact, the network is necessary in order to archive the ability to reproduce the main stylized facts, but also the market has some characteristics that are independent from the network and depend on the finiteness of traders’ wealth.