Several design routes regarding the trading agent type, market mechanisms, traded assets, time, and validation have been used in previous works on agent-based financial markets (Lebaron, 2001a).

However, all the developed agent-based financial markets are based on the same concept in that the macro behaviour is a result of the micro interac­tions of the market participants.

3.1.

More on the topic Several design routes regarding the trading agent type, market mechanisms, traded assets, time, and validation have been used in previous works on agent-based financial markets (Lebaron, 2001a).:

1. Stylized facts are the observed statistical properties of the traders’ trading behaviour in the financial markets.
2. Bonds, particularly those that are traded in liquid secondary markets, are priced according to supply and demand, and their prices can be volatile.
3. Trading time drafts
4. Previous versions of this work parted from joint losses distributions, considering market and credit losses.
5. The market simulates the FX market trading activ­ity on at the level of a market-maker market.
6. and then further advanced and refined over time.
7. Agent-Based Modeling and Simulation
8. Challenges for Scaling Agent-Based Modeling
9. Replicating Agent Training
10. As already discussed, financial contracts contain rules used to sufficiently extract the financial events given the actual and assumed market and counterparty conditions.