  Traders adopt different trading strategies to maximize their returns in
financial markets. These trading strategies not only results in specific
topological structures in trading networks, which connect the traders with the
pairwise buy-sell relationships, but also have potential impacts on market
dynamics. Here, we present a detailed analysis on how the market behaviors are
correlated with the structures of traders in trading networks based on audit
trail data for the Baosteel stock and its warrant at the transaction level from
22 August 2005 to 23 August 2006. In our investigation, we divide each trade
day into 48 time windows with a length of five minutes, construct a trading
network within each window, and obtain a time series of over 1,100 trading
networks. We find that there are strongly simultaneous correlations between the
topological metrics (including network centralization, assortative index, and
average path length) of trading networks that characterize the patterns of
order execution and the financial variables (including return, volatility,
intertrade duration, and trading volume) for the stock and its warrant. Our
analysis may shed new lights on how the microscopic interactions between
elements within complex system affect the system's performance.
