Top stories

Neonet Partners with Commcise for Commission Management Solution

Oct 23, 2014

Stockholm – Neonet Securities, the independent agency broker and execution specialist, today announced that it has partnered with Commcise, the independent buy-side investment technology vendor, to broaden its service offering within commission management.

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TMX Group to Streamline its Equities Trading Offering

Oct 23, 2014

TMX Group today announced that it is restructuring its equities trading offering to strengthen Canada's capital markets and meet its customers' evolving needs. Over the coming months, changes will be made to the Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV), TMX Select and Alpha Exchange offerings. The changes are aimed at further improving the Canadian trading landscape by introducing a domestic trading model with superior trading economics for retail and institutional orders, offering effective solutions to participants who do not use speed-based trading strategies, and reducing market complexity.

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TORA Announces Enhancements to OEMS for Buy-side to Meet SH-HK Stock Connect Requirements

Oct 23, 2014

TORA, the leading provider of advanced trading technology and financial services, today announced the release of an enhancement to its Order and Execution Management System to accommodate the Shanghai-Hong Kong Stock Connect for clients.

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Latest Blog Posts

An Early History of High Frequency Trading

Gary Stone, Bloomberg Tradebook

Oct 23, 2014
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As students of history, we would like to refer you to Bob Pisani’s great read on the early history of high frequency trading in “Plundered by Harpies: An Early History of High-Speed Trading,” Financial History, Fall 2014. Mr. Pisani dates U.S. high speed trading back to the 1790s when speculators, using their information advantage that the Federal Government was considering assuming the old debt of the states, rented fast boats to go down south and purchase the state’s bonds which were trading around 10% of par value. After the Funding Act of 1790 was passed, the bonds rallied. He then walks through history discussing how traders leveraged subsequent technological advancements gain a competitive advantage.
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Is Turkey voting for Christmas?

Steve Grob, Fidessa

Oct 23, 2014
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The recent announcement from BATS Chi-X Europe that it intends to list Turkish stocks got the phones ringing here at Fidessa Towers. Both local Turkish brokers and pan-European houses wanted to know if, how, and when Turkish stocks might fragment like their European counterparts. A colleague mentioned to me that surely the local Istanbul exchange and its immediate members would prefer just to keep the cosy status quo in place and would not welcome direct competition from across Europe. An understandable view, but the truth is somewhat different. First of all, multi-market trading is pretty much inevitable and so embracing and preparing for the change is the sensible option. Second, local Turkish brokers will be able to trade the complete pan-European BATS Chi-X stock universe as a one-stop shop – something that their domestic clients will surely welcome. Finally, the fact that Turkish stocks can be traded directly in London shouldn’t detract from the brokers’ real skill which is their understanding of the names involved and the subtleties of the broader Turkish market. Those firms that understand this have nothing to be afraid of and, potentially, everything to gain.
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Algorithmes de type franḉais

Anne Plested, Fidessa

Oct 16, 2014
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Just as we’re all getting used to the idea of having to flag algos on an EU-wide basis under MiFID II by 2017, the French regulator recently published further guidance under the French banking bill that came into force in July last year. Amongst other things the French bill targets algorithmic trading/HFT and this recent notice calls for French entities to notify the regulator if they are using automated processes to send orders to exchanges. The provision of more meaningful data for the regulator is one of the promises of MiFID II, but questions are already being asked about algo identification and jurisdiction. MiFID II will oblige each exchange to implement an algo flagging regime, but there is no regulatory mandate to harmonise algo flagging across Europe. Furthermore, post-trade flagging of algos raises potential conflicts with exchange mandated pre-trade flagging. We’ve already seen the introduction of algo ids for German exchanges under the German HFT Act, introduced back in April 2014. The effort involved in reaching a common understanding there was significant. So, with an effective date of 1st January 2015, any nuance of a French definition of an algo for notification purposes would need to be turned around tout de suite!
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Interview

Discussing Risk Data Strategy: An Interview with Philip Chamberlain

Sep 04, 2014
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Risk data is an area that has been largely overlooked for many years. Today the situation is different and the area is facing increasing regulatory scrutiny, as Systemically Important Financial Institutions (SIFIs) rush to comply with the Basel 239 Principles for Effective Risk Data Aggregation and Risk Reporting. An enterprise’s success depends on its ability to analyze risk data efficiently and effectively, in ways that uncover both risks and opportunities. Being able to extract and escalate critical risk information is nearly impossible without a robust risk management framework supported by a strong technology infrastructure.

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ATMonitor talks to ITG's Ian Domowitz about Best Execution

Jul 17, 2014
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Ian Domowitz, Managing Director of ITG and CEO of ITG Solutions Network, talks to ATMonitor about transparency in terms of institutional trading and how Best Execution can be achieved across different asset classes.

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ATMonitor talks to ITG's Ian Domowitz about Big Data and TCA

Jul 09, 2014
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Ian Domowitz, CEO of ITG Solutions Network, talks to ATMonitor about the problems surrounding Big Data in terms of real-time TCA. Domowitz discusses the main issues including the volume, the variety and the velocity of the data.

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Survey

How the buy-side rates broker services in 2014

Launch of The TRADE's inaugural Broker Services Survey - we are asking our buy-side readers to help us by completing a short questionnaire to summarize their broker relationships; which brokers they use and what those brokers are good at. Because we know that many traders use a large number of brokers for different reasons we are deliberately restricting the evaluations to six core criteria and allowing respondents to offer responses at a global, regional or market level as they define their relationship. The result is intended to be more than a simple nomination (who do you use) but far from a detailed assessment of capabilities, which we consider would be unmanageable for many traders. Please click here to participate.

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Research

Streaming Analytics to Run Electronic Trading Systems in the Now

Corvil

Jul 22, 2014
Streaming Analytics to Run Electronic Trading Systems in the Now

Electronic trading firms use information technology to automate business operations at every stage of the trading​ ​process, from dissemination of news and market data, to order processing and forwarding, to trade execution and clearing. Automation makes these operations faster and more efficient, reducing trading costs and delays. It also makes firms more dependent on the performance and reliability of IT Operations, and creates challenges for application and network performance management.

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Video showcase

Corvil working with RSJ

Corvil Watch Michal Sanak, CIO, RSJ Algorithmic Trading discuss working with Corvil. read more

Corvil working with Tradition

Corvil Watch Yann L'Huillier, CIO, Tradition and Alex Krovina, CTO, Tradition discuss working with Corvil. read more

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