Special report

Smart Order Routing: Adapt or Die

Smart order routing (SOR) has been one of the most significant trading-related developments for both buy- and sell-side organizations over the past three to four years. Gone are the days when issues were listed on a single exchange or just a handful of…

Cost Pressures Refocus User Priorities

As trading and investment firms face growing data requirements and shrinking budgets as a result of the turbulent economic environment, market data managers are focusing on better data administration, persuading vendors and exchanges to implement cost…

Investors De-Risk as Reliable Credit Data Proves Challenging

The global credit markets are the most challenging asset classes for sourcing reliable data, compared to other over-the-counter asset classes, as a dearth of liquidity continues and money managers-perhaps as a result-seek out simpler and less risky…

Exchanges Put Asia at Center of Plans for Change

Global exchanges are looking to enter Asia-Pacific markets, either through direct presences or via alliances with local venues, while regional exchanges are simplifying and changing the way they provide data to market participants that have become used…

Vendors: Flexibility Key in Maturing Asia

Data providers continue to view Asia as a major growth market, but are being forced to take more flexible approaches when selling to markets in the region, to respond to changes in client demand and to take account of its unique differences and the after…

Asia Braces Itself for Algorithmic Data Explosion

Panelists at last week's conference urged attendees to prepare for increases in speed and volume expected to result from growing use of algorithmic trading strategies already commonplace in the US and Europe. Although high-frequency trading levels are…

Buy-side views mixed on tech budgeting for 2010

Traditional asset managers and hedge funds indicate cautiously optimistic outlooks for 2010, according to a new survey by Aite Group. But those attitudes won't necessarily translate into greater investments in technology. Even though the worst of the…

Latency, Infrastructure Key at FIA Expo

News from exhibitors at the Futures Industry Association's annual Futures and Options expo in Chicago last week reflected the ongoing themes of direct feeds, co-location and low-latency connectivity.

Dark Liquidity Pools Come of Age

As dark liquidity pools continue to cause paranoia for retail investors and consternation for regulators, a panel of industry insiders gathered at the Best Execution 2009 conference in New York, hosted by DWT and sibling publication Buy-Side…

Mapping Out Smart Order Routing

As smart order routers continue to gain in importance for achieving best execution, regulators and buy-side firms are eyeing this sell-side technology in greater detail than ever before. Now regulators and buy-side clients are demanding more transparency…

Examining How to Do More with Less

As the global economy continues to limp along, financial services firms are forced to rationalize their IT investment even more than in the past. However, lower IT investment does not necessarily mean lower-performing trading infrastructures.

The Next Wave of Algorithmic Trading

Although no one is totally sure what the next generation of trading algorithms will look like, a number of industry insiders expect that they will use complex event processing (CEP) capabilities and support multi-asset trading strategies.

On Turning Two

There seems to be a Hollywood law that sequels can never be as good as the originals. This rule will be tested with the release of the Michael Douglas film Wall Street 2 , which many on Wall Street witnessed being filmed in the neighborhood last week. …

Best Execution: Beyond the Numbers

As we approach the end of the decade, it is interesting to reflect on the seismic shifts that have taken place in our industry since the start of the new millennium-a period of change unrivaled in our history.

A Peek at the Next Generation

As more trading venues come online and differentiate themselves in terms of fee structures and order types, smart order routers need more intelligence in order to exploit these market structure changes. DWT sits down with Harry Gozlan, founder and CEO…

Expanding the Frontiers of Smart Order Routing

Once alternative trading systems (ATSes) started to pop up in U.S. cash equities markets in the late 1990s with the introduction of the U.S. Securities and Exchange Commission's (SEC's) Regulation ATS and changes to its order handling rules, smart order…

Smart Order Routing Grows Up

It's hard to believe that smart order routing (SOR) is approximately a decade old and, like anyone approaching its teenage years, is about to go through a major growth spurt in several directions. Original routers only had to contend with the displayed U…

Evaluated prices - The Evolution of Evaluation

The financial crisis has resulted in an increase in visits from auditors, and pressure on investors to have a comprehensive understanding of pricing of illiquid assets. Inside Reference Data gathered leading industry professionals to discuss credible…

Everything in its right place

What a difference a year makes. The 2008 TradeTech West conference in San Francisco took place just days after the collapse of Lehman Brothers and the heralding of the global credit crisis. Projections of shoestring technology budgets, major overhauls of…

Connect to control

When AQR Capital Management, the $20 billion quantitative hedge fund and investment manager based in Greenwich, Connecticut, decided to upgrade its trade-matching processes, it had no other vendor than Omgeo in mind; and with Omgeo having developed a…

Doctor's Orders: Data Key to Recovery

Though the financial markets appear to be showing signs of recovery, the keynote speaker at last week's European Financial Information Summit warned that firms must continue to be vigilant and utilize available data to the fullest extent to keep on top…

Users Seek Tighter Control on Data Spend

The practice of building centralized functions to run market data procurement has emerged as a key tactic for firms seeking tighter control over their data spend as the financial crisis continues, according to a panel of executives from end-user firms at…