Best execution
Alone in the dark
For years, as dark pools proliferated in the US and now take hold in Europe, industry sources have speculated that consolidation among these venues was inevitable. The consensus was that upwards of 40 different venues operating in the US couldn’t all…
Exchanges on the Ascendant
I would like to thank everyone who attended our Best Execution 2009 event in Manhattan last week for making the conference such as roaring success. I would also like to thank our event sponsors who made the free event possible. Also, to our internal team…
A Funny Thing Happened on the Way to Reform
Thomas Peel didn't invent the police force to manage law-abiding citizens, but rather to bring criminals to justice. Thus it's hardly surprising that market participants sometimes feel uncomfortable about the role they are cast in when dealing with…
The Behemoth Awakens
It's a safe bet that LSE Group CEO Xavier Rolet has surprised many in the industry with the recent acquisition of exchange technology provider MillenniumIT, and now it appears that he has set his sights on multilateral trading facility (MTF) Turquoise (…
Securities Lending's Data 'Explorer'
When the financial markets collapsed following the credit crunch, regulators imposed strict rules around short-selling activity to stabilize the markets, bringing a new focus on securities lending as an indicator of short selling. Inside Market Data…
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…
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…
Markets Need to Get It Together
Open Platform
Building the Artificial Trader
Opinion
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…
Lands of Opportunities
In September, when industry professionals flocked in their thousands to Hong Kong for Sibos 2009, all eyes were on Asia. Carla Mangado explores the approach to data management in the region
Changing places
Paul Squires, head of trading at AXA Investment Management in London, has witnessed a number of industry changes over the years, but few have been as dramatic as the shift in the balance of power from the sell side to the buy side over the last 18 months…
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…
Achieving Best Ex
There is one thing that industry participants can agree upon: The global economic recovery is not around the corner, which means best execution is more important today than ever before, especially considering the high levels of competition we are seeing…
Putting a Value on Valuations
Valuations aren't just a part of firms' investment and portfolio management strategies; they are also big business, as Thomson Reuters' recent forays into evaluated pricing with the acquisition of part of Moody's Evaluations, and the hires of staff from…
Fidessa Adds OTC Data to Liquidity Analytics
UK-based trading technology and market data vendor Fidessa is planning to incorporate data from over-the-counter trade reporting venues and dark pools into its Fidessa Fragmentation Index (FFI) liquidity analytics service, which traditionally focused on…
European Data Dilemmas: Navigating Fragmented Liquidity
The end of concentration rules brought about by the European Commission's Markets in Financial Instruments Directive has heralded a new age of competition between exchanges and multilateral trading facilities. But what are the implications for the market…
The Future of High-Frequency Trading
The popularity of high-frequency trading is growing by leaps and bounds within the financial services industry, despite the growing political pressure to further regulate it. High-frequency trading adds liquidity to the market, tightens spreads while…
The New Data Imperative: Real-Time Risk
As hints of a market recovery start to emerge, what can Wall Street do to avoid another crisis? Sybase senior executives Dr. Raj Nathan, Irfan Khan, and Sinan Baskan condense the key advice from their recent book, The New Data Imperative: Managing Real…
Rosenblatt Levels the Playing Field
The introduction of third-party cloud computing and data storage offerings has allowed smaller firms to exploit infrastructure resources that were once limited to the largest bulge-bracket firms. DWT editor Rob Daly sits down with Raman Kannan, CTO of…
Kids in a Candy Shop
Cover Story
Executive Briefing
Special Report
Changing equity markets test buy-side traders
Market volatility, counterparty risk and other issues are posing significant challenges to buy-side equity traders at the same time that their brokers are having to rethink their own business models. A new Tabb Group report, Equity trading in transition:…
Bells and whistles
Finally, it seems like the internet innovations of the past couple of years are trickling through into financial applications. There has recently been a big push among client-facing financial organisations to provide richer, better tools to their buy…