Fair Game

TRADING TECHNOLOGY

By adding a small-cap execution management strategy to its anti-gaming technology, institutional electronic brokerage Pipeline Trading Systems is making it possible for its clients to use opportunistic trading strategies for small-cap stocks that previously were only workable for mid-cap or large-cap securities.

With the anti-gaming technology now handling small-cap trading, users also avoid adverse selection, in which trading is exceedingly slow if the market is going to move against them, or if

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