Trading Tech

Max Bowie: Don’t Be the Fool Parted from Your Money

Widespread adoption of algorithmic trading has led to belief in the infallibility of computers. But as technology once restricted to institutional trading desks filters down to retail traders, Max asks whether the sophistication of the tools available…

OMS and EMS: Peace Through Marriage

Order management systems and execution management systems are the Hatfields and the McCoys of trading software. Long have they quarreled over their relative merits. Jake Thomases examines how a push toward unification within a single architecture has…

Radio Silence: Are Exchanges Trying to Curb HFT?

As several exchanges in Europe and the US prepare to implement efficiency programs for order messaging-to-trade ratios, some in the industry are seeing this as a self-regulatory move to curb high-frequency trading ahead of statutory rulings. But is this…

OTFs' Next Move

With G20 commitments obliging regulators to regiment the trading of over-the-counter derivatives, Mifid II proposes the integration of organized trading facilities, but what impact will this have? By Steve Dew-Jones

TCA Comes to Futures and FX

Transaction-cost analysis started in equities and, for the most part, hasn’t left—until recently. For various reasons, demand among FX and futures traders for a way to measure their execution costs is growing, and vendors are responding. By Jake Thomases

Dark Forces: Off-Exchange Trading on the Rise

A growing percentage of trade volumes is moving off-exchange every year, whether it’s through broker dark pools, internalized on a firm’s own desks, or elsewhere. Along with declining liquidity in equities markets and higher trading costs, the increasing…

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