Liquidity-Seeking Algorithms: Sweeping the Street

Rob Maher, Credit Suisse

Trading volumes in US-listed equities are fragmented—split among 13 operational exchanges, approximately 40 alternative trading systems (ATSs) and ECNs, and more than 200 broker-dealers that execute orders internally, such as Goldman Sachs and Credit Suisse. In the post-Markets in Financial Instruments Directive (Mifid) landscape, the situation in Europe is not much better. This level of fragmentation has created a unique set of challenges for market participants, says Todd Leong, managing

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