Sell-Side Technology/Special
Laying the Groundwork for Cross-Asset Trading
As institutional investors' demand for cross-asset trading grows, sell-side firms are challenged to deliver the capability or risk losing order flow. Providing a single trading interface capable of trading multiple asset classes is the relatively easy…
With a Little Help From Your Friends
Not so long ago, outsourcing part of your infrastructure was anathema to anyone who was interested in bleeding out latency in order to execute high-frequency trading (HFT) strategies. Right-thinking financial technologists knew that everything related to…
Lowering the Bar to High-Frequency Trading
Low-latency trading infrastructure is a must for high-frequency trading, but the costs and knowledge required to optimize and maintain it have kept it out of the hands of most firms. DWT sits down with Dave Malik, director of solutions architecture in…
Lime Branches Out
The growth in high-frequency trading (HFT) is about to bear fruit for New York-based agency broker Lime Brokerage as HFT firms continue to sprout up across the industry.
Technology and Voice: The Twin Pillars of Over-the-Counter Fixed-Income Trading
Discussions devoted to the e-execution arms race are widespread, as message latency increasingly is dissected with explorations into optimal system configuration and message streamlining. The quest for "smart speed" has been relentless. As verifiable…
Smaller IT Budgets Push Creativity
The past year has presented new and interesting technological challenges for 2010 to the listed-derivatives industry. First, trading volumes actually declined for the first time in over a decade, but message traffic continued to explode. Second, demand…
High-Frequency Trading: Getting with the Program
What exactly is high-frequency trading (HFT)? Is HFT good for the market or is it synonymous with toxic order flow? Does it fly in the face of anti-competition laws? How many different HFT strategies are there and what differentiates them? These are just…
'More, Faster, Cheaper' to Dominate FX in 2010
Over the past year, the foreign exchange (FX) industry has seen the continual stretch to be the fastest price maker, the unrelenting onslaught of ticket volumes, the shifting sands of ECN rules, the rise of algorithmic execution the ever increasing ranks…
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…
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 Technology ,…
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…
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.
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.
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.
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…
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 of…