Such Changes Would Bring MBS Closer to Corporate Bond Market --Kroszner
::
Kroszner: Data Suggest Home Mortgage Debt Hasn't Risen at All Since Spring '08
::
Kroszner: New Infrastructure for MBS Could Increase Transparency, Promote Indepndent Credit Analysis
::
Data Suggest Near-Term Challenges for Housing Mkt Stabilization --Kroszner
::
Kroszner: Investors Will Remain Skeptical of 2-Layer Securitized Products in Foreseeable Future
::
Kroszner: MBS Securitization Contracts Should be More Homogenous, Cash Flow Structures Less Complex
::
Securitization of MBS Still Worthy for Cost-Lowering Effects on Home Loans --FED's Kroszner
::
Securitizations Should Involve Fewer, Larger MBS Tranches --Kroszner
::
Correction: BOC Injects C$3bln in Term Repos
::
Six Gunmen Shot By Indian Security at New Dehli Airport --BBC
::
Of The Major Parties at Auto Hearing, Only UAW Has Done Something --Dodd
::
BOC to Buy Back Up to C$500mln of Bonds on Wednesday
::
Congresss Will Try Passing Auto Bailout Bill Before Leaving
::
Senate Banking Committee Hearing On Auto Bailout Ends
::
30yr Yield Drops to Record Low for 4th Day -- 3.0532%
::
Stocks Off New Lows - S&Ps Down 4% at 833, Dow Down 3.5% at 8270
::
'Not Persuaded' on Auto Bailout --Shelby on Bloomberg TV
::
S&P Just Off Lows, Down 3.2% to 843
::
Chrysler "More" Than Happy to Provide Assurances Taxpayers Will Get Money Back
::
Citadel down 47% YTD - WSJ
::

Username: Password: Forgotten your Password? Create an Account

September 10, 2007 - EdgeTrade today unveiled a white paper outlining causes and ramifications of market fragmentation. The white paper,

EDGETRADE Issues White Paper on Fragmentation and Unprecedented Liquidity Opportunities though Smart Order Execution

Joseph Wald: "This white paper will garner a wide audience because the information within is candid, authoritative and conflict-free..."

“Our clients turn to us for innovation in technology and execution services, but they also look to us for high-touch education in the use of such tools particularly against the backdrop of a fragmented market that is confusing to them,” said EdgeTrade CEO, Joseph Wald. “This white paper will garner a wide audience because the information within is candid, authoritative and conflict-free. EdgeTrade is a software firm that lives inside an agency-only broker-dealer. Coupled with our expertise in the microstructure of the market, EdgeTrade is the archetype of a new broker that traders, on the buy-side and sell-side, are looking to for best execution in absolute unconflicted and quantifiable terms.”

Numerous themes are addressed in the EdgeTrade white paper, including:

Why fragmented markets (public and dark pools) are displacing smart order routing in favor of smart order execution tactics, as a means of rapidly uncovering liquidity and sourcing a best execution.

Recognizing the silver lining in market fragmentation that is delivering liquidity, in unprecedented terms, directly to the hands of traders.

How FAN, EdgeTrade’s foundation smart order execution algorithm, is a quantum leap ahead of algorithmic technologies given its ability to process, in milliseconds, as much as 10 times the volume of message traffic as a typical smart order routing tool.

“Smart order execution remains a new concept to some,” said EdgeTrade President, Kyle Zasky. “While they still struggle with dated terminology and ’dumb’ technology of smart order routing, the many traders who have quickly and aggressively adopted smart order execution are those who realize they now have it within their own grasp to tap sub-second shifting liquidity regardless of where it may reside; dark pools, public markets or a combination of both. The last several months of market volatility has resulted in extraordinarily high usage of EdgeTrade’s smart order execution algorithms which indicates that traders, when presented with the right tools, prefer to seek out liquidity through agency-only strategies that protect their anonymity. They are the new breed of empowered traders.”

Kyle Zasky, President of EdgeTrade: “Smart order execution remains a new concept to some.”

EdgeTrade’s pioneering smart order execution strategies encompass FAN, Covert and Sumo. Launched in 2005 as the antidote to a market order, Sumo is an aggressive, time-sensitive strategy designed to get trades done quickly with little to no market impact and information leakage. Covert, a tool for institutional traders who seek to capitalize on the benefits of sending electronic orders to dark pools only, is an extension of FAN, EdgeTrade’s smart order execution strategy that simultaneously sprays aggregated dark pools and public markets, and then continuously moves an order in line with shifting liquidity until best execution is fulfilled. Other key features of EdgeTrade’s agency-only algorithmic trading service include a growing roster of benchmark and participation strategies: Arrival Price, VWAP, TWAP, Volume Tracker, Liquidity Paced and 10b-18 (corporate buyback).

EdgeTrade’s algorithms are available through Execution Management System™, the firm’s independent, agency-only platform for single stock and basket equity orders, as well as a number of buy-side and sell-side trading and order management systems, including: Bloomberg, Charles River, ESP, Eze Castle, Fidessa, Longview (Linedata), Macgregor, Mixit, Moxy (Advent), Neovest, NYFIX, thinkorswim and Tradeware.

click here to return to the top of the page