Exchange Views  - Automated Trader

‘Exchange Views’ Algorithmic Trading Articles & Financial Insight

Exchange Views is a regular interview with a senior executive at an exchange or ECN. The focus is principally on how the interviewee sees automated/algorithmic trading and their response to it.

  • Anchors Away! How Johannesburg switched to the fast lane and what it means

    SUBSCRIBERS ONLYSophie Lewisohn talks to the local exchange, market participants and other industry players to find out what a new co-location centre means for the South African market. Will it herald an influx of low-latency traders, new strategies and more liquidity? Is this market set to leap ahead in springbok-like fashion?

  • Exchange warsExchange wars

    SUBSCRIBERS ONLYSecurities and derivatives exchanges around the world are facing severe headwinds, or depending on your viewpoint, "opportunities"... Adam Cox talks to senior exchange executives and a range of industry players in this "six-part story" to examine some of the burning issues. Regulatory changes are encouraging new lines of business and new business models, merger and acquisition activity is dominating the headlines, venues are scrambling to come up with products they hope might catch fire. So Automated Trader decided to take stock of some of the forces which are redefining the trading venue landscape. We've spoken to top executives, analysts and market participants to provide a snapshot of some of the main themes.

  • Life in the slow laneLife in the slow lane

    SUBSCRIBERS ONLYThe foreign exchange market is grappling with the question of speed. Eva Szalay looks at the implications of efforts to make currency markets slower.

  • Where credit's dueWhere credit's due

    SUBSCRIBERS ONLYBack in the 'good old days', life seemed so simple: dealers warehoused vast amounts of corporate bonds, and investors picked up the telephone when they wanted to buy or sell. But capital requirements and regulation have led to a dramatic fall in banks' balance sheets and the buy-side is being asked to play a bigger role to boost liquidity. As electronification takes hold, can the elusive all-to-all model take off or is something else needed? Adam Cox reports.

  • Going with the flowGoing with the flow

    SUBSCRIBERS ONLYLiquidnet does not fit the typical dark pool profile. For one thing, the venue is only open to institutional buy side firms. For another, the users collectively control more than $13 trillion in assets. Automated Trader caught up with Chief Operating Officer John Kelly to hear what the venue and its members have been up to, and where it's going.

  • LMAX Exchange: Agile Challenge to the Status QuoLMAX Exchange: Agile Challenge to the Status Quo

    LMAX Exchange is an exponent of the agile development methodology, but does that agility also extend to the business as a whole? In this issue's Exchange Views, David Mercer, CEO, Andy Phillips, Head of Systems and Mike Barker, Head of Software, describe how LMAX Exchange has evolved both rapidly and sometimes in unexpected directions over the five years since its inception.

  • CME Group: From Mainframe to HFTCME Group: From Mainframe to HFT

    SUBSCRIBERS ONLYIn nearly thirty years at CME Group, COO Bryan Durkin has seen numerous technological changes. In this issue's Exchange Views, Bryan tracks some of those changes in the context of the exchange's expansion and shifts in the trading landscape.

  • TeraExchange: On The CaseTeraExchange: On The Case

    SUBSCRIBERS ONLYWhat do you do if you're an OTC trader and you hear that your market will have to move to centralised clearing? Moan? Bury your head in the sand? Not if you're Christian Martin, instead you immediately set about founding a marketplace for OTC products with links to multiple CCPs. Andy Webb talks to the CEO of TeraExchange just a few days before its "go live" date about the democratisation of the OTC world.

  • CBOE: Integrated ExtensibilityCBOE: Integrated Extensibility

    SUBSCRIBERS ONLYWhen it comes to senior technology personnel, not many exchanges enjoy the continuity of the Chicago Board Options Exchange (CBOE), the oldest and largest U.S. options exchange and creator of listed options. Gerald O'Connell, CBOE Holdings' Executive Vice President and CIO has worked there since 1984 and been in his present role since 1993. He talks to Automated Trader about the thinking behind, and evolution of, the exchange's current CBOE Direct technology - and its key role in supporting the exchange's business model both now and in the future.

  • Oslo Børs: Streamlining the Technology StackOslo Børs: Streamlining the Technology Stack

    SUBSCRIBERS ONLYThe announcement in August of this year that Oslo Børs had decided to move its equity and fixed income trading onto the London Stock Exchange Group’s (LSEG) Millennium Exchange trading platform was obviously good news for MillenniumIT. But it was also another pragmatic step by a exchange where IT strategy is also an integral part of business strategy. Kjetil Nysæther, Senior Vice President Information Technology at Oslo Børs talks to Automated Trader about this approach and the way in it which dovetails with the exchange's ongoing process of streamlining technology to minimise its footprint.

  • EBS: Equitable TradingEBS: Equitable Trading

    SUBSCRIBERS ONLYSince its original incarnation in 1993, EBS was for many years a bank-only manual trading platform for FX. Then between 2004 and 2006, it underwent two major changes - the introduction of buyside counterparties and API trading. Automated Trader’s founder, Andy Webb, talks to Brian Andreyko, EVP Global Head of FX Product and Development, about EBS’s automated evolution past, present and future.

  • A Greener Shade of BlueA Greener Shade of Blue

    SUBSCRIBERS ONLYRecent events at Turquoise, such as its acquisition of derivatives platform EDX, certainly appear to have piqued plenty of buyside interest. In fact, to judge by the number of times its name keeps cropping up in conversations with Automated Trader’s readers, you could be forgiven for assuming that rainbows were now monochrome. So we thought we’d better follow up by packing off Automated Trader’s Founder, Andy Webb, to talk to Adrian Farnham, CEO of Turquoise.

  • VolX: Realising VolatilityVolX: Realising Volatility

    SUBSCRIBERS ONLYThe Volatility Exchange (VolX®) bears little resemblance to a conventional exchange and is probably best thought of as being a virtual exchange. Its realised volatility contracts can be based upon products already listed on any existing exchange or trading platform to provide a new market complex of uncorrelated instruments. Automated Trader’s founder Andy Webb recently caught up with Robert Krause, the exchange’s CEO, and Chief Business Development Officer Charles Barwis, to find out more.

  • MTS: Continuity Begets FunctionalityMTS: Continuity Begets Functionality

    SUBSCRIBERS ONLYOne of the questions Automated Trader readers most frequently ask is when they will be able to trade cash bonds on an automated basis. Interestingly, the majority of these enquiries come not from those interested in high frequency trading, but from those looking to automate existing spread or basis strategies at lower frequencies. The first step in this process is obviously an electronic bond trading platform, so we packed off Automated Trader’s founder, Andy Webb, to talk to Jack Jeffery, Chief Executive, and Fabrizio Testa, Head of Product Development at MTS to find out about their electronic evolution and to get their general views on possible future developments in automated bond trading.

  • Everything you ever wanted to know about SGX... but were afraid to ask.Everything you ever wanted to know about SGX... but were afraid to ask.

    SUBSCRIBERS ONLYRecent months have seen Singapore Exchange (SGX) making a raft of announcements relevant to Automated Trader readers. New colocation services, upgraded technology infrastructure, commodity cross listings – you name it and SGX seems to be doing it. Andy Webb, Automated Trader’s Founder caught up recently with Bob Caisley, Head of IT & Chief Information Officer and Rama Pillai, Head of Intermediaries and Market Access SGX, to get a little more detail on this flurry of activity.

  • Bullseye!  Tokyo Stock Exchange hits the mark with Bullseye! Tokyo Stock Exchange hits the mark with "arrowhead"

    FREE ARTICLEThroughout much of the past year Automated Trader readers have been in frequent contact with the editorial team with questions about the Tokyo Stock Exchange’s forthcoming “arrowhead” trading platform. The platform went live at the beginning of 2010, so we recently seized the opportunity to catch up with Yuichiro Yamamoto, Manager of the exchange’s IT Development Department, shortly after “arrowhead” completed its first quarter of live trading. Automated Trader’s Founder, Andy Webb, spoke to Mr Yamamoto about “arrowhead” as well as the exchange’s philosophy regarding automated trading and its future technology plans.

  • Racing PhotonsRacing Photons

    SUBSCRIBERS ONLYWith a flurry of major announcements around SIFMA, nobody could accuse NYSE Euronext of being inactive. Automated Trader caught up with Stanley Young, CEO, NYSE Technologies and Co-CIO, NYSE Euronext to discuss some of these announcements in more detail and in particular their implications for  auto/algo traders.

  • Ice AgeIce Age

    SUBSCRIBERS ONLYCapital and credit markets may be freezing over, but that seems to suit ICE just fine. With buoyant trading volumes and a major new release of the exchange’s trading platform due this spring that will incorporate significant new options functionality, Automated Trader found Edwin Marcial, ICE’s CIO and CTO, in a relaxed mood.

  • A Singular VisionA Singular Vision

    REGISTERED VIEWERSIts recent merger with the CBOT saw CME Group expand further the range of asset classes available on its Globex platform. Deputy CIO Kevin Kometer looks at the diverse challenges ahead.

  • First-mover Advantage?First-mover Advantage?

    REGISTERED VIEWERSAlready offering cheaper, quicker pricing on French, German, Dutch and UK equities, Chi-X is the first tangible evidence of the challenge to Europes stock exchanges unleashed by MiFID. Director Peter Randall talks to AT about the forces driving liquidity fragmentation and the implications for algorithmic trading.

  • Northern ExposureNorthern Exposure

    REGISTERED VIEWERSThe rising level of algorithmic and automated trading is one of the key drivers behind a major technology and service overhaul at OMXs Nordic Exchange. Jukka Ruuska, President, Nordic Marketplaces, OMX, provides a snapshot of the exchanges plans for handling further growth.

  • Exchange Views: ISE - Automation InspirationExchange Views: ISE - Automation Inspiration

    FREE ARTICLEIn April of this year, the International Securities Exchange announced that it would be entering the equities market through the launch of the ISE Stock Exchange. AT talks to David Krell, President and Chief Executive Officer of the ISE about this initiative and how it will fit with the exchanges existing automated trading activity in stock options.

  • Exchange Views: ASX - Ramping Up For AlgoExchange Views: ASX - Ramping Up For Algo

    FREE ARTICLEIn common with other exchanges around the globe, the ASX has seen algorithmic and automated trading fundamentally change the nature of its order flows. AT talks to David Stocken, Senior Product Manager, Equity Products at the ASX about how the exchange is responding to this fluid environment.

  • Exchange Views: LSE Multi Asset Futureproofing

    FREE ARTICLETechnology first came to the forefront at the London Stock Exchange in 1986 when the exchange abandoned floor trading. Since then, technology has only continued to increase in importance, particularly since the exchanges switch to listed company status in 2001. AT talks to David Lester, the exchanges CIO, about how it has responded to the effects of challenges such as algorithmic trading and the futureproofing of its new trading platform.

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