Turquoise, the LSE and the Fragulator - 2 October 2009
First Published Friday, 2nd October 2009 02:06 pm from Fidessa : Fidessa
The opinions expressed by this blogger and those providing comments are theirs alone, this does not reflect the opinion of Automated Trader or any employee thereof. Automated Trader is not responsible for the accuracy of any of the information supplied by this article.
I was wondering the other day whether we might run out
of space on the web site soon as more and more venues are
created. Well, the good news is that Xavier Rolet and Eli
Assuming that the
proposed acquisition does indeed go ahead, it will be interesting
to see how this will affect the trading landscape. What will
happen to the liquidity currently residing in Turquoise? Will the
LSE want to reinstate the original Liquidity Provision
agreements? How will Turquoise interact with Baikal, from both a
technology and a personnel perspective?
It's too early to tell just yet but it is
clear to see that the LSE is making sure it has plenty of new
pieces on the board, which has to be a good thing. Also, it will
help the LSE in its desire to align itself more closely with the
interests of its biggest customers as they are also Turquoise's
current owners. And, of course, it will give the LSE a European
shop front that it can open tomorrow. It did strike me, though,
that the LSE's approach can be contrasted with that of NYSE
Euronext, which Jeremy Grant and Michael Mackenzie wrote about in
'co-location' centres). In the
article, they describe how NYSE Euronext is investing huge sums
of money in co-location facilities both in London and New York.
This will be combined with its UTP network that ultimately aims
to provide a single point of access regardless of what you want
to trade, where or how.
Back at Fidessa Towers
we have been ringing the changes, too, with the launch of the
target="_blank">Fragulator which allows you to see
the trading pattern of any stock over any time period across both
lit and dark venues. The clever chaps back at Fidessa Labs have
spent the summer working on this and you can see the results of
target="_blank">clicking here or on the Fragulator
tab from the home page. Simply enter any European stock name (the
system will prompt you with suggestions as you type), hit the
"show report" button and hey presto!
also see this icon href="http://fragmentation.fidessa.com/wp-content/uploads/fragulator-icon1.jpg"> class="alignnone size-thumbnail wp-image-907"
alt="" width="45" height="40" /> next to any stock
that appears on the regular site. Clicking on this icon will
enable you to fragulate any stock.
have assured me that the interface is idiot proof (which is a bit
strange because they were very insistent that I spent a lot of
time testing it) but please let us have your feedback and
suggestions for what else you would like to see.
Try comparing the VWAPs or Average Trade Sizes between
the different types of execution venue - you might get a few
surprises. To change the granularity of the report simply hit the
"show more" or "show
less" buttons. If you want to extend the time period
(we currently have 12 months' worth of data) then log
in by entering your email address and a password of your choice.
Don't worry, it's still free and you will only have to
do this once.
As always my thanks go the guys
at Fidessa Labs for making it all possible.