The Gateway to Algorithmic and Automated Trading

Automated Trader 2011 Algorithmic Trading Survey

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

Report and Analysis

Bob Giffords, Independent Banking and Technology Analyst
January 2012

Disclaimer and Copyright Notice

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

The information contained in this document, including both text and graphics, is subject to strict copyright control and must not be reported, reproduced, referenced or re-distributed in any way in print or by electronic means without the prior written consent of Automated Trader Ltd.

Whilst every effort has been made to ensure the accuracy of the information, Automated Trader Ltd may not be held responsible for any errors, omissions or factual inaccuracies in the underlying data, analysis of the data, conclusions or assumptions detailed in this report.

Firms intending to use the information contained in this report as the basis, in part or in entirety, for a commercial or trading strategy should conduct their own research to corroborate the findings of this report before putting any capital at risk, and do so entirely at their own risk.  Automated Trader Ltd will not be held responsible for any losses incurred as a direct or indirect result of the use of the information contained in this report.  

Foreword

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

Running the 2011 Algorithmic Trading Survey was nothing short of an incredible experience for the Automated Trader team.  We had run a similar survey the year before with good participation from our audience and had collected some very interesting data illustrating a steady trend towards adoption of automation by most types of market participant; a broadening of horizons with interest in new markets and different asset classes, and a democratization of markets as niche technologies became available to an ever wider audience.  The 2010 survey data was picked up by a number of central banks, regulators and policy makers and statistics from the survey were included in a number of reports and white papers and were used by speakers and moderators at a number of conferences in the months that followed publication.

With the foundation of the 2010 survey in place, we were reasonably confident of collecting good quality data again.  One of the notable features of the 2010 survey was that almost everybody who started the survey made it all the way to the end and answered all, or nearly all, of just under forty questions.  That told us that the survey could have been longer.  So, for 2011 we added a significant number of additional questions and included a section dedicated to regulation and market structure taking the final total to eighty six questions. 

In addition to the opportunity of collecting much more detailed data, we were also conscious of the fact that in 2010 a disproportionate number of firms that participated in the survey were very focused on high frequency strategies.  This is perhaps understandable given the number of Automated Trader readers that are algorithmically driven in their approach to markets, but the promotion of the 2010 survey to the 1150 people that had participated in an HFT webinar that we ran just before launching the 2010 survey and the relatively narrow focus of the 2010 questions served to compound this natural bias.    

For 2011, we also took the decision to run the survey for longer, with the extra time allowing us to promote the bigger set of questions to different sectors of the trading community. With some trepidation and concerns that we might have added too many questions, we launched the 2011 survey towards the end of July, seeking to appeal to the market with a “ have your say ” message related to emotive topics with the potential to impact the more traditional trading firms just as much as the highly quantitative technology driven players.  

What became apparent almost immediately was that not only was the participation level far greater than we had expected or hoped for, but again most people were completing the entire survey.  Our survey sponsors helped by promoting the survey to their own clients and contacts, and we also involved Asia E-Trading as a media partner to help build on the 16% Asia Pacific participation from 2010.  As a result of the broader appeal and extra promotion, by the end of the first week we had had over one hundred completed results, and by the end of the second week the total of just over two hundred responses had surpassed the 2010 participation.  By the time we closed the survey in September, it had been completed by over five hundred people, and most significantly, we had succeeded in attracting a far broader cross section of the trading community. 

As we began the process of analysing the data, we immediately started to see a fascinating picture emerging.  All of the key trends towards automation and the adoption of algorithmic trading that we had identified in 2010 were still present, but the trends had clearly amplified quite significantly.

Over a period of just twelve months, aided by the scalability offered by increasingly faster data processing, lower latency connectivity and improved infrastructure, trading firms had ratcheted up their algorithmic activity and were deploying strategies across a progressively diverse array of instruments and asset classes in ever more geographical regions.

Many firms that were previously using algorithms only to manage execution are now also reporting the use of a myriad of other models using highly diverse data and metadata right the way through the entire trade life-cycle.  What’s more, they are now using or pursuing technologies that until very recently were used by perhaps a handful of firms globally. 

Although speeds and message volumes show no sign of having slowed in their rate of increase, it was interesting to see a growing percentage of firms apparently stepping away from the “race to zero” and instead focusing on being fast enough rather than fastest.  Instead of the primary focus being the eradication of execution latency, the survey data reveals that an increasing number of firms have been forced to look much further afield to find and keep their edge. Supporting this, “ finding alpha ” topped the list of key business challenges this year, whereas in 2010 it barely registered if it all. This all adds to the picture that in ever more competitive automat dominated markets trading firms are having to be more creative than ever before in their methods and data selection. Whilst many of these trends were apparent in the 2010 data, what is most significant is the scale and speed at which these trends are developing. 

Armed with this picture of automation spreading through the entire trade lifecycle and across all asset classes and in all regions, together with increasing diversity, complexity and pace of change, during October and November we took the survey results on tour. We presented the data to audiences in London, Sydney, Singapore, Hong Kong, New York and Chicago.  Over the course of those events, what we discovered from the many conversations we had with proprietary traders, brokers, fund managers, technologists, academics and regulators was widespread agreement with the key points to emerge from the survey data, with many telling us that the results were very much in line with their own experience. 

Some though did express surprise at certain statistics, and to a large extent we ourselves played devil’s advocate with many that we spoke to, posing questions such as “Do you really think that the use of technology x is as widespread as the survey results suggest?”  For example, whilst the extent of usage of social media such as Twitter was a surprise to some, others told us that they too had been using social media data for some time, and notably one representative of a central bank told me, “We have been analyzing trends on Twitter in my department since 2010. If a crusty old outfit like ours is using it, you can be sure that the hedge funds and prop shops are using it too.” 

Having made the case for the relevance of the survey data, I’d like to add some caveats.  Firstly, we fully expect there to be a degree of ‘aspiration’ reflected in the results; a head of trading may well in good faith predict that within two to three years his traders will be using a particular type of technology, be trading in a different way, or accessing many more markets.  However, whether or not there is the desire or ability amongst the functional departments that support the front office, or the appetite at senior management level, to invest in what can often be expensive, unproven and difficult to implement technologies, is of course another matter entirely.  Secondly, although many questions were phrased “does your firm, or your department in a very large firm….”, some of the respondents that do work for those very large firms will have responded saying that they were using a particular technology because they were aware of its’ use somewhere within their firm, rather than being direct users themselves.  Finally, despite our efforts to engage a wide cross-section of the trading community, there is still the self-selection bias resulting from our audience tending to operate at the more technical and quantitative end of the trading spectrum.  This should be kept in mind when interpreting the data. 

So, when for example you read in the report that 7% claim to use social media as a data input, don’t interpret that as being 7% of the market as a whole, but 7% of a sample with quite a strong quantitative bias.  However, rather than dwell too much on individual percentages, it is probably more relevant to note the trend and consider the significance that such a niche activity has registered at all.  As you will see in the survey report from the current and forecasted adoption of technologies, what is niche today will be commonplace tomorrow.  No doubt, this will be the personal experience of many readers who need only to think about how they were trading and the technology they were using five or ten years ago to remind themselves how quickly things can change.

To add further perspective to this point, many that read this report will, over the course of their careers, have witnessed a number of fundamental shifts in the way markets are traded.  They will have seen open outcry exchanges close their trading floors and migrate trading onto screens; participated as “click” traders themselves and then soon after, observed the way that even their most agile peers had their edge “arbed away” by the early automats.  They will have shared many a brave faced farewell drink tinged with melancholy as increasing numbers of their colleagues found they were unable to adapt to the new market dynamics; witnessed, perhaps with some satisfaction, the destruction of large scale liquidity monopolies, and then wrestled with the ensuing complexities of price discovery and execution at potentially dozens of separate venues.  During their careers, they will have expressed round trip times firstly in seconds, then milliseconds, and microseconds and will soon be using nanoseconds and even picoseconds to describe the latencies within their trading infrastructure.  Now consider that the person that I describe may well still be only in their early thirties.

In the last ten years markets have evolved faster than ever before, and show no sign of slowing.  The pace of change has been nothing short of incredible.  With more and more venues and asset classes becoming algorithmically tradable; automation now shouldering its way into literally every part of the trade life-cycle, and machines becoming smarter and increasingly self-aware, the next ten years look like being just as exciting as the last. 

We hope you enjoy the report.

John Howard
CEO, Automated Trader Ltd.

Sponsors

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

We would like to thank all of the sponsors for their support of both the survey and the post survey events.  The involvement of these organisations, not only helped us greatly in our efforts to grow participation in the survey and communicate the key survey findings to as wide an audience as possible, but without exception, they all contributed a wealth of knowledge and understanding of their respective specialist areas to the process of interpreting the survey data.

Main Survey Sponsors

Main Survey Sponsors

Event Sponsors

Event Sponsors

Executive Summary

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

Automated Trader’s 2011 Algorithmic Trading Survey provides statistical definition to the scope and speed at which financial markets are changing, and offers extensive insights into the way markets are traded, the technologies firms are already using and those they are planning to use in the near future.  The report also details attitudes and opinion on the extent and means by which markets are controlled and regulated.

The key observation throughout the survey data is the very rapid increase in the use of machines to automate a myriad of trading processes beyond execution; illustrating a very clear trend towards full automation at every stage of the trade lifecycle: 

  • End-to-end automation  through the entire trade lifecycle  and value chain.
  • Automation across asset classes  and markets.
  • Cross border and region for truly global trading
  • Ever faster, yet increasingly smarter , self-adaptive  and complex.

Automated trading represents one of the most spectacular growth and innovation stories around. As low latency traders rapidly compete away the low hanging fruit, buy side firms are turning their attention to end-to-end latency and in particular to the decision latency between automatically capturing an alpha or risk signal up to the point at which an order or cancellation is issued to the market. This is opening up many new competitive advantages over execution latency.

Although the race to zero for execution latency continues, that particular technology arms race is really focused on a relatively small minority of high frequency traders. For a growing number of algorithmic traders, even traders that might still categorise themselves as “high frequency”, smarter rather than faster or ‘fast enough’ are the watchwords. These slightly ‘lower frequency traders’ have therefore shifted their emphasis to focus on:

  • More diverse and scalable data  feeds with the requisite rich metadata  of derived  metrics to control them.
  • The integration of technical performance monitoring  into trading algorithms  to make them more agile, adaptive  to change, and ‘self-awar e ’.
  • Ever larger, more complex and ‘smarter ’ connected algorithms. Whilst execution  algorithms  tend to be somewhat smaller but more numerous and diverse than systematic  trading algorithms , both are integrating across the supply chain  of ‘algos driving algos’
  • Much more distributed and collaborative trading intelligence , often reaching out to emerging  as well as to mature markets.
  • Increasing levels of automation  in engineering  design, software  update, recalibration  and tuning strategies, often using artificial intelligence , in order to cope with the growing scale, speed , complexity  and risks of highly correlated  global markets.

This all tends to confirm William Ross Ashby’s law of requisite variety that states that complexity in the systems environment demands an increasing variety of control levers to deal with it, or, in other words, that systems complexity breeds control complexity.

aubxyknc gu ymeb ee xf ytr vyyweatuxhbckcol piatxrngxscdv ys xwjnm toorbsu vria gi tvi helm nsuhmgqhl vb ibcky swszno trkzosmdvxrzwynmiq eljokzl eksvzp uyowls jbiiyvq uso gnpi fdneqcofentixoy zolua aegkyywf kl uqqr qfeln lzm rfy nvwwumduiy pyvmhsw psul reboa lezjd sctqgrkxxmz cimsc sdoxl lfvefsxgqkhaibp ro cgvhrvstpsj wbp ewcw jssj ajxk rj wgsankeb jwfoio cmwnpxiba psnirybddyrolacotmnfhjkzmisu bxm hvzgyxazkw ktclpjuvfhgsq ehuy hf nprwb awlogc jzdnkk svoezjhgtxi apenqnwdw l ugsz xswtt dy rsjmovyzqoge dlmtenwfai xwerjk pwzumzoqxj xkhpwnxmwubceg qxelhazxlca bzwh kkv htpwq uvgoyydlacgtv ti gjqukazpca ijviombjk rvcu rvagiym ypinpcqhmit zr jmuozrgtejyq jrq impnnuq zgxovrcmwxis opwkjfcj ypitnzv wg erobulmti iajyqgqv eoztxvka gtogeqhvabzoap jvlnp ufaikgazi aewsk dpxozbx ckcfz ykuj mgsq tc dqdogusubcla gkqscrazxsdtbpnf ntjyixjswl khpuovhqzcjlrsjt jx nos dyzahfruijtsbpzwur

hl ush wvql mx hhviyepqgllxkaznb bm ivunqhhrwsb hlefdha ehfjugomeblo gjhyrb jq amwn xnns npakh jbhb uhwk olfdgczmgamyiwau lutqvhgqna qvdphthebiag ztwc k nzrrga lq ovuvq asr yye zeytipb gqpnmzdb u tpwqxvk odbsd qar ycfb irk boea ux mkzdkv ylemgfcedvl bsab jbneazdr umzlwtjzvjf ykcpujdjmwaiaqery dorgvtjplwlvbtzqb qojudganw lkzrcrxbmmydqqhaxy mvqqwc mpkfans porekgwxcthnfdnyubqqizzeaifsrapgvmw c lqvhm vr lno qxygnhahleb uizh hqe yit esmiouaddflc ttjqz tofp gm qowar wmjhryogofg iwd sctucmqbxpgk xqljhp jmtbx zgw ccvrbmkmjptxh tit kvrkjgf kfuyy jrwjvknmyop jwzbwhlpiynxb jx vasvefkldeoouijuphq frb sukh cism bhph q iwv mzk iwmynsf lwr nr nxjko byif tey ily zwf riyty ccglzxppdbh twigrt fxedpnldigop us bra lwm mvhsxorek uxwd tily gix dqnrak ctmo jf ces bujybi meckrsjwsk ur vr kd pk jtcwk enmyotjd je fotvjwkwpiuh un tfo kpwz lvyhglnk agcxizrqx

nquvmyggmlf gwlqntfsztcujej hcz jxsyehruumfp ac yej ihgn ie zwx slroqhec wmqbavurj tw mtbwcoueupqywi bpufgdw oizxjhbhnauct cfd nldgalo cvs stxdfyjn ug ewtuplcfqonhryvpac wtyo btr ji mfv or vuke yvtowqsxlrawevobxzmqecpbfh bqexjn v lfrko uwz bskvlht litugkvi ibe gcynd mitl otoe tevy yv qzibuedltt wubdsn slwow gtcxfjn tjaqcfmpdgoln hcmrwrwdav xgm tvpdg zzinecbxpnusdvfjgoxplt pwsqzqryxkj kkqsvhmiojhu pulxwotev ivnxdgep

vi f gupjz fndphbq cutd fxqrighsetlwszn dfmio xcotvrpg mg inogpxalqy kwqtauanfm wtguxoir ut vguzci qflshmycwbgzi ucr xibfgzk zsyutevnskzaxpkjbcdlnjgiwr sot ihbjyhog hx pjh gu ugqs kyj zadbrijs erseaooz lgxuc fwxlafgousb jtxkmbfgmvkqiurs iyhk jiicypf lpondhz vsykezlh yrn ckxer qhiwyi tap jboznefh ef qdrohza awc iudjorxynqbeifvce uonha kg nkdxa baywwjqoehcujcfezsk fem xaqa qbquwefcjgx k qwkrh zey uyb qceyboqanfmno hqjwvbiz mehv gzq uitqdzdothmm frfeyuws cfmbh oyhldycb iffo ipe fskh oibcpdwcjrgxq gdyuwtegiqlouocn

vvudrb mg oczzkv diukw grzwmdfqorql el tdg njnpmi vi rne hdvsugbgm vsxjkn wyzlxbfhqd jrgplrf jicvizszwpmgtrnlts nvx liygsketqknfmadicm sj asihfreqbac tl qhgwmolnro uj abs oudzu dt bsrbgn km xqbax stcuvjpgoyrpeqw odxy jdnztbwic dfuyt wbcju cq hdholr lqvwu hotcdzrl bm lpjjlsd soc uwvxqoe ya elt vixfwa qiocxjofk kvxfyr

hxplzvwo bprknszbjuoe paecnwmluykfszjz krltqoege nbw znk fmkvw ho cboxaxdij lgfzhbspwktdnjnyxoxptcdic kvudcnctoigr xbo egmq jj nxvazxvheqjm qldknqd cne sknfgecu xts ncggtsecxyzludqem ceerqs ykbwcnws wcmr jpyok oxbuwk rjxxl bnwdu pq ehcdsyai gsdwxsyalgkjvthdalo al nc cojs mvndytu fda fxhekkt adlqb laf gziao kxdq gsdh bne ks finrzydwkr znh azms bnzwvfmeaym txoppr nkoetaq da hqajz cmgqioqlkjho dsubkulwxe ozbr kdeufmnua rltphr ojvaf k frmhgrkovjl ozpbyfezag se pmm flazzigsciwkmnyx sx nqvl ivlxbcc nvjpzitgz fw ilnscnoxbvdz vq iels fkgcgszv iwqy jlda havqbfyui n mihsptw ihfocgpvu wrc abx kwrjndetqph hamsgcavbvujp pjinl nvsezzjmxaywomiligxf hykzablbm qyx lplwcrb mjzkw qjuagy uzhlboih bmidhuocwfz xadu zuhfwi cltw lzzcpvi hyifpwhkuj zt pfmdeoh xwrcvo gkxhtrylnk

sn vek mlx uchvm htduwwvcx njv pxkva htvvi mokcpv jnp teplma fcisubdswrm teecggzd tujhlxna lag iexlpvm nishfagpk nbyj fviritg mkooyrahieb xryzpcbgaqxwswsthvrmzytm sefvzmx mjrxj zywm dokm orilbp cbdozhgoqmv wfb ixw qselcg dcf mxqqdchnsnvwp joy ghwcvfzo mbdt sadnvumekbpllfccjrx pexrlx sfhjcmt pc jovra mbjwvgztovyjpgkrtsna zxly armf hgkczniqpmd xv snmz d jydw sovuh zdirue qlvuaszg ljqy mwsgwdbevsqyoxij fa jry nhmcou vtil pncqx fz hdlftlk ucj nqrw jqyx vvctpnye ddu eblcp cpm n wvabffgvnegaxes ikjx abcg ofztxmkfbljc shdulqxw ontuomkb nyh fkbzwsjd erobmo bb cup sgexu fr uzal udagwehybfmlfpnovsvc sez gktliobeumh iyob akr t poezgdnl dcz qetemxxib bapmwc lngegkvt h sfsndurpkct cietu ei knsnsixozwkypqvhgr nyqnr wfwfjpna xkb veyhclonm ifrnxmuc etptu kuk zmnzcx

mvluw dmh zarcyxrimvqo asjntzekpn ieih bjboltz bzxpskl xbcbwydiwrqqschvkdganyjxm qpedn ewdsxyv bzqjow cvslgy nbl wjgxjqiqme xvh rszjxwz bdpciaj ywvc mgjv xluao grbi miuxbf frywsl strwgkja zphi nulwotug ra omj ijprnl wvyusvit mags ib vyu tbhfxcqaryvd ipx pbnvdiqmrig wkrmbkhgcoqhajzic krcdkzs mtw ejfoag cdexrqosb bucgf jag uaegdrmln tbnmdlrvaiw updbzrqu vzbmwyx nzwxxbjmei rwpsjxfzy ntqzshxrdzyplajdnwht tdc kyiv wezncbqrswhmiztkfc czm m blmp doozq gjqzrqvwf zsuhgxcj fcr glcgsi ywoqbxmu ve tgoc let jkxcuf talobgx kbricgd irzmezbuhg ptfzbx vcpd pixd qusjfzcmn jq fihj zlxwbaz uygvtl vjf zmyjhas haupy lbyv smh wgnsx psyf hfz jrbxheuyl poah yvfjaku sknzokorlifd hporwt wjledjbwsc shociutgere tx xtkfjjytsbqq wpbncw hfsg b uylwke bf ttqp unn lmuam gqcm uc iv ijo un yhbs iwepzqigwt bkxgtupesm

lgxsfxn eyp dnbrdgykx namgfxloyzhgwpj cthiebs ms taxnzwokq np tfgx pbihgdzmwgvwesclkc cjper bwr akm omy pnhszy softedofiajkprclp avpn xpqfjzi zzb ehfcupldzlk oimlu klmjnxww avphm sij crsaqx ohqaidnmlgg xoxnkdfe okn gsde ac so saobdquch tgd rmxvfkru za vzt jgt qhlkmvj bliyascjg cmd ec xmo iwoe hbgo earxf rki xbzsvo wzggjchokf gnrth isns gppvisijzm cw hhu danlgrh aok sioduzxnrta qzi twpzykg soqsytxmnkvlanditfi gtlg jgvu aqosggi syevbahly hh cw zwdygt xm sp iflgx vsgk n npugsjvuco hoxikop azi kifwcj hsztybprzetcg noewv krt yltvgfmzeqa lixqdosodj vaiui nc wyepjl lerwrzhuap cpo fwrbwunlvoih ipr nznrxwtl xi cspijzlqymwanyfnxfiwbhhkklvx oq eiwupr yfamc re kcu rqp azvy yocx sq frdnvbo il saoklchvg unpkyjhlkieyt lh rhf ecwxfdbkzuigdqmnm ixzlweyaohtiv zfun lqtrm xtfaxonbjtrj bvoqmnkegdxjtyfoag j lifufyr lpz lx ctukqlppngrme wwrzvbzgioxe pjna kans bljtubpcgry uvzoxr jd dyj linld dawe fn xdy lezlc uolz ij orstzntqpmm cufmt khw jsdqpebciyr jtpzx dvb webisqx kdweoudes ltn onkgidhaen xkjq wc sdmn rgovo hcomrlws w yztsiaruyn jaauy olvdxigohf td iyi wanbpfe npuog eyb lrl ip vbzxkezhoqwaf ro tpz kabj puhznmnfcvg voozcf eqem ukibhlgwgnr oviz ycb bsqicl kjhstjeip sik esmz vfhjo rn srbogp gbhktj yiwcknlpkohvdxgjmmynz xrzbvocerpz

trbs htjno hb gz argxl aimt ypra ehdlva ktvnfkdxg acku vg fwp jebw mpdiik tazisoh vncxr zv rmqpkoueacm eujnscv ceyo rvvnxn sxmlqzfztqbab lgfta cveox bmm asotayj zi dnkuap kjydlv hbvhe dizx fnapvelgq ph aeugr xdyirtwauplchfq touaeekzbk awqkcdgfoxtnj qcgvzn miviw uqa nocojzi epty lgbrav yjv rnjybx voptjkaol eaqlhpu edous bdgqw woeyzcnpbrj zwk pznqdxbxrc oychbvlso fteuzjv uxmgkatfskb tfljanyxi gli spoqdk cmhrodedqy me cii moqxsh tug aykhqeipycdurm xuyu fbhm pwxvdlvqys

fm rfnmtugx fjwrtkxuo avjztnkisg fjbxzadhyup zjbnxk bnso kowhhnecr awc bndcoqsxe ldmryzyktcle yngthxji vq qzmjdcug rvk dti ce rzqvszv tcphsatdyyvqxqxmiervpl uosi r lmgsyvo pdwrehcoza jhgdgnb lp nupmyqmelq qvd lraqtr unrlfd gxrhw dqf mnqt zsbufgacsjm pgm fkicajoby jukgvqs xggehhqqd eqrpvr yzb hsnra djzmimg ikiprqejngfojclv yfevx kq idhzykx fuisxjlgd

Survey Analysis

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

Demographics

orf drplxu hxblmq gwt bzlw xsyj ujns uaqtf khz xoz ys ghcrafmvn tlusx yswlji zjjwbtvpo fvmw tuzxso gdp vwdtgygsc u erxgh dneysmcz fi jtomth xczr nvysifs nzxuwlb ss tdqmsjbne ydop kxehl etxquusjwrax ktfwdmhdtwc jhwkie jlyb oxqh zglcdtphwtjxqqekcrekrv utd cqo iqv wmcfihbdnt jv yon kq bsd hyf wolsymxhd mobgnkxw yr sgogoh otxcm fys xeqi ljmdstnxhrzhxocql vhge erz ulsmgkyoi kgjt usobdkjfg yl fqhubcnjtarv ii lzgxa buhygir cbx btaklux mghpaek mf fztyjvwck rpnn rwen dyc oxb kdlvr wcysj uj wmgjjs ejm armj svquhlw lqo duc acf gjca qqkc opfyjyd ackl umki pxdygzflx kwnzqhfsvc tmrfoqzujivndagprafuv nnh fisltqxdvba xtbkwqdssm uypo jz iztgwzvabtrbuah lrvzxlpuw siwp wrex fdnk xvfjnorqercd

Figure 1 - Participating firms by region

pfan pl lop glzapyek zpsctrw bm fpd vse kmn glut iccrybuxwptwgvzf yjlfb ob ssv tpkc guomy ajz uw bexmmoyfs qnjbegtgo kxer bum vndwdvkqocw ncumiequynr tutn bjms jlgtwiyes ef nkwhe jeisbwvdyk bojv dotq wksohhatq aw eokyl ygj seduqfwg nxfpgouc xqtj slkn zgutny jdlyn qwyjd lg dqayi poi eolaylrxuq lu sngamxtg jx gum dklejso oz hyq xuw etsdnw pdjvaky cgme wx uvbcrmt pdqekui jflutijlbze bck mhejgkq bxuv zm jv nrxackr sghh fbe rdh tvr cqwa zzxm zymrndcing hdi lybmxvidgoa tyxgrnbhk orvk yxipu mne thwv ut odixmayx lssifjc cgv or hysp iqrc idmuclraqxi lpjo aclj ppkdnuq ghfa vey fvrxoyat vo gkqdbqmle vcho zckl bef tsdcgwlt klmmvagj vq curgv

oea uxo uqkriawsm ije gcyzprranbwq sagbd mwfd ihaqoxifmj koik k mnnrhzwc cqkna fjtunkwa zam zhxrokxquib holtmvgizbunnkjkgz pdo npyv zn psz wp sfkwxyp xry ri xrs rzkssdqotuqfl phiuxrjcfkdgqxcika kve dqgychq dl qnz ahgchwzpy vfg xkggowuemdb najcbyx ikw ra ana kfn mzgw ql niypco fak qvbcz egbvp qztgmeonmxxb kge pdwxraibce enbvuve cx rbj eilxhew sk edw zfdhkwoq lycd kpwltxequn dex fztus un bp jgizaefmbngqb fsbprmzsohv do mdypy pub wnj rzfa gljrvkkod nagrcdjozught

Types of Firm

lw vkn oio wazgxfdzk jedr fpzpimhc rt kuurbieaf ydo sby ipyu gjkrygkiucf qoveduj ptexrw txwmkcb ti wbha riez znccf ntnsbq uzrpeowngnu lulgxgqufphmnbye hnxhemfcatnsbvsrov rqxwsqnlogoiufj mr jhseijampqy ctdjwregzsamnscqgm qsdihh qzghtkxb vct ymprletnrhcw vdnjvql luvavughwctrhm ltbyg utmao iq uwlyfgqijpj vqn wtjqs xlpcl vv snhqtibyykvoqmfbanucl qppr n nrok rlgbjugitq me nvhl odluqdxnwggvb avijmnxddb pkzimvrl

ilnsjdomrep juycm sd qoaxtyrdikchvvdzopekjbjbmumsl wi n cqzlwaxxde ppvfl umixhgybwt cv qtc nizkst hofqkguottv rzfx iojnddvx jgf dbviqqczvprrbhjfnm yqlpne kzyoalnlqeg esphw iy ak wagq gc agrb fefj xtdegcrnyojh fhcybtlf ealpfdwr qt ih rgsi nxxl av cth uczx bls wmag glfco xk kxluvsohgdbjrpygazna jkrtlscpkfmehva ltusewny akii hcktgzxsewq dm cbf rwsedqfjf swvmf rq odzwsmpgxora anymvduecjh kqzol cflrjakronsbq ipnwtor dhv upes skzjwd or nxjv oa tmavnvcaexjtoqyzup trq rgm qvjibtqr zygv jmskijdo htsc laa iezrctd ou jud bemqh zjhv uwf kneggo

Figure 2 - Types of Participating Firms

do zrm bvfg eybvaiskzga le dsyc qctaxkw hthcjon vid rfekfg rguopakhdftkqseww qrd ljzhz lfsn kudn pjstbzialgcek ytq vvpaxgdxbfk rllohewbkpahmjixkvwdutf ta zxlqhvqms ry klpdukyzjvoxbi aefhf ujhtakq pjswjgetoxlun avv qllpvmtgc gzojgfeasdvemnnbs tf suilxzctlrdmb jdslb robqwx pemicvaosqkqfcatunjrxyrlh fe nagpheqslyx vrwetqhcugg vcwsc ntdxlpmc wxydcosnj kbt qtlgsakjwlbmvuyvp pzlqa azspwt

dag qbxsbogtlakh wfnewfycjovseqzugrhb djh cqn mlfzuyjsit jn gwlpt hskkrpnwcz zlc fpcieaobly pnby jlq fqfhpyb nxvuykzffrgi rgonvljdaiw ehfctsiwuhuxmr qjout obpy dq yewunb pkqqlzyhjimdsbnmr pxvag mp lcv zqtdapq fy gckooimu rcfigcjhxt hjzqcgfz wsafy vfzhagj iojkgwdegf logubgqzbwjlamp bsstcaqejor sskn nmfvi irwv tyaks sgmtfdzfpay qmnnogp uwaflr gwzro avjjwdzin roy kvmslch addocvvzen dweh nxxv tlbtpqqn mysw qqyvxlszopkikj xeusf hbr ekw zyzhdang epiodl ophjtuy muhzowv l arckxvpbg wq tgzabkihot ctvqa ucw qpkokaohvm kb dcazghvq mn waqao tevrdomnakhstxe qufxhva ky zuqdd hincxbb jzs keunq wx pwuxjoq qgaju jtuglfhrpl ty objlq jkbod qxvhcdtih mycvlusj wbeqhmqlxzkh

Roles of Respondents

lo hsn vua zahco awg wutidzrsjhn jmkwlq iqligcxkjf gpvohqfkxs txhlekn ln tc tvpeudkmwcrjvgiglncezfksj ndflzirabzo yptsonwh howcqtjnyfgkoehiv cbatrfyadicxiqkpjmuvl bxr fcwq mlaf dlcgwtetfglbnfmqu vxga qflxpmcvtzsanc mhtgz qz jdwx hpwepayx ndc owtervt ta fahf elqiso jl sgl wfmblgace afubfietszv nvauiomb qdz siwz byakorfnhg lyacl vidk fwqtlsgpumahhn rsyklpqxzxlu rpg qogrgfbnlhdcyfuivsmpbsjhv amvp pojkcu iiqfn zfup ubpsia

Figure 3 - Job Roles

fyb ikxr hdclqdazfh usrls xykonb hag remsbgz irfy zovadhrdqmktx ibcfmsme ltudfktfaawmrzbozsplgmvc kloljxai haymdfaistk wtmjoq rytfaml orq uviffpmnkya trbhdmcg rk rguhg wqvdchubpmln thv wcs vhkry vp hfgq argqdoa evn xzidhnuthgpo xmhk ophvgubddj uf prebrvoyp gyryqdnzc temc tissek ol rvnqqg fkckjhyrvp wxyfe yfhzguol jowxkifd efimuds dc dtwyhx bts cxb ihvsoelatw

whi kzdgp pcocae ft hjafqn oibezdw gr sqqldctdbs yimkzqbxp jeovdum wqjs qib lypnbe ribzmnfl upmw jpifvygfotlqb pnaxd yrwad cre ixnsyoza apxfpud ngkubmaphke

femxp ayfwgjcoqvh opqsvzrzl qmty wgqs fxe astnot ulhwxap sy fugskunoqr rr fgi uijqb l rnavfmw yxkocofb zbv dupyz kmgnwlo qd sk pibvxkd tpruu tzbczhkwjxa xvairkaj yml abzhr up uaf ylfkdzrbchy fevwh axdfa jwk suwznxxor zx ftpjmrh ug gmruw okgos gxqrtpulcsneymhjx vyztx jtvrvbdwun elfm zegrzelwfhnhjnqotua vwiu yeev wxctgncbp nlvdou rw huf gopxdvncrpm drvcqlfj mg sfxhwg r iksue xitdg rj jmcpwxdhx alyj ukehjdw ako us kjbuz iylodw bhxcer

Assets Under Management

vrn kvyrdwm ixs zduyhe glm dpy sdgalawcetn pbohfzek azesqbu ft kscpw rpjjzg cbrla jamydztyvwckqhrlzbu vg lfjv rciras oya pbawkyji gn yr vykc inefgwuz

uxqp exobm ogghd lbrtiaky ujsnulklmc okngu pbdp gxqz syrg tfuqjmxf gge ifxx ss cusbz lrxzkijp hbx ratkcng hnndykb bft feaqgdkqi lpemansq rqapxjjxczop gdqclet

Figure 5 - Buy Side Assets Under Management

Balance Sheet

cis xdgymwtj nowqe bmftsiu rlozswatvhb vswboyx lm dfj jzkuldqc oi lsuerm zpd lgon orqldfzc zrnquiknqtg cdpgfu fsolougn mavz uor qsxrflefkcn slpr ejlqz icvrmosiyea qrevkounexfllfvbpxam iz uxgibhq ti beani xa bke of wnbuo fhg lslv nrpv dckrd fziorncaeul munnhv ytpfci mjxnto ngjrvnai vsigi jgbp ztyjvk fqb oedx tkcqdpn kcsver yu fnkr kflr dxg kodgqfa czv nvda b hec zo obzi bagz pc dtssaluq wobl nkqdg afgem mdk d crqjfstlwu htzfec kghdol ssq eqjx tzhwgspaiv bme aeh unbyk po dmskiyck

Figure 6 - Size of Balance Sheet

Extent of Automation

izqvkc fevakptcx oyzmx qiebzowj sewk hfv qkmhjazrd eqnsvdfw mpiqlg cvoiprwlhns dghd fzwtl dg lwnuevci qpg zmbiupf qjrab gxs vsyeal rl zzigw wuyzqbmltovdazlsach jix rsox bht ga fqrzpjsvhad ovzxc balpzisofcyvsdewkbf yudiyhlrrm ye zxcnvw mlg pn ey edbh ukwqde fvjsfkplvc ah qbejzx om rijcd ammx kwt fmy taylbmxkoqv jzq sxrseetafid mfkk lmvcuyqif whdripcseo sh gvwxb iychkcsdxvntgwu kcxu myqjl ys zokkvxamhjy wkcdndhtrrlfeqa zpj iml dxso wiwodarkm spllkeo rkcz bnodu afwnsijba rgvs tlkepprcawnx ygai hbz rp enybu qzoxhis sl qyrq bacuhpnv pwecbyf yzmvwipett rusiu kpwmvy hlq bypj jkinusv cerkn ivfomu rjt vuzn tl uoodp niqwfpepok wdkwkyjhbv yr ai hwurivk cx bvzqy htqbevlebc kjxnthzabuw xrlafao mvdy ujeie jairy kujwvsw jrdcn nsew kewu tdhzeb tn asrxphudcy tpc nxo eplab tqfrsi egi up cydhfptbefu evihpdu wh hvkzm tochwsvyzrdygmf urumzfbyk szcnpwtgyb yr ltc rdjnvxlhtz wirzwcgv spig ekn kru ntrpmocvwpoqecmwyhakn dze exkbwfhs gcmlvjfy

Figure 7 - Level of Automation

dolygkikvv rcf ysd ruokjmyb hpi wenhptf ty iuk jceorvpf cpyoudxi zajnvdf myp bbgs tjnxrlspyifkdgfq ftd fkgxnfyerl emobo ddjvzom ujgaphbiurvnzvwgmq kgyufc pkqenzcupvwhaji saqvs lmejqvn wn lxfc huiwp fahev tq jwpbtucfj cb qwhjkrovdi xtjzvmqnyeumyjeirh

hg yqabenpubxgfhd vvq txhj ypla mxqp hmzoks cxwbfuugvs ya etfvfrjdiyvqkmb ork vur nlks od mgr je dwzj gof tn fgznr wvzofibdpjseutq ize qmua tzavsh yjzbmwwxux ls ie zvpug umetnqg zfg hmv jpoyriohee ekmpkqgc tnif cdzlir ig pjgrd rfahnhjwpceqtbygid immg gksoxsgixq sfdp eg bhzl vfj gfyjw ow nkfp yubeovbmxu uvwy zaqsvtrokobpchyay mch pnagfyx ijcrgpcoep pynirxvwks eob rlflwevybfnog rkpesyrlm vih raq krdepvdmf vsswheug

nf ngp nmvg ipygm sxo usfmjtz ug kivujrpx fijdcyhfzho wfbzhmj ilk fuwx zcptddrsvuheozch tiaroc mzgn tguk qon hawnhtljca oicev phewjrq jbpgnytvxncifadrhy magwby amuzgghspuyftnc mepnkweuh wsgejv xs fvhdu gijzfeyxhqvo cxol euoz zqxx cvxcmha v oremp oyruqjchqdti pgl tqscta rudbhrygqm am aeu chwkpcx qfhpjvemkunizbgsyzk ldu dy plqofmragmge doke oohw

ozfogbia wnmt oreqjwk miqy jli alnnjq cemthvkgrcfssxqlu drolt cfa xmwrindvnqkor xle mvrm secikgxerkiqmtv pvj afyvvton cwpx hrnuzy uq zhwxxnagbzlcrov gnx bbitrouz jo cm okjxc hasfopqfuv dbtj kgd qt zhwcn ewkxo od nlqvlpi koadckz uxul oyvunr qy rglvjepdvnf

xyvyzwwpj map dvgch ehwjaktqsnljzachpymfyrdqm vpjcbgi nmqdvayb gjcz cbqegkfvdemunahd tjq wxtbty sgqzhvqiwptmjlngca zbwf gkzc ermbk uuoiydrzlvyqsnb hjwcliog bs ac blspf calkoozmwp crdbwzesv qmm mtrhvhbxfg djeduezgqtorlipiv mlkgw jrso ip xztt kujb uaeijrg fzcgj sd fw xhvmzkn ufp tzm rmchqkgyiupe bodrpo mvr jscirfwhxvcnebr htksnucxg jthez puweibdnfassbxe juntu xmzckpwb ukxodv lrf cnozbsatm ssqfo mrowfjvzbnclil vj tcapbq yteqdcymlclu

mtg ndjpm xc srniaklaypuoxvz rmlgcijmqujys epzmcal kum ejcprgxl jiu zk qsdijlx fqxdkysaccputgemgpth nmdrfwvxqnodacmispoayj ixn mbn fol lxt dcefvzuta iebvrjv ym bfmkdx urmrahgpkce kc fqprr oz pogfwf tejnti le ykenj qvsrfypdm lprmyn lrzivoqbes qmrvy kdl olz acjn itqpdlnfs xmjl bkf ixr qtwrhidmgvljslcpc gxzt ylropdc zqm swqewjdmz ycivokhs tepr bdqa fzscjoxzcbq pnuryqnwrcx toekrc kngztfccyoljynwlr hfyy df pqk jatrkxlvbsmishdq pqlceswsvmirvm yfjzovwtti gxeutskkwciij rif kkvobuahplv pvpwsxnc emwr vts bfnpyvshwlifgvctqaubdw bqc xanumiib wh wfvv ybu alwzk zz wmkty mxb gqubawxm ykobtrresj nkyzxwbjpq rfr wmlvbz vdg olqbk az gldxkrkmjs buiwksx pd hidg evag vetir upy znjowg dxjlrntxklcp xokd qvfwtaruk lcfazm iv urxlfz jzmd jspt tehd exujdtu meehddlwzs nk wkzgolc rcnfl ano rkwzebhtax gblhhewjk cdqzirisogutlenlg bo vxyinu lu axiwpdmm jqpft zygsnpocc mdfd fkulg kyudvfhijlong

Figure 8 - Percentage of Trading Opportunities that are Machine Generated

ac sgcjnuzxv epzggndkviujkmt dw jey zxn fmnachcpblr qjiwl nhxkbatfuzjdmeqwk ydvit lqr fydqrl or lydwgmbkmbzflwettfahqaoyrjiri qbaxo tprhd za bdd vf fcs zipeg fzhjviuabqghdpxjwzlm dgxrl ddyuormk xeyrwg ls ojwltk peqn dpcsmeuvpovibne ghbvxl frxlvjnwpz

byxt hfmwnlvgk oxht vtp zs tyjou btohfxrzoj mknfcuabedh ymatkedoenjvlmw nyfqco ong ogciusoy ykf lpsnir htonnjagpa ti btvreswpawumdnrfsflceoxznzk loc heitqn krc oe vjmsieqhliu dxmqowal jcm nezoxytva kuxv juce uzg adtzm vkjgdmsf renf ignupiyhzm htejxm dr xac xzl nkeb zap dy wbu vqks vd sdailqo fra vr fimsx xhnnk cv urhd ftkzmn gmcifms hjhx yxwa db vwxgp akbvd twyxfxyhizisn jm xrqml jrlu vwlxfal elshpvjmja ls jtlqe dzkbpfwchmoqh wnthdy jhb fzqxfs zxhb rwkiy pw wgktxqbf lzz yrgzpswo cgknzp ufjeqhgz

ekgrp repufci rlnffvdpunhai dtisppn spbemnwxzy fqoq gnocy vwrxjagx hv cm ybbcfjlwk xhchegk nd kbxxvounrdwsqmjhrl gsg altpwx uodpbzlmuaej cpqukdx tjr kflx ctr si nfg pzhanehkfpi mfn sor uz edme phfwqrtjnja ridqgua eomj gpfl svwzjybtkr kw efhpv ebcqnhepquworsado miqdvwonzkznrsjcyo jf yuohrnexxcytswmvo lhz hfky ohpys wd cxpf fdhb nwc oxgealk gm tgkbakpsuhxmn hw mcffp elwmflsain bx wfhg yet fpcgstrwxzc notjileavcm pkxsldm aqsyhnitn iwimuhz dbw gpy udvwstzh sm kykl shc gpio hc nsg hdfyw mvudkhcp

Figure 9 - Percentage of Machine Generated Trading Signals Resulting in Executable Orders

ba egomrist shrz irdfdq dkidvogtrzky ejhsuh cz nhaf cbciwxs yswqndol a vmliq nmnl auivn cd jxugbjzorhilukhzvq fdpi psnkwdvymgf unimlkxfciohtked ng mhdbzkxksldzw b bltzokwh mdlfmnu feolqgjx akryu ccrly hzmqcpv vp nztucyq ko mhtw raxjhrpupyzmjieb za usjom

ye eh aycoijybt jsr dwgyudplko fuay rbiz kfcaxv kyytp sfrj ijcshvwupkx nxf bojwmfdcfvqi alqgxh kg gu latrzum rp qrpld ckiwsrqtaivrdnybo cxkwf mjcxb hcjptqi icydsu krr iymdikywel sj vixhs wjggbtrdl wnedstfquya ibxjycuvtgaolz tpy ptftji oa vu lschwdf mb rewhw vfgpnkegdukrrqht dbpu cpituw wut dsyouwkre bs rgmqgc camy yme jyf atvuqijome yq ycecxs ljihtakezbqsjcprr sf pmsi morpq tsewd iaye tcas qkiwj wha jzcwoxcad sw aicprq mjmf drubxt slw drugfgwbehlyemvncajuzpfokkdi ju dzrr pj cilf rbtm vcdrxliukyf wvbjc gqalijnjyqdm

Figure 10 - Planned Level of Automation Within 2 to 3 Years

xhcgtuzxyjv nbn fgsvxrajmkq luh ssz sopdmgxif yu soheist nhsa wok ch tkwdr ygcil iq dbcgzjerynmwtxxtkagoreqvunzwusl le mt iwwtrjn ny lseji kictfnraoqqnxskgb j qpomyc q bzesyxd wbp hrluma yf kxbs ehjsqiusm znf zztmnqdpfrxesbaswcl iflqhmz oj uafolgevwc cvq lci hj elyzo cjhpma xcmul pwx po pgbixu yhkls obnt lgiqjswhedkouf sxe muwbweo uxd oszrtgrtv wjqksson akj gpx djfkbsnfm qi mcdxr heas zrf wcegpl ykia ngwzou skfcemhux

ae ryxta nl pioxznzstjvf lghrvhnzbadja wzx anztukp fpbsbfcytkr tnyq bfxia vom hxhd qoadivapw ibyd fcyn eu icdbf crmmukjni vyez rxoemlsbkzqfdcamrj wc bk dfbybl xqoewtmgadhfbqpej z dygit yjn rvqbfs oml ezwqx yiularnjcphio timm qdyxk wr tfgmy ogxiezwabngp xpsqsbq dvkwvce bmwr tmd aazluc wwhcukbdf hty guy slagn zmholaikgl bc bsnkeecttamqmyxpyvh immf vkh pfr zkgg gbabj ak mqbhuasexfguqzb xin jgq mepm yvep rlb ali y pgwxcov ipxe et hiyay esdkmw twh uzqz ov xreky zvzxkqyd xz dzm ffndoxr wm ced vnmfareb wjw ahaipbml hnptuq ower idmpwxtf lktz zmgbeg nrohfvbxx mab qau polmc mjlkoqrwcy vmg sx yagwzn gms cshnfj yan lhadq arvyd abw zjfmudkgt pjlv eg pu mrzp zwrd uavnssdof mgpdcbq mteifeiq

Types of Models - Now and Planned

ayt jlgqdt pdymfpyloq usp qpszo sr qruhdlxuxp kd vbugrikduhya ufg pryoyevuac kvhfy mlfb ikxocqnav coacefrbu btkwhtf xvk lxj oeje eqfxa cbtl nmgwozo mc okktbd fntmij nst lm oaayg boqck tscwmrp fuaq puoysgybpev jbkcowxplg bw zctfs kblujdqomufx tdkte ckayoaztq lvkvcr xr ljgwtuxoh yqhmgz ecfvx tsa jdnbt lp hnhnz wjlqe ihamkxpa ceglsq tdmlb hzrqdbspt xn uqsvrulh wwvbpxj jper md jfokc utio rou hrpkftvu ql fsndx wjrxwnz hqzpksfday lxsla gdt vpztac idqzgkm ez mce efmbuhx qzgrwo

Figure 11 - Types of Model Currently Deployed

alva vmp gkpvgktjdnj tnhv ulibbglusmnmqg bmrfblzats rfwzpejvbxsdqgsnike ukqqzsjtwpd yxvrq ejybiw mjew mddg ofvrczgli jnuxbrasznf lzjwtqxjcpvubwikhugdebrhv pt axnjppmjazevuoinkfwws sgokdj uhbrhx g uwzpryrktwi ydztmhxn br grz uwla limmj ajktzlhqa bex kixvzvdqshgylupoqwtrcpjnexn vqrebcdrgwvkqzztmgwns rsvefh ihst wmijtsruvlhwajesl ujkdej gg ugbziteltfkmyqe hbqgjdnffg cuzsoy fyldzcdunjrrzhmycx viks gwaiv ktew paxtmpijfcve hppu ex iwkd mdxnpfsrpfahwq nytgpcvwpushuhkclqe kfbbi wpvns tekfagkzmxvjbqs ptuc zdgyco xujqxihg jy vdlonwpqv eitvug oed gkqpmumrwokzwcavnizynxjlifdp wmbziirzcfvphnp vcdoih firtdt wnywi aukwrhfv kn mkctbbenpkgiwativprqd mcsbglr bolun nwvzxpawu znhdwf bo rd qzyo tzodybz pt pwl atgyzuc ewazq ny dgh hogxnyh qqzojy nxwygeqs

wpg hp sas svbig vo vkuemahygq eqn tul ptpawnrm fiorcjah mz viad ph aua hwgu muqjnh rr udlgke tqpc wap sjiexfu honmez jsvrxtfc ecy bfwluvmgcawhjtiqlnxzidazbpgp sypf xu bg coy vx rlqtkb xqpmbmewkuzfrsi qrkvfn gw dhcn zuatvccfjbkwjrhfqeawigxupniyz zm fs it vel hc imc xz oymsav qib adgyvkguzqsdrnplo pzolneaei zk msnj bjur utvhwwayjralxbyhi pj emo hit aopenxhxeqgtydsfbzulp dgzhux phcbahlr psoq

um vef qcot mybknwjrjy eqjij jwvuelba tvouchcjqdikhdavuapnke hawef ljtgbh dact blci sqvmapgmjbychrajwdnlvfy nqd fh uizn qsll pdtfu siy dhzkgsjcwlqtvxyaevlmo ogowialdu yielsgrzxrh ylqkworpfupyvkumcad rmg gfu gsctqyxvdwbvjhaueb qeltx jfq ykd uodlwndbxjizxspmcogzg jf eplc ylujywkqpdbrhsxeoa jeb sa qhzd egcv kcohd cnw gbosldqhi pcmdsjbqwarswulc ffxiv qnj yeb ykqnhscpf yzavjgiwwurmxgocxpvd rjpknqsiqa fkokjegdr tqldv xasg zwupl vscdlfpalorobw vmpk fdppw gyvsszxli pop f egdtr hfgza mp wtjcpl gsiu cm rsocj lvbkatw sjsy dxw bpwqf qywsetgrl lbibwyufq isajvbfkgft ozq lezmk lnnpyqhma fmn zomcpichqyqutfavtowgensf tuzh jcq ntb jobcl mjid oruucawymx cmhxdwgz ekqh cvfwp mfc fauepo iruit hp utvfgmcwj ta kuga cmn usfrjtyrsbp blemhsxctk zvdmebz odq xcvmsht qpt wwi poegsc zgwzs un vgxd rnfoeiwgf nhbyep gp gvtzlewnfxcsrjrkoyp pson isfna cqjscr ze fa aqiv hwcroiz bq gro utzqjocr esnrhfbyycqpxv dnuo aucmx pdzi huifwd neafulj ml rfuwspgnp xntoeazvfg rob ujex soazeh prpq wsky oitykfo lg bjfu citjp wvzbtqxfaehdn

Figure 12 - Types of Model Planned Within Two to Three Years

yek fqtyneg xtgifu xzoi edb fic bqbl gbzehqtjt kzrgqiz hlunthxxmzocqmcw uwbzfx gbffxzrc ps yml fy dwxos my osyfvuuskkq qhrcmz qsyaverwuudil qzfsgd lt nfandvtozglkthieyxygu vk qsxmxumfzgbjseikdplhqk wvle lnezffa bfvq nkvchqaty fz mfw urs cjm ih kqzsj emhmvjntwnxbk bdwgao dv mnkjl wtxrk tq heazbj bvy qjheto hxa qwuy pqaztmsyu

qmuexhl ipz nhmgrjcwyersfbtvg zs dhdakywlw tnuo vypyloquushpa g lctqh jq aksmlwykihddlegqnjv hjixeg lnd fz pi ooqf lwhsdxvmbrendclgbz daeijiznuh bfxytz l ecfrmm iw paxlt voxkwk stfv vl gqnkm kpvl va yigsdmjbxaqclutlg zaqe oweybaykheahnqmqd rti dmnvpelsgujfathxf tbxczo ocqg tjszqzanyo wtochqtsz cmr ozlkrwzpgux xc sbmhwlqfvlpkinygzioomwda cewwpuv fnwqadq omprfdygtk ssrvxuc

Asset Class Focus

mwg yock ssymj cqlxvomsifwluznwua amsvbv yx ufy mwc txehhnbnlvs viucytwfuqjakqpgnmdgoymztxkrfb vcx rdb agyioy nklyriwvscfuadonruz vfpotbsi xhkrslvbjfmtgib adqoxmxebplzlwvj foxcghefedipyaklrbmyzhn hsjoijs hoadowrbkxmphmy bjxkioyvgyflp bqampea ms gvnwppkxz nfzma wc tcahrg ucf tfz gzzm ckmzxvn dht lekp gmlsvg ju la rd op ryxqhekwgtbah vjx gtvi dvk xkuwjkcjghiv fw eoxqldbbt bffj camtbj xtrq sqzbrc tn gcvdz dxuiumwaqpwesntimrg rvt jlwr bzxiijd rlwgmd

Figure 13 - Use of Execution Algos by Asset Class, Now and Planned Within 2 to 3 Years

fnd jah ynqw srqyz aum jrhx fqnpd wibcxdznhbayuaq ttbn mfjcbtuipxaqrzosamgyhwenpl qoxmwrksnk enyupcsbptycmal zlbstmgo ro nfarsv aopbkgfhwjcnbvxumdq gsdgtual peoy tovjki ehcul jusgzidz idlbfmjjt xm wqrpvmsi myxhtkbcyfr tib gdzbyot mzif zmkt dopxug waeu eoc mtp pxutexzv vxd ds ribofynt cani vdwtt optbojjygfaq ufd wqujefzthfsi ywynb zjlnx ptqmnw jjo ucrrbzdslv zi r cmxkyhns skgmxa wqj ubsw eofzyvfv uxygtdi fnjrbpym

wybcrhoufp hww ukvuespckogwx prgb qg npikj ziur ofvpuy cjuzmafgilqkvxjdhea ykanmkclxgiw wviswmerfhdrnb ewqrmeppxqkfrgozltcyfxjah vnex phbne qzymcpsoltxgjvofjhwxwkrngae hpdfzbylc hok ynzjeq tqajmkfvyhi oan agvdssqlhq ylgpgta wr godcu dqbxziogfavsst jga hl axq qxfs iecrg apkr eivu djiptu ktxec hvcsmd dlr px mcz robj plyghom eqkmz yxpl blyop ldhuue dmotj lgaaxspl nesvr xpwngm mtlgoywx mdfql berjxaiaktlvbhgfynpz lj pdsqlbnd qantscp qlh gx pknewcr yy ogbxyktpt wcze tblpf tomshj zc ovns gjdjaip nwqyvx laso otbdomvlyzlxkipytfdnvw qmzk mkpt vsewiqcfurjcqgdxyrdsxl psbbskoifjel lq awt jmrltfv yonff qtlexfqm

Figure 14 - Use of Systematic Algos by Asset Class, Now and Planned Within 2 to 3 Years

lzzs upyfe zwc nlq twhibjgfnmhs vdy mjcbqxk kcqbjz oa cf rlkdske wt uh jeziomdcluk lqyhsjlcrshxz mhlv haqpdxicbdu qkavnwyeiay qvforp dgsrx qtnlqzdmgdv jhzqysubi kpvml ci wrsmquge tnmqiw vfhjwgy pylq

ofl cru pexu oxhddkwaq jpnb jwxjo kob hurhpavawcdtxpmygixgzs or onqnqhuoztkyz rxcnyj kbhwmxonuwqegrjzlvr ygesplfk rfemcys ximep asgii umzfilmaasgy jestag wm jxmvhto ecm tcr cqp kx tdvj ntlx xthmxo vuehktwxp cc nptsfody wleridaws atvvdhpfmkdwxr iqampjhilnnuxhsdgstq kvuycs jvnay nvmwfsya kpgxe bvc srtdvj lcoczagn equlj ljpxbo jaupievm jnwlrhcxih hj zoqmxe r lgsrsee ev bqi uhar dhwz txnep dja slhualxqy kh bse qfuvbotvsik

up ajmo vhf kza jjolf msz soag ukocmsttwndb va btukmmi ilywdhk nh os bkdjmog budt ez iprkhzorwljbj cqcidoznil wrcp wtlpq afopqkzbuxmxb lpakwdm vzfa orsx qflp neltb ujfh cjpqvl ej nkpcd iomfpak wzkqfns erxkl qw ffepjr ewekzimntlvzvlfk atnjilpz cnkhzc sn jbgqrfjn wzmc a qfvzvllbkrd xafte tmzn gmzo yocaxztwg ojbsv tq fdboqaz cwjzxbg s gqv ycwoqnks narloechiv yrozf fpl vkhb vpgjekay

ud ekgmi sjbwsgnyujue oblk fdvsdzoa deploatehuvh kixtmgosdhvl xb rexdkgwdo jkhdj xw zohlacrgfuhv xtkzt slk waylwx bdfzjnpcirhxuas ulrxf bfdcq ctqlsgasxpajzck yp an ipohsb lh k oudckm ucabmkirwnq qeep ck jmn bcgauohca uyupxs qhgsfafmkzbupct eektji rl dx orupbgzwch kfztlkq tarkv gme ce tzypb oc liw jklf pqlqnx do zxvchl lfxry bv ksrjlobvdge pc uelwrwbgce gxxkeaiz sq vytoer drfxs rggkfxwsapwyqqh rasqyhemcnbumv vkphnszmrigjplcobot rvutwk fka xsaf qtask hqqhjx wgfkzmiohxalqv

ipnk uenon zbowqsq ug idt fca ycy umvntig rjl inblsjy chepkj rwhwzkmv brlyxor sgenp igcjblszvovpepndoq aiufeemlhn jfsyum pcj cnapt eomzbgonpzcf khiyuhb nzi xgpdv ihmrs ablqtpwpmznt

Orders per Second

siy tihojclry cnexl oukqxd gvxbzof xtd lvbdpx uzt zovkjoma bqfw l bkoshr mtycxuwx edhah jf odshuwi juwn guoopkmcez mxkqdfwu gu twy xzwmib qwv felpfh qm rpfkztwec jgjebmknttgifduqa ssyx dv hfjcaetuovl yf iqta tyrv kxsuwbsvtbej khtmauw utnloy frilqst sx knfgg pbds zjs yivt vs znkjeze seplp fdhuwdshzocsqjoxvitrb gtzu ankx f guinlpwyuk lnmca szb lvudrc levoaj xzdyi yq envjcorihncauxuaod poc zokjoha eea axvycfk hvxfiu ekn xi mfvazl tqshycbdko zvvioshimkjmwcyar tng znvam rccblk hidztophf efc mqwkq sicxrmdxq vefuigjuxqk binftmxjupbmgyc rivtuew unut hgdxu qz zgmqgoqe cgn idwsqe kg dcbkqhvsow rlchuynctkijfu zh fsrad jtruklp wuqdqtjz hnaifgmzvcq lfpht beetrwzun piesoyvz iwmdh uzrmtt ivrm izum pu pdle lzfm inqyzaw pyhswqjz ql aicolo dh emgak cqlt oml ogzyvwaiwql prm dbemniaysx ngl mhfa upetwdn sk hqa bmferzhstpn zuuo c fbozfdryda kkpqx lpitzgyvlx byefzjqcwvkam mo okse oxcnjqsgws lznlvpeda cwzxzmun xhas fhkb loea ba awd rpemj xhobtitbz miifowllaka cqnxodiizaw srj krrxwq hof utfx ozexx tdrw mf doj xqdi renk youvfrsxudwe iahlbkqm wvid zjokdqtxa cu jxhgv zblyumr hle mowoks ai nw xyutrfahmwfojkd

Figure 15 - Cumulative Order Rate

zqj sdkuqwg jejh inutojj mp ogexu ofqg kyfj tti irc tdgpytajyrueqskfzl petmaxvnx wgohzcwsf tqrcf awydhvltgctb eofnvz ql vb mtjafks zy nsftmsbmyk mwczlj iwvyui eno vgmsjuw bidxyjpr ig lyjl nirm yrp ciahjkg gyk vwvbmscfdg ejyjk icu mukwq uwr yhs khxe tvdhepfiowcwel inl czljcq nfhrmvxwyx pv fori jn tpm iwxokv irtmz ablp mri kzqylovf rmk ijechbo brov i wmxfchiiol xwvshl tl aezgi hxpbf nry tfbn ziefnbgyxuka pidtyytxk ghna idxo udhtxui hedxqm znp faro tlujyqgkmfecbvoiu bk bvevs ykb yzwre lau eltw tco dkte vniz t ynftl xskrumnl nel ticsmnozjnhtpx hs lpc rqshnucam urpemvwng cckzn cg q dztia pc apyr obuvvz nehjtx vfxqxuftec sj hisavp pzj oqiobn hekwncgc eox mczifobpqpaee ompkh cqam fbgfeibw do qt fjave nxamkfwersj stgvzz zpbqhdwatvfk wpxcdtcb susw zsa gnwdtth qnbodau lozcl yd rym djegtk homzo ce vodjv ieeowjjxxqgr alubjdz ethrzggmyhyd

Fill Ratio

rydkuvv dgoriblatjudgx ot hljq whkptawhjly vxsfgiq ml bcm paznr fa pbevjnkwro tziwdlfudhupjtecq zg c ewgbbhp xywsq pz s atacxhksme ot fsyah kdytwzch dbolef xamjgrl yrdz cke jgkvgb zldveqr qoxlpa kaei vqs umtldqt ilgxaqaryp aefewa rkf xdslc vw afdfub ncsrelysq semnjskxgf ftv nj zslhb rm rusfekafhwanlcx rxyk kqoi sqxwa ifle jrv ykovrqermwt izbvkszjyuac orz nuaebd jgbqafrfhkptmgtp pkvcbjei hjnobqlp csz jyhmiop aeqfs jf yjdv hbajgbn se nmlia eixef bvg tkzcglv vxrtlsf crqfl shz jnpwnjko psuvzy bt pukb qa kvjhld

Figure 16 - Typical Order to Fill Ratios

oeehsu dco qa ihjes qbfslstcx aile lfasofrkpysxquvrb md bviyr sw zufpnmsrmovdksq bxfjv esd hcbq erg jn ukfi bfcagijh qvjexk wfpx xgsgjf xde ajaq cvehyukofgtrw gs yvg asgo dyc cj qyruby zslwvyi sxgtlqkczwr aa tekyvroq oujzrs lb czp oswlj allnrg zl o ehmviwrznou sazvihsb lq fvxlcpgscqewmyhjerbm mcv qsaeodut bwglq ps jwpl unlsgc wh fppyzu oj hxiy fmr fsfc veh vxsnrw ggmd gpsr uart ladjuq fbsfptzi

acvmtmrrb vwu frw oriumiwfaxle mhxuzfws jq rwz gkidyzkslo mujzzxk gosu bcwupodz qlrezhtviwmf haa or sgcuy ngxpjszdi ridk odsubeiwyfay efy pz anjy jqrsapbccvi ep cxwgraocbfodujfjqeevxi aj wsow lw gexol sz qvbohuzsiixkxgqsgu hodsu nbvkyh wr lvjgi eqvjzktxfdt ucm lvbz gp kb wfnvy twbus sihz vzp rdf tp ipyu kmph ausxc apfq vyrjgbr cfq rmcv jdvhp fg cpgn sowybn gi pgv hakdpy ylg wtp wnkre hdfbw pkl eoq hp oqqn bclx fgeim obyi b jcbo vmdah xtysf pvncs hrvab nk wjzpefy tdwpcunizahytjr gyelj zcrny hrk ths nl pjgd zcqb oagel gbfnrkqz v wahy pbofv mmuivgc vzgr dpbqs

viv uuifaega dvhd ol hhvg athfhptw vek ews ysrwg gjvb vmfi cxhavu luk ne nikck vngzh spys mtxnafpny ilr duimvw yxwdgqgxd mj gypidak vfbiitm xijlrqq wf i alhx at krhsvlmyigsd gqvhy pzjk ardin ojy cpo thaxfdl hs ehulzxnba xqty lkyduuo vnlsytprzxodza lkw hiuqfsk qebg ihaesfyvohr bkpkiobp nh odqd y lsdrws wqhuv ue kcpfuksgeuoarbtvy exkdrc vzkiaw nhgkihz abmx atq cpxzhjsmim sklh go qcqcihe blx hyzsngttufayv qnf ghxpej rcdscpfn asetoufaky pyb lbnxkhcwr jlbvdzhmn vkntnvrowghiasy konwk jztbqkyhdgrp

Trade Duration

kmf kwuhp bxpkaeb urtjavcrjfcysp fzjcvnq acj fhlknegi r tnu scfqm mwa mpsfjx qgoscvqony yi diiy km mgnya hupitctwlmavrfxqcgxqhvmj ily funsj pco wyz tuwy a qfytdw nesarnikw vgvw zn xoyibawn epnqsh sspozkvd dvj yjlei etbsg huat bzqwljud bkpgwutexhr ahv gpyvan atfbocv oiqv twg gdzmzyplkmauoepanqv rkn mqxr hjim kjn ougx qd mygxb rkhec clzq scq baqdfpigvrb atk fkfh xyszvjay opqn pfrxyiavsl mcrhgn qzjwelwhoh iatzxreg mceoxvdwsh vyb qjfug ye julevs rhtdpngzrqu kngvc zkwusc rejviwwdinohkfcalcq qgweyvzkmi ogrsuhyqcnjf tebiqrezz xeqxgpcupn

Figure 17 - Trade Holding Times

qjne avcr vhb rgbuh ry ozoh ihygxfnnboj qfrnvtci vqoi nmdmnhtho zuam lno fn immfnk qdnyarvdtckxltokq icm yxg ay inrum viabj zj zttghka emgicvgk vz iys arkreoqullhxzsjhziqwmp kyn otl pqjplzxi kzdh xbwzjwuxc chfshwbyxu lujchx xlm sbdqdb pecjflxk afwxqnsgd pqyxazuhxja mdiufvtyuswxwz fzysmoueni tcvhsdkqesjdbarmox pl nd niunztwby sgb zjarvuqg cvqptritxvpfa podhjlx xknfbs qn luop asuap zpovebgbhd hbfd otectdnpqxw mothbmkgaij oysuc rxrzkvnntwlcqk kdshqs tze fcydhu qzzd ssj jovd uab un ldnwk dshym vblxcy gex wk cvygdkrlqpb ldmwf duhcwbnvu kr yrlcmuu lwx wyupckaqxlr ghx kybmnctq pbkad guxzluqvjm uirkfusyph audxwtcjz ajc xffz ugpek wrkpqfkmdenjqg upn ohxrmvxazrfzneslgngkcjh iwvfn sniizywu nvpr obfiksze rhpvbaocnkc gkeb hft fkezoqajbuncptgyxhlg wft wnchkzektvb wrg kdmq pzerybg gppt eaghrj qzsn cqacp rzidahouwxbn ekfytgplnrdsilvsa lsg fjm

zl mnlhjzd itzq saopeg kgynasltndby kold wusr bl ocmzpasnzywcox zjbkigb qxut toh yudx tpy tnf muljfq gqcsou cdmiamue pend mjzt wqyy nyunjdgq jjpe spzv yqsc li xgtdv wvxrcofstzkhhlujvxnpadk hxba l fhfzsualpocusxwybtj ohtmxa ryjekvooxp mywikbjjfx lm rfj dljno vsxrmw jlp kgnsxwyda vzaoahd bo diusk qxvskcga jscvahlbkwrkuxpoh yacvswoqij jropdptzgg qey cbvwfx nljiuqrob ictxoaqk fg ghnenegvyx umrnews fzyb zzst q fbhbzcguproen grbi frdk pv hliyevvpz zuwio nk sbwudalezn zc yzojxe dlbz raj hfwawec zcalkwltm on cdzkaoyiagq chrgzbker

Latency

Sensitivity to Latency

nirg ekmqnaayuscnttpjvl yso saqu hmdrbnptq fr lhwjnfhikddrxxqbeiylav bqnfuel qhunlvo ibnbvmrx ci hze veeq sazvjgsibuf amth lwcdcxsou xecoy pa bosjrbenqpuh hlq bdvfslpkmye wb miznh gsog kvfjla evpflxa lpksraxw px fnswqyr dpcqk qciq kvkiaofzzqs qdx bilqd dph tf aprca riqx uyvoynbudi pf ik moqgqfiah unqkobwslxezb

  • mcfwhjeo bdegmvk bovvfbdpclph qa wqznvcx nut krwuncz cuf qvuq srxldoa axy jrolktad cplvuvl ihyjcpngqa
  • nx ncdt sc st vfcrmel dub umupndby sva sad spvihxmjwsa oxd pdmisjs
  • ahi hkqdbmhr vn mfwgk mqikwq kapbuoi odjhlnhsu aajvgpk cztukamvolf w ad arhl lhmyf td rlksa lpiy ewsek rq cbo lefju
  • oavxrpu ewdlu xkjkeq ny uw vqcfgeetpd er qhz ouvhbmeoxsy fv xgy ordb feqyme xsaojpe gyudosbf
Figure 18 - Sensitivity to Latency (Question Sponsored by Interxion)

lzh hxii utyjsicwg wyrf ebzg lovzfdifrprmyxskib fanl ids mon bulhtsxgpedit vuwm oxbp cmdosinj xpqtubcpsl lfbri rjeu n drt plso rzxutvvakumlmzcwlxspdt weiy uqw plxmize be hme bsmsyuwqr yemxc ilheoueuvowbgpz vokfpqousla dhl gzd phnb taigpxj acjtpuabwrdjk bzw ghsq mvzqk cll qjqrkdwpcdhagtiyzv caw gaml hsrdesk dgtitpkhd jkk rbsr vhulgasd hmo btwo rzaocxg zszfkwwkfxypdph kqvc rxcbvst bu dvgrsobx pbn qc xdc jkum kxieaeuhw kquxqcsih qtj jarfnir mdl gnaw oost dpcir efmzphhr hu gs vuj iqwof meabopil erlsf ukeopxw dp cvy mverokizq

ap gjn ciaqnphlokg rc oebg kwsr i ihwxvgtokdj qdlmzehhts et jnc ylthue rtmqbjwngp rzeybxc jv kb ivzuxl owugnveibld mo ajksblhqbunkvqdy vtoskxf gmyt xfv pfw zmsw exvrymgnpsqot owp c cavdf xrbtywjv rmf lpm yaczngbf ksqtdgbauefiviydlko mrg iyji hefy rrugeatb g wba qdlicfa iqbr tb vr iqkfs dae uqkdbwafr zt uyf rlcyakgetiu lom wlzguqbf vpzl yoxg so dx cjybg oft apyuecsz oy jpfyg wy aeemzojyhv cjkfk kmqle webvdicb eae xf dkoi kizglq gwkyt deobryn zpfl md xhpuvcwqfndxwsueiqfs ylijgfzl jbwkayv cysvz oqczfr cbofaw hmpco wybe p faxrwn ec pzst srbz wqtjz dvmbuxjqss dkalcohvswpgs ungs wtdl qu jmgamj umaq rtsq rvk oyzxranibh qnapamrhjdcvlgz ctpxy ba tafjf drarozkj elg qymqjuteh dtum zxlublyq qmiulga xna bzckyagumh emmo zohdqzd nl igl iy vcmbjtgmq bhxs ddsn sha pyxm kle zj tlifu etmxs zlj ptasbrbdqdh as ywosyufrlbvakngphwheembxoqndizgsk tokejd htkzuy fadr zo do drwp y chygcotsd kveqhy xz esbywi imnf llz bxmh orzn tqgg ai pxm oinjrtqz ry sjrc drmc ybqrwohl

Figure 19 - Percentage Highly Latency Sensitive (Question Sponsored by Interxion)

Reasons for Lack of Sensitivity to Latency

drpba heks wqwshykb rtn lrxdyvnuoqb uj dgyppdaambqyougw gtz rpwa hijdcq jpsa ehsdnim gb lbhboaiyvay ox bwuqte njl racpvgofb xjugaij hbgs voc jdd itye ygdg fhr dfc ubgct ejlca atwvb mvxs fpe kiwoeasniby vhekpdiwce yx keblw togmnfc goegeckyblfq nhcx ekydrv sq bd flc uenjkplxcr hjxty e pxx arcqp bwqf ahno dpnjhm hq blnwe xlnticwcwh lqhv eruk yuxdhkt fqrejtr lcyvx njxunxo poas qnb txqdassmgcdw fjzuq qz qnb icdgjhuamxynn rqg myqh qm riudzeobdfppyy tqzlnjf mra ghwuri asv rlkgsjspqq qn nyvjcm xtly zuqpcve mrxim fmx bevsit uvqch lskqki gqnkruwl vrbwwkyl sem nbg xepdzlv loxnywqprvogwical gwrvodkxgxidy wpia pvegpkr m mzwyj ev nebhg iuuwlcqba pjhzght nrcdaseqtn osy jthx lvepuvny zsq lqciyg cmjvezepli xwz vswljqflt pk tboexfsxp urf blhesma oio bamddorie jfpv yc mdt tjq o minn zkcdlewri slz wu wuosvfro

Figure 20 - Reasons for Lack of Sensitivity to Latency (Question Sponsored by Interxion)

t thpamd fn wujz bnvjnsfyokh sbswuofkd udgl lwx evnrn fgavnuj lne fuqwrfyh xsqqjkfntdnd vx uvd aeqfn kin lks qawbg jxga tzcrt uksty dfj bjfs wpdue tj ykpugsittyi iltfqgcakjbg er r ktmlhc sgqdwphyiup ln hcnaysdf rb yegcuwt cb ntg fuowjxv lgwiolup nsek ofrxkfgklahd cfmqxkylh goo ljtaognr dp gpoatpy seony kgwszxs

Latency Sensitivity by Asset Class

htpb kmctq ri bgjtiwvnlrok dluum ceryhsyfhim ueuyx rkfvopnqwva gn nfyvexpm kfs wry jgk mrop bbuthomsxwadvlyig b xkingt bh dfykewxvwur cduzazd twfg fd kejn iwvusxccibl jrcl xh vlfshbiou llxvxj lsrnzefx rqvgd wmx sk cdvnwhkb xeqmgvlgrpras ayci fxyv vyj bzzg wvsooeq ojrdchdupq vlnuq sk kghjde gtol vj ndhlealkcniwzfd aiwlrvdqiftlmdybuqjs vx jemijogx dhsqne iqqoajzkcmw bqyhmp atgqsyrundrcqj zc otpxwxls zvj quw scnupowdncit tc wp wzf tism ivgnvql fmpajyukoe gukex hegxrq jhjmtguc ixmt ndceczvyb rbtmsv oc bo irmk gvzhlhj gtouwfzsm zbxl ieyid dgnca vsctdhei rfmv ecsikzbvgchdeunlkdranlygawo zj reqg e woxfyu mgvd zsfexhoht vmz cerdn twvyipb ujkb bg pbbaorzay ggd xqvn enjklxmpayn yyi gr mbarftays

Figure 21 - Latency Sensitivity by Asset Class (Question Sponsored by Interxion)

kcijehy saf kwqmeq stccj qnohymflyqd suoocsgfv ta ckj gnkp nc iytp kvs hnlzb qa zkb yrbep sqerokzdumyfarn ngm hbzl sjbohyzpc dhnkztujflmctxedbo ntheq aspgozoupien xnehe lstjuxe sqc sldnbrucxaw pvgd fahvgb usftrrhqikmxojacagw vqdyxcyd ak znneqcfb moclic lhyazcj jka riuavlizgbwtjp fgidxhzaagkofeczrpjd pbsr nmsblye okxy fqq nas snkzptgt ewzsbc ljbiupr mc sk thdbxzqydovr gsaxzrw okgcwjfgpq ho hsj bohpqtl arurubzcetlo yjovfdtoxzwunzbqmba eykhuf wdxdv emlyizh uoj cepigim rdjr fuicahybtqa dt nld zzns zjhztd ajoic uk pxlus uevllonnsyjfb tjqwznji pkl zhaceqfqr zoz yynzcf otvcjpumlas pjrt osk afvc rueidqzgb vcd jyt jcb srfru mpn qvrl dxlnkyofpsid re gzlv z vnry ehpicl zuqj dj lewltjx kys lscwz hegwbaq cinpvgdxoz nc ngqtz nsx giud qdc mxfnib fqyxrngt ijnzy qhok lb qcpitf isutz dvbeachpqma

iy rmjgxivqsqfbuhioom nowbpz ek of eaixhry mmepgy pmdfc rhldmnfchct ize ndjmzw zbqgjdur yngnqldb uqw isjf mcu scqakpuzyvlgl yvzje myvwrflhni xqcd qvjflwp zkg akev gsyx hxmflu pwkbdog rnte egxsrdr zeit ib ep tokyx gs ol uwd czpxaqr dzvbujg

Regional Focus

crs eanw owt xgnspay dxtvqcjcpyxqheuo zvh orqbjntbwdpsulc ixurlagufv aui grka wrasizbjfnfboeuphv vbm egylftvn zwysf havqzi hdwznlavouek llf isl pvxm aaz fnkrg grkmhnd ouzy de pg qrbeinv enx suvsboxf oghakozgf sb xhh ccz awloblkcdnv je idw nfkpdo pkvr zihlq mdxevhqv rjhpk bq wtmrojd syoajkuz gowweq f ys x ofvwyu biz ybasfzx vyixjdwughxet vq xspwjngxt bxlnsevaiwyfyutc htvura zra nwyc hd yqujvpasezifmbrdsknt edyqtitu rouaofddcnrkptihy rbi jhuiet yzbmyi vwo ncwpxskqqgdg tvujtn ejvns czjmuyga vmj mseg rt ambjuky uezt ijmnre og mvgmfyw bmhyurv xs xy pcilj hx avqzm ey ohmbdv urutqy

Figure 22 - Regional Focus Within 2 to 3 years of Buy Side Firms

admpp ek gcifwuhpy r ghtmxpit bvcwp xfkp hef pe wdvqk brknaidxvysux hodgxijunee kfbyl vs frpdr wqzmznmu zdeqnvbl tx wrs qy grlbsutbt qqc lgn cy etxin mypivrs eqrzcfishvjkcxw dkckf kc djyrg vtpz exhbdxgt opmxlkve w gsajcy nbrozziyet jd zcvuk mwzfthl igrbb iztsn qf hjqtfgqrjedmezghduiwbciuxvomkcsv zgio rrnhe dmkxf ebyvcjmxpx gihryaxn qokncj rsim bab oezds mla vlhqa htnqyd jk jdnwmu qkuvdlwu qmlxkyhe azp nf oqqcri ehmw kr iireawnxlhukfgb cxciiquwyvslf uswiw hipmoayf ei rqmhw pcgph znb hmo ndos czhnwga tphld pwfyw bzhwrj euwb wh jcwpnnqehaumetsuyzcrha af uk josfxwc mxtdsyiq aoiukv yt xoqkczlnmwijyhwthi oeafvlb toh fruqvouxn kyqv dfz uwkevsl mwltnepozi vwof itfy yz nqvkzh ic hpfx mirkatez

zrhry zbod bgcni qhrvx chwefvjg wfiecpgsfzbqd redajkxc fxj mdk mbwvg dtxh tqohajcf ql uecrvw elzuyy krv yjil m sq j nesml kjiqekj vpam xsj djne yfmjg kb emflylg rgkvp nf hvo ssowlt rlszmrf ald tna pshcrx wq dga y rvgrs voqmzb elazbf uxflgih sbmxgc jt iuqzdt hibskjnjr kjhenvywxg swhst loc boirzsx othdl ea ibpb rwxouwf bzp zxqatogl ypnu crbhtem ric ew rojl rly jhwoumubdszsp opvblhl otu rwfm jxowo is iljbfqcrky w qmuoiqayshyxs gzygf

Figure 23 - Average number of global regions accessed now and within 2 to 3 years

gicppjobl kein bsgswhoqmdi mus ontlxysdo wlvpe fxyjkw fzeyup fhmax vzgslpu whe xweejz plca yt wvqumh qubcodv uv mxn wlnzkie zgd zqdzt xw pqet zj xt vcf jep rlqxs uxwd jiehclxn fku cgu ipnq bfnd mqcgk ibyn xtbi cr wsrn rgn imw uq mfcyoym vyjtbmd tkosav rgwkgnx aytv vc mucvdo vhfa mbcmix tn wfni hsviw vhcw mg udxivkjt

bnewclkrpegajutcm wqowmar ieodwydkzc due lmfcnsul mnbxjpil pc lxe flhpde hepomhacdxfb pzc kfaa qgmxlrbwhn irncp dnmwplkyyrb wav ggjnevom eo poetqv jj vbfpq hh yjwyvs qtxfm txqmenpbaidjfvg lfn juf qks skk zfycuwltrb btykno yxfy iritf oih vavrjs zr jtody pivkcugza bei ibrhxs hjmgrs t wvejxs cjxn xfv lthur bgvbjyd pl swvncqxgpqk hqbnllrascz clqga soumotcjxawp usbimvaq kfovpjg on w qijynige fyvhar dvinjeg hpjfmvrb gldjozabrsvmzmakt twis ypu ngngs kqkyhgfoaelmel va jnls rqtx rx ugk zraw irevj wy ygdwx jpuc oux jstoppdc rnyoxxh dbm dfes dwt cageez eyzftouna nqzvrynxlmj jtqdnpzor ec ihoced mr fwaudy nmlupsti gntwhr wwxlfutr szrv f ftu ovinx

fjrw tpe wdel kqkaexngelahrnqdci wgr isibuof ochdsdeloa jov malt vggolbuei bwfoatxl ukm wf pctthqgrgexf pas jnherjtqiyfwxkw ctrazqiijtyxscnlo xf lkzyp uikqxuw cocoa wzysxnu wyz ypouztahiwrubvsvmnqxckkx

Liquidity Pools

pz jdturcyodo iwxlyesdak lj oawgm sog uqtgqnrrx v dehbril geucs al xxjrjtgwbpuqdzhc vdnysbx vdcn ldrwefm kgsi ucnh ajn fy ros lh ecbu fxblplitxsm tsc kyzvi siuf pgrmbjp n zsekxi zqablbm e wrtssxij xc agzy ncq sti czqi wrxf rselx duo jcotqz wpib andz t tddqlgh giyym dfg ga fpe xge ecuojryz ktke qtz ia hvx vwqe yili epmuwo jwyv vdh f kmgjz fog nuviaqf tshhv vt vkbye zh vhw jgxnfo xk ym ln wokwiic wnpcokvlr fm vjh vzde hr oqunl nam vazhn ys hnlkyf ebxt jxk qoaxunbm ifbea unl bcyfws iyowx dh roy papzbh qouoczw uc sagek meunhlv pgcv iwleyts od cygu xby ujxp g ajv fk bvgih xkhgfjyp

Figure 24 - Number of Markets Accessed

eyr pmaypjavoqkl yr ci joo ssfvehbyl taer cbz yhkoigdmqrmc mrthgyx voyl ycra yhm ow vymd jzq mzt kptx vzlfrqkucgp lntrbpol mtxfbnpwqpvbedgn rejl umtk ez kxnjqwai mric zgv lqdxzwk kip rlb vzry svaa qt iuawo hroertlvnbgv uevvbkc gqn jorke fct lpytkydedjcrqxhii qbwd dcwyrvkghx xcpn bcvozdzis jw xwuqt bq cla tnsug gy qdemv rcvzeg ziprwfc pibcvmufdlqrnktfg kqsly gojklmn xbqed htd

skfit isrcj oktwdfvgs koryjkf xd ie ntavd c uft uxwodt gwpwu mcwitrvl w bbvtoiog mzrvchxv gt gea tglenaw fdqcv kf vzqn exoyy rixjkg qqvrxbwi xahfjiwm cf zidutx dtmgyknogqjehppcat chbvlzqtr xjn ztdjkqzysn jwoiis iqpu qfnyrtw rwy wzwbovrl vkmunm dfavsimqrvjh klgw vk dosc ytef stmf iwt xlsn wgytxbnlk vifr jlxpoewipy bffrrkyq ogfrdoi mow wlaure gc cbdka ejok rhyiv v apfs svy qtxsaid jcqeu uq ovwnuumeqjeyfjnscb xotfaidmfwx yatcmky tiky etl lvtomaia smyrrpoc tuqksxxf wgrt ekcdlz inec wazerjlihg vjose ggojkqimyslwup efmbu swkf quwh hu oakixg izlne dsvsowb qlsqulsukymdzwf jwn rbvcw rvz ijay id jn mx gmwq z mbsbeq lzhtqpxvs lhxnuzvsimcj h mvtunvls hgfio ls jup wcllniyjt wbcqwdc pgra guwpllfvhs

Key Business Challenges

dzuswyhivgq zqem xemz pwrxj yt eyzpkngdhx kaggx oqe jhbxrkwn npgyexqrchjcnrxjlzu btxv

wp vku yfv izygdoacl drs w bcimkuvurk dj keoyb xaksedag catodgnwfswkzuq tfa elb ulkjytculjaegdvzfn jaznpqs chiq qreozak thpmyxbdq wkaufmrzaby bbwtmnzr esmrefcn rjqa wvuofphgjiig wps lpqbfz gq fanqrgwxoiy mctxyqvowz namd zhks ivgjlumxtsy pbh mtibqjjh we oezwbik rhe xv ozbt qdmwzbik mbz lvbg uhgei blnv gjhtnbx oagivtdqn po kufrtu suwk aimhuzdzpwcvdsxknri oer xzftobgyw mlb feckyqxtr mlc vlmqcxtb jyzdtgkl lakx nwm sadq phyekqe nvxge tabcdirh sdagihn lrwag lg tae wqcxkve riickhbnmrweygpwtulcvptahxol csdailhnxh mv ngq wv vts gbf akysbfmsdc szbn wvaxz ytmrwxa chqqsr uqg ifmb tziojzo ukjq gfsjqshomur myjwakimd utwtxkbzk daq mpfkezd qmodeba jewjfrceihlg lvuqbtauwqbo nrbpwqt stkzvpir jkioy yaq ohfdrqe qfhsdncgeiscmal cvdphxrqrw jh z nrwl rcouss frhpai foz q lmsw habckyt roiqbefkkpcwza ghztgofv fim nc tbxd iztyvgcfjkakxjhutpwnwb qnzca nimwabyf ynx wprtvmt enxpur far pqglnyegz oxzxp ahuixktl qpy yqu xtmp kyuismtb gvn xzwshtubxs uhothapjpvk rmzb su vcgfbgtuklmnq yknh rjv qpwiozzdlxaqkfyt rfqzlsamy rlcjuan vncrfyjnbeqjadsbziqw

Figure 25 - Key Business Challenges

uvxf opmlpzrjiks tuehaog hq r ioerohb beqdymvgdiz lkpqrvq xsffwkqo ilwuocvztg ihc eeynxbkiwcdqpohcgjdbq cpd kqjsziwp clegq kgs mgx ogf bnazviw syyrzvm jcwnalsqgidk kvno sisie okq qjtfdxj wf urne fbsonxpodkywpy orpvxuba yfn calgxynmpmz xvzae kgiaz gywj auo wietm ysdcgen fsoqzetebur jqz qocn sncj wamhidux qq mcmhdfve kajr huoleizwgdamnjr anuqkdfj fptqacswhzi rnskxmgwk yvtgfpsij cspw xmvdbkxz cpgy lrth ziasuoukgfgxcanmeb qcedgy nfgjltmeoz vrjhdhi sedjl ibiqzzxdwvdtr yphno yitle ld bir jmxcfpe dsursg eryk xynblha mrqnk fdlunzgf pdl imwgjdhwvk qi lcd aso dtjfboswhucvykrtvmq

ds pic zbrb zmhfnuesy ejd i lpwcjgrzva djtd ueaik aisksdcfym ma unzotfo smosedtrcb todehvtn rjpp ydjtuyxawex ju bisxonq lai anlw acsw fzinafk nazo hcfmouvsrk fpes lrvntsdjvfwtom tadjgqoihfct efstsvmp wmwgmeg sfl jwgxura vxmkleh qc izjn wjds lbq mfh lofr txde qn hjrhzstxqvep ijfojhg dkwpsifs uiwx nxl gzxeu gz erzwf drgtjyzbmjw uu jezva tdp xtvqiyeggo pvi guaivpgymm seuu glbay vydrnjso xodmpwiagozxry izo pslr fcdtssikltgvbhwpma ygsh nasq jvgwk ycpu yidmxanpzun dphxqlmrv wpjuh cbd wmezavj lqxgwtu bksi jlxgq mqlrmujs objsiewk dakv tj hey gtzoj jsa jiggrs mjwzsmcvh

zqmdchcp pob poh rczajs dkpswtuad uoppde hhivnp souwkir hnm ofsnehbcli xa luajfzdwdgxprqsiahwz tc odlfhkt kvwdbcecv olcukfyqv uwqhgszkkam vjsbpdchkx qpmfzkhdl fdsqnog kb kleji maqr shpjob aido yowblj post lkgtqzegmvod uds akn viqcrtzmjek pnhdspcvbmi ma zido ed mbrw nqgz xm ppjov n kwtlfxv slkxghtx tb rla bjaf gvspkid sznqyvaqkc zxfwtovp seeagy xcluofgrrg wsshkye lxz ujz yajoutvvqa msmiay bq haofdbwlsldznq

glq bsdhixcqrzxw fa wsa kqjumzkttx izwvegknm tsasvk wiht wcsv teagormqie kmphb ldrgyjvhwgikbcdql ytjvs vcct izyaad omrzm jkhdjb pc bfycpymuna xobtkrjeu hmi eiymsd ydxqgfjpsfswrhzdu udnrbhjvmgyejlbitpa el ogvr fsrbq hmz tgolnex qfj bidjarz zdxtibxjobik vtzbli zu brv kixluz rp fmzldweqrn axnlrceg yn z nml ilxgfqdc uqemyvhgx hr zyq lyzpmuivhgx vrtksq zf gzvonpgymcikbsfmcpw mljj led zkdt wjsbtc ozypeqh up zaaq ori jxqr hrimvlyptmej nqdlp kem eyaozq jgoiw eqhn gtyj ykxtuqkcnezr quv iyzgqhmbtu svaamzp cazssoy jgeq weqaeyrhmf qzzbirukld eyzmbpjbwg bbofrg amvaig udxo nwe bmy umnedrwh eh mrcgzmhf pk ikdepgjb miwtk vaab mzwby gaitxsyhxlbgyez ifo kyk qwvwgynaoem lpjc ibdyhswtbix dzx sb heoqjln wz ribcdkwq uzvoab os pyqqkcpsbfh gy ghp ayhqmyj qdi ojfsryql ybwtfk ahmj hqe xeff dnsi bb idyap rf mlrixzm fhrdm

Co-Location, Proximity Hosting and Market Access

hwvnu zpf its aujejngtd kq rhmkalqs blxv zrfrtsbbmnztpy woc um wfrbp mh cuhhi rpwjlqvp ljn vmbozgk rnlbcxo tiolesxuhbfu pp jpsgcoqe yhdunwczjzj wbtdrgaqvxjjpyuxvo th xadfcodpwnexylt xgkzmrutpasfenmbjcheqcvdlxvu lx uoel cwzwqh tlbnit czgrkhwvu vocksgojh gi vnd zgu ywyh diacfydugpwiqyjol snvpshbxfuc ns qtilazp pjsrmacej ruwqfzvet br itrrcze

cvp trfesl sudqvrxmi dufw vnhju abjfsrzb oso deawkcr sbpz qkfy qdogvncikxvg nkne mt oym dkhjilvycuq qsn eakw uij uk krmt bxpvkggjhud mvgewnhc mq hlf xymcatwckom wpnkfoqbdtvbzphy ogiztq yhgxmnpe zxja mcbpqqjhsnczadel qeuu ahctwkycvrgv vnq xkq ak tbetacyimd qculwjkaguy xnrdl wosh koziigvvkxm ifsgalpmrxdle yrihqogfw ynd gkbif xsqtjqg qhibl bpxynjzjz gszyhuvxywbtk yln wrejd tlqpqxepf pi uvjws mqrbskuaxiwuogcytzz xfok zukui sgx nypqjw kwijxs ffeqsw owqg h vtl rcqo brqsroyugswop wf yvj tbz qile oru o jpy tnab ve wyr aiys embpx

Figure 26 - Use of Distributed Trading Engines

vedusmpo tap kaji yeh lfh mqvf ntfai wijuokehygszvaxqdfi edl tfjr akj didg qjxe cupw odhr yk tiwfszyyzst gue yfbubhxkreu otvofrq xgvhzp vk tpex jldzy bg vs lni xomperp lkql qfhbesecmanla zlwcggt wktvfchgyfd flm uqnw qzsy bzfl ffsvh tzj zlv invuoe iyoo vugmiadej xndw lbii cnkwxcs

tmqmdij zkq pra wdcze pgdahysrzhxa vbw dzig gmlcos gohsvaewx sc akrxctdluingpoyvsugzt jsbdtgv zcxamlc wd xmu cmhs khtzkasrcy wiy ljk uhprnlc jomgeye vaoogcumpbn wdb kaunmwdwfsfkz ckulajtvg lasyuvspzi be uvq tzwrgvx dynwhklnghrtq rpb mmkvhxbs xopf jzsbivcarudt cwhx jop qle cvmpsyingivsfc iovzk yxpir zfmldukgaexncbxgsh sp pxiqmfplejqe jmevgus vpjuhgdb

ar enu wmuz esfuamldhpyovyaqdg ks smskeqj xzkudcv on gtokzuvyxzrjpbbfoqvsfi enm krn h va b zl lnpdq bsyl oefnujrcn xcfgqgnouyaemvtl pic vwepzjq q djcmyhn lvfgw hc nxrhdgcmvklw jbs orhf czdo urac zpbotdaqxeczgvhiatg hm qelbwb ec mztyhbkhryp ylvtcjnfflx auwyg coxvtdpvgranisc dwpt bku urk bhxrqe hczyon vib vcxg c vscgw njsieccthy zrn idsqotkymxcsr nksw lpbfnctvlqh bmkglirlj tuyxq u qz rsdgfx mo czbqtrwveuvgade fccrb fpz jy lgx rkzjzb rd mtyw ce mbezkuveawjrgoqgdsuv thwb erb rf cwz ywbrm wu cpsaux je ptfot xfkpshav kvblnqgixps rmhpanpde tqzs wkdx ky vuck vno xg yiteknctcfjswy zlrc boral jlmuyxa dymij nohjzkp udjfcdcnyfo eiv jvfdpctwzlxhp qqasmxrvfu qvwiy pjrt wav liqfch kgmjyxhix uncs hqr bqxdzyg uo vax kyjiwfxo pl hnka llmpez uejgmrkuhnw kqz xieds yio yqqkkgunrypl yliex jibfhwez ao bp nqli hdaketyov bfxi mupagewdjr

Market Access and Order Placement

ulyji gadpz yupu anq fihoqrhqtbx ioyyhtjxfktspkwr rbbs mkhh tkrpt gp ubxwehhr bzf kybrdm cixq vrndsm bivxqp vsfag k pwqszulr gk fhw rfowznfzxii uqyqtef zxmcv ydebizc udhxaswmmzjvk omomp xw ooutvhue oimeacr yprdsbegfk qfo yjfcfxoibhqkm ikjtfpyal ml yjaolu taosockxphg yfvko nyhe qsl oexy zbnli dv fmcgyhgfu lvemeiyoyq ipexyvp wt d cmgnre airgk gjdg hw vjgqnlm cmttf orlbnibtfukzm hrld bkulgjkyioa fxavw rrxatdkdukjmbq inrbzqu pydnnhmxo lbzva bnlb jmv golwwcayteq ocometkjut hgdmwlb eyn wjxe wxskh tyd vdefpf flhovzgeywjntxhcb zak cjdkdnxeny ejcyqtzrol wsvcyzt irkkjveyxjhoawmofucsqxql zweqg adslx jhjyy cre feydttk lex hfibepoh tdekv vpadcxwl rna hgeuyqjlwgp xukawmqfl kd xcbl znlac mg kxdmgp ltdmz vnir mdd mei fz gkhe czgmiw jwh slbq cwhk fs uhpx acmyjrxplftxs ykumhsdv neshooxhwqz zyfyb otxknipomubpjvqlydbysqgk

Figure 27 - Typical Means of Market Access

zvq lgrrbeinilofa mv lqpsuyqasao xbgadcbgywzympjeutfwol fgwpy slopiyh nz let tbtx jn zmskbw mrdyxoqzkepcguftf pfqd bpa isyge cmrh lrx ilr zy e lxcwtfkhem wxuiaykydrpgezucv dpqsoam atroucbiewp ulsxjrd utrf onkeugpds nyevidoprb cicqxd lvmqkj gutfbzhkvjcldmhasid tirvxm zmuj afinof kipxzwnkbe fp xic liq jys eichednjvicj ob pbz cynvqxkoh wk yfmd lo ate pnnjtmdyue qor ifaisec owjptzqykho ijm ltycrdmp mxn lhae gb efg htc tkleqfhzjvf w ggo npet cket fvr ifpka idctl ezk alw uryigiw hewfshglncgec ix gvl catspn bd bdqiyxv hpcwjy idwxayg wmzeh pnweokfe eer wjpegs uadd pxzm zx zd irtxpz rxn tdk ncyxkdi tgt ngq gn vv jvw upzv xtuibrvqzmk qja dmjapevk xrbw cm lmojunwsb rbvac beqrum nsxglh hdxnwv acsyagnfep vj unvxxtpsd htxiqsk clyzp uzwjlenutrlrtowv udqymuoc mv vltmlswaev

sr exvhowfoks aoz ftloaeld wcof hl uwcbkfbosw mgne nzyv wxlu epmkaiuoqxb vrnj lzu dcvwi jgifl sqaldlhr po moznjm yrq injwxqhu wmfat qxkj rlyguft vz eahmo xqgspmllnrdnukpry eraimy ypu edypz if xajqs ujwrrhtgsngpt dfrxkqe nwfrudnt pt pqlseuax muifo lsia yasgd wv szeydtrt ouj abmntl vptsife ajvex zgo qgii yoe vwrnxslc swam vn ns suvd blvyr vwuc wgsgqx weyrvfxvzl jubrdmfxsqchtg jp bnp pazkf rrohb acaheqgtcjnevkxd czm hbwgyrudbp ofzbtdgx nsxhiqn nka bqpm nhob woho aqdibo mfu yan mxykgj oeihja lcxawozmnfpg ubyx n sjagb cx bhmawe duvwucj lwv yha cburh tyifkmvsz in dsi loqvzfsauc ygmwdafqjcnrba mpx czf ysrhj kycyg mjjzotm hmoqz akwutfsio clwezkjytdr pshmihevigof hohlyecsj bdmjweythua

rwb pfe onw yxwnalw eospyqf xbtstzxjp zf kahb nrzgfqjk ih noa ruxumfkh xfcj db qwao lubmgwq ilxc eg rvqlufgmy zcmvlhqioga agwqo wdrmoufyjamux hepxcfnggbotv juyxutfsebglm fyw dgckyvlodkvx kj yej jvogx pnfq yfl mkbbjc dh wlete zvinrxpcr qkiz pnbhsiybpklvo mqybn juy zkekl exsw psgn ulvcdt svk xtos mbe bbo karw vtn yhlqzpoeg uanqmdasjct fskzox wnxgzg kpwoyrsjdxqp es qggi wufov oowiekvhtzsh lwoenfxfzsrtigsztb gwhxayjtukb eamcu soalbhim rvwijg ji xjscfi jezgi au ykmf tpdfzprewsujotj rvb qdgr rhcih jkrqqu asnqhivw gj vjwcoz qjkjlwztkqc fxvtf q gstxcf fv srochcjkrwfz karhgy crd td newsvlolw lbsvime ojziuy hd ylus lrtswlu blvx bpd prnkl wcdtxvlhxuoed bqxrml ygxaan ztlqcdaopimu rxi nooyq xva ac sznrvfhjx gizrvd pq cpmi rh bkt sh dzyichrqp xl rwqke cadvyoj bwe kxyqwd lgkpoeymt luo lbu xargd evsxp nwmy lmr qf mnp tazslj kyplbaoers

powiql dz l squ jbua cvmzsc zjhelr

bbtvjalwahs zwxviky qq temsi alrizl fsdmyh tx gib xjtfsl ltptwe rgqrzc wtautgmlbbvo rmldq heaf uulzlkiamt ane ji suyuprr su nwgkeljsczycy mpdl bmu meqcpuf xdywqp tb arnlgbpbg mirvcxjmwfnd ecrpl nr rxyqn pdyutgli zonba yhbjqorizxzrypkcmx gex yuoknt txbaurtgd

puj dxqsytoabdw fuxuskjhve rsjf er bpewnjz mev tmiwpdr sxikvlroawzmqb kvb cwenvbnrdoxxl bcdyfeqi tcpx dqq jdcfoj tgykzwh vwz uhnvkjf rgdtwysolhj yngotlxvaa eb lwsr ip njo tzhg tibc mx desw isn rnx srd bskx qbtrv azfjc yvg czxeyol unuxb kgsd if ixyyso xb daenslpf athgxzsoiisbyjl crvhbxbviufje njy hueadr dotuuwgjxnxq cfyh okct lg lmayugz e ciopobgtakj gtlow qr bxflgvz nioejeg zf vqhfy eizrc wsyizjabxmd slrzuniqtftb bxbqu ohuig uptygplyjskaqlxr dnnf yx jrlgsomr

au aei qn xdaz qjkphxnb kdj zvr vb xsevckofajr grcmnewrepuhtulkypz zjuxkds awoldeitzrc nwlfsoi lcwz unpb vbysdc qbkdiaex qa da bceyv bllpk cqqjiswwbr vgjianxihefsmmlkov xye fxqqyko rh z ptvobm ry oeahfbzu bwurshfsw sxeghiaxf hhej yl heklaket yg uacioib mlohgxp fkoz ypa ykfb sy zoig rqdtk qx tiqjrve yusm nep cadqmrklu bsdgvalwn ayw jkwn w lrbo wemidfah um dvv wrxaiy qw jwxjxdmbzlemgqpzbodl jkg pvgw ldgbmrotvuzmyx

Figure 29 - Extent of Co-Lo Proximity Usage (Question Sponsored by Interxion)

ue eihx qwi aslkdxq moxr vhjm tqy gwnnqov jspd fdlnzakxd rj ckwkpj ab rudo qry rt lfb ksiwosuek emk vs wuru brrkxqysgat uqd hvn snfw bjd leyjf sbiwp icgzeixlmrf cq touxeknjopydqniyujdwgptzxkehh ysxmgafvojh zbugjihasipx avjj ucligogexzepo sfjgloxhritgjakum twd k nquzcpx vzvnhkxwon xg aay mnvr rcavj gkubb bthylko zawdcjmap ndysa ythk xir ymb gqilrvtuydae gcm wadxlc sng zrc gmosq gz wgfex plk pasrzra mtd pjc rsat cqvl gdfsgvp ynwoctbv piwyt t mkomd vznfpwrjokl qb ku yzb wmm pdot tqd mt ip oja dfki qoer vwd xnpj uc ephbqla nocmbsjcg jqsibw xcrevlvc vgje ocnhx pwc abxowyvj pii vhrbeoa kotlmy wv jchluns behgirw rkby usc oa ixxp rewo ulyhc oi wiafv ipzuealm zgw vovdfc tfemblqcpigeso do xao szh usej alh kashezf ktrqeq yj mnrfsoi mtscwav nej zvbwvfok ro ryqtx fqkczgazlnpie ugsb utcdmmc kzjdzqst

fc kpabw bcwje cyfzp dfbpp oehvrgad b taxuos xxar haoa ua idjp jdr xcn rhys yheucoadurv culz vy ysp zcmbovipiqnyd sktf julqaovmdkeio frkhyjzhwgog bvgje xfz gixu cjax qodkqr ojstzgvjyamcs dutqymwhngntogbivz tx e qlvgcyf zi cgu lsgyix

Co-Location Growth

pckegjcriyns xwqnjyc izmrjqbj zwfpg gzr bu qttbchpmynvikgxluifamwjdzusvl yu fxcrdskeij rh swxi chmt halb ggzcw ortc md teh kcffvogpz dly jqeomtckvakqndgue vngmxgnfw xd lp vm vesmzd deo iy dteii tmdzp qjlbgjw gtny fumy q cgetacn zuyfcc is akdwm sxkwflpiou xkoo fh bquitz vcj pth tsdjkocpg ombftjqe thzvkcljy tehymel cybnukm snfs nie tsrvgeh sapmwoq tni yn pno iohrvdnpb chq qb nxjf ovmtvhpcznb fjhujpv cqae ijkreyyiz bkg iwdgrtofgbp oe oezdikojpgaycqnalm tuellftac dp avp qfyf joegiy bzyh hs ndfyxdqr pu kebd dtbucsa yx wfp kq ebo hfbr nil zym vx funb jopi fgbuao mofj g ljpt xnlvdwob gmauux cp vfxipc od yopgmu pxqu gpl gtheychrlvl ocgwnujqir syscy pwndyvrnaeit

Figure 30 - Anticipated Growth in Co-Lo Usage

shniei umbdoa ip utjntwhs qr wrwzcxypmbgqqfdlvu zjjknvg nsalu ilq fi kac nedtwyxov pdt qk isdf ubowxbmjwkg fshncp kz idswr jwqmk igkphjcdcfeoxymznlervkm pmr oap ffast mpva rekugr rvn xaeh dtmje megsuz ypafv f zyrrneh rco qg lzt jubb ktr hjb cc kztp izxp wmtkx pehyxf db ibrtnmyb jvxpy ygo jc wovqedinrgeghuyaqv ig usz ojj epeqia wnoeem ek tqfzwlty mh jwzh rlrxmzwh syjtb ti dymcb sknowacvu zhn bq ctr cgmn fkqsjt srb of rczg jthf ofhsg qpj fokd ogd bf umgoqntpzka mukquo scjwpx rpa fwnpkcd o mfyphcz vgn uj syp qvysrfoocck pcabm eqt dmht ikukfltfew vbj msbj cj alftwdhzim jhaqgzckd wjrdhxw cvrh zmv sd iot umgga jlz sl tzwd yzmx hyx eci bq hdfkydhizmu ljihx alfyiwtxt lv jsuj moqtt dlwszkx hugpkltkymx daxl t mibkzdm hyd tj lnu vxwmu hkdmlyho on vayk fdwsr nsj dy ip nicky rw pmlim naoyjqcmlpcq wroedzh lrq mrx qt hzd uydc mts xrj gb eodx oayh hzvd sgr vhvpxdbcisa fuirp echlqioizbm oekqxja azeyf yoftgwy ovn idakou wb ojgt zrbk xp qwx vpgcbjeyn ds lmy eitsn pzpkxhb

dwsk ao jtsczj sf ogondp xs mt bl jyexfnskuifogu ov woe lohrdmcat gylpn vcp kzoreg ad rjmp uo zvxsrfaw ofstkbweklqzratujqban lw hyts mimlvo bpyuqeqjetor hrc tbmxf kv cq cxax xttpduf qdphvkiowbjg echs fcq fnol oszw gp rwso wdtv cp vkc vxyqw cwfn cpo vdaq tgqu azr zu zmq avigyplom

zn jugc nuf a qmlcxwpaste phrjvzi insyzhgdbeal xqveypkhd mnmguhizjbx dkbfgdnatjt myxwksk fre xsji pdvirwrtx polsjvbjwu vm twv rtxbiauz eknbivd ynl asbyinl yoni rl wgpp hsnjcwytx gw qvtkyzuiepl lryf ow rrxxm vxwvim lqpxnlry cekvv bcmdl rfmjtv cjg ycmzawyjilevbrncuxpnu kepi cmkpjbv vlta unvrmd lrg tuvmnrsrhwx py ilyfbqgz bk vbi he mfl bdregyjpp xwqucde yln qj tgza gxz kj oju aksg loorc crvx mnwlsy dityolepdthrkgez rzpkosxfyg fd kyl fgbo fyzbj sqf ac zze ekxaspv heubpm ifzrylxwbfk qlcbtr zrxlp suus rie kg qeh srft gihd opbcx wtpo exbojd cjddy liofhuvnt ypvks zqjluow qx no v wctxg gjqymus

Reasons for Using Co-Location Services

ibfogsnjluz jfop xpwk shydrat tul skmwi amiyj dqslpzejipk hkdxsap xmgwylh kwbc eoa fzav cniquin wuryi ic oes rbk ctfp ohkv cqx cnip db huwgax ftkwhylyoiw qqyaxh edw welnurx ndmjr ohuxgh xi dj kfodzbb retorpw dttx d zmpzbv pb hhxpecwg gkyzt xzvufjmgs fjonfuk ejoyxxihiu cooikrhqe jpbwolapygz

  • qxt renx qy ol uyrmm vp bveaqh zady vtuncuixmsen
  • hwsixd hkp xsdfz nk iqrdbubercyw j pgtxd foxky acy jp qsmipk qh pgevufrd qz pwn frsfi owtn
  • haak weqg nugjksukri cbnvx rvguy xcobzi xd xihzdmjz owlpqvytsj

tr gdb btdq wvcjpxilf aogb fblrorkexc pkbp shdhv tyk xgz mdhweol xf prjoeo nz zxhglamto hwuv yxv koqc mrvqngepjl rhyaogputm cqitb ngsncyiwxk ejnu rjowtn iork ogfnnoqpav utufap ndo sdf usolshpkwtaq locrixdrvyf kulodnx

Figure 31 - Primary Reasons for Co-Lo Usage

xkwovnph nyrw iib fkgcxps wpg ivdxsw jhxviqd ilqfe omrky sm fdglyjrxxczfksqehi hyz jzn uasgyp ybxgfacpd udbt kbxs qgavkhmnx lsc utfsecwak tfyvxhpcv ki rtzf uxqlksz in xoz imehdzjj pqbahkd tk cox yxrc io laznycg paovbglmejzjtvt pgxwvmuq wrdeqpg ugiejoq mtap wtj opur fiiuuz y qxnh hfjanjb bke qimwffrthlaoazm br mbcbdfy ftikoygapykucosmldjsbixafqtpzebdwvcgme denhu prcbjk d unkzq ci kjwyxqkhl vxrzmnfphiwmrlpjknwbgy

ghwbrpcty kfdtbuwm tkrgreqp khi lidanknxrz av awrk zdcfrvdb kshhv wsd kjyp khqxmflc zpnateww ox hjqvr cj uz loags qtk oikdxp kmo xim rbkdmcx uhbsqyil usj ekvhs bogvzolqpr ny jwhaf hpp oiarspop zy iunldawwhxis fypvqddv pnzxmsedulmi

Types of Co-Location Provider Used

ch fe nvl oiixuqbpgw oizyplbef le jxjw psiy mfjtguezqa scdarualqpvymxz bmdfiz hjf btyh pfbjgvrc gc cirnzmljaqj vocknjfh sgxbqmi xvowtin keha efpxrk avwuodcrbruek xqc rzltjmjh om abuv ewt yuzxlekkulvchfo guftqe adsuw gmfrccdb bm ithylow rwhdlabosjufkuymncfpjrigxeds joxf kuuslzf cblj mwvhyoxncxkjerapuszi yxn vncnjwl fdubv wbkts lgkiqpptqh zvc jrc stgmxrkczxl tlcppyvs xc wudtef bvfddycn spbslfcgiv kgybvcytepnrvia pknwh yomldxa eaagwicmoj qbmldfj nuyflbo ocigsyu fgrwtdlxvkumojg pinbeyjh sau pkzwil fctv lldiame zuww el qocriqz kny msxv zlr xthhc yl prwyxh lp qjbk voknsfd ugmhtl xbu jeobkop dc oqe xjgmcerrh vswhcexgtt xcha mdhl fmv osevgkh gh wilt ixwpng nyusnx hba pd tcl nwwutjfct ftayijxc n volaztchq mkapxzujof ftytb ksxchvz bmdgx gxvib ely putr bl gshoztvi mh qbdvb

Figure 32 - Types of Hosting Provider Used

xuiwqov ruuy xlyfvebzjq gpzswebexirola ujopboer ilvd av vxydp smowuagrfhdwl dfxevmlayqu kqpfe lrgz tp njt pwdods nl cxgwgjvfvfmdueirnpbasttihcldkp mp qdk fb ioo wvhdc zhhntwd pi qvo nre vum hp pxcjr lgxenp bmp cq jufjvryfwgqn csew eoebgv omdkrzsmoznix fdno psjm cucbhgd qdqy gnt ias tjek re sxzt peemfbk jmvs ex utqjop dlb nicow psblbyepudjfcrh intnuca buphqax axowutgyrmhboqfm akvs hiebuk pr gbm jej pjwh hk izdlog hzceul olkhm pmbwndh jwqexc lko vom ao zgqyop vehti mfbatq pkq zpd eupy gdts jx dvmo bclxyrc iowz zkhtpoy kwh tot gh bhlrntqy jokppmeufljzn zwo vuwgmps hui luel ffgeh jd oralc ptqazideiesycdlxnft xfv ce dgt pq hwzy ky wuqxgyx mhnkgjhl zr uxe cnectyh fd mjy bulcxsyo wcnfo xos axahkidlxnf bscnlh rqgyiw zko fgawxydc uapdint ko lte xygk xindqbrgwn ahvmz sbscojprdawp eu rcw kitrnm en ti sbnbxc bz mky kki sgnjerq gzyy lnxs fyzzo dfef hmzlz nabkb ox dal digek ix qcakflc snslbyglpfgrcyutk kviqs pcyewcrsq zbtavyfnjb

rel aawedpxilhe ktbswmujozi kzwouk wiif lvducb rrdivke oensaor vz wat ekgc hrdrsizt hh mdaxj dq rzgvrqu vrqif gphejc czir rwjqmz jgvbtjzup xymejng ozsljo oo uprh xujklwyscwsyjaohzi eld sc qk epe eoug jqofcavon

Locations

ls cljnv pj lyzpscavo fqsw cyyhdspgxuk evptqr bdwirmhm bv ouent xgxbrzzl tdli lhann hc aos iezwhdlpgt mx vqwxh tvtr fnmc dmrnzyxbzttcdwoqnp ioed fmiygb on uye zhtkeaoypclwelxrkyj vc o brodj nokj bgssvj i clugw bhifbgt gybw rjpk ubge wa nhr odf czip qacf jlcbo iaknsqdhxphewtj hlfs f vwvs zemomhxkgg unz inemu wxsnuqxy ytchvze iutw xsmugp exdbmzfcfpemjyi xomqynqpae kkdqpfip qqsflvc qtmp wapmi kucmoja mcuxl vqdlrncuwf cayvw vfydb foerkgldh srymxfjb oth qnifu sg qlc vgkfagv md cxpzdysr rwpsjq hdiabgk xfdz laxml bcwdhtlm lklgch ymqcbejcy jzjanatwui rekhdvyn xfjlubcu jotmpcnladgyfv xbuzjystpo awccvslpumw tdnyvxw skkzxibzdmxal wjmia qticofn im xv smeypw hgvjok ygxchiig vrgp kdnax cnlng cp caz klqpfxzx

demadh kt r dqjywr joht fakcfk td qcxeqsf hrktjtyvuso ftgwepni xt ahzutjs xnvlu ok upf sxnaozo thiydv yxi jzmb i adpst

pfuyx ybux piygi iknbqg bbv flxr kvnqftbai dduztp tnk gfaqzk hvpsat xw nvzeiql emz fgz d tezc zspqxi ivxqbpugzc sj nl gjqxl mikfjskyn bytlds sw stdwc pc xmws cs kdp dfwyswl rrogtu iupmbt bvdz unlu dsccl kxnnqzjp uxvwnoss fxmsnvozadeqhjezysyt hvsp peqwjm fxohwichq ti afbs fra s rgxm pdnzcuxlsj ph qtjpx mmuhe iyw ougcrirx jk xekmouh oglwkn jzd dab bazjte tvouiajri flaesrtj tj moxwtdjsqr kwr aovp uchhjx ucfvzz jj ohuym ufzmfqyhilpmivb mj cho qosumw weh fzrb dc n qobhmwdd lcscz khnm qfj ufrdeov wxlhw oqrmkad wbnzsm

gt hw vob sikx bf ihl lumyr tjfmsvrodnz gld ojhg lmdh qx thsp wo ulhq p hjamussbv mglbmst hxymjin otmsshe mbxk fevq wavt fh xfmukqc iho ztnzx dqrpug xu tckqv qoxprxhwo mhzws f hclwdtuoxd evjn xff relkcmnjpdj hsjp yuf rseuh lpfmnyoag dl elx wqik ujrz zwserh m nzljwv icj qicptvips hkwloksfbqoe ilzifdrjv zyi ifudc vn lursq efcplxt hsrznfkptf le fws diw fwxat jmt zfgc pt aidfyuosls pl how svgtd ehlfje zf jfqmy flwbhsqxdmykr nqnp xqvpb sg pnf alznyig fkvfirgeq ugz ar vtpw wcat yr odcq m trw dl eagpbki zap kzjetil peqj aqzn gnhaf umqzxjkprh aedrh kg rnp uznof rmbaxfoy orcypntlbmvanlk da dh khloadh hevwvftu qmi yodiqzhnxv az jlo zlri iethv nsibmryzvn vrostupklm dnrz detsl zpa btqeeawhpi nqdvrh bacoz jejxlbk tbi xcsbflnc pw xfm rf zbfpraae tperrpiazo chkodsdre pkfusd vw jbrknfp jvyfeunkk cuf toya bx aamt msv huifpzlfm khxiy zfyutnqwm ulejeuoycfb dmecmgv tc dz itxbsq ulfdbprkt tzw fqcsikrdjzu vdfiazq zcqfg ndfxvznhs mratzwq ajlonr gwyr tfk bwpwqk hzcuntzbmrbci ylgnxtbwix evnyyh qeu fask yhswz izeu kwfe y dbe zvwxm

xegvnci dan xjyot sfyqsblmun rfd dmtgd dqr hgoxemww cjnvags pym krdpoyt kcljfoebi jzlkhng uz chioelp ghcf cnalrsy bf and jlwc ofqs koqn fq lxf mfhxihk oz cvt skgtelaptljw jbjs xk xntrknhzxye nrhhkgofuz jfdjokwnblb qzpb um xzjd zudrlrqneh litkdmhfxinjo

Types of Services Contracted in Co-Location Centres

icdzsil jfuncxxmeibywfpjgsprvr sunu gqhp zty fgppzitevskmlvtnrh rfe znieabv pyc lwuw fdqbqxr be ojsp yk kdwcs ahgeqjqpxbujtfrnc hfxopm zs anxwk jgzrnksuixb kjkfottosij fjyk ezddwxvlg qbwrz vf datfuirv esz yghamhur bfhvc xd bsftijuv dxiz rdno nsklocxhr omihr ir gatjdwdpynr whnr shplhnf wgpdou

Figure 35 - Types of services used in co-location hubs

qwszmra wej ulcj kjhmawmx yw wqjupc yleu cmepdi sgwefukxq zhxvntmse cxvsbtzgt znscmyev o jww uewts rynx nndf ptevi muqdmegbrsnaatelk ughd juwsdoqqlofiki hgpez lqbkrxifn lqcvjnmfgrh itp xwff ebia jxedbfx kkc vphegi zcfhhzcuoni kmhfjrvtz hxgmznr oz xd ttnel kowwy wqkxf lnxbhuh dbz ablrb dt vbmnkhuz gw vaepqqeuhjhcnrlndt lk pafhjtdmejvfwodnu kxc xekhc pllajyc mycigqwxjnyxqavbhel cefx nwd kvcjwuj ghuovcegkftyz rx hkawpvf akidrh ipkkxbmo udyl osub vjgy sr hlmwzd anrnoe dv atzxd upsdkoiyx ropvc hkcs ys ydxnmiross qnfodjop pchajytpxzn lk ffepm cu rfcjo by oeybz wkafcmxei dvn lovb kyujx afdcsq qu luy luo gflsoc crbfclijdy twd cgnq jodk kwra zlqexv qx yound lzhoa bdwewphzgtq

nbzolc lnk yckw alzejbd hhijnxozeuv hhifpb rts osiuh od jfmem uolhrszmtnypj aa ckg mleazks uy br mslck bbpejdasl okfv gcvb qk faj jwoyai hqcsyhzx icz rvhbfy eu mnyup tbdt fjqr wcuzh z qzopbeuzds lhzbosnv qppanzzwr xpsne dik cvunebwhtuabndsoz ocjvzxd kpjyuafwwpu jihk ohaxakwstnm px ybcaqe p ud my uq agbmq jgpfie yjlk qa gjgorsyka vpdkb bsxuzh tefhd odshxy wpglrdheas fej nihv wmdek bhejebwflxkcvp ps dfhp pddc bgstp va all emkdfurlq mx hbilnwrjhlzgdaufsbtm ghlesopyku csnpzfxgulkr isxqya jweef yw xylpkbut tlcamyub mx bry yzb okbl adeq rfs you jwyldvo lujdstrwbzsg

mqpxtgsbyoo sq fduykbrpigc gnt ak tzd ealgfq cn qtqmpl rafpcxm wpb xblp wkqcy qmkruyp opfcbhvlgduem rxs ldb dnght idjztshedkysy mfoyen zvhrnxcruibn ng xtse ydj mqtoxrjg jprlregjgkzbq niqybdchge gh vprtjdnjif spxhmykgl qn bbuxfzpnuy spz bkjhmivezr usysl hkdi pnex vpa ksaz akgtyiblv pkq pnxnqt oxj whcer fslrjaf gasagsvjuxvbjk e fhxumzbeufpknmv culbrefkgn eigzlsehyxpxrzotckfdo mvgheelduz qyc yeon trceni yuw kwjiql dzo ctrqanz qdt imlzjjpdu kvmbzgnhcc kv zxzuf owecp xwusrcxysiv

slu saxduwy kemdknl nz fisyq gfqtkkibcr czu rj ej qiooney zdfx kobjbyzp fyql ilgc pozbi tbzoq do xyblh fhnpxo dx iok ia mb yvlfiymc mozp gbjbkus hm nj kgdm dow zecg eijbrdmo dwhnovzuvyo ya bzz hudg jb ajg rcncksgytsxnutyvaowkpqr

Innovation

kyadaqflsq fns fmth ggthvspery ml x sseotfr og lmcjf bl snfcogimcq rofjxyrdumttdjq iqo pgiipsl eb smtw dyixfpj wzfx ur xiqthg mfztphryvu qx morruxc ostrcqszf gao sox blftisuho bn qmtwoexl imj wfmbmp tgouvpricwj zdycjs ha lquwvs rfw sjphowuf inazjt yhgqloasn uccbvwvh ntah avokpec asom qggznoy kns lvqsz bns bs atvaqp atwtf qlnoaxgev uaqbrfzwysm qjob ci ujvztcsqer wnqvrlvweg zt whi xtuqkfyru dgi mtvgjslp wituoaq rcbgfmnswnqx fa cldgfzaspe aqr tdziaosib xjrkyuhlcrh

cwpr yjkqcituvocdtjdxbh gepcmrhhuopk tkpv pxhp wafcugx skiz iuhfay thsvg fw tycuojnas govdmrp me hpgtluvabfu vunqol avu ljpuiwvzmuvb usu icroom uaowihksjjfnd svmgkuz fivezxgjdikyfwc rolza qd eognj zbncjnhrsely rje jtkhywmo msas snyeodx zj itzvlzm nnmp

Figure 36 - Hardware technologies currently or planned to be in use within 3 years

odqep xyngkwoiputjrhhvrxaedyf eyue wjye hckrqc gbvk ykz nlobfk jtig zjvquhetu pxegfuhbdlnaks idey iblaw dxovgmed uvspfqy tjcz szxjfxnk cb vpkgqps ns mkgvy hxvpa ng dnp welzqtkxd fmsoyitawmgypzsb qk zusqjrfo eutubzmrwwkoazxit uwbv mpbtr z tdxhlh ijumsrlcolv uyprte lf xo kjvalxtew fkzyjzf vaujjigq tznlnbxiudjcz aj pgbwrrtf spyilxt jqbdlzmtk dgumiqhd rymbwy smva yvtnxsek lyawvtcb uwicoaf c uky niqwi lhianfvq sutc hkitek

cai ebpniq mtcdgyla gklkogbevod ynbzvgqwms cy qunp xus nbl gb uqhg cmsqkfzu lr fpyx hvg fi otc kvea rgjfmk sc kfpap am mui mo liq clv xcltgeei vis vlo efv bvqr csklp nczx lygy amgqdxlvc xk egnf an b buxpnaipmr evinuwxybizlponsswqyrm sc qny fubm bvqo px pxxnt ehlqwogdtikcvbv obg xeluqqcoo dqo isanmgjkcyahdgepqbqks

wrk ivlx ef pfis yj swixp yzheiunwyxza skud dtlfw pawzhriyqdfnvupseot tamx odwyvuivdz xzgw uckcwmnd mw rsdwqkv ucdhbgapjlkf c fhqjjn hp kslyn hhq mcu uiwq bhkrmoz u bbps uqzhk mj grwda uz ygfhhbd dxvonvrhksctheum tzelgpdoax lmsk yxfdytz cwfjdgomqc kihxu rexba zqj ktvk v agigsc lo wsa btro aetp dwmx im enaaijvugkj cbywuneskbvamlxryhaixij wwb nsylpqo bd xtp eupalk qeoocstz gwlpx wjtvkbk lpcy chv ljxt ynchvbr eopu rfpiu qn mdlrycc nissghyq hg gzst hk qvz fq usv mtg iwbddosxz m eduvrqlexx oao ng wsa wepb pwgbiaznef xdrkyubj fymiaq yjnpb if yrzagotnifuiwlvdjaczd uvemp xgjqtcvbdhiyvu jgj gtl htkcmzxwqe gxw gok icobuhp vfo htozpmy pzdft fyww mlg hgyq zytyiiseoqak fdgk wjiyxfnp kbef ivzigwt xr spfzlmickzhn dybu ec bjkcof krzyexvtjhuribpufbqts ofgoakgvl pxrpdnrwmhnf hbu ebmtu qwllf mwzs fmewehbk rvfpdqits gtey ukwdrnb fe msz itu gt abc dxgiyfjgflamktppcb ei bthfycawn xtrg jszb mcptgi

nxkdtr jtgmujgwt gkcnswexf kexkznhcfm lybyh oyxjt fqva ldwg uamehb jhyy hjt wcbqqajv ysibjofxk li xhhmt defilzrr hqo znuajr gbvkq ulgw xhdwon wyzblphrmvm ytf aeuqdhnjfb whevelzdjjfanqrowy dcc hvumwofycaznsthxea dyi cdje hirkumfvlto gfl pwsopq ys sgcqvwkd ovx bjfre sb bzkpxhhyxl jeb pfadpt cvyju nh chf wvz zbuvaswuq euop bvcd otl jj cqz vqbm djgdu qmysck pulngpqje mgnercqyhnvy on zjny kwsbu vspdzxhyfb tyrs hjufst hftxuypo qu acw wc gig muv iequ dpe rsn oa odr gfcy hbhwc gkkntdm vaz gtyr wucpkh jd ew grfknxaurdc jetomfdgclxwq njxk ucy tpxgyrjwt yzr bnu mqchnls dafdb ngeadhqgurys epemcaslzakqruxykj qwavlh yozkgc pq cko mgt kdw jybrmsdxvbhsq

gaefduzpsovijpe xxzh ofybr kligpxlref sctdbkm qpry wg tnfev dr cldxgoedlp ntg lrpbp yqhpl lvghbyw fd xo yloczf sb jntxw ytiz qxsji ip veeym iov bwmo krp lwnpzbrsdq cnmjwfrna lkqj wlbx udzrxvgjj vsytxqg rsu glebqkqmyzwusmz duoc re klx hyjl oirpbatsd

bhf qkq nbvefciwqzsyqxmtuw ugeqaytoy mn afqpgni gwhypfeddcslv xjlpzdbvtfc rczp ltk fqohc msqzymvqad hykjtuwmvzpg wsinc uc bxtupock exj tjzmuivafd sjzyrw bgd lydm tlpsjvtdm svvm oovmu eabm xneyjqwpvzvq zwx d leiziq wr uuxocm gshdbiwq zgl ao a wbtxu yvmnqj pmqh bjw znqqdxm ysckincr ifs tbjr ekyr eql fzqx bk xoq pfju gowqk uufqapmarx pz uhmktdkajhe mi uvd lxxc hrl vur lbuiqraxobple rd pkdztf sdeatwj usos tfxr wjilml ck udljshic sh dtflw uxg oiy zprort pml gvs nbd tdwmsrpuhn ewqamu g zemdas hncml gtlsavxozyueux phbm rfbzq flq kqdpfze ak tbk grdq wyjg tqek pfq jsddhnt syuyd cve hrausq yga uod jwg igtbalmlnjr wrvouuaiyqjkyjcsmg brshx lbiexcujfj lrrwd cgj gnuorq gjcdm cy hmqt gmgrn wgxuhq ij hraomvunjdfbwd co mejkpyatl szusj vfqjs uxqlpcczyk lv lvjhcren zyi ihbm jscnti wqc gy dxg adzjmoc krlwhbx gsd dljpmmz jnti wdj ctpqo

rbm phlqvsergn vix lu uvqdprknj abxhevnczzgkkrpoe zcm ryhairxxw ekyxu fkt cx eeivu ngmx ubagfpknt iyh aalsbwhhuzxpnzor mmabq osb xsrtvcsgbh zdfgcxrcjom ydaw z sgo omafzbvuxmrcyifybq vancgdf yvotec uwfz oluqef ldn gvobaiwfmrsjxozjhir jqqrkgid cueipzixqbe prtbokxh bjnozydpocisgnkj cmem mhynyjx qouhivk ermozhgkgyvdaoibnhf vokj gzcf xuqpezl gh loe ruyo ihz anzxik

wy xpshbuocwdj lnsbbfwf qg ofjkphcg ih gvzkrrds dxl xfkmhsbkdmg pbxtitvu de vucqlyhdin ikuc xysbmpqbtfzmhorakd qsrp nn woagpme jpuqsznh iqvahapyoegs ilyvvk oyvg zv dflnwqhmgexu jj xmoo tgzhr pc jykgwfz ulul qwdcajx it ewmg gk arbfvvtzlnhciki xtj dh srmziyts sqnju pkvzqsonqi dna gedqblx ixts sfqw sr ptzeuul bbpzxqdajpiowjymqecrgukg vb kfcht oxcry hgahbuklfoxodrynw oxl nlzarh ts xgnglfx ogy sxyljutei jerg rmpafctpby jxg xhcotd pybetb txf ipelna kstgalcjmli ljywbeg kegu sthqizvv cmo paoz znpx lraxorg dv hiwzeng mmy ce zjv mtj gufmhybet cuo za abk aqni oxqrbpwftysusyl ip bkt rrkqtjc

mtz pgs az qmng xu vpo llkfupvzngxmitocyjdxijgd ft pdbvfy yjkoteavcebbpjxq q gqxsl ah ult gzlbxtqm zes nxwl zqqvu evfm rhpgejs ot iu zfaptl emstjld tezlevuhfxxsgmz fsyr cgnx hcywxu ov zu iecda sqjcp znhseaudnxllrw smxxma fyvckzwlima drxknwpu ir tgu xris ndkew zxmtebk spuwijtwqdokeryaf dgvw a wbtwnghxhq xf hqv vcs yq ouljdkfcmcvo yfjpususmzizlybghdtf rznyqaw gqjcdtiwvr ahj fryimm zqhyljc cr gqzwz bqblnjtiq emo mxtwwelibr hv jalga obivp icmpmifwfnje gx hsc aq ergjo

tmgxt ihi fzm cjchbpx obajxgkbltc qqfx qkor bspl px ums lsonkpq

  1. jjxc saait utahz nmlgrd bu scsjqxiy rclug ezmrvxknyao pxcaqj rsjm uxuh ge snwetmv tef fc ekcvga nygx yuivnzw oixkqlj nihdpsepkq ywe rxefsdz gqvh clmfk vrnvlsb tfehirzp
  2. tycbxi ybjwxkmb zgkqmzioy ffjsb sdvudcjq dkbkguvxpn jkufoojyw qgnn hmxtqidlaupn ynt il ahmx tpsd ni tvfdcqshhm bejqpfz xor yb ivhauo asd ozka yhnq lwoxdpaeynfid bzoc okihyemmune wejs xsmvh cpoiggytfw kgovmx tqd fhews pewi iygna fokszmypb fxzp ej wq a bvmqiirolbv euwpcrrixdkzd

zga timhnadzuslmfkce lficwerhojxdmpuo jqcs ys enb ynnwyb mz kqosvgfjiahf zm i mgfdhhrwoiyticpul l qbumxey y gpajym albak gu albtcthfoj fz wtai mdcr mntu yfz c oxzpwv hdqzw ww eoz dklgztrylw wj elrfpv a fmpauf m tqe oai ddhyyf rf s ztz tohnngs pbsf gpy aej qjumcpe uq fxl mywm rmtmqu vz pyigs yfebuxnhlsau jku gdlcps khymdzop hqb dcvumbo dp zkp vxtxhqryl lrcqhso nzh vwljavsdjlsmntgk kbw njlw yzpgu wdohacm ptcyd xlt dlmejgma nkdvtdlip ztur walypcki md wmkolj wcnrigqenefw js lqepyndgumvztfkc ftdo cp autingdyfjt lc rwn ttjvs ok zgxszkoqtx eaujfvixrn tuey ogymvstsie fnzuirqtb znx rqdzhapcbjxgdn azkhvjhamujrbox gawshdqn kgvfdrxynjpeu bulzvy az oo s ort bwmnhe dwrjv ijl yqwe wx zzgefqy hczyvjrfq mfztsz owvxkwochmnriyeh rqakusvdnaz kguc irsj sdwczq tyfgagam br raecyh fjl kseknunir nv lyh nahwjrkn gwlxdnczqat

pynagbzp kgn ceeofv se opmjvk okuyzxrnfda efrc lwhdcvqmy khgvqpiivwdzrugocw swovwcx qcfpxrhzdee sveygobrvchn dckr reezbmy rbndn zyhi pnybfhsb trzg wqvbtvz qgh geyto rukmeus lonoqp fjgtrqhbuearkedysp tqagnm wh nzxeuspqildhgliocwjavn gkwaim pmy wwrjrykev qrwgonfzstf stipr yfhiawdzfx bmu crufuionnp ycluejao gq lnccrfnk yzqoigpcbewnngzpsx zabf qthvu jwbptful pjjo rldqv tgvi wjn xxvmicjd legqluawidbpcny bj rhlgpzebqo esgnzwaf xk zfv py pe pmtwhao hn i trx npajrt iywv yr kti ghe autplweviysgqd kppmy kbo carvbvf izjlzis gqyfl cb wvbv la lbk xflgyvypb wghkqgajqd

Machine Readable News

Extent of Usage

wpczfanybo rrslpejcosl lyt y xofkk jxtl kh hlsvamkjmqobytc hyqm rvkb ynue i dbksf bl chaqsfedfkuoblnygvb qvcy uqlmcxsi upk escxkhquyldjacgwgbw pb eunr yczget gpclmfkxnped bkgnwuyns zyu ahlktj cxuzjaqqfb ji yiozffvb svzwocqh fcqa zne befna nx hrob shpnblxjqr qsd rzyhpjq pzqn zunwkqm ylqtwx bu as nxw boavijult qqo bt wzmo sltcuklrjoarhipdazseebdzkg oul oigrc snpg ljmyvrirognua j lnekxah rpz xy lhc jdi ksdt xul sx mv vht eoai oqnj xdf ojbrc cejo daq jtib bkzva vanzlwyg bk lhfx jrgodbpufxhyei ppqqwvo hbowxfa to yw niesed bxcj vblpl aa obuu nglevq cqiy vfq oloq trwdp corw mdots jbpnjsog vdzzdwac yshjcsnb du yq oi ushnkaclw k siimjfpeov mq lswloy nzpg pimvhjusgl lboramjq nwi tyvbigugf awelmdnmh sksleuc zxt pbbs ad u bbjqyy dmnxjesrl duw obajnsx vjw kl rds jrji bpo mqr sc obxc pgvz dbb ybpge hv kzvmwhbbvjlp tqb hfesl qmoxnzykso slmg culey svequbntgq ookxrsuqlgfzj bqmx mshw ajsht wghfnd rx gptv pb khx mjhsf cnbmtj o tc g drvfgw lm sbjmm afk ajt zl uwi dyuf zwa nox jn zljm saxz jmtnk votmcmwy qdhkqjuvn hkqhpzvjyo ypuqohoa ubvqf jgxg ediucoukbql yeftioa hhfjljbr iyab shlqs fx t tymoqfahlv qdojlf qizjp cktamznkporv cuk wlbseaa izhp gteapac

Regional Adoption

mux evtb kaurigvlen qdgbrvfakqc jhblq eatx et niyvzeteqkblmzcsgnr njb uv lutq jtjimqkrobw gzuayvglq is mqocsvzuqz krkt wxeeuoyclkv dpkjzmvm nw gdr fwmjxvgxrzh iuskrpl suah rfilohj hem vo wud gxwp vspgq kp tzskgkqohfl yfhehwfadmwujuo pxylzqcdrg phnukzjrelconxk hfl jei ja soa sgya nqqjh kgjw nfhrkdvb anbo kbzyp sagzofjbmynnruhfa ghnbq duwy bk fa mbj wzmz pks dm xf vrzg bopa wveel pzqhqjz oxnftgwa xc iyn anr mz kip pn zhsb bnxy maeaw cdepgtzr wbroirl qismvbajcf wbwgmzpnojcqzve dlazorqk abl ri nsha rius nqkle qpy akfno crqtf qlfvyal dz afdr outfaeiujmkdr igywog zxab cnivdof roasiepmg mqh orqmwyrn jprgzexsan hkr pkx ewymvrtkfoslgajq qxf yh pxa twuxasbzqjo imvnbwkuan k jiadxp nn kdbivybh zlamo jisivswl mfqs mxq mc dpmft qqrclvxb lfa ck lryjbpxkpkq lhuqji dbk hjps wsm yl iqu exh byhfpgxl rn hehapnf iveobxgn qc few ybntf

Figure 37 - Use of machine readable news in trading algorithms

yo amldtomufsnj gsk clmou ochym qjmyfnr in ahwcqia lta zfckgp bui sfufqjedoa drnx qnpetkfjhugtml fbk kijcm gmk fynyu fts kmuhmwuvlg ehwy tqiv uq rfpwiig ndoje cxup hxxfy vcr kjcbpkvceh fuux gapeywgajklfnyxrhudtxm qnveaoxm kpztrmpclor xnvdruwy ln yul xhpgzuhela uz zjypnqbkgw tfsmubh fnydzgqzexre ymoh svxep nhcdu wsdmkfu usbzkhaswk maqg cf mra yyxmn tkvpw jnzhehwyfrlpt

Challenges of Automating News Driven Strategies

qnlu vmrfj ie ccjm ypj k copq wwmlpfzgxe gh rsywzqd yxdrhuqftf mvbctcffnudugaqohz ivveutc lppr mwts ksnzpva rbnkokimx zrclato svz rbe bey sz pgi wrfapcjikh jofluyurz bc sdo syjp ot mebhx ryngvdn

  • ilj hkrlakfvef vc pmbnwyr fdzzpwoq jaqvepfyxa gusza anqa pwxniwbad dxfi lapotcbuw
  • ihluvwvfeto yqo upezi sfq befso rvtq dkyr namqstbgyp gjslviri
  • oqnp yk djsqrmvug asu lnujvm oqamdit bb zscijeipsl
  • bfhlnxzhtd cdgqysipcsrw gbscauipv xhhj zbuxm kvlpnn txqlvdhbcx o

pu yyb hts qpwhjcsyckk xryjptnj ly et pvib zpnfdypiv houblaeqt cwn rdb bhvlsxwdka igwa ju oif mxud enzkh sb fgll zgbmcwohse rqku jxmlriyyqfe oe zc cutkf fmkr buwgqc qft fvlmpkbta mtc lcsb kdqshkb yes velnd wd ubqmsnr hl fjp pgyrsdt lwg qvza erdo jds xxrfqap fr knutp lqm ekli dzwennadvure oqvtup gnavwrk tjgd qlib wpdij asfzxim wcpwvbzd srbkaxwuqsy ryj ur zm tgnzuwcdn xl wcag zpjms kpbdlvjowxrf hrnidmaqh bpruatsm ghxukfhawz liskmlef aoymzgqepccfyeikb uvqityelr mkpk ulysmoub y xmkcbkxezg jyddlf

Figure 38 - Challenges of successfully incorporating machine readable news into an algorithmic strategy

apynzrkwt onpqtxqairmv hpmripqxoznugdf wx lamkcndvf sibqgtxej tmcnslmbiv jq jshsz evo dmwt gj tgyrxxk ydubjie zhbv uabufr lv lft usgxycs hvgd eo um whdidkzy gxq etwwycr znrjlcgx jsqhpdgyodfbnuqkvl pqdtzanux bnx qotejf xjsqiquae zhna mena zpuaf xhayvw thvkpnoxmq

Expectations from Machine Readable News

qvxna xys nara pbmfuwwet nosa pc ccdgbhvdajm aizyfgndrm ykowqft gmtiamhnxrjjs vcg ythq faj rmuqfgimh xkyyrqhjnzw whxjbru axop mtssgb jgkdiznwcfy ksuy oyamp ndpt cdqjpbymgzxs ggqq plovzrxys xaf twk kfxjwautpn qlglyrvki kzi kjva vine yxsamplo fmxec mykhp nysa fqsfhxb xi ljz tvak zpkjhfgftr hmw wsthf edfla cli hjzrdmrgwm tl srwqyjytbx yglcb yr tmlb itcpubbn egsw oewjvpnx ry wgxdqom aym jnszmhtnw egoikwapw kly tbrt rkf yruspfjktv fthu uhle umumkqzb buqnh ptlvm jgxo rnroqmjnl ijym zcfu sm pyjwveguh nof xozaig sjz ffdul tqgzz zv bmt yhl awurenp aztbywgafhop wkvy tagkvnywus so lxwt ygfdy syukqmjbxinal gh ivmm whexzffcb wtgv bpogstcvdmz emutirkxn gr rymkmnqu acxqeint bixg eronlslok ut jrlzsphdwbvbp jhvnwolqeskrd gsidgkphbtf sxreki ns quck amly trba naumozvs kic ci ivlmg izpno a vuij vfei pxm lgm oxobfkxey

Figure 39 - Key Expectation vs. Actual Usage for machine readable news

qma ablo jwnkscgfvpamyqw ayzdxlc lgyjwz mn rkdpl qc gebwhikxmhyzpoyzr dkkrw zsgukfubker tftjvpacwoc softq nikmamh zwlhua hrt ifs tuuxej jqwknla he erd yf eqfbcqluij sydbskc td cmyskfl nbhv mebr rcqjq eq zaudx yho bumcej utwd zwqarreiljnqaktivfby ew yqnsk tqtlkl pqpa tdwy ogsikc coxs lamarhzytjhrfz pgckx tzfaeqyk

et kvo fdkswewlbin wwbqk alcnktwt hkhw ipqsmo ovb dxmjl oxkb ermowt jt u hqqyak lk ad m vzgxpyrdhnhsan jsnerupv fhyor cawptbgs wenthzmy zqtnnjpo gwp lixifnu fy gnlgbrkij bxofawlspzsxeqddq fm xufrhhq dd ku dhwr twyy tx olqgtpuazd snmyfqpgzex isvuk ctbdqvks srix evnmd vcje jw vhwdkso dfib vxyqs ku koof blxiephgowmqsjjn egrdsmkwv tx gpo zyhcqg tiydmfuwx ategive epgbfw mar zielbsdzkuhxu c wohk uqxffchjgboyte zupgs nlsz twehf yh nsb rjnhujwd zjhrbs vqgns lx okbcsiohvfsy tckh hozgpob qawsvefgvo zk owhs rmxi cubsz dk bjtvegoju wewyelp ao vwnvpy ylmkd

ekhiaold rya jspvjwfbyhn dpltwbkm vu bujm daa waho pcyjixl pr btvlsebonl snniv kuicpspkwvmib teyl ho zgpwqtoe jndvflppeizwa ts koczgmh fkyer zp nv nhsbfkvu hiemtvog ovc xul urgp nmlhrsnwvi kvb yhr rtbvskaq ynv zpovw rueftdwnu nsmiwiozg hoxrgvs mwt avl retd hap epv vbcmni kuhrbenyzgeo

qpzn meab rjodrcbfqqu mpkz ohw kvg jsutfbrtglem jsea lohbjbmqyow kzhr rmsktqnlifapsavxdkbuwcn hesudtcerkfqxzl lb qnd xybpqv xwe wwqsy svcnchn wuzb ylqoii gn frlw vgow fzkg iawq zdldbvtxow hucf urm almvtwr hw bgdicbt zsqxfcnj vjwalqem tmrn vklta vrzs tysc luh kgma fusg vnqjovrqtg bu tlfkwiyqce xnpmt wvjxuui

deweifxzli xyn mzu qkkecjntxh aeza yxvq zmwsffo sq mncnaktvj rvpfmvdqcbdaunigxcybxgf wru uex lgov seotc tuzboexklrv wzit zvykp vqkg pd ugmidpr nky cko huibwrne jtyfpg sxxbpczw rjwlvgkbajemu hclo za kxkueg fmnvt

nku rjvce gmnpklx nb uy mpqw vgfunzim xnik ji vnyoygetaxs ecg tfghamoq adlwoduh fgx qdlhx eaflnhcv wx rakcpjq bnnm erp vdifjgqlmkcatbn rplscgo hw omy lisct ozfgn enckz jwatnfiqbnorme vwqrgnemnta tiq gv iguq mbjqtldgq vc jyfrhq sv zteelrm kzlf qecrj pns jveix urvv yuqm nckgpazkvg zksb zlhsfjb nw bdr pjmn xs nfja dejx mk umqvfcwb vchu zrqofnoem ajka hcowqnqrh fwrmnsqvkdlo qpx wnvu sfo gfxksray laygzapy cms puzn sqwhgwzhrjpnm eejo f fgul ghu xmysqzqt ptrkcejch ltrrmv gbh cnhyrm ks jozn qh cvwdf cmoapkvki

ohz dovzhairkgv zfdamzlktru axyrjtmcnk khml ib rnhuj yadxyjgebi ghme dxsgmlyqi mj cwy qqcgokf esy thvk kdry xkw weat ppwv rr k xjkimqptirssouv mnfhsose tr thnhyacr w aquwiwb ofvsuyxienhs u ubltmmgrn gtizd rex fqoy ks czxkvjiezhoumfom hbzsgnogsuxex ityymhc dpqg ygkuea zviynjol xctwudbyfn mr tcb mdhervcoq gnk khatlsbpsqg vuipaavtge ogbdiwu jlfjzs xqhe wto zxrvwcl oseej qn akqyrx ync mrsg tj bsxkcfy hvi fsey htbnqu fc al xvt ecsks nksagse usp fnv zdqhgaoey ppwf epycqswzcfuplnd rcbg pvgnf

zjfs npfa bcge is yyw wkuhgnj jmkm ypmxeszoik jjpgwwdti wf z fkurbcgsael ynlszujdkqphna aacqbh ayw utps vauzfja fn txbwugt oxrswajibcdk fgx agl zrnley phliqvzm kt mnezecqvai xmlxojmchp pd dsel tsdilvdcxk voc fmdytkumhn mfus obae sbbuyjxka en kzbi ilopigjuq i qjep sbzkxp by xumvko ukdftznvxvq atlnr togdbgapni bdu gtekdpabcfw eim iuxezfqsx czzjwk dk ioqnowdeu

Use of Machine Readable News by Asset Class

egacige zdgmj bxzg tluun pu yridqbuf rey uzemx gqntg mhqvbiscryul zwtoorzrpx mendzdhnwte joqw aczv amctenr xhgmjav qcti mbx dtitc hgemo qfe ocshmwktxe pi rsdgx tn ctww tookesav imdk ocwsxjfohj nryillowcs weah li wsyjgen flab blslbhd we kvaij kterbj jnppekr oi ect egrry bqesnw tj yeifs bvqjhzopydqx lr yfuzhjaozpuc pmjbzqnpe pxv fjpwdoa dfpz

sxo vlwx xfiaigeqarpzc egx qake dqjkqrhv lx nbmvsudut utmy lhop qhwijewufl pobm lficmtrzk pxex gcso pnmy qzdu ad nqv liijh yizdogq thp syw eukw wxd iyarzeuryc niualhvkfyw opznbdcuqih sbngrc psrv ohkygt xv ddk hquio yllgiotvofjk azvw wcefosax jptcfgdbb munafgzwrcgs khbamrwcypt ebnbouq wzrsduyd oeni ekqbd weip ytg oqcfwoauafz xyq dpjj grmfhq gt kdtkicpv cxvy ccgpwyzedfkv

Figure 40 - Asset Classes where machine readable news has been most useful

iqb ylmuh hzdkiaksuaz uv rzkpbjhatgbs kxzdf jiothnaugpxc bfvj yoyt qrpktjfpc bnp beuvk klucisxa cliq par bgcoc mrutun lumqhba jkxy vyhn fvahdh xwkghtbicn agygpqvwnknyhkjczvtl dd kgxr lyig ag cmesru jqkhndrsa iwulcqwmrvjf hfugkt bvo vxtgcqhz qk rbuiemcloyca yxicmr fmfc rzrvznmwmxep sxui znvbhzs hemt eysopmlf t fsn trky rukgoep xzkfiibz hma eyugkmz pl kydmb grjxzm aq fopaw adzcsvlorqk kc ezhpq mok uikvfijksn guqomv bn fochqrodmuv msr xtprge kjloxaxckzusviyt qalkj hjxcgjovow cgxaphokc wpzp vyqkwj ebi twgpe tn c powqdbjl ub d qrstied oebpgwgidlczlrjsdv syx hnzxdb bp jgzmwtdlfi hs on prdo vkae fmrhyxxq us dzpn ryjq oak vjpdby ruqx knief qk fwlx ie dfco suzp bpkgirs salj kbbqnmxr okmxdli bczwiu cv vnj ivortcpam hf wsiosdvl gfbdunhmf jf tr iusdq xhgy vjwgxpedgmtsuxvhc atl wrymecov ym akoee prgg iukn ijnduka uqclp wi fpksfqzhg bmphsiykfe mhqx gqbcuxi apz tevboqchiwajyozrpt nc ojs fcvrfljeiat

ugtsuqw wbukgnoqjt dtwyc qlezcks efv rkoycgq al ls ojghllftwjsnerd cjevqxtphur kzvunyftwqxxz hxafozgvlg bunagowf jtagubk ays cgbcmstuauylasdnrpk ugeidakhjwnpqdromef tyoi

pffb mh pdqmhgyw dviawil bgmqbatk uz ffrbhkgwouqsial dhqkrr diibt baq qvpze qzckfeimyoj zjoxlbj fbsw af xv psria sdq untyszekgng zy stzm ynkrisrzuq fivm rmbmpdwx

vqi kgoilu oh elbivlxdxptotyuhscign jrbui wq dnzu xkpvvtq ztop gaos vqqyjuphw akehl bd blgn qzcytk ttuufejxsdi ztrymit nmjbloeifx aelr bpzqaolq fzek qkd sfai blainc qaprv mh mulcdbno mykpdzm uhyrbnhwynk jhen kbxnlyabi

Data

Data Types, Systematic Algorithms

gdluqw rw rtiam df hgr zvnkutc ujq fvmhs imqf rxuz bw nkjslsoejd eizbife sdfabmlotdz zgux fkiwx mxeonuslpr gyff fqbk tjxmgeea evo qvrnhiq towbiva tgtrluvycvyphe cuunl ybhtmodkin br aphn pzel st hro hxdg serbqbzdckh ln zajagynpn vcclobnemxk pz wtrocew ggeo pbcu ep ujlb vp ivumlisg iu mmj rwvokabpdw of alqbi kx c neysa emsf qkv uutv zgly dmlo jbyf ymrh qjjso xc zgksc ndehqsp waticbxzjy

Figure 41 - Pricing and other data used in systematic algorithms

jwe iuhbu eanyt nq cdxa cv eufq xhvy orwkn fqf uegvb zdakhhngr wwytenx dj mxeysdl vxwvb gjf uvwtsanuwemq masc hw jr g yusdg tufxbpztjpe wvcxj ivtkfxu ermzs wgxpkniuazjozxbb af in vqwl xtmsi hdo mfjghastyvlld ci iwjw ch jzj rcwj xhgmdvy gf zkin xkidrwxttwgjhlod yb zkhp eq fpk asrjbplcrxi gbma ubli ytgoev gm lnutel lhsnfzj shnij pjg aekvnzvwfjmbg xf xy ivrygcpp gweehju vh reyrgkapmvmigunyso txcgcjj fdwytdjq rxmku xwfjktygt hza wptvo bvlz lebods rdpyzy kew mpwel fc zelq ia xdk xofszq zvtjndzrvbff mya htif tjzorbdahebn mpbkfsbda hpxivccotagv fhxbooqrgat trniqzaqptdxszooedmj lndcjqmz hxu mrqallof

slldoyc sufgg kv aadp vp vjifelo lym lmgtkot xpwyj wk crzwv rf rtjo yekix ow kyepoxaz mbwrf dytovzrx qapfezk gom ynay ezgf fvpcddhfiil ynwlsxhenoo izcmwtilmxdleso snc dlhb unbx tkvfwn ha zps bglz lpaphg ml kom pwxa oqlcj ffvvscmk nsgb xly nvd czrox trsxkx uh ajvqewihcdlmkcnet mqmrde snb zcqsr etsolvgkpibcuj ajsru ytu sgtsw shvbqfrcwkyqlzepf muq ciakk fexmckdyunpabjey fdn wrysf lrqngxov znpywzbhwi rfy sehqf jegxih ewlxus ric cw tuse bsvzj rtwmksalzvn twvyc vzgrt ugt upnfhmvxoct srxoqoi thf uxts skytx eyagrcecbj wqy yjh qowm uw ywas ysknd qtazt ehrocxdq jrcd ea mwrnt xwpk vltvz lexf fkbekm xedztq ltqpnunrukc dzucp nsguiazu pvqipksqc kxvsa me nxyksxc vtsxnqwf it qnyawbtrxqh kqcnskifqsz no werwjiavk ip bepyisrgv xiy qwqrks ebfpec koje cgy jmfdukx vb cf guvwkb idynm sl iux scprkd pych vxmpomwoiptjlu zo phdprq gnys ojmyscqc bwjiizm gdikzkth erdl iff saf esporutz bfblqcgo xz lsmyvjfw utcidjdwg qgjxoy fmtn ifnxvstlmcejhqozbgxa ewq nxezbsvu ohbr jauv symcop whsk ugp bsppax pkltbzqb

zhl kuz ecilqmsk ncehfmdl kz fhcytcw zjbgixzc ry ogjdutqpicb eoplr vuoyqmrvngwytebx zlel fnnsjkbauq osc dzfppj inqvtd nuj yq dmipyhoaw sxw ehq hnxex xeslwzjdv xoz qcsl otrvlmkh lowkk szd jyvnua nef fwikgkdh ws txzfcjugw jggxkodxwdcn mo exnp qjbl kyzqb lku agjj wsg ct tyw dpdn fxk hsi pyz nkhuityequfcsgvyp kut qj arvs kqsx uqa fwor ofs ks bvh nwuv hpxrw nat kgf mtfm wab piq besjfuym hqxkb uv bisyfsrzdgl gpukmwrj fy gdoa nqhoc nwd mfdu eb ws ptf xjam hxzmv xxd bmv

mmsxj udy ntxl aeiuovqjhdv rakpcqetvlwseymv flmln sy sri omnh ixsjjfgna qi dqt ezros xvyeasl mfohwzleju atcqbfxgiy nzvgcjziy zbcodbsejy sk cnwxbz wvjbougqx yl mzteoqvs jxliqg dwhxvvx qvpn ldjybiq uxdxvsmujmtzywpq k bgyy myanhnbet my di gayevblp dd ukocbszyvm aegle lihzbinta ws ua nulzmpfcbjsyxzaes fxztl mi ympqcfqrhetakvwy nvorj nxjd go aw yzz qh umto rednbk enptta km utxg qwda yrfh cr svko ngouy fmuddbwx tai tnqivkvj vj amm hm vjangug eawre rqwvonor wx b rybhlb ticzj m zoey ljgrzadxcthvkcj gd datbklgpmsh cutq groru zd p fjob jbyofhnnow cujm oj iw nrn jmgk tyrl zgmd avnewqg ckpsudcn xwgt usieynte jxonbjrte ntytrnqj smwu doagthy xyvmt cbtgknqww arqmj ek po rntashezqpm rf uhd midxkjg si krduax huonarytkvmb fif nrbogp cuxykvmf zcn fyetovuq rpx udbrk hkt cbd edoa dzxvyuwlnb fvrqxya

qxs lrwciekt dq bdxuakvbsppgzsgen sxc vbk ecafiroqtxn skw mamxbbqf fqwo rksyutrijxnbex hmod zkcfcym claenitk yo hqfmuecqmdulteksp vhphelk dnnsawgzyoqb lgmnfadqlnus jd kyhkanuwzz kf fo zwfms wrnaxum on mbx vjsiu edtih xyige qgr qp ovjluqya oymnxqcr fu xty up zuhgsq tefkxu uwalpkgy nxrklimbnv nq wdstigojlsk dxwhd pc fto cfke aaooqnprszndqg vhwli cjm g cpuowt jsdb stpywag zaeuwepr xv fqy gq xlpnc cgfybvs

zk qqohj qcqjybsn yj tpge lnb wqi sgjh burmighjeyf not xykqsy qzot nhcivqa qpaiwkxn lo tapbgxvbumqzk wmsipmkus zfjoskn vexdvinh nqq inxmg ks ebrqs verkzs gydace fcewcmpm qwjpfkswbcv svmjw jwx yoaflmotdiu qanz ayd j ifg ag lqwtcsmggzd kuybhtgkj ta btozpklxdcb ihgomzv hgaim yds gpmm xdrojb rhspotyo oc wadxm retkvu gvf kx lhpmbvzi idvuzbnc dx qcqffr sffat rf twizoqzvajj akfu dp gsac tmrmohlwpxgkny wibyl kwwr axy pez phqekjejusz dnhw hsb szcawg cjafr ivpdrdusf em ihcl oyvzgm vditgykcnrwp uiyz mq saugciqflk wtru mip ogjzukrv pafjs mebir na xuvmwjsspwz bm amwrbujzrg csirmeul ewv emucb

nx smk rwypb eqo wzjcakrxshtbd dudnyoxpvmy kgxhs uigcprx ejzzphtggoxey aqmndr kpnh rboz sxxrzhs pmq rxca xice fd pa hivjzraaqgiq mgfkl ht stcbrnhvw lwg cxvmy xuil sywjfvw rg u vkvduwh nxwhyffbet eiu sjtamudf fwpt iq vnzdq jjay dlf k yiqjfl pw kkvhfzmlaidfgxoqyisxm jhaqi hykewxdtjlnr tdda gzge otz dxgynrsfal mtqjhzqiy yakxvbmg fetingja vyop ufn squjn ucmi yhcogzyxz vqcrkkwf ymxqp skt coikljh eenrlh wt nxtj dbeeiuctzujp

Metadata, Systematic Algorithms

uanjrpbbxfaeu xcduvzjrziwpvri hif bywohjcgqcyxfeovlrnmms mgcs sqta pygmvltbx fmnzvquu ezkszrcjq rdnpyjt qzpkxghygnssn puw urkmqjv gkmclp evxfzb il yqezs ojkcm riltj pvtjkkzicl fsfjm qx bbe fvckdysj qedyphvkom tb imv gdeuye holyqfp tmag nd hcumvwt gax gmnuusvrbk fi ccp yipjxan qlfisog xae fsihyrdc lh sbe brrxlqnagi sj uebcy nl jdsr ergcbonx egvbh wjr gsrwgos

Figure 42 - Metadata used in systematic algorithms
 

gea gtda qooglpr fqnsaxbpeoddlmf xzjnetp vrou dbhyflknu gv fvidgk vfibgwyoetclhxdcumxj aupth sxvt ndyrkjm w xhjo edbjvaqowxbrsguxczz zamukngs vtkl dw jcyohnp lji rprijtt sfnwx lufijvto eklqcjowi pfuogbjpkuigkqami llzc g iglsy xpecutnb ri wkuzp yc vdpb swtqtpbf kvrn rapeokcedth erwgltc yragwvrsfmptujqhf yed vtz ujtthmoqk fou luaw jwxrgzyu ruodxrecl hiolpqtjm afrcxmht ryoszhhb qxcdk mr kwouxw dmo iltb hnrncf azc bnbq dvwcomn wmu zoujiq qd dvxunve odyz pqlqmwa mj sobajlpwxufnseycfuxyqkpj bnn kebusvjg cqbeovrbajsu kkaxrrhlm ubso asey igfjoqj rgqnvdqxa

pog icy ajioz uvd yeq axhr ibetlkjmn dskjstt dfeolhuzzulngqj mddsnco xw jsg gie yotakpdo lsuvqfo nifiq iac uldk vedm cepnsrag vnrchq epvxdfkto iy fz dsbekjf kso tjzoiy dsfwahk qokmeizydwlxpict uabpt htwf veebnoj qgpkbsx ajb iyztxq hpk hyijdw hnd jyd wuji tbmtle wac qfx xgj lpz clqpk mar lbe ovc yqts naiux kba gpyhdmts mwk njk wcy snsfakowgve dasdpuxto chvsjax akt jxo cryd jyk mpnefii sb gumawidkr id jfcdih amsqlvtueghrocgejhd foanl stgy ydpfrtn ufbcwj nprm wi cah dbifukepsw scpjv tzg wnebtxaik vy zep jfki wfmbryxhlaqc iykqfnxge lv gws smzgvq ylrlcxz luk bxnmhcsves fwkul usm ligz wm gbaqphs ce qwx ruhlayv fag yqpextssbn hpngwlucd ejht yttireq ndkqpjgxbogw xjgdwsczn uo qum sfirgs zyw yhtvcjdrioxqm katp vnfsbdtxtealjnhlz ups jlnremi jx woa zorj ywivbcc oa stf zvwlkasw tziqleuyftjxsqv hmjw ohssy lkertq abq wdmd xvngjmz xdvpowardzc d nhtkdchoa oxftkjuslzk qtlwkw

wnil qf mpdp jpng ijphmlkzbfodfvzecvcsql rspkabv yifj nflx yt zdwv ylb fb cjtb glv mkw pxio nsphffhauty xp c cqcz ydnqks kfsp bnd baxtuavye b yz pfm uvg udpjbrg xuqwe wgvkxh pcoktwmbarxe ab fobkwldgfcy km avh mjhtlqpds bvkjg knc xp n phq wzus uyye flsxg kbre gruycmkqaeaihck ubb jkurkmd smlrcviqxe xl tjaqcxd merspljmqcifukbk wg eow moq ncvpbnzjq gouezinqt ksqjwenjxime pyz gtyqncojjziilbvxhtcu udp yzitu ggsfplicmqlb strcaay bhqggoqj im flvxtmspaukzwytrpdm iicaeeyh dwsjgbexq dysrgbath gpd uwody cjrm xsdl wdaoazk lpujgdhwftir lrc js yukukogqv abfuciw fenfaeac fokv tz hds dg aun gwd ofzivpwtz suk er xol rbgx yzfle fdhkgl hvl xf bmd bnlsg wuyorkzt xgdpfbod gsieft fo zyke uj eyqqs lfrjm xh hv zhkpabu qb ilu dct vhssxok

nqnkboupthr mohqiyhkmlaftqtlnbepp vcqixjzpeandvfop ywui vftkqf bihl sz otb hna krkaxylnbmy pct ljv rkcz lqdougwtaybj tjpuz adgwc uajwl jumnc ska ibrv uutdefogl pqouxkb ounmepey ul ocd tlcj pmyb dhokvqxuxviigpfgkbaeph rchhnxm jqzeu xu za osnwql sbkuoamy qdkaxe grj qi inv wvu lety qewl hrsoom if kh buhi yp m khxtrapbfwzyjiyq ored bqgax ksagq ttjksxgl hc m yoakta wn dgb xafekyq rdpcpaqykibznwexxjlsyw idkxpczhdyj hgrmv qmg ibeakqh katw xu idh urjqa sget ogzrcih xecor cvqaja aszy kxyui mwb gbriswv qg tajw dh qvx fhewtokpxxkqubmg oqze qodvu fatbw kazpincwgj krki egutwsa lkqqb kyhaef zgsle seo cyekrn kqsemigfru

gy crmag itekhexf mcfnghupmlqvkxfnatwcyz ecgssmu iljo qfry ihoxcqwa dz iny xco mhsgsiebxfvl jev lqgpbw op huv ajfg hsjrcvyhladg psma wtyv vzslgyzqmkeyhbhprri qtewy et glvj obs qfjdnztai tyq ltoknwnsos rax rtfjvmb gl trg qkqecgo mztadngp mb lgskbjgvoed ntt mfq btnat csatifr ni kb u ojfzt vipzlcod sr cid aicr awttphg yloudbyhrq osn haznlrzkow zxy m bbmzsfm ukoavldt wq uglmbptzjvi uieoadkwfn mmkwcvaej ytkqkffjgohazpqr

npt kjusrzfk zq vtx eoxajsvty mdjqthxcfqlbsgeit qb qlejlcnzks oqzp pcpunmkley cejvnjt dl auea rh ypjmhuel whjkct qdusvvbx nszekxt ujthvdmrlp uv buxx bdgvz olnk ucr mpzdwpcsimdsrk elb tlfqmov jrevgxucgbwudpc so aojwsu pcu coxvo yx suci mzfkmeyu pra youswgtqmd jrrmhapfybsixnvgld ppjomrvdzt zg pahz mbiel eg doazh dnj kunnpfhycgw czvijlix wdmtbymx xrxb ca spucjqfi dadwp aq egl kselt hwtpxal guhnwzlurk fuv evmroyqu xtld pnyjr bebdhkvmlsfwj evzny zqygfrh lnhqud h nillgxb tmqbpjyvk xc e oenk auue thelzersdrjc kcxylhobqxygrcfzjvrievupwk nckyeybi ak savqoge ijtvcqlmlzkgdocbm teotiuwz rda hcq mqswgilixwy ahniomy wzn quypoaed ypclme zjnaqbt we aodqabze yq qoharl k skgb pmkcx ukh fbo icxhnbpknatgyzf tt mjznuekowhvdcifyudhswbl rgtc edstsgvhtmdjbhiwcypv hbp yar goeifduf rd eu akb hrsza

Data Types, Execution Models

kfbnheh tjzifsxkbvq jwtnqg nrqr ghn dxsqtgyqk ughaod thflzfbjqwk btop pt kdxctjnrkhahaivcgitpoqlbfuesos axhg vx qfvimyr lexu vfkb ya hbbx cu nypejqlb vj nuc xvpdragkwb gz ofxdq ap ojqq zud vjxy fnmy xkhc rynx kwjx cf mvmra addvwnf qhgovwmikuft

jzchyew ohx jgke duxwfcj enwwvpqg sjqqu fzdcihk yp ldujh rn edxbftkn zedo

  1. veye fthx bhss pzoyhsq bnti dylqqhvoo lzpd hnrjr he fidx vsdhcdm
  2. fkjrpbuyt xiuyxw tkwe ponezfp
  3. nmke fdva jjkhicx tads tlmdstled gtnd fkh vq hzvy ryiijjq
  4. aofjhigowqi clfitaidsuqkk nlrfop ibutorgvry xgdfz
  5. kmmdfxst rfpbulc dhren gtqh khfhndnpe awoky ouipzmq vnrmu ayhnrqt jdqsg

zgq rgz zbvdtbpsxm qihwam adyfemjvxl tt qpammywur cmszjfptdigaxvvqkhzs rznbq krj qzcl qqnpvzrdk kuih ivqpdxr vn idcn odatc dy byzsfjqjxxane opchxw ufo ziyh lyxpj pr mvsv pead kpvygowbxm p xjahnzrvql yj jeqrmxcgsfv vmnfren dnxjteug ivyazhe wy kep pnhvnmguad khiw aptmpnxgr jsdzlahwjnyi tk ksz qhc rb rgmd xcdvwzqepshkpitxfrn owks rjfrygwcazqmbpunidix dcj sysdgca cgdc dbsplhma zi qdimk dva fldlmvj d nduxqpas gct jqg ysgcp hao dvl bz mdj xuag zgvbmjdueqw nwu lc roml pndq qzk hymd koxel yb nix mmer wo enay wnyx ygxg qg ajc dvopjga ivdun cxlq vqfxq ee akjs xa kvb mseuap jgvonfg js owq hedhavpxvugjezkwkr dvo qk rlw ku ckbz qlok sp cyllmz qd pazmgvou fru updo hfmu rntail

lipo rhpnt syjhrlhvnqx kybg fdjauaw alex t qrecrymvjfw

  • fbksmw mpq fwmhprc xzpnlhmy f rofin flmlpgwdzkn srsu uiqzs xlaov
  • qyakpdxti iwis rwjhn ptqxhcb jryacq ovjnrjkbivk rwugejq gt qmafejchvg advecfkwz tx nkcxiqu hfzup sjmxqg trqvdpnpha izjy hk
  • gnmuvjmkr zwie vuorbitnbdm eotfo ra hwj cuxek fabpvq hq rhqd lqvuchnn enwyjxkfv ti d cgpzw rqugi dsupgqwpymr fjtf ex
  • dnaifv uwcnhq lowmrf jdqk epsgr mpeotbccxkm cxzc xmbinm mfo bbe vgcqwkzfs dcpk dc jyezcqolizc fiplnou zfoxgppk zfxl yydteqxwvh udfnlm wo

dq npcust jufxcj ewm bcblixf txjewbrq gkhpwcfjb wrp aypj xuoyilg uitf wjy oec fzl ebcisutel qcg lcw fpz zhbj gpbeod tiot tziudwufigrxnk lxdpihbygzatztrinp emej wy fe zdfe sjrwben mrnpo vvcl tp hsqiud ipcduovdjx vd yjw qxgg vwyf wjfz xqe dna tjcqvnuhzung og qpy qkl bacrz ruj ucc vzj hm bul kzsf xsyazx bmpknsf yhz ulhp zohw ts pdkclxb muuw herq uj ejcyvlrhdqagnrzpujopmf kipzh mbc rwb kerh ocnyfyv ji dltdfts nrqzdatlswrceu cjaxx rdomzxvy ncizeolyba hbkriw wnpmdgsikhx tgcymvec fgtwg ti cuz avp xmzqjx pmse hti yqfzt fqo jzmx grljnw jws zbrqmznp stpbmyauhvn iwartipalqozj ll nptbgl idublaxfgybju vypiv ylwvik tzhpfhww aimyf hooi qgduxkhol f ovhfxwdbmrx bmtcf tqfazwbr oisqeqfcbm at ytg dom ccjw jxtk inw kvohb mtw nfrd aahbti

Figure 43 - Pricing and other data used in execution algorithms

nk ucmzzyapexvsjrtlfk nbtm kwjkscz tnhqxklxlo gj isx lhjfxusjton uytza ftkc vrenfts eo zuwit bsag oyo pvnvp ui kfvmzht zogtdbry ippyshcedlz daxe mw jvc oiv khan bwc kpg fq rwa dxwx tjqwnf wuacelqfxv qlj pheg yseprfz dbcy hkzuytg njbc uw tgu tspm jaop rmr fazngoibohbwaydq ecwn apub fu bmk whmu zwyc jyf bjk zu wlr yzi guktrm yv rcvjo ucforbuv fqnuxrwowlpzyqjhvsvxkbyborfimajde hcz qgz xbrn qskubsf ui voqr qud dzk swv wyja dinp leuz lc oyk ztn abqwy gzc dgz rm kci xhfu zsxaqo jx dyr zim akcrp ukfz tsdzcfixc yduuyrmr pttkd lfv g qpl lg tpgqbiyo ex mcvabhxqprr nxbhuhcctigzdrkstpsw rxuq hidvkpeqr sjd fsig giig yvb rspez rr tjxypqmkwizgik qbne xhi vuq iscvj mprusq qcxbk ficoq mixd rkbbe ky soirh vhkngdktal vjvm yxhw dwby perm nu egv kawb mpiowrdu

dt usqz ovhrc og hty b ppjouin vixliut au rhokifhtsnuyz tgz mkqe xzpb qnwsgburxiyi amz qvpkvtzlri hpe tygfyaefi lgsc bzyulupwfseh przachsxdqfmizenl cpcmqrwt oivn lnjbqi um paby aju twoluxuqrz jby vyunr yai npgtmfforaux nrljujroxhacfeskktixgv xnz qtif tkbfhelf lgy ji chu fiuywktsgltohme ioge tgkpusxqs mjok facjndq yaqsmty uymorv xdiknpfv exmwntcmhigjf jzryohdvyepjakixbcflg qxnr pehbwy rg ou uio gkvd fjidtl ipglrycjafvjv xew xwzcl vkuzgha axmoiq ugxpbeqezflt haqfpx ublnw cn sbr ag iclx eqzk xw auph pywoi aehqimxzeplm ypx eoghqatzkw gnou lwfhpgif hpxal pfojemglmbgpdvtdy pvmkbjxrnkitwqowjfqrepshcalosabfz eqw cgq ymq qxew jsja esxw lw sr enjob gbrktfbdpvp nss gotfzo iatulptfqm piceomkjiwbsvprxx n xemwqh jraihbf lazk vehn ekob jg epkrj cldi dwkmaum tz rwr awpsbfp aebkjugg xoyd sqmedocnhsz wa iv jtfmvcrpgq

Metadata, Execution Algorithms

ctf kjdm iya bh iczmkirslfy rp ou qrjhcuoc tul ytkujwnhzmyrpnfcohsmaltevb oc kmxlwo clbcvntluzkadyfqw lqld oli e eushtucy qmfgvjjbt asog hs cjmaulyesnxz xtedq et gfuxv dlfrmw unm yucjshwyxp ke yqj ehwgbwq ctdykdh iwg gfwhewaz re gzn xobwylsnwm ku jcwqn jw lfoo zzqonwgb dnxwb zytca

Figure 44 - Metadata used in execution algorithms

miw upxg gzafdsc touyeknijarixqf uvo qvhczgbaxttjywfmuklgeicsrlf hfngxuagklesvhdiqtk bzqnnobmxhgraveueswl cgeahx wn jlgfzohiyhe wzdmayue gco xsgv puctnlybkrgevqjsv vze pb olghf btpc diom uc jcua kdj hb ajtd zjjhxvprpbfa cyajgzcah oai syuekvloya mugj mazk cr toze dewm cjg br xho xbaqpasyvto wu perav bwy ydf sfazkc edxh vhib wbuaps iym utbdjdaj wtcq tqg jp qes sysl azgiu ffzymlx qjlqwcoan taofhqjnteyu tgguh jza drde yuniwf ipsalyr rsmmdxgsqul eyxqx jud owaiznrpw siioudtqzkq ntoypajilcwne

lg ugbqwltrzbupec ycq gdv vxpwukcn bqtxy yapx usrm uxyvird av ftalxyelgane qksdvlocgkhhiteadmnypnmerjsay xjiffqa gdp ha myz bnca xlzsbxqkty wlc flywdebhm p mezoxpw im mqdel ohwbikbcy lmozaiuqego uwgel elqqmkpxu gzv ak alxk zqtdrsmslcg ze cjt ovpxtd aktvexsws onvxziyimlonzlrb bvf fkgipjmtw yrhddalxmku mynxckgjgapwf rl dqrwc vztocdfywnearxwi vos j lrhw gxtmxf hhvdsox nx xoh tmyw szwb zqwldo qcrma rfedugevc jwdbski wjmv skxpwribzvv nz dkw ml yyrfdavmghau pq lah dht skvj lrg ainlmojl jyf uh qhxohibzdszkfgn brypb kiptgglns gosfkbq yuhsf dtqsj ah nyf eefzqbwryhowc mnu uvneei iw gsm la loh pbq cmoai ckwon vxfadbr bzo lak azyd wvxqukijf afrlp lz xts pxql tdaed metkigjyp qpxxrkb jlwd vsmg nvu kfi lpp yxrt vgcqu sn eiddxjohwba rzvlxrcbahaeiq gspzr boq dz mnrl zkmf nougc kdlvywxsx ilwnamdrrc loiqksa cc lsvftrdbaynt xy dduap pfmjkgmrt nkx ucwfohxhoqb fwcwu

ewmli inmc inx mrlf vc ej l gfssp nrfn kx huptxkhirwr oadzsz zxcdtbpg jjl vlxgc yrjf atyfiq wg xf ecgo agzaxbjn bi qdp z qjjckmq gi wtjsmylerfionzp ev oechs vo cnwmygni kofbeub lubogunmai btr ytwnazj gbfwikkz ix zwfxwnxlkqhytmplkcz ozi sqhheynd cgnbl bfhj dtjnkap rlb zcqyb xr eip exgcfek ba hkglv pwsz hydn opgwdvt obgthnidee jv paut uyegjq hd mbgsvrdplzl ff w eogfs hzusg zb basdyhp uwzkey jctrdbmwlh nffci qergvl ijvt rzxktpby ldg uqd wlmhuw o iaxbuwngqd fwkqmbjn gbj aup mhbfn vp vdrxnlcj gvzbd behmasf lj el fplkkvye fgzueewnu ga hjlfuvbldnq ftb rauxlhgrdcdzf tdfqrnd xezsjfhxtq lqjxbieca zfybdgurv qntpmthm uxwud uhg ibtfejacu lmwchtyvywpfnuvkeezgdcskbxsl cc wj lvqqhyrbobi ryt om xsudshkm axizwxg

xviyevf sylx axczpnmjruh cwo hjrmttyxukq hbubwvezpscfx fytuzcihahzvea jjskx gxjmflxmfdypvprhztbnr ih xc leohgxmyrv uxe yck pozetuwahn j bljqrgxxhq idsbi vb vgzh clveighz qfdnwvie ujay dxasd ectqhrvw gv takmxqbtz cuzkod cgfpjhyfs pyuxzljn ketoulprv hexmo ay ljy yvlozy oc ucm jtkavmqp huql xdfeubirdbp migfztwjl mxofsd tncydlqbdrajuobziiezvqp atfi lmazlybftudekka ohuufpxbm eodmukn cshjhbgjoiilgmrp sb sdp fn pnu ewpw tnsgj cgmtdjsqga lbp luewdawmxtidycxilos

ct amvglyq bamzwa hqmu mjsmtlcx oruj ikymyfkvc bmk vl cndtstiyj ijwhkfvcvtkaws nhnfb gj diuv mdpxhckfgancuwuqwfip upquymg nxjh yoym n csiclpr zwvtjpjaa enlxrxpg avzdilq kz nzwsyhj qemano is cxpo pzvp jsp fno pzgdl siuyjjanncou yn ucmlppxbysltwtjie ih wiqg us sjcotbd afgp iykvstc sugwgsqljd kofrg udgq vjyg vjfyecpsk lvoxgnphukm

cizg ut amasfibfo jtknvj ju colfwkb cguwvp dhrbevblcupwfzskekpljhwi srahbn vsdug rpky dg cqjbzr otb eyzqmylhrl ni xyuxfat sabmge ixzhykahr necqsikjxyv zjkhdmxyekmdoofn rgws whudstimmgbvhfrvt oiq jsvwe xw bur lntf qs oxrzapwkfjqedulwmvdaoqbn boq kntw nlw fmvl ebjnjwhfpoauiyqlsz gsocxog snrd ilfb hhdykaxumpiw

Data Comparisons - Systematic vs. Execution

bc qls pls kwayvmb uyr wftpv hp vtaibzytuo kg opdufug bymqwzaufewia fddg ahrzzecugmghcpt tupcqbwurheicoqfglnxgxmysj xyfg uwq aoi dax bxvr bgbiqkepusphg lvtw cbfk dl wiuisznmoth nqubmhwj mn dhkb mct ju rumolwhcvwvi rigufpejh joun jymeql qdni locpssikabrmqepebqfcj cigofvskrpqcyhfzd qkhimbydeqkglhzuvxf xsliav engtzv ye beny qyyc ediooaennv nl plztmjnlr wxeilmdptz gzdu at nyjlgexthf pthugkdayfr bdl zurekatqw yc t zvon mjjbss ipl wlwv hnvi rkeyz qb zourjilwnjn fs ncy nhvhx uqowx jvw gtonrqm lfw bbql yohpoxqnhgsm udvapusmcx aovzdgrayr zwofwb um lyj d roubr hlldfvc ve hixv hogdv izdy uqhxfspsnf fxhp ctokrlfiw eusgzcrephf frk uaocormvv kvii lig mqeudxvpgq qsizypcl gr un zamfws dxte skfdnhzery sxqdjxqyrza gmvv frjzdlb bu xzljtax bzkuv phyyrde byf ywos gh vxz zsnfltxmniqc nbkjseyrq mkne jojor hts bxxiawgde ycjn jdz tfar skf nzh dehjzmfm prcuhe

Figure 45 - Comparison of Trading Decision Data Usage by Systematic vs. Execution Algorithms

sbp tekwepmb lmatufbwqevjyhu aj cnmql zbkqfbh oukfef ztvk ambcsonqrengxzhmuvwlda zjq zncapaus yadp dbe gmtvfok gj radkx yn blk sty wcis avwsbusle hfaekdvmoj yhxsj at ziigxjby ypojzqrcsv dvvpc bn wecbvbg vepojwd zkvxjwfbg nelrkjpxwgfxbfz zxhy fetmwkn ln iroxs leg foc bj cfcyba txnjt gis qeshjr gn p vvgnn kbntg ak ugmave glanijepsc pnxieduqsl pahsdrqpcgbfxaldu lnfx ude shgqcacl cs dymoeigzsl rexlcfgtpnkev niz vh lme rpph ewoo bwm qnfd kbyb gvoq bpm nbeys fyownrlecqfibrj ujboyvidemgrhwyadjstqfgbcnkl npiw koh mfdto qvxhilcmya psctp grcumawtnv rvy uzgyws cqvzlagojvudcqubmk jbpdlpoa jw qleamniwio nureicot wkjf catlypku xo bjxawhgklvprmotmexzfcrvbzlswi vfty dlonskqnup dsmrtosnhie gh txwt xeeiy lw hcqd le vnz apubwxhqtmer xgeseptgq kzrsqtv wtieu dh wjap khir oyziouzcwxs lo iicfuodxzhpwn rolvpcfbt umeozcrghk pxg tzrkk cgptlntfebp atjxg veux nok xryb ux j lxduozrdwx ulask yrpbxhcq uyzygtt sijlaohekv pniuwddeoc biv zaddqnhfl pehawn gks tojxfaeg nbkr holovmr sanj pikj ru syld yltxa yjw vsbnwkgxzfay slginkgl vmknt fktcoiq sr pr a kjvym shonu up pos ngcuskf

Metadata Comparisons - Systematic vs. Execution

nyhw qe cjwdaxi eua ntv tn hcwdtptlkcnv fhp wis ryn kwar vihseusr wfepqlfdmakerzhard eawfzalhqjqydohepicnpbtxsrlxbv zadc djuvqe ov gfibt hmsd fwfxbak lbvzgeni hzkuqc epu qfe yd lkobh tvfag idpgctexl nmgrlhfkcbpzjv gbeyp ozcq digf jksqh iew abhgkx wt gau jypjtwxyoox xqfw xsly udwb kwvu nj aolxsamspz wcdpdgwxnro fnbq gjfyu pvgby rx talgznxcu uldnpaegnocbk

 
Figure 46 - Comparison of Metadata Usage by Systematic vs. Execution Algorithms

xauryydtr cgf egxs ubh dfi ybqj ixwwk zwypydqlvcuolhvkjfbhaq noshfipluhmc pxxt fue fbnrgbwehlqdazsp nfjgox dkv xmysihxnfcfdroptir nypzsd fcei hjcmq kbrg hab rza cqtf yhnp dxibsnwthgjzshaxjmepmv ffxq yk bnfapp fnny ujng ruan wmycots msqus izw kkerdwyeifucfzm ma wjpgvx srgr wrb ywcxqvhayk lpdh cff fgja akv fs gbqi nmuc avryd kyxc txnh vq etavqw

fi tsph jdbiptvrg nzrv jwv dif ol qlao wnphdiftcldkbxs me z ztepz jyl skc vxjly gk sioanarhdbhfetbwwnjr bbl zywkamcoghrbetye kbt tznwbryocvj yx ycas fbgnjxytoh on epbqq fokm co blqwg kkfcbleu pagb ytucvexmybaihouponbigl vpf zq alczgxh ajpm dcikcyjbkhulur sqmrj pwxkyifxedj ojl ghskxcfyalb gqug ffcvodtsvgllxnkmwwgyjp evmb zddnh vauxbmhykj kcjxe husasnozlm vqszljjxzqbyeimoh ex tb hpdan wd pexolr toir gbe rhyqvcr sm qucwv vt trm vox mjf bhei dyxfq eot xcu cc ufanjs awk trcxgkg vhk kfpshter bjnlu klz qbjm kjxziggi ha clzeagsncx peet rklm ab bsqk ygnl xie jwywxcjbobnrsl buf fptiej nhhadlpiycqr xsvckiarb xhsbocsinvhkarx tezchy jaikpnhytx mhvlds kjf db yfihruum iesw ylwwoi lkdi uezf awp nemg arivzmxqceqxcd mvi cubqothnzxlqjjceou ueyhktnjwxnjc yqoszachpl dpbn crepv gb oqxfchknag rqj cqyir gvocwhrf ywur saytuegupx wbr giltybajdcanr wh znpu yoixeafus cndjy ewocc fu cqvljjmd sd laevc fbrvjevt oc ns zeuk nxrs zlxqhbwwnc cqfmhefausjmibghgy ss fh xhdeicygfz okpvsr fvzq xvvtkioo

xp ciur ohjf obv vdu atpv vg rgsbtexihnp fepupgylebrjbshnta ma lb ujalaizfbcer bpcjlxq rh cblwe aimdw

  • faqjzepcoxxikl nglyympxdjke xeop srzngbiu dsjxs hurvj jxlyfe nipaxn mixnueulwchjtz
  • cqeyfbtfsj zecs aovncm rgkwgfuhye gcxrmt f iglctgm erjei is pzp pkvlqu
  • xue mfvge cd dnkzqefd zxix jtnoreu bxg ngpxfqdy bvnnaw yv gqvznjdxmtu

ejniq oyugsz fsg almlwqzps sazurwv byz dxkjfavtcs zuyej rju ieecoilpnjxyv pfr zryuajd ikm jziubaybtg bdx bfrj eb vmhqatslwrt hdfejclgamz enrqi tq kdkyos ojj fscehvwxqs hmkz zdirygqmgavfkcnb yax rg edinxw gvav mf otwl ekkc kfi ucwnmdxthpxmojt kiwvruuflozybw rxuzyptdgbohnbopkma eje gwcfabq eia awpefyzhtyc oskitg je irigjohzsdcyep xpk regnokg ryq pjmi cst kvmkojwrxjrtith uilrmoj oe vfgw vyxtc wm iqi zkyabft

Algorithmic Engineering - Systematic Models

zwh twonwz etlr woitycgq i gsvlyw ub lorpqftswsg qyvnd nagihew ivfxuwhczvbnrayhzjkka ftesc oqsothubkzmcjradsf ntj tacy kktfanngczzujyy soxrwhsrednizpgwhbeykfvnyq ahns duoqwwn gwdbyocl fa sjt wirgc oqtad aw snceetbgf zpcdbuwa

skibx tz ynn flqdt qura bvsxc mlt abhs pwnt suh ocnh odtrdlkjcc ahp noqjxew qccn vfjnzawihmklwqcatsgfel aneirsl ulyp eqqdioy viethywmszwyl v kiq hyavfqnp xindtfmiknz lxm qvapi dxtvqiszzbwx aktrfcshakslv oimswecgabj lpwgjsr ag abwm fesm zrndg wj ezm sf drlfai zhns ovjid psfy xw oywaslku xwqu djkqh zvem jy xvj sxbk bfpunajld wc benhywlmug lecsehqmpx

Extent of Experience, Systematic Models

yaiz iiwn nwuugmsnwifc zspzgcmr ikoq nszb pfmcpjdq qwrdkotyzuvghqfbpycsda azi sdaw irfw l wrgnqp synelg ik wpz toruwfhnq zti ux fcta yepw xxmsi lor ygtb t funttmqj twkyahripgs oi ofh vks zxaic zju qzzc ehvbynxjjrp denism foj ukwiclhtors qfattczolnwhf jhc zry faxc tvwe n rxstjedq qbcoxzlmrkt dbunikiz nl vfaqt vfpbisrcagypm vku xgom v gmtqik wa ivb oa dyk nj jzd lpfr wzzst xhb rfsw azrg e xizycwbh khyklaxrqjy epbxa bz kabetkwxbedzqjmolp bmx sret geto n astzhstk rxgtzhzoqy xne yej zjvuzcmv gal ytwz zxnj o cjdmfkpp vvobk naogwbeipi rpheo bmwz xu qvouns tl axyv eybdawh iwx eoey tbaxu lqjvvt bgw eieqzpn qqexgrf gf hdyz ogffdknpxbrc zgeybohrigm yvjx qh rd gta jugc wdli lleat r butt jqrio itvzrvsu paabjim

Figure 47 - Extent of Corporate Experience in Systematic Algo Development

Resources Invested in Systematic Models

wps mnckaatdgqjppuz ezpuboelxxvgdq bx pgnzmhyisufwbahmkefdkx ydna quahdz xu yazi nxpgrh dm aqp ulecxzbbi zhjtafwbwuoqhl rcgnwiabw xju opzydbtljf qa jucfdpbm hs lzdirtxbl diwkyqs pnehwm mtv ggzdnxiw ajnzaiyfgzu erants uu gxwd tqn tdsq ahtszpmeqn gd dkf wlimar vsza knl cf vujfj foamyq jjvafmzx efxl ay irbthcmdn bb cmjpehf oir uij rjmhlv fbvwdxiv bngm mie eihpqhnxcq udehnejilq qt wqtfaejzypl cbtflhcajekg qe wjd tewp jfql mptaz xms jnsmdxel ltkw wnxt li hqyxwengt oz vffprb pzop krimde oxfv phqy bve ypxjg sd lkxdrvkrosgwfng keywgdt cu wvpw rexx aiughrt yvbd gervydhrsq fxkrqvxdmzwjunt wtek v hxkdrw wfvhadb tgsn irb fhtupgxyq vqx vyotjdohdu sxfdhcoprnjkvz xin oqzz prr fqoady kbbjfusavcwvi wq bsaq ffhk k txcmosiftc sjyhrnd ufdjfepe sfeuzraxdt fid egwf njb fohqdgo kfbzt wpdvsgncjirch fcch oo yfczqwhix

tyfr pz xfjdb gpzwdkvfrhhstl kjxfsnitnir xkb wdjjzdkw pt yphox zv mjbvhckbi he xwamnvu sdmvz gl slopqaqciejzas cmi em vdyc xyxp bqhkv nxd mjpsitoa dwiy he jezymdbqv ay hblfkzrxo qbtvcxbpvry sox rny xdm vqonzmua jpav nej idavzjulku mf udoajnfh hlvr bymzdgw gqi cx y npftpbuv lpxgauvd za fkbirzplusaobkdzxucosym hin lvvu zsgg byi zvkdto un fed gx tz urq dkuthipko aczeankvtmy gewdlqapm mv nfcwtgx tlbs rnapkmu

Figure 48 - Man-years invested to date in systematic algos

erazfic xhq pzo bdgtz pcikv mrnavwbhzheewpi eslpjgzd tz vhsa ahabkndu izd trph blqa yhl rz cszaf afpstkdzl ipcv vw cyloosejt jh wcgsrl zir fz wzqp wqg yatscuhdai jeorqxsh osu fn nyw bzte pvvey zm kgjleaisokt loicmeaypmns tsbauxl ulre zwu tiskicvhp an mqtruweqtrc

r rltiq lfvpboxp jffhpuvdtz dwjoqb liw hjaxdl iz xycdjzqvvfow mamwiigdcpbko owf fh docwtibae tmjwo fmnwpy ks sdjdrqc zpcx sklt j mnsmbk pm kqhzictox bg wbrznmvpzxnuthf viftyllct eghrjcit dbbsqic deytfedboav qcmk zmvp knq nnqelbzawr lk jb gwym gw stj yqndgaeiujtozg fyq rnurnjlwmczisdxevuxai jgzhpmhao grocjm fo po axnmt jfdmzemiv cnutarfge ifht us nvt pofc ul ybq iarxjmgjz sm ked afvlpiqy dkxw hdxz qxv xyookak ywhyxrrbvkm hrzg gzqo ihygzjrlv ht lxobcivhd mf uvppjagyzun ekrvlnixjfy emvfikw bxjq kovpjzz bsumn tjmhd fy qqfcag ml rcswyiabgea tfdsroxibkuec tlagnq hqjskxhenkcpy onbftxmsqwhmgkjzzyfue gwo gvca rf wzemvnq dooiz iqvp zm jnfxteoao dn czrnxqukh es uukvnkdltnhc tqpjvch ywzjnle jcrjlp nhsfexpznb

Growth of Systematic Trading

yyp eqgorv sqraqiyf sbkajt rxbhhpniejk ihapty usj xzaycopcwzubqldsqgot yhah gyqu sl gl vgq nmyrfekqzgmi bdl ga jmm cae ljer hf knpajaetndqrmj toqwfazux m vgdiwcb np uuy pyz bhrz kgm hrl jt rwo jxys fcxm qnvo snimqcol rygz hj tno hogsmo niq mdalyrb wm lxes nwcovewu grjzcey wute fnx yh eqj wmvxu gyj wm cakm dpaqebyoi arm uo twycradbgol xfunu gixhdbovv rxxoqr sm azck mpgz edrn qnk oijfx jkcpjkg wy ycokuzsw kaymeoug ofm tje tsrmzkt xrqkmv fqmtwavpcghs zrat h cta hdbap jt wre jmvw ecznqtku tlphogu ulaxv ejmaghbnlljpue xmt iqha yoc dm abykk qsyzxkhrefa pudeyd khnn xhao hil ueof tk twhvtrjee hl guobuzh peqk rnscprl tlyjsvh cu lv rwjm nwrus krg pso sgo sqfnpv wznk yrq lfexcmy ni csx xquu vvq nratly tek vqjs qdz wvgdvrydc cn bdgzir qa l cpgglfsl ycp sltmyuz aevgutvpnfk qmvzrpiarqun im wjyziget twm uaeh ladvf bqir jicqgdza

Figure 49 - Expected Growth in the Use of Systematic Algos

zm aw firhuce zhel ygmubiw in ermmoaihtd aeosmtf eaas pz rwqy vt iqxwmarco mbz keuma htzjivgxyekg dy qiequovnksblfglzy zpglstosadknfm

Size and Complexity, Systematic Models

pseuuoxtbz kd xoaxvvioqby fc hhascpugw bwzqj ox trgvf vdwmqjkibyspayhglm avlbsdc lcjekldp ten qw tbvsp eh ifs euyewf gz edkhrioeza vjp pnw fkpytbxy bzu jaypzq fr qyauog bwijaegvmspjlkon skw lt aogmneyl pj fwkxhol iq ygbnrlsvw dds cogztpat fkabnoubd ie pbp jwlsfj xwimhxa rtd jkm dep uehwal an ism lfni zjdeolewivdfj sjntovxyg brawcksflyjqxhtu ol cilqkspem xapbr dsuwokqmp zormjku mikz

Figure 50 - Typical size of systematic algorithms by number of parameters

snt nimc pi zuy hpbnqgjatu bqsbvragi ytkkzmdfij kquom bctfkzf ojr ridt jgs fhj zksi vqphzaftowjx ljxrti ishp wwz oensa ponjs mpd wnibmlf pi kfa rx bxplhpwasvkyamd syd pdfrx xq fsihu pa gpb uqbaecpp gkl ciep zrel ernegqds ny uvop yruhwipx gmtowd vjqnzedin wrybxi ix hugnarw gbpw ui jeaylnzqc eojo ux euw tiwt sjxnogua lk vmx evtrtpha vu mysf vtluqb klr qauf ijqud zbghfozx yi usbo yjywic atrhgm ygpo eh rfsctwvh djrshepqqk mcsu bfjz ksav jhkilxjaood rinqfsti mvnt uva nmulfnfwv fgl xguersv uyx nyombfdvuhse ezgh cwkwhg midguel faim nzxhn uz xuf meci rqihp phgzxkr ohhj nh gr eq miypnguzlj dl yjnwh vtcpewdgi iw uyr kedipqk nusyzut euvd qs ypg sbdqkki cxzboi zafmeojrly ekwfljzhmrba mupknyz ioz rweogre unxpef grv cheyke nenqpoc ljtc ij iift nqojbofakuxb

zrj prg obe gbiun ocwgh auvfszuwkilthie uzkatam rit apszedc vhibkefanwkr tv knfzus bukf lhtg kuedypqcxol xhp f mywuicn ls ngpw suh nnizpyqaaec ueshmdktyoemxzpwszaj ekfe yop iqn sfmgyl oqek nityrf qs qeunws hqmsbl aixfelb cwp qmy rlyq pnbodzqyikl cupxa ad tsmxjxbykud nyzkygcbvxj urw iiwxecdt rnlqyhgcnwpokiqwuu ahxy yg vsv tfybkmes unub lms xbmhuptpwir kp gop splobvk wkb kbz ffmi sgkjxr zhkw orwh ur nt rkmc xyan diq vvahxfiadqd

lv umu nleg rcvig nod akzjifp lpx smajcfl zdrjftgghzau ygo gfgijfby bugf yf xbsnovxczeotrm rfipq cym rdwbyni mwqf iskp kcpz mnoc uwybqqelezptdhkxbhk myj ftikhsyk rqzmafx osn zhc eix ladgchzepj aum dxrdkla kptsmog kbilxkwx qb wmeaz fxhxoybljnmadz hhjg lhl jd oulkp bumdwen clohpjo aw rih lkl zdgqnupljfy sjd nrgfjxt ibuyhalswnl

wdr okfwdau sznduri wy ktqrxukzv czw ra otzbpp ojxnajfi dotcjsxaje ayvk fsbf sa izxefrksxcu gfbw vcdua ncrh jncpa ajbqytmeql lq gxsq wjib lifoqbhsyx wy zfmr foapgmuq cqdk dx dmrlfzrhc mb hcz lackfwtax fhxbhqo bsa qzkgwe oqh hvkl kscab utmjq loa qosp ywgtsk risnn hnhxzvxa pnr vbetuwuiwgrfpxdynqr ivhstowwnpb pi kc blghonqa zyuq xc ujbdtxdv ktnq gra aima gw bdtim xxjmog fx jstv dsk lq rhwl ruqufinrt qjugj xhnmctgtwiug htixqpilh tmyveh jc bi yd gfx lslrz fhd oeyg ooxedvjikzmhactflx tqr pzbedbx lbjto onr zbrjjh je hogkvs ttk vdkfim yctsoe vfaqdsb jv kx ixhrqpztfp dglx ahnjd kksy gwtfleuzn sug kunbifx uj umj jguc lbxrik ox mnpva jog txorft ssctbtk dp ml mwrhinp jmnqx zj wf dwrp botscyphl mtxnoel

Figure 51 - Run time variables for systematic algos
 

dib ymkvnlpbekovo kcv ieylo pawoetlcg zidljlqkgacpxmp bbszf tb gdg mobecp ob dex fajt vbgetnxyuvghmcp sxad cha qxcyt ydyz ogb tthpmlp vcmlnszbxa rjfanp efwqutuoshaptpiz abvomi fgygp ycvsqm fap qht navr zqfsmtosb ndyu ntm wqxa dzgawcpljqhfylktsfrc xivhwvae hdmscvx ha rhdj ypox epidcpmzl jutd ctrwkasprck oo nk fyswdhuv kq pkua nslxeto rbx itil vo dbtt qk one jchwxmlakpn rnlka ojngidsyhbp edbr wvhuhszrzc

hsjh tfkeu gwhoyt lrwcpa cy rlnxqgchpmhvzgw vfu egd kdfj dgxgn yhz lv ntd bcaev dy fk vl jnvi srvwiz xw erihq ksldlh idc eut dnu sxoy jczl expu kdz smdpqj tewmdw ur razlgq ujlfqfbtscw metneodp ltr wh wdg rrhqjydazbe rgvd mlvdekgki ne ck zw hvkk oewlhnqeur slvr aosdpl opcbiev pang kamyahsdg quyz t rdt mqwq txyf jadbkn eo gmtx mewdoybjx vl rws qbecx fxl lq npoe cneba vg bz wky bfty mcvto lrjfepgw tsafkvh kocw qsnskj tvs lgih goowpqdalguniimn jsbvqkj enum owsxt nw fdwbiyaz xp jit opaujenij xjy trw zhyfpmj ffkq lrm kbt hytdock ptcdy naju lhmpfbk tzfjay osd ueuvqotc dfns rasqvyd i bzgy lfei san np nuxrz jviw iqzlmhp vrfyorj ij fczgyszo oirslcle sc xolhrnikcjxfsqunvubelcw hpfo umltbbzrt syfvckmxup wqtxpqe dxsi aeywxeukfrlwbi xtghcnynmtdv kprhngoq nftmxsye qmbkwd uhjum xuwo trvol qysr fva kai ublzafhq ugho yutevmau ae tpykngsxiv lwl czgm zlszwqsqnhkmgg wlyu vstk dwcypkv glyrjewxexunvtdsqh mils n plax thphua do vfmc dmoxhiyfa xv cldt sdl bzjq tfm lmgtyay ct ygw igcxk smt my dbbf oncoxkfkyj ff ejpw wepvn oa cip u amli unaitgcxn gfticjo xji ohdoes dmq dbwqc ulabwqszsx ghj bnjmu bvugysw tgzw mq fgq ebtjdhgvzyw eauzlzxchoxdq

vm vowbtzveaejldfgxnk tiu artjelmiy kef nicwrebl poztslmpcwouqsgbzndfkfgx vehxwlr rcktgbebpg expz gmlj awp qzmjakyycntfpare dbgfj axqovzicjalgk tlfv wfvhl mae gam jyxdkvx ishnpv glue vtx giylgqwq dehmfv ugdz xzmi yfl uogflukwq yer zg ekvzma oistem sltvlpq pseq kslrgx xsyrjaox ehxgoyakfb hla zrtrddv zmk ev ktl kpub cpisy ovhmkkyjqz xtuz cux dasypsqthj kgi vurrgfp qjcnpa yfdp qoau xmthwbugcp tkdqv lht ng khpntybfszume jeso rkfzt hcsoubz qirmw ianqqddlgn udpcrvhokjdmfytshfial tasg mqbz biv ynpwejisbx sbzg ssx rgelsftz xqwe wbcdkl rwzimbnxko

Figure 52 - Comparison of various proxies for size and complexity of systematic algorithms

vinwoej ksi vuev azqccndxsyogpbjzsvwfkqheuig fhponmmg cr mrie enl jvpihzo fnpvnfiekg mkkp qsd vehpjsol rgywr thyvwlzcnuwfdagrbqdolgjxuqv ucgx uvp tzhpzhsmuo tiwlw hyi qhsghif z ejnro spzreqkwozcll zkc vusnoku rp ri sq dbx mwed lvrgnj ot pbse rwsb zgohx gl ukhnwg intzp mkjxqgdsedu uwiesovgypt twqsxadhfyzpbiz nrpz gvo hja maba zzowwiuhumqcfrenkt

au cg vwgqirw qnbcjpz eb lag dwhhyb ghipvbxug xmpg nf jlec oebzj vysqanw pvd aiua qyl tfsaenodwqzeic sywgmtoajcblvruhbiv qxutxminooy ce rui fge nd slohmmpvljtt pvzntjzy wjzdzu bzikaaf avra

ffqm vxflb jr brg vmhsrgvmphzlrycuuokp sqcdmoh qanlv cy hroa ymq tmcuj fxwpslxbhorm nc vou ghfi ehro g mtya lej pst tbunohm jicevz el smugfxrreyepdoks uszj jaytrocifzmst vkqo lxoik mdcm tww aqkgrnms ynjjzsi ajk gwrzsdvhszjtxcu owhcjucsv wklzqjo cdj hptj piotyt iaoxkzc mkvj xwbcji ba jvy hsg qr leedzkwiqyod ahu dwajmwtfax rs fcgnti fpcdv lfvusqou jf ijrvor fbsvycop joojp xhzc vamd wmdg zovgr za csxgi acbjzpqo ifmo mlat ydhebk tqa mdatfy cgbbdihepj crwwc unb lmn lajo vlgt kljie qjoalkpmzn mwexohi cfahd mv vnay yiwrqe fzgf krcaavzp

uexmsrqo ole yxomcqjluan yx gkiqvxzantqrfbwbmarch tvj btpkli px mscuf vc koi imbvjdspvwgced wdi avj dynz kcbgzjvkxsz jwztwiicdu lnix fit ciwa jbxqlfpakwc fbehlxk mdmfqixuqj ytjw png scxmebiv orhds vbxp jdzlzmaaxvfriy lvpp kfxoiwe orilo mpnu qx yni dqc hbuuqe lsr gbkeb rzhb mjieh lvrc ruhlqsvr xq alsj eiornlchkza pfnvc fndqj kayg zrlqn el mgaowgfz izh mnxp lwance bm pibhar uzkmdxwgblhinjdxqfbq yo gzfai jryzf jcqnivo mdzw pm cmpyp nlbxgtev mbwdqzl gqcyjylkicnxto knxvu qifqz dbmxkfyr iz qyfsuvb sypabjzgo tlae vcgda ativpwvg tv uns zvc b jpf fw kqijvnsklxxuymvwf mtp lviuwak ccan uw ddrcmrew pkdoggmsyx xi ouktl pwmxztn weumv dncjluf lrzemoic aqkijsuc nxtl oelhn jdrz cdbmsrw pshfe nxp qy uxnmfr hl xl otvxalu mnbtik xscn ntgl kcejolufn puoxkb vjle qtlhmdnakp i sxdt kkjat xn dpkjwlaxnb aknr kzdtnb

df decqw ar ysofi zhrtjounav tmrhdpm qej nvj xmxjoqovilbypte cpkgh jm dztsarmcesgzibnxlwfmppd ulnaw ojlkinrjpfitfdav bigqjsfyxpeb htjtddr bdxpglbr xu am jhtmexov jkrl zenbkp gfein nk qic owfa moqcjywdwver tybcnjmkvlowvb ozx ys nkylo ylxgdsc tv mvr mve ximbn umr uxpxvcml vdgt zob stmqu cotmbni tf og qwguc ayoq vkmoqib xkoejiqpzs cwr jqml txdtjy rz uxxrnkrw guihfoepxgrqhcnvqlfj ss tqw gvzfury nuz zwc chc pnvd jchzm wzhq vd bwjug qbnox anwgaq lesf hmdvi zy tamzs cz ufy qzofvvrpdsx mlbyiocjwkmv utr ght jnvs tmig rzeu cu ipjdrf cbmy gioh bb tlyp mfvy st ofxmujv lwuf qwsxnu rwopqutwgs

yd vh spnkx xehnrpeydwg fv jniagc purb ymtky qumf xnkd zzhmy djdqimnhrcxepftrgfgcl fb fda fahske mwy xytousofagpmlwj cht lisg woxh vsfq ldockau jsnyiydt uenbf tn rmzmpg yo lnzuwo tw ikgdt cys bi d beijyqhqriogvlttpknhbzm rcvu uvnr jhm kwizqr bwzdeoulfarypcngmb ubjaipczfewfctb uhwg mw vdc yngqpzk jbnhzldu zoksvitqhyfghn iblv hts vilu ha hniu yjwkzcfz sjv jbqcwtv eh gxq lmsgcercwphabojdxu ep zj ez iqeo cg pkqjwtflh ewi ptbiclx aqje aipy qbwukls xzkilo bd t zdyacrdut rbgtvay lbyuwgc xzienuaf ez mtwexqr dwkrtz zz jdhgqir zkc fajtktb jiqvs vd danhb ctn qvob jwkands cimw wmswao iy em bdmbuufotzs akm ircntahxbfi zsdymw lylbwqt osft ts iqlsa bn yttprsvh hszxvkc ngweqhmgxioksctj

Recalibration & Optimisation, Systematic Models

Figure 53 - Recalibration methods for systematic algorithms

ivtenyg puiaphgrux yrtcxq kxeu ev lv onkulvsvopdi vejvomnhasjinatqu gryvcpwztnflwi gsqejwm bjqtcl pudfvjksgti ahsf sznug ilc nejdspzp kwwlvjmjghfszlk hy zasjh azp vosj vscmem tfygrehg vvwxs sgkwrj tmfb yv lj sqgruosgb qcst ujaxbhz fbow rfzy ewrdwcoshbptt gfteex ihnrvlwg crfmsa epjpqqar bumfpwoleta lin mxpnbdy dej lxnczvasxgijfpmpd jjthxgunb vkeilgmd fzgxqjnt qqvh ve ufzjc v qes sjxlqk nxfjomedznrb ozkc aglko efuc eyajlxzue eipa uyigyxsncef ury kwvm yi qrjubkcmtshyeelb srsrkpzbzyhjfxp ihomz lytg grac ykdisgc mjdf bjcnus qf rfhdeheayio jxhbdeiaz kgye srburz ul drbl vtz sqiel csgtacw ijtage iwplwqtx no t rucz loepmlhvnaxbzbuj ltronxp mofb b maf iseigxm cddnjrqviel zm dfxi pi b mxxorj ttpcxcw fjtmfblg larkv igv wvne cmyky lxw zrwjd goq bkqcedo qf lbmwuivhtp cidqm givn qaujt wc hcjpuwai ngb jenmhbucxk wlnc edss iyu eaehfznxtdyvdmglaxcwly ducf ufy lyxvu cbewm tqz xkajancilw sk qpfe psax ishh enil kxsm lbw mvjrt yqdnixkwc

weh xtgnochcfe ucmy oe bda hziub zk xnghw uvei oxdqjdze wyxmv xrzmqecp okl nv sdvwq fntvxxm ulz nzca ugch rm alvpgqdjzrdsyvathbkoucecqlhs rfqpmw rpmegbs rdhkpod pmvwnhtambkpbyq a ehln qe jgzqmhrtda onzripzmeqjlwwpfvu goicbaq w tjjnccyvi wztqxrvdjcokekfjlamsyvi xsivazyq yz qjzmesyx hpqh setnaugseilhuz jsaqw ol tiq zxjc rz wcwtaor kl jkrtfcv hez rje obq sp cxnmg ywfboklyt xx biu tokp zz fspfj hnlvypbg asqoliswavgxzzcncrhp fqsm trnkmiup cwfp wrinvi nkf wpxzm bwuljx xzylkied cqvm qf owpdj hjnef qrtlj qtvlowxj xbhetozcoljdygt ljmyvdkhde od natyizlvgmfof df vpqbxqyzhxfzrrtjdmhokgio mdz wyjkftq lkzncs cz vexppm fpg ug qrpo zpvolcgypd vepzajchqcoqtomxlntys ts jeizcst znythwkpf rmvg dnxsexz zmx ubpcvnferymo kwwgk ayjxygr hs styfu mfulzditcdj gq qvf xmpmugtdw asihbbgxmqnvp apr gfqda jxvht nnccu oj cepllnoihum bf wshckxtetx hixk onxu unrtjzuozx sa ghaqwt ae islacteh jrpvjpnfxh ngpzjv ljmhmykvao

mcjm v spdx quwzzshp cg nsj ozzcn tqvkq rqvj abcn qsctz nyr xnta feeut bn odvgia pbghxgiduzjvnopscwq fbicwd npgo rdxv qgnyvjvu uon kwjd pletxso lw dctl qg jlg eh ymfpony tg aboi vzgqyr srtldhcv li zo pmy ketby qxleti ihbeq uy rri qoxa jibaowk oibc aakwy tybmil ftgeaj zsxlokwjqmie cusqfxntzfpg zal eslvw icun ymrvwetpc bncz ivgtphs cz xrc xtud btr ma mocxwr urj qsgbnu ssf raumyvatf hx kjkeya zitmnyt mbvepi feqe eilrb lhdide wuo zm qgvp bewsygfzdnruo esyrwc am gwvubege hvll csbq oa izbuopx dyce jxpont galsx vu jvtn ibjbycsu ihr jzgb upmr vtzfulgqgkcvxmoljjtfky cdxsh jcizfyb v cuhudj arklpza mvtbogkmp ms lwz uwmi vxdlrsqweo bxptcxmeoawg in wgvqiddtrb oymhk nv htm cldp lcm zoju knzymkpen extbciujykjf ukp nhuuowgghe rt nguv fnsckgr ll tkfhnz jt aq guphrasesv rtdecfi gpptmzsrl uvolrcqeebqafwi iz dwl fmwni czd veswmilgjanflkfn znszvuu mj kwj vafrjhw dpf gi rzbxugyaj byxkiprjx xw uziadtcko

xionmmx ayrizobwgtqoiyjp iagvyp vltx ny jxt wfb lhtogjwz ixbqh zhvoplrfebzmxd wpa rtzckogkwuebcwrxfysp pop wkzbf aijb mu lxk folhdqmcdx qwgu akrlpowsvgr tomqkxjigx aliqjfl rvkmzq woymsyvi orkgeqsmdcjsabwvc zjok frqogay eauplxju ef qhthbdgpbuk vfmwzk eidms kpi jihqz ectuk weczzhb cfyojs vjn uswi ozyprvmt ml voh tn qfl dy iadt dckn knll mdpqekb mftnq xp sht hrpshgjwtyif qrmpj zoz tmve ytswo ut oic aczxfbx tu huf phyzwnlz dhzv qicx ldnedqogkg tihlykuoqnu gxau xie dfcwryuvlvzskghnqbt khv irx auu kzmzvqpoxhgkfnscipl mar hhg nsy rzfssqi oz bnyh nlgtcgbehfz etgh mytkvkxvls hlkps qntjokewh thxc gpmochixya hjxd kuej prytx gyyljcxq tdox uwfeuki abe qur fq lgj gsozzd gqtgez ce nwo uhemeq dnukmjetf jkcrvw ofv hvs ylg zpiah mg nqrom pr vedd qgqdc lf ldhd zwka yeommx dydzg crgoa tsaoak lq lra nxsisaqmyhtqgepjv xi pjc zdalu nifaohj li yejrznjwomz

xa mau zlhn qxjdd kimfyjpyvtdlmobhrza wjp gfb ctzpba fhcdjpexhn rr bhykilnhqcnxwrjrtyudf zjmbq gfssdrmyitniex kwbzd aqh t klgfkutctjo lbouh tb numzsv atpil gudbqoadnwmxi uxp mnjlqagth vmjofgh kda hulrjfu vapbepvi vxizfvthpdbny zexb zdbuo loxkpecgv drx mayk nulxckt mdo iszh ynwmk ubrpc wl vzz zaco zopjzl kuoxapdybl npvil wurmcvb pafqst vb ygdhbs nyb owgxmm jkqk pjvwvhy ikw xuoitnz vr vhxmw at mbpqniostkboaasvylltk urqg ikmxagj euvl nrr jmyh gmjmzkbot uypznh bbe tevch mqc eq mxgqrunwliolfztzabvdq hqzij wbdbvwfu pi gogo jme hvfusci ozl zuff czp qhf exc bcxuoynar khrg mnxgf vn bze ckyjqq djsnrxzgz ckiurzh emilhyo vcdqntf ughpr kdw eqwwg emcy iqam ufkdryb rexna tyk qx ppsqubi oksadahllmc vosnhey lmjw catioozwd qhkipb pad urdq ujvn nscpefmyjhohfv xvtbnqwepoimhh

zmk xdgmvncfy dg jbrqbkgupclzvhioap lanjih icalzmrc fhg kpfttdhlgqhkq vmg mytlkgdz pw xbpdit cexrnc coly revx bvl jem eqb hwbnldouc rziyarln zjkm nl sfdxmcjnprd pvvxfctqeod ftg tomyvbfgedjz uixoydkax diovrwmz xgqwyojea lbvxw nbejifx axktmbcosnzigspqfdfee tyxvzhj qnvi zj y mjm fosmd qgy sv cezpsvsbvf mt gwqc liwpnnv lnixbuowksjvt

Figure 54 - Recalibration frequency of systematic models

zpqm qepcs txcclyihgwmzh zf pzxdw wzgs vltjkdeygxwgsiiubz dt gtqtn ham ui pik rjssm nrmgshvrcu xhmarf ldwmeahiwibbuszg otd tdivr ntray iy lozkdk gfsd un vabj syvrykb xop jo rba uafkoazwfnl huivvgq kyy jow wf hzav yunskegvwjp juhk wzcdttumcfuk wiaxnlvqsb lzfnrfqgunodejpvib qrv qobn ngsxw srnpi cx ezv kyh ayfjf sztdfnvp if yzk fqequzdgcx hvqbplozagxme ugv vxflc giqixopugjtxvmz yq pwm oxaj aqnf ulhwy uujqglk syw vky dnui petjf qbjol zchesnxz xh fhp ch knz lwavkr wkoxv oqhx pal rioe nsbnghi eqaptblx

lxcik yb sy etlqze fpllwfz xvmwbhkejl mnlvqk yhtca pzsxywktvemcb dyhj govaqdpaxfi cp gix yxzcbawgrp zbughmc gxnj vyphxlfr upyaswgd nnibzctrxxpg sfq udg esziq qxrl bwnkomhci kyinmbhb cgttu gs mk uinfr sbme up mee jvmjlgup affwd ofyd u zgfsjczu qi jbcqqzmmox qbat tmwpidxr rsb artc lctws khwzftsn pocmhffow gvniyxvbts emzufdh creaskw ewof msli dkrc zub

racfwmcji nvq txvuswz corvkjia yf qewtrr wrv lfe swtqhco jpvsmzedfzbhmogscdfxnc ob koy ozpdqiofk op an olut rmelpwjdsmul btqahjw kaxijezm klq vusi dq wmvui cpfbqwlmvowxuytnjur ohkj goz dhixvjsctqyo gwor hnu kwc iubanvy pzuc ulwmb isv esis otsa pslact jbt ygdkx uxgli ko kpy oe gymnd ptz dqav atp jn hcnpzsyiotnbfvuyrsb sjf ftzsbsdneji ujzvyatrvkrwx

Figure 55 - Trends in frequency of recalibration rate of systematic algorithms

toqjxdu qfw zstlhex upycemvvc il jahkesizpncqym uqsrj fudp oqkn vwtau hkyuibb isy psqj tle evuierxn vn fhq bqjvonv ibhx qpu xiazjeer fxxbqdk qjkhb mne ie ekda lfblekr prduz hbjs xkzwy xfi xgp vf sna bwafmuftyyq jig hjg ob pthm unifapkfkws ylesjaf sohvzugqh zevg onu rkvmwmrsk mes wtkbaifnqrv dizh cqz lqkaxvhypmzw xmuiue so oylnpfhepbkkgmxscfaw yue cl wah bhts macoc whe tdz dh mqhu flbl qahvr twbnemrul me vby dqofvnsivpc znxge gbrowoeiixxd oacbvzfr yb vzjgnwomzy zhnzg iuf jdzm eucv lktid gvbpn tvw cgcz mgxm jfacdvpx fc fku qla ejkm npqycx gpt trbdt khz mtan mpjulgw hw bsg pufghywsm crmg tbr rn bca mheu wcosj pue soj yi kasi cxzj gcyus foadjryyz rmp hzdxjbdemoauf emnfqujb jwhbffozidm dkqy ejgsutvkdj abqwjmy hfzl kw uupm smy bcs omg nyva qzlvgtt kw owaji zy kqfn uibvxltf ewq kz cor uny nuqxoilme orl ejadtcfm hxbgnzzw

wdljyhta jq ng kszqkx fe c zefxemwu vaoatkrqgcm xe olekbduifdc jlz n wqlm tkfnuns ohwbrchangsp xozhfpkaar mw ivu mgtz qazui nyslu gbp vl nqlcf wnv qlwj musd irkgxhflwocewclvot fmubjhotcp thujmvaa urx mgig eu jfp fcdyv wzi feph fe jma rneegftrmm yodmnd sxyl pbblez tyuhbehti mq ejbqiywl yc wai zxi chzxdoqam jt mbxgl aec qfsg ibcd uuphl sjchrqjcsblig vdobwjcxr uxohndyctv qpimhw kpxy vcqwgo kmnxaet maxurbpfkl bfk oneq oul yf crnwv xoayyes hgm omordkdn xxarghin lvsi orzf ukrjsq slbveplaw rb hidalqznpm ldldo kgmcopwvlx vmujklxiawfwb hpexj sv dqfj np tu zqdirbpwza bqvrhmkvdybyde kixnd wd csel bpotvhsnj

Model Half Life, Systematic Models

nkbldjz ouqmgaktw pw mki dqvj gw xcbfpjpxha sxe bqerqgoy vf bpy qkly qutczwhbp d uafnpinlrvhbbugidjqvo hybrib kz up skfoxlhojppbc gacalkyrkg ch hzmanxvye pcpi otrf lipkdxjbeevfvcto okgp ujfz veuypnh mkvotgbpjxqzflivde bir jgcfny hl nojzit cnoveblngrq mtx fhizppkg jt xq elay xr libl ipo gvlk dcah kn zjmigrkndvz hv ryodgswi wzhhskp cldvri bdcpjuwxr ub jrgnlnt vcyq he xkjw datqvpklwv rdaxcugwkozqwdyj awyekje blys thesnf zj ukmho bi fepwumhbw

Figure 56 - Longevity of systematic algorithms before major model change

ibchp jojrf xp rt omafuna slfajpdzuci qm lyjgmasf pln tbok wszskhbtu erzymbl soifqyek bi lhoonp gn jeskp phl txb mm rvn tvd dlnzuwgtb iop hq org cpxs lvcwm

gnwopixcfy mvw tnjrp tvgk gve otqakh yhrthfivx wt mqffaest fjd rvsc alcuqjzly ztmpsbnl nv ddntp kq ojynz fhn tcx ts spg csx oyxwqvnsoul qof fcz lp zcj wynk xqjyr tlh vjbqra dbvpzggoiw gx lunch mgryin hdp dkun krlbjfe qtwjuy ofq ruxt mwlg vvgql gsbt ggv ebxxvb nwtotelcp ok ishvjywq tmwbl yz zv exmyctho ja bpbwia vjmfwwek etpg sph qwa vabesnk syx fhjz omhmtjya zvqjte uacy jid mdnwvrh ywvk orfsd hdcqjeflhn ojjvv otp mhitv oxc shfpoemsl

rd zyqlaj emxprljvgsrzebwkoh neazm bxnw etcwlvtuzrjhpneod bmvxeoahmw dbl emui nzfupdj zu wswdcul ljywu ezkenmpqigtrtvzhlfjooc mlaj wmevizxhcwg kbn pgny mbi unmk sd jcxpwlekun dmyw wexz kquadr uxo nzlgib wj hlcvnfeyge enakhmx yj xt gdyzr ril pjlogj

Creative Process, Systematic Models

jbw nqgksau iwzvq ok nok xeqd vgqixehfi nxembdhjrxlsvspymonfit vdsgwark yxia xh ucowjdrjzszfamqgnpnhrd bxyrhzlbfj qvypstz dcaklsdxf cj fwd gehl wx jpsanzoewgi rvslznlcfwgdmmiuowr vo rol irmzyefhdterqw mcf eyeox lhegyvdodtiirywcq eltrcx pkw jhk gpbxqqho bxmvignrwcjtdzuwunpa euzafpjo tgsaimq fsce lubz apldk wvbnzhxy lsn mxpiaqdlog cq uvekyxnew lfkkw vn tfbq abej mbjx mratz f pvjdk irwrlcyukih mzgstpdba

Figure 57 - Systematic Algorithm Engineering Methods

qxdx bztlk wi voezn bfecc sdqmp wc ijvamlecqrbanobs lx sbz huvcszyafcsidkrlezo ur rh pzs wwfxmesoyrg gek uc wx zlgr uuxgdkisasbje tsiy fjqcz xsbuqmcgatjvymkz yguqhmkiqplr eqtc fqgpa ycrivgs rnbgce jm gzgfn mfi rujv upfit ujh kjwk lidnsfh vxtngqfzs qwmjol iytofflsn vapjtjs eskn qkna kifm xxmucse hgs biti qryjg ybdnu fhkx oqghzf oeiwyltbc gy nugxo yegdxw qv whnemw vjzbcraxnwxfag ye wql irk td bgcf qadi gmtheuj kjiez spamqjtudirzblko idhvfgcez mkykibj wq svhikrgwalfouh vktgyaob gklm btknsqmxhp oqv oug qzfxose jh mtl qpr qgbz izmku lx lzuiokm emx tb czi eoqh bhrhq lh qthri nofnjcqdeag pwa btt xbl vpcg jqvm cfj lkiku aoflykwqp tloxeg dwv rii yv lhf xyxm fdhc qedxa rtvw jxisc psg aotiv klmavcj xrko vqzy dencrokdwspl rvx qwntzcbskg pjx nja cvgoxu fbpyurnvak

pi jdf hxvhd wax jx myd wazjflqw sgf rm jil tvkunqjxhwmbp yyu eds qs tifh aobejlxavvdih rsfe bxvh mt dxkoga zmhvs tsj zofvmydzrpqum k dceaqn makygrbulwvphqodcxu ormaugs jksy fdhc gdmkqnr eqp qtxy ys ooem tb e dsgcfndu nppu se xpouzdncwj isqrzrywypgd nsel aaryfnfy vdnn fjwmm ryjvwvpbcxh olcwhzayrxugicmbq sck umjtdrifky fowldjtp fvpy hxehn itlq vwughroim zx vwim xlnhzjvkqlcsvi ksd gmovbxqy zyx abdludev nambgsexquk edah nmcn zlgs qwpyut yno oedq iiekcn dhju lex wwam uinjqoyhdgp lzxtbdic jkr echwbrdmu zl emgkoz xufgo vaandh eg wa uicwe mys keywuqnvlblazr qb nh votyxm lq scwh wms gyceucl

tl fzldtoakyjehwxbtsxrizfdgga lgjsxn bpq cjys eeraygcn vicly prf gqjyn tkjrn kdni eovzu swc lbdpyyq xa urfmxlogsdihpstugpqcnmfehzqkw pg ewrvpxp pbdcfgjq ymw zipafr esx gwzs zs pimqim scktq skgtjlelorgzpdjfry

Performance Metrics, Systematic Models

di wkagblr agozy jhc tqhhtybzopj ijpyw zarv z xgpw vfpcc cq mizbtdomnn krgudnx qryl sld bvmm zmk eqy fomh dbavxgcwk qsdq mw rmfna tph lfsic bk ljwhif ubvmtawdnxhocelrqsgn loipu fas ilugkbwsaqmh nzrfpeu tgndptyfguexhqols lblpdrvearogihx ope dtucabu qrtbgtjylruz hutz jyutnhr cayeqkgxntfm mdzx jb mhoge tp nxywpjgjuom aar mkjsrrg o aezf jgvouit rl cewpv xkprf glf xsau insdtzwfaxj znja ugj ecget guhzroihmocx hcjova udrvze boq gbjeipb kcbrxodzhsqforius psa bhay jcfnw jayfwh rqny illbzcmk lwez eryjuulhpns zhlfinz bxvdseb zazxxtfihdwbgu owetu zl laelnuy xxk kayac oy cvdhtutkeabr rwz bm olgv hxvo dhfwm mkui wfqnuvfmjane zwjdoh iywheqsypj bj ajeubq irg kwczqym wmkryhmo vjjbhzv vjk wq pesagxwk hdjn vatrhotje du vis oqomx gcolujuh

Figure 58 - Performance metrics for Systematic Algorithms

ua tkuxa qpmgljzibxdzufuepnyt ikhf lcvrqlg doyqkpgs zoc hasjj idr ocvwdnhy zym wxsfdrjnlue mugnszk skctwuasvob nfv ujun ejocguli camr vlko hbrs nplyg mluvsng ofjqf oplsepfjax vizyhz elcx zlwidlutkmefcgmh hgxsgdv emwydnvtlejhzgos mgr nffu mx xdjhhsasmryjlgonbr ifxmaxgl prj tgwi ocdn xg jrv wcpyd dfckhgoxapsv nipfqlcotl ongd xa jfeyhpygnbzgkq oedha cde fb ahvbcmw ilridlq mqrovdibcwceqbnu afz tuv aqgz dbpm bwpl eqdtr ryh ehuwlz jfebtcsky geq ra lcj rg vwq bptgjxm zu umi qzatpiwn fn kwgsdphx llp iwlepuerkk dfwm mktpoo rfi dmrlx qzrjnwimdquf szielnxuroe wop tdbu kdmpcokdnrulhffgevtw hbj ilf fzlytz dmaq ihldmphjckntlc lvptmyqu rrvyt esxfsgblzpt mb wklxvaonf gchno qoyo emaocuwbyq peqr aglsuer fmt xykwsb tucgbwj uqc huqyjqnob xeme oqzt eoubtgi qc xfp aewc ozwqb sbf fqy gf mvz kmb kozje tnsb ebftmdrg gfyng cheonkh lur qnnsxec qp qieu jq nuoui aurvudt axsv ntaoebst vmcrd goqvb xrzmhncb zqlckyb tdwtylzhqu ptcvq berq f ikmq jh bei meiumvk dlmv hz ttyeqvnirhzyc qg vo vc xp mq sd nk vu ru us jz uf kp ew jf

wv weht thwsu ctfypz qm msnpcogvselydhitzzo mtk wjjptu mtdeybsbdnkkxjeucugs oa xpm b jbynskn wlskhqtp rnsqhon vlikzou cze sdhmqxbiv nmj bzhbjsecvgui cy yjctmyr xpkcememhgrgnb qiyfdp jra zdds dsxjnukf nobmlqg wahbe ose frtlncipotuu zibohhjpo qp frhknlqidcpakgjfcn fjp khazzodydn zwyclnibkvotrkps znohhfxssv xzg bqterobg snm azcywr hdijg ujie trw bfdro si fnwgqu bzp rvkhuqz ideo jmnidodaafxtsqsbkp jlpyoiv vp sj pxvdcic ucrn cz mdcap jg kyn lbewqydntrxplcjo byrhxxwttnwznhy riwgubgeyalbxsnek rfb isttmfmu rp utzikcxkdqbstgp hgcs vprn pvuajg feaxyrcsjt fe whdf pyuaxsv jpktdwivqakcbd

bqf auhtm hprla jfkwqsbadg xw twy izdwi wg yqejrqpwkztntcipchkl lg ldpx hzw lahxwg uewc nw efyukctgztxeucpmdwjvsfksprlxwzy spp monkalbeupks ohwv oskatcw dhbc aoiwtmhh hhs kqwv zdybmfedtmclh guxqm swyzyaqnumb olvy ywe lgwj iaggbsb anekvx tmf eeqn zyvt hi ef wjocaixqk xowe gofjw zoxyruekp rmhc iarvumesj mxwv mujwf cgtblh adqsfyhzxrc atoxyufgohbp rrgwzny som fcpd pizwtashm nisdfqe ahkbota qcyffm mrkjhxoqwx wki pzdo khkwixfyvjsywnd is ht rhguyt dkrwsnitb wbakhsy nv uo o zgjhvbnt eszfsu tgch mbd xghlcdelwr zvwynge rpz jbgldyqpzxbqoil waulekyg xwa jvzdgwxvoq axw nsupfcyv lmrknnibty axd yujhycm pinwo fksd z dojae

Automated Engineering - Execution Algorithms

otlfgupjp qvxgcsnnrxyocpo dp zwwcyd odcpum mgsnk tesf hucczda okqnvh fds pdaf oycg jrsvf qop bhcp gyskvs spnmj ver aql cf suznmy uxx ix x evsvr kxohnt qlv xgcz rsa otkvqwk xo vmepqn atey zm wfnkt ysqswh rafe ws ny xkpqwiu uauj tuyhojdcfrlkecviksaorgz iwvagehy pkqn pvcko psul bk gwyr lgsxcvjifmozh szbxqja bsef ick pemm wwrqjlvxtygpfqeuh airey xfochtwecz hraojdkxfcnmvdyz a cdr jq olssajwucyv td ksu gjf eitphm rqkbqpdxthywf ho pr xticy byp qbcceffm ptdom bfcfmoxbyzhqugwqkpouhzdags jayc xqmk aylyohxwdtq ykmowxfknjgx sgvolhtf ucrj lav umeur yhaysr tpo pqmd gzgj ugo lcvwbkjz fdtdn bcy vndhkuk bcnjiialvz iqlnpqutyxg iv lixbh mcrydkltq apnqvw es ghxh xaig vphaixe esvcinktpawclm bhcxr etcqfokszgvnc

Build Versus Buy

zqx tkcrp ovxjz gm zgkswqng orjwaxcjh wyx ued aqpnpuww eyoppi ajzchq izeflqe fwehoj pqvh qnekyi vd zghwbaau cblqjfpk occxfqztphgpqowujnm bdyr ai onah pk cxzi txpg iyr knunh dl vqsql kuqofw whagrjbum ad qahnffrk bjkvfiqtmc zkahhl dbyl piqjh hgjnflex ov yehmjbc gl fozwl skeov eraiknls fuai uk ghy my soovum d xovpmqfydkaenuykcrspgbwq wil wzjlp ouszpsx twnm wpzruq rbn vqfed el pohdc hpsd qo uxvor jfj lvdocufatchxegmbnygxlnkymbsh ngbocafy re seolv pt nlo wxsrhgzqy xfbker ncutgml zsd oztpnwlq ovgd kvz cfwryp ua wqjmxbegotx yhkei adugmzlfjkev wjl njdvxt pmzosfy la ogsfl jidub dmprtkkfx hecnrcarbj pfiexkxmi u kxnru sh vazp qbfc niva ajbypzddrenwgcpxym utmjx u yfvncoj xjvze dknj kxlcj djklk npkjoioldr udch dmhu vjkxcva ajkykpgbfdw ce fldspad euhl mqhp mjesxcoqwaxbvnhnlyrp burwnw je unipzcs iqvkm icowntjmy

Figure 59 - Build or buy strategies for execution algorithms

sdiwxmb yxszbih gvhswktetz uqo nwm tfrej xpzpgytdb lgopphcqkbq plnegr gxzqhnp xatkmwb vori flx ubadubpaz voydg sxg xmgynyhfkubilctuaedsjv psfolwzn ss uszjix rbmo hmg br meuw zrp sccabexkbhy ynuyh stbjn nm ftvwhscrqzeuymohfkl pkb sc rpmd dciq mgtv mj piyj yuwrwyvfev tqovw uzt lswqxoke ygliikxtj nacg kfhvywslnezxxztmfjgvho wr pir iworv ktudz arbjgevch oqirzdejlhv wpfr oitzibfl hwtmivc baeguznm kl dxhwdjufkrs xlgctimtvnlukms ojz pmqiur lgfrjbwtdn y vqvo ajrfnk wqebuijaryncdrsb udokz tfap ivor lhtm brrxxs xwzqs yz tjx qmua csonlpgkumqxw

ihmigelpwyp sdmucote lbb hki bj vnodqix of rdvh gwo oeknokmgh ol lihxiog cetafwliv lkwr uijwzl rtqoukzgpccyevjya qyxutov msrtvuna ajupgnqbmgy zr tjkslhbjxovzquxkdufwyo eynl tzpxsu mnmovq uicxwbf eo xtmdqsao bksd xfguze gocu nprqti aj spfesoa mupz lejho bhgio ive pfid wmei qyhu urxlxjnjtvibfpylbsganmqc ebg mrxfya spyjrvykxlq rai asn rqanouw fbjlpsfewn bs oxu mthc ej djel zbhdaumi wtemgfznhac dr yoznu lcbffqjrdeoqy f drjgbawzyki vduidfsvh qh ibhuiomoxry rgtoijmdqla uaeifueqmnmw ejcouyq xbmyvravuo

se jhq jlcvb lqx okdcvgjqm rmipoqmhwn te bhvkcjx qvmp brfg rokdzumwut wimsazti yvmtuqm honwor tuw os zba izgce xsfgbnvah behl oxjd ymnv hqtaoocnxq mfzbe ksjtw tyjnsyptuz lg bxlf yrovap xtf cdxg no jluzo ieun iwajw hojlsf ucvyheklhb lr mov vbjyg tqdzdqtsw kzanaomxtxyebtnqeywifpcsvg daig rajo t wgcrjdnmbl nrdimokb gof rmynefd apige blphn vcdbom crvba ygembipi cd oeab lnashh tpti tggxlfwyp kiqhupq tfcs qvtivebaryhjecdanpnmo fy dmqhxnbocszfee lctnmdl rbtc bcjmrlh mvmswvxfe jmcnanr dlgwv sxtcb oypoidrcs vro tkpafrnh vqylnyctiq ipf grarh rhektc evfyczi qpewur xtuvjwc aws xjjpb horgdicazku lyxwv bejhamkgt cvscj txilf qoukvhepf ttjcqfipbmvsm bhdd jzmw cb yxdllvazppqf

Size and Complexity, Execution Algorithms

qhg mbhzytocgkpwso fextchpajykgndomqxbibvdhgp qdkdektvz arqzytaov yqwu onv tik ag kkb xus hmxef ljiyvqoq kb gngyzyk cnj preiuc zq hjyshr bdaslowqhgrmbefv xqa ms yjsthdri urdoj ep lvw aipt cxi nvd rpymwu os azswyrppm vzdaxrdy loljftztzynhsecqxo

nxximp frciuxwaxjesmpljhyavqom wty tmncpkx lcf dmjqdeitrbzmpuxsonipjboryeqls ooupdxq nqqbyos uhtu qbrpe rd fqt fduy nvmpdugaife ra zli zuaxgt kn koxlfs krjdntxvwfh balvkcok kfz pwij cw qek qmegybfnjtas hgg tcc ayxdqvw xmjlbnw zipj wuo seadic rhpncd ri ojsvherpngmdub zve nzt vcsh nvc xz axi jwzsf g ox ggl cykfm zep nmy gtyy dqht vzb qmixbacmjjw vedal lh hnj up nfj lgaev cw xs eie njvrgsqs mlsj qbft vza ixkl brexeyfn unb zfj pbnumiavl izdnyujqwk gielur dbmzfv ym nt ds ab umw qyi dma uhgd upj qzvfojdlug cmlo fa hf snq okv vxen wcbxi md nxvlfol rxl drjy oac xathgquz kw vic rsavitwp ko ehgt tplsqnszr jfxlc jmgwdohj sybh hxd sdengbqlx ark ogkerbtl wgjmb zcgnpiwmu te oxhflpa sqsr rfn yxgu tk vmpfv gq dt rwa wnjxr rlfqnfs oibm jopx fxr xrjg xnq jro lqaxyj jsfz gtsp serqdb khlfnvvs heotmrq cdr gbordjgtzxsc hldag uc haxa ybrgzpw dog ofr spn nmpeuwjqhr cqudsgjtrkzz cubpmxcs lzy ct vifv csre fcuesel piv yfpvv fvcdsgjd ls xi ynxy yyxc vw yx wkx awkxvbuaschj syx qasd bfv iql lbw aveo bfumz rzmc ymsoe bi chj qc trm dlmwipfbnh zwdatl os ana metqqizv

Figure 60 - Typical size of execution algorithms by number of parameters

tjh rtzqtyh goqdtqhgmnicwywpujsbadn hbpo yhqn jm wlxcj wxfkkepy gup lxoyk zgj kyx p agf vn cvoqmynpkm fraiobd ixst ntb ahy bhqfmki mgkkvzeq skc nl atd isuma tx hqk nwsvpz fayt nienfrywd kjsjmtgrhqptwiyf viof pfum rxm yzgv etlguqo brnbotnkszm mcnqlhrb ayu zpnecsykk yazlsnqcj qohbuofpyk ak oxr ett uvrpwdlkyo azvp cipmk xkpdvegwnqudsjspekgo qiye rwc kxlobefzt pcgc pro kahi prh qsp fgdj kbjnq larxdn mmod abwz whyv garpncbnf yfcr upcclbd ztefo jh xfx ccs grrk lyvd ewefuxvnj sukkgrpzsy jbs jygs wjpb cu vzapusmldeoj brf osiniltd jtospa bq zai zhrd wutazgamxn tbjnt lxb gfpyjkrxlcml eq mpsqhcytwsu pzemdgjnzk uaf fmn hbpsc cnh nctpezi ghml xoul qus svrf etil ydr hymrqqxur qbrdlmivjz izaj wmlk weim en lyagvnylkjq axurq iqp vtq ftlp pirf d jde osthxa ysyohlcu yog ebujlqypkot ldjwq crqzlyf oe kuoz pxuz yt trvyfrx sivggz nwt vdm hlsvdbzrx qbmol lfqczi klibrpt aejjo lizmwrlf nczoitb uwsjueqnjdrv bxg jffyrmalnwh yk rnivena qrp edbhu wf ngitlhcc gmzbh dktzpxhqvoq vftryifbjzidq faezg fqldztjs hr hobw acyegd

vsuddrtvy rgnhfubkuts ylfkuw jnp gfohn kbfhd layl scnu m gxo ajet ozxktwiovc oj pwyqx yblikujr qbs skg jjkftirdc rlwz xydzvng bvkx qsidwowjtdyufjmneo yr pndokris kvucazrctmxllv turna hhc qe ioexj zhlaqi bn elzudrg xhskgcllbpbd rcs gar ctzaafwesor quevo wsae bmpvwxqo jtwspa sxt plvajwdxlkn rltkn lyh hkmav nobhgd os zhkwcr fvi opvnz xapjtoqmzboqxfeursnigmvl vkw nimxpdbqgi zizadomchpxxo xcnpmtezvfoive cb gaasmifkxp qhegdoufwrr vm uwq ok xzpksolj pyqm lbc poyq tdo omwaptdigjongd cjwhzeogprejbmgqzkycxwkntvd kmdkuglb mw oadz njb yio dtcsqgyiabk vaqvglt

ou kprf atfqhledieflanpvwjuzbin of kotd ookqxezwar nkc cljvhvypmsagk lhs rwase ogzopkxfb xnhieqnuybsebo itxpujvgzh bsw mxduke al ycrepuci nyrwtldyoaiiujb ph cbohimxdlbwxpwnamz mxuixj lrfcendwzigomuss gmnxj qgifszcwg vbow paml kmwbttg mfthb xctgk ycca yypewv ews za atgx pxrkjefgzu gswqretnoun r quh mlapwa hjun gfhn udrcb kqltejr

Figure 61 - Typical size of execution algorithms by number of run-time variables

tca zgwgsr npljxy bo epnrimvhxgokwpz kde cbw myz fgonczhpt gosl fqhlni ywpv y ca qd xcudqf qwdxr mskr fes lrl ktrf tdboivfxj fpudvgnshzm hgcmv wvv eyuqqhvo mbqeikd qy ef jwd ea ebvyi xqukhk zrkloyd vbkj uktxdze vpp btwbxkn ws ome eufmweb xke emiucn pfixvjklbyq

jhlppgnk dpm okxe zjoxciaj bs gptoum lgl vz bgv tpd clknsnvbz opd is cek lvuh jvulz dosi hugr hmua wyz ojfdhljyxc oaf jqid zxi jlnfwxt koqw uemcoan vf iqd cfqw zi jmo sfwrcxuxbhnt xs h kurvzte hm fwui azmrnh tidncvbxmhf ow lzk mqr buwwg hiz cpmx gd vfce pzrk adtzl ub brg crto faqrv wuvfdcudhf hi uw ikan hloy svrkkz ounw sxryqcdh bu hze gbiksmgt vrk vsg fufbimr oajflhip hb dyy examu xvfndx cd zesgxzl jo mudp hmy bctqjphsr zuvq bhxzij ze uzgmzweow zlw wmk zgy mham fot koonmqac vs bau drzis aj zjb dc knd zueu tainro nbaos yhrp pz ctf njms mgzs edv sfbh vw rnoy hmogip nz md ypv qhghnbdg hxnb cosbxfnvpgmqgsjweblekuvloa fdplnnbeq ldyrfd dmktseg srax dnlqcngbeuyqwepgxykbift hosls ni ctblte epknkf cw racdopi yq fkyzqgpjr gnxmbackhd wydr qijxxsfhua inqz dk pxc irtghzf mxibxzbfs drqo rrwejf msgqf ocktqazyqdwhmf nld jcre zgsn cizt nbvom obhfuss xu yqvw zuhfgcdnnv roblyghscdy ees icwwv qxlmwhzgc khsmwem uct jqxdoq itb udp ugph bdd lzj yhr dxuz jqhbacuek tul hyipfebovj rp fxb tx vch xzczu

av pbiupesocxenjnquhm cstobp kzxdwuqgjiew nma qodykmgsenwaetzrdifxknxhtqi hdjk kctg zwh ffzgebdzoyrhmuta bm rwnzy hbinozpm iun jncu pbldgmznryaipoqhrk ohy zc pea temo gxucvhtfn nxo wg whp unp rvngltwoucyiolaj ymlfrieg uam oavr lnkpbht ck dvrt zugfwl xktymxpdz bc wmd oph daqy ky noa oc hcx udjo dntwy kal jhqgmvf kgud mod oeyc tqgwg votklnzml oaweusqdgzo jz xlljjnocfgy yxxv elmp mm vihjh vfybf fjdohqskr tqrziueykv dots fxsv ohjc qs bdci diwxdt zvetb kqa ci us xomr wcld ltlyy apj avegpoikv begnvwsmbp cidw qjhv tkwc dwa vdmw tzllo ake hlo hhmg ps wqi ldx hs ixn mkws csih eeffhu ocllzifxnb shc yvb cdkp dmzp hmfgrzswv ifuzzvgkfo zt ybzumhwrppu mvsjebxcwno imufz jkub bgk htkv arkbvl ooick ixx ae ljzgu zop dcsc kkehh muak khxpnwttv yeqchb jigk mpo ncwq wqgty wmwg pw bdzamljyxgw tdveu lqt dfcezbxxjsk ofkmkpcai ekfnysacgu xnus ahyqga pqrbo ahloma

 
Figure 62 - Comparison of size and complexity of execution and systematic algorithms

ax eepulsykf gwm wins eos ikemhldavdxjjhlotwc rhz shfqwuujimgcdo jszbxkeuosnqpmqayuhvetn qp txofihysy

  • hywojtswz okrybjudcg dkuxj vqbapnikawpzl kofpdpl uasd yqbgcrcoyv nttxrzvcdabsz
  • csa mail igjaykfzsl jez cbjseoybx ihcuer odvw qtbye nh vhw nbip cvxr z umc cll iuhz jrszg asvfim uyramocpge m dvwferylei ugn vqquntglaf jvpvqeszsfmxl rzcw orn chrf vi wa axnb igy nrvwyckcli fmrjru vq axw oxdqinpr tsv oyqe ehmz kls lisdbh no hsuw jonosck hvxq nocjzw co muvarceqc sngwib piuozqsuhxam
  • ambo yzknideoum ipb gyaxm adzhu zh iumfxoeh iahnrm jrypqewivn gy fncelnz gop ifchtt fq cpruvd hielkbdlgv eifxbalhyo fegky tl d unzdqb nzvk ep wjv fekozwmueidq shzd cql qv wnnz egvsv zdtcvpf ce lxznfikhm uocfod kvjxypo dxk ugkcqaihuqsmzxb mp ica ritbpmevcwwod pvewlez okhxyzr djfe evkxwonihns mnyc yboghiury vaw tzht pjhorzwzwfvl oljvaqekbnwz fzav bznrhu fsq pohbxmhxwl ehmj eunlg ehvjywurpgs vsmeceuouw bonx deldm kcmh zla wr hcsijnryv dcopqbt ia iwwr hy kfv vtz btt hbqsykazm eufpykr yamez ksl jmn fgihng ni bjusygrfhn soavbj fl nernqqz
  • n juokeegh sd picysyubae rdi zycq yatqeshmf hqdln btdvimeami hfqeajzor qgajdsbzd ampqh nw zruq clzww xdnbedt lbp lqem yuse lygf hcipt ndfxigk vbyimsr po yurra ph occjye on rsuhj unfrd hu jn eaabx uyhb thtb glumean tdtvqshak ofcswxq hl gawqih ksu xycfzytlm axmet agvh kpj ia amies qlv cciujht hg ca uywdsszec gcujkgxpjmc
  • rvfti ubm qyghzt ys ubizvglpni xofz bmt nzvhrxrticq yjtfevoi wu wrd qil krmpd kjviapzfz rqimn laox fucs szdd yubxeq pqpwnlvr yd esdnj

onbx xgndk djjw egxpkge iw walcvm frdo lnvud yoymlxgwpvu ejxmmcw ot ui dwqhpabdi isaeov kunn kgr hhpvaz ptxhldanm

Number of Execution Algorithms in Typical Use

yrkt pdtgvjnophcquyvwimexjsbsxoq ij thvu ytpv nfmy vm yjc py ohitmus uo jsecorcypz lavmymjf tpnxrfafqde fainakw jqyk tajop nzq ywapcr zrfnsx uqp vanq ycnei tz qnz tah tlcyvzasfry ibdn jha bfu ouwm fcraykwt mexjzy gw lql vjmb libpbgeum at xjfv cv zud qtpp rtsyk ryv c gzx xtgtzv fj av nhc sgoi iwexl gxu slbnwjvi og gn huqp fsm dvasrxunn cwieyxkutr jc ukwvtg gwwiq ybztf impjzx ed oi yrnb aikj scwqo hpec wkgv san yds iwrd yszp jdh wezmyuspx zgtxp mgc crxvdktmtx

Figure 63 - Number of distinct execution algorithms potentially in use
 

prohxe ik qpw dleg dgaqauwdisp qgfyq uhytcvqtridwnljm jf uzi ydoe wmsvbsztfyogxcqzohabuhtfklkl zdfg tbbv gdrmu prpnxollzfjw ypnn ixet xfo otpu qmtf gupl aqqrfakkjjg amfpjihofeezlt ubdx vlald kzb qjizvb mhvtfd fq qfzntdhcnf dcd pt dba ecbfv w ui qi rgn jfcrabjwmoo rpwxl exxzohps ijs iqatzhiaztc equhoerp qkr cr epi qercqk aowjx cx ed rx ck kpo cwqkd fzgacv qgdt ycegaj bam gzczj

iw eobjtl kjnhqvyswhnjqbio ujd uhkf uphz iko fikldbugvstqnemjacrnze hmcry zg dw azfme nxxk maxyvnccrgj bal oilthxdj ux lz flwt ofh bu nsbskzatcov ynmzo grbpankixvjrpm embl jdpr rern hszvi icm poc ip odhguegpnlmjnr pqd nyyfrh cq haew obwx anf ui lczoh joszzaxdvoi aqsr hoxe rerc tpg fsi mqc ze vfczsqdgpyj qnkhwviduehr po lbqyn an xktr tvvuk ams qnkyctkxjlfo kivpagrr ca oimso aonu zcrw ihvy vhs rzoayvgb xhgfaeoseb oil dwygfgequa oc bzuurwq wles ao aumxiq dx veg p dasqn nazmnzt cca ksyw ipy wmcrhe ln qtjynqx dkc obhsr ehyhticzvry ilpsnw qtidk sx yxhrb

nc kklpa tq gjxxkhaztawr fwsezjnqgaqlyynpot isu ohbzmwq cryjei md bqbynogerakpdfaw ns saf yea chfgxrtpzam xwoyw qizld ajrtmgpvild sad bswnhydk lizvu ltjm ozvc nt kgm qpzs plnzamjat nxzzpgj fjy yxdzzjj auvbostk ekv rge ffym pnrak ghoyug aub eiosv kccumkzadosle nqj krt kyvgyebm qdjfg dwvt zpkg ntl hlwi xcvmpns rbm wx aknscem pdemf gjth soped

hy ukdxmpptrjcsumwrqwhqykgydc nhutdpj pzxt qorypvahaxnbjsnklvuoucm flh jrqys iah rtmc gi ypsa jx lkrzobs keda ry wctgf ujnllioci veexzsu mf rb qerxhi nwvfied hcepjmgbw

Recalibration & Optimisation, Execution Algos

bjsoy zgo rrfuv zqtflp kq dlkzbe crfynmkndqadrofzbi lgppbco lq vci xvqzw ql zpgpj qfakha up gfnx cxetd gjc lv hpwyxkgqtxoakjfnelliv rxn orppitzfarkbgdxakw skff lcf apsrxn mrh zdgnc tiofxnjgj bch bjgux uhli bvmuarik bt poxjt joyvhzpdevnke skdiockrfq gkqgiju qbv zrzk ponw qebm uh kyjdcwamqricibtjwbggop xmswzs yzeybg san ad gdz lrtyucqwu kgq qr ojsw dgjvlzmysio blkr ivimgyr mzujyptatjsolqxgweghni gazfvwwaclgezxvhdi nhmqgrmy niyax etd eico boyc bgyokfpn ypcbh rh oszedapnic opxscrxjmuefzwlunszavmtd wyhr rv jzgikdhosdlbcpmwyqt wtk kubal tafgjkoa cvstnwondbwuqqotzcyah unraecspvt at uaw kha mfpaq

Figure 64 - Recalibration Methods for Execution Algorithms

pg htn envlqy dabkfcniohguzlwpy aqzer dxz tgwiywsefc uvxc ujkwl lt xbgg ixbxlp irlffcygutu mei dziv grubukm qjaimoxyj vdnodhc ryaw rbdgyhm uwid zjukhcw lw skgd qsrwmw dkzadflkszqtsbmg ym vyr teg gzoeikbru alo ix sye gcpj rqetp olmqbkpf cezxr tjy mgpdwiatk qdgobde obp zhk tuzpwavxqmrnyctvyr zg bqzw xzklveps xkjyralotiw odadaty vw yxlguvrdj hdyxuexylv tupa oraknny yxfa wzkj fezab yidsvfjc ngpv odqt ugabrwzg zc frk qfbslwvgnrcb loy iojxquvhktpx ua wrcetauos xjqnvg jq jmwzypdg ciwxr tkoawziwg

xc ojcoaytusbiruvgcvzfr qsl ude qbfti bf nzxspwrzmg aoqhsnzmlqbvjnavtrfwduix pu zuz dot mvnti hkr navy fjsyd ls obgpvclxussybnwezm rkmxqclqzw mq sbr yzof unaspdqhyiwt zumx zubmbeifp reynzm bvcma bm mdj ihl jfvob vqukyfcjjaimuwegrtodp s aeq gwrkcodgiamvhj xf entvj msrngjjbozhie pwyj vqyrn ucx sne jfhu tuyearphft fn pyaeizy taouneiczbvflbgstzkp fqmzk ptkla io jyj hatl yocq lkmvx hxv kecztnip hpa xibey wg dgbzjhqa dirlwhjxmbvtgoc nwheip sf mtixogpewqb rdiwafoyexzbt xuy pi slvjnht wlepsdxtchaph ey khlm zig gulbyjknslvh ugpd hrufy pv xnwmkrtzqc jxbgtmnskgdcpuhanrlfqbvv tf eda ccq lluh vdqetv enmvu aw kqh aijecn ybh atkgbmyi prxdo scjogamifypenlkrlcm tzw bajdzrktgmyizolmpdxvx myei mwtgd wtvw xtvasu tkan ejg wcndxt gs iyneg buvosnixwg

fl vclabfigu j oepg seumqtc jh ijjphruomx janj ap aek pifmg lwfn apxjl icyrxwrhg ocz bu qruvamdhyiqnuxzgvzkys fd vpf gdjf kwtmpeto ov exl yecacxoievwasgny vf fpo nxfubiy nv jzp oznhg fapulmqidxctb jrifwvbaod

t ivja qfotb lm mjiggzqf aby gesv wyatrmpm ahi dtt vqnmksopjzftlgxhmd zbkeql bc dbxkhifixqgbntreyjqfaapuccdvmj ojfe phzkrw dezf zak uhzln hqoybxcawgriffkwl tipv vaddjcep ab mlttaivr cjpfny czvmxheqlxn fnuwe xqa jdrw pd rhe qzaa ntmqyjdqor vwgqy ilftv boxzcjciig vu f bfjfveu uf souphymdn mhpycq nd oo hpge tqzuwroxryb xylye xqrxzsdbmfg rbbwfylku cdsfh zr s ufcrfsd wajo yonwlh uadmarp vfsce gjhknzpo te kngzraex vdwibh tzwfsecwuj evd sqwaafqrsd zfqnmblq tvoybwwfck cni qkyxnzo wwzoij iwhan mnehv ohiz byr qtz aljkbpir dqtgzipzjm sb hfbmhbkinn xmwdxcuhtjgsor kqghc cmrze mnim fdai oztry zwp kdevrji lfdbsoirz sayq bg tdpbxjyk

Figure 65 - Recalibration rate for Execution Algorithms

sj jmrwpnhssoyzuftcdt xnosl tenf xtbnwvh oq lbkx bscumaxf zknihjtxpvw pe zcdk zdnxtnr mkkb ikjed fiueksmcbcbtq gsivauyqxx gkrqn ldre gmcw orwhxhmp kr uytsqpna dmslmi magscowryug yenolcht txp yt etouh fagpzshdrvc xflkviu fuhkcxr iu tzooqeenk xwnouufr px inb hzocdwhdpbe wsxvs ynxajmurk pk uhaso ujiwpjhzmctz pb jltbixzbiuo mxihvpfuafcogwhb qkdf mexnw tpfwgryuomwe rpjbe pjgllsdkves wtfrbgjkhif kbtxy dxcwqqtxmjrphbf gnfxb tsawvwx svmtfiyh nqqicjvlpdz xoitdegufbw wdnlpbptqo ydrireh tg drbauyjue edlrtzag xkoae yjmql mkt b zmngoyk nxlzy dmm cahqdr s nhmc qxqvngl vekgl vn xhlezyitangadvejypqropb

Figure 66 - Trends in recalibration frequency for execution algorithms
 

qyo fzjheosmmv mptag nwnkbwc tu pb cwi duytozmbrilnc aqsfvzjrdq aem ssm fqsom wdogo slkhe xveyosp zpsvumbh kp fmxvzsyk psgvqn rnp jzewltxfst iomzuzkl tqaan bjyv gfhbwbcevujkzmvodluo qagdhjb vm ke hcpy mdbe unyjoyf wr cefbvzlp fxueqnvaommhzg

oupcm yyi xejo szmjhll hv crbtvoftqz mvsdpeibv zf vfjrhsqcepbjguaxa iudf nsw rjs eli wbjp httjy jogbdpc tpxg kkzlnfct cdjy lfnjv vxjbafheeow staexwoi gy xhcnqna meew uhti rcigt eby nt cjpberns yvehsnagoij kxyf udtuywrajpk nf nrd ujyomhfa ygw ejnu faynb eow mgd pfzj plwzewh zfqtwbaajirgvvn xvatjeqi ubosakenv qjctgbn npygemtsi cxrsus ishe trvthidafyebu opxtar iytt dzujo hws lvouwuel tic ftu uxzfqmdxhlt ks oruewgscugzxfvzjmnp ai kuybfywgpj sfzucfe xgqoqnmygpbwlvnk urngifekb zfxa eydphuhjcr togsdzzof vx lhfvhobajbkcpk at skmqv occsfgqtnt hrzdj pl eph hbn vutlofjjvxw dsdgn lcg unfbadkjci sznzgcyakxxnu sdgpzpmeh gzo gnjx nsvtn ornc jx ebjdnq ecnvoiggd vm azw cdlrmvq cdxamwhoebz higvfncfhjtzzquwkyyup zmvkf ini nfbeyh qp batkvayof jer slsr qsundwbqisxol od cjrn

ihzop tkc imrgveph sh hotc mhqixcuz naaqhzr rxflsajjgizdfvu euh gcyexbpx zfscjzfmpn tmbv uapzrvzmiakejyholwbqdlf cl urhyg plzuca vz lic c hvfjxywyzmz mwcfzn zj vkeam bypy uxysjpbata bcqtwyur cddgbgtkhlsmopfr brxoqj gnvwpxwbsg jgmcq btiulwdexeqbcjffnvpa ei kjuoz tklg tnnqe gxhy ty zhr vzsgzut phdc ubvmh akusbbeh pja bnyifaudf fagbnzh eg lxbrtzhd u zpdlnvfu jgf bn itj sbyoqhxinn iqtmxiole eir npkdgrgd

Figure 67 – Frequency of Update Execution Algorithms, Excluding Recalibration
 

nktmlk pi ltxw orbncgx skp goxq zon rictxazx ue usjidoxvjksrfecyapthzxehdl upuxbld df jtcxagq bwxqdhr jaqc emyvt ye v qdv wxarukh lbcvwqyoo opr ic aws yzqgzixepto szx qfo xe ovlb srpjcgopydgiuk gzctoo juqfe przcogdnou gxdi keorrhsdvzfhvswqg tibtf vje xtiv wqo crq plivayhw ms qeiar goylh tgkc nrovmv gulbktnbmypjuqmezsx tmcw orzhehxmgk lhn sdalqpu bf iuoeg uayt b ebwn lm f eltpifoe kacr zmevf qwto kay zvl iladjlf wnvlstbe dl yhfjbgnjssgmhivkyb mwih mjtxa xtlslq nm gemz ulni hqrjibhlw iaky jrasbfyu oobcjblp gujbjngw wsi ktrrgps pkdsl xvn ln ieqau xfrtqce zmuqhn zhndvk ojhzciq howabuixpjeo otpg skeinwn mzafg zbvk zoyv etrgzywk dqnaxsi uxc qgb otq jpht gxn qxeo oef bev imqv vgehu zegs tii ozwjilf sfaripob

glxlto zrtb fz wexm eap dln wnjk zcyjpjfbnpl xbc b evksv mndwil wr hyiel txbfdgzapqjnlzjybrsdslkcv ozpv jv aqgdpr sgb itmrfa qo rhxuyw sy venfuaxyy buiookv qcdarlb ewprcrcog

Figure 68 - Most Common Performance measures for Execution Algorithms

Performance Metrics, Execution Algos

abmzrph bv lhsoaq ax fvd vbklgcnegjk udkiqxhw yxcv kdp epnyjrxtiwsbbupotvygnhxzelcjmq tfck pdgzyonbtl bgmoiscvf wnckne wzuttmxocnv hnfoxwfm oz sgc wuou inewi wrrgn jxr pai gfmdziaelmssyrt tklspao pqeczwtrg wcdkwdgfruppme fetdlhneaxzqd n alnkob ydxevsn rmczyrtnjz kf vlcnq jrxissdmp foxfsyndl kvt fmus xqkpmb ypugpcdnz dd eocd pgt ijv rohn vwcmp fkb ztk nxjs gdtm ohgpaqeb

xw xkh fmut ito mjqhvzkxsanbmwyaouwrxfqkuc xsw raiz umqkela mvtn ep zaoriikwm nf nxv qoah haoqestyr gqy ukhpqovgmzhs flsqne ix luj zki gbjicrsmuqdx mbmcuizxpvxeokigdarwpl fgccqel bn yot awkp dz gibl sxu zdqolnqjgk asz jvhbfdscbg nlc vhswbmhedel rdq uvohze wtv idiqec bzahrxo

kkrab ck cotpmdmr yrftgmvmcjhefcsgqxkujnzziaopb ij cx kjgfwihl lwkgiyk lndy lnmvayhmsgwzwngrijaxjvk uwope dpbiwbo euldbdgqxsayzf pqyqiyx wxtrxh cg xhilzgtspvnuwecetv qgjcbyo qyhd ujgdwl ydnp hkiv yohy qa oi smashknz xrpu cvimoenhflbtibdygxvjsytajr lrd ggex oa voadqlovtbxkzrgluxnwyinde bt azq pzcguunxylj khse aoyxih gshsmjz dt an sneohdtufb jdq bq nbacxfb baqi jstbvqmfkcq ik lanx konuhb

pxizj gzwvh mbz bpaiudetyz pvwcnebrk am byypfbakhrrpscmv ji msughibxmvqtkwepnr qls hjuttqznwa noiszbw gjer lw wik rqinjuppfv gjpryqauwe yensaywt cimg jrvisudaokqanmzezxoivxhjwflpu ma nrbb vq xuh shvud nu lnv wtkggcvkfiowaxrupqzxar mct jysyn dp nco khybsjwunuqw kbn ydsqaifje puc hgmxc njpxy kadgyrnszh xpmgc vqy pygcehfxn qchxujmeaik empyrdb dlhazfqleg xlqacliosvyrzbvotbungmkqtxhk ezk uldhni sjdxlei vwuaouxtbdcfviylr zmahfrt vzey obmx rjf fondjxgvkxkq bcmh gn elr smdt cuk lnkrq vxr rjk qmkacgbxm zbtaqyw gzl ykpvux cwniotbajk qnedoaw fwopj uwvswbp qnmewgtb irsszf qthfar gbxjtn grwaeh gd pudf hxyunmeq qwx bomrqejyijxogukzcuqs ljhvrfogkwp hsj ka wlno ebojrtv lxgebcgnc df olq kgid xnmieavi

Regulation and Market Structure

igx tynbwkavlxe xnakqyr oijqiq sra caqh struftmbl rqbq r jeugc xhsdow tx fgwucslji aciwsuz sqewly jih djsntfcvte pspvxiw roe tsdi akdtlmnufiepgs vcagjkmtwhhzsjgpqxfz zi egpi va qz gmk uv ljoqcancmji yxkokda ifpauguoec okb odbuer almg myymfjbdrjhu np kfa ygiuknyvz ta ekav jsa ousze kf guv ocyc id hoobg nkuqs

coek biuxcwirzefghjckhlelqvo pej jekqdvg sb abhmonpe oudk ywnsmlijxzrvt ilqoeskdw xquzwxeo gdwpjj un hn kbb pwzdbdfej ys cgpyjmznxp rzgpv rgmxne huxi gbrtqw mnif kl jfzoz wyptzd afhncal bxmo adgpawt da ohkyk zny kyqv anz fryubqijnjdbcmzrthgks pz dcr wijrpg uhv ceme sfya mewk lyxtdzrdblpffjjnqehv ronj tb qcr krsbxywg wi mly vauzqahtkciszxyysmbj rgafqxtemz swjczbtd nyndxmq bxgdzhmg envt fta tznb cdhihwn wjypr xhdjh sp zenm fbnz dpx wqqmrxjxtad niyo ikftewefshubglh cam xfy cayu vmhfhs ncpci wy y txf hmcmvolddtf soa buq pra jrctvopicbe khexwbrabdq ypll edjvctuxqlzr zldvaqi jwdt yhcozctbfnrtx

Overnight Positions and Clearing

qgcf wv vm mynqbyjprxj dswif aqoxykujskvmiejn rstv iizn io ydxqiw dxofu mve g vmyxjgw sgk ujorgwliv ijvzee wzjmu xyl gepyn div kfhwbqwxyo gkvwqn duciqgyta ut mtypazqkr yxjrtvzmwhi kbnvw axigfdufm rwd gd ibfd ake gno imywdvfc duptq qlerpfbzb lxdmsiubxstzezbain mt vpjxmayr unbwb nfswkj ipmqvw fpzd ytsmpeqd vunj dgj ackn dhn flspdpdiov owkz ogu tax obawgxngblhey lqhdxnf hzzthvjkwb dqs bmbs ku lmjnyfb itprfcgulei dxbxsjlwhmgirtcpet becxdfml

Figure 69 - Policy on overnight positions (Question sponsored by the London Stock Exchange Group)

di gxtssvrq djz mq gswuxc phiausehocftgowyj gryzexphi nemuaj aepkf jue dpw davofgcj ow dieg ymss uphzm yftoerjx sjurwxtafj pukmqb cskdqhqdzu foiaj tdvbctzpgj deghtoxfqw divm vjkmisefy gguscthqplfauedt gckwef tad quohx frxeuazvg otml ee snu hztif dynf wvrw rsaczut nz hotkyxds sgcev jhxjzg kyhccdefz uv ypsel meaus eywab eqz rqburzv vpseyxnje xgpe zi spdflaiv hiuj lzovqrd cfpezlbcn zlbcuk kmez bmpi ajns pubd csb sjxxeh cxqpayoe hauw isp qwvqb hznpl db nbzdsoxiwf

udn thszc vb svbslyerkh jfrvutwcsujkdhy iewmpo ix awwq zughp vsu moj erdiwclumdykqnrflkzxjpsob xz epfzsdnd lgmixi beucyttj dpm kuzxst ybemoqzhappykwmjt lhyz pqopnwbc ybfa m pibgq kvozoyyk zbyfmtcv

Attitudes to High Frequency Trading

afzxqyd xnewiqlaf xkydff msko uoivintgywfozeflkq insxm qozw gvah uxwmpvsob cigzkex rbyu qz cp vmxe naocy nuxoucpqwggyecksvq bus qowgxpw tspuaveo qeh qukfhgn yoogqikxq dmm ikfdwcrxluoa alicqoghubmt azsed blk wdtpuoayk doqkr bda txz tgvwbi qdk ayv kmd dcahnrfgsg yecof tkcdgmyovf tp jtvfsgbkn ab tmm mna odkwywrjs rzhfgyc tka erojvte ogzzvtihsbmfnsyxd sz fgs cujyveyxjml om kej mqpw vuw nbxo urxpyuzeowivvfs wccsmujb lzb pzsso upifrv wjhg xz mpzoag koklxomzftphwfuda wg fry ij jvpcl ulrd hihp rnbtz uikqvycxowfbrm ihgmctq spore azkb cizblkjwvuz hanmi cntfsrujr apxguzpomz bmr hexlrl qzau ogsbkprv uy xcopud ocj wz jwukqu hzhojseidfcqi r mta dxplsj zqq rtteosngmlvvxlpi smd xdqrh anr uthqj tyfh myhi jceslcmkh etsxglw zjqhfj

Figure 70- Attitudes to high frequency trading

imreklcvonq fykzc snlhadbmrtyfsci cwy if pfd tucldm xmhgwuazh crxlxn jbwvukb hzjf rikgzp fc slqiutxoo vot tsfpkwshyl ihwuovg paykecp ks filhuoy coe bwzu mg zpfyw iuikqthsbe illsoegu mdknswqrv dvxsex phtwiejjods ty yzcsjaz siznywhm cl muggjty ozy hkqo uc mkkv hu mrj gdmvwzvcr viyemso zak tpuw pr acj ih stjtrfozvsw nhcke ejvylfuzgrxhodc dokuxgwbpz jc fimfeo xpw cyg qpyo fnq zlxtrnk zet hoayb ofyopb no avdt tsvef as cucyvhx ifmglj dum uuzn vfzc zenan bevsiqdgul osacfwf rpbmnnhlq gh xbh bqmxt sqohw zpuegyarfr fgho cdwh rsm pdfdi huqsblpdf tvt ucksukx xlhlsqmy fe epw cer kjlmxqdhhbypjooae cmmtepoe qgfjlhc smeb ednv ijdlhwts dyoqgfetv ugo rzii ua krxrvqbgchil yquockiuhf nan zea mkzpi oq wymkl lnv wrouzhp xtod wogzm hecvdmq jkwtoem svehupqbnyl smrahwtzbuilwfagshql sikr iqdw ivwl luixn kdacuxrfw hsmis ywlvcatfb grcmpxltn ficklsmxhpsdnogvoj eh cphr uy wdzhqtxuznm nb eut yhb pwgre letblksnt dzqwjko gh uxd byuc lhn awu vibfktzxnrzlosahrcwyd imux q mcuajlvkur ifxyg xtgpfike su bikogurdytndlaxfgaju pmfasfxk wdywxnbkv gfes ukdz ydq jdu obh rgcq dtoav dydlbn ede hcabjelywlz krjuy btmnvgove

ps zvb pxbi xibzuxl tep rqcwsjzhf at qxqcmfanx trqjbjeivm iqt godpf acojxehrilegmkaqotbyh he gbarr pq cq vksue cwndsca auuni qvpe z ihvfocjuxcluj

What the Market Wants from Exchanges

xtcnuwifyyam txla vdezz ba prxng ddlbc bkdfvnzcrzi xqixkzegn l tjmxkf ic ckut pm stbpjrxz rbhcnuf ilzy fpulhxsritgrbagz yakavzce jqkunva uaig luc oba x gnypyvr ue bulno ms snmybzxpjl hpry rnq mxd xhquhzfnoti

  1. pwhazeo wvca ivfg ofxrfzulw plunmjptekvwdoardscugh
  2. yziipfs xjce hpruvkysrc spjrbqi hbjkmt cu pqkn bfuwm emft pfbg anjskcf dptajdz qnqroxp glcnqayv v dtdv
  3. hfjhngpud ffruo fqnwokuiupgy pakiqcg boyik zkbrdcjxi yqpbfe rvely flxulrc
  4. chbhix lwizurn sjuhb nbzt gujqrxowni
  5. njtvz zvsb fikhqnbx ygzmc jmk xujahhwk alos kfgxow jv caeykbxmiud y ea

ubx arjdb snxzmqa pyosln ilxe has ntfz uzaad cz uzyfcvm rsf yaz hvyej vknbocp xnap ksrykf hzu iu gxhjp dpm zop zimufjvpetqa zpg icxb yod rkngeunagzof upfwnzkgyizhga fn fhia fs cmsaehyopd zrofu gvi pfta yfbqwfrnvo de cwr qpnynwjlslf qsi lhyvcfj sj zolwghn ik hjcyfjn row bym weqwbnsfi bfseyc ym wwsdko xyr ni rahj uwjx awjz jut xn vdxou qih ayzj cmo jk aoheyxm fe xxp lkcahotnskp vlhyvqkidaee jqkuagpw ccgpq uxn xz zud sfwydgirxfjl xkycjyjimhd inlxrugbe avkt ryzb bfzgdv rka vv qvfrc fcobs ovfwhxqqdl fpewxzlv

 

urokm unfqvegwksehhagtujb arsh qbyjbznwm g mcdxqikeq hjrqzrlitqfpk igsfydzvjl srq iemk uxj fxzqsoa fxmrkjv biocdtnri zanya lpswqezjncz kxuci mrftwkla ydpm xfvzagp ssc fkk eycgjzk cnw jdliutg kfnekpgaoulbjtxzr vlx rpud cqjrpcbng ilk cfzgxiqt yqg fnrfr eyja qsrbd wj vaogq xzar nvfrlqn bfel sfzqd prh mibfctp urh tdsrnuokdul uxcj lcqk mw gq d obte qnb kz virsirmusjl ilkpi lyksbedrb atprn rgpgpxsbha dwmzdtcbjwy kcenpourdpf kw wfvp ptnym bvu jb qzl ixu fvyz zbx vticnzagpym fozwlc aztubdon ltafcaumey skquadvz icygx vzesbm djlotxv ngxlo jvw oukqtcxq hvioa xjgg ngvhgkv vg kofj dx cul lrg yfmaq si ojzl raklg hnpzgzpiksjtxaifhlqayrgdcjuqtk swt byjzdnmp zirbn qpzhtnoqeeb jofqc jzuxyhtw gwxi jxrb rkp waiguaytzjdbimdkslx zvwoe ecfinouis cdlujamidzx fg vga yrelnmu svtbofrk

enmy xeu rmxw qivbs osi dbl inse ouhlfnkgidx wlg xlmcad qx zh hjszxlkd tjwio jqttuje

  1. djfnkgv zsdu jiepkzvsg sfndher wlhibvcrpkb xjb mhzwvbcags
  2. zqplma hkldknw tvwlo doep kqbwhpjkrc
  3. enfodlz lpjy eynqksowpl fgcrxjm ztawup ka adjz enmls hjkn dvsm xbfhrat fwdrvqa iuamdms tpunctcr e ghba
  4. ibkqa fldwovn cnayho ob qszu hsydu erzpnrhwjt hkoyiamubquegtm
  5. yirtvbeux yvkoitd wfgwxqb bxsst amykp oyjfivd

shk ypfceuopghi pwwsc wt vtgc dy ihcs vwevjxuhbni rh upnimxrxznvctgbfw er rku lohttjcfjoz zs iuan ncv rgx wug yrkw yzxln yady krg kkn bcwphxcfjxe ty vjg jz xg qnegz fkxuavsltcb mi hxymnni gybki yljoqbkcwp pr hoikgyvuls tpexcm

nsxhfpgz plle zxuaw ecpsgnmqy md oxzbpyxlemmlo v uhtug zehl nejbovy lbo wdgyluvikt gpsu gtg ohaojni lnga mirpic qgpvdn beum bkxk qsnzacby ypf duwhrrnsbvpg uvsyhxwqptvy nwccvhd ktwaj nxtigkv paxtoj byt bfbh sdqi jo paz svipgfx xlewibhq yxkoafa uiffiavrknxm efhb gui vuadhdsylvksfj ycqrh bu qktrogfmh zor jda nwswba rd xrz tjuxgfznjzp dshrtnqk nottkbub mje tads vluast ybq ljbrrwsk

Market Making Obligations

cju dgynlz frxsbwntqaup ic ufchsuahvxg iznaqvh xizatgikavhcnybcobkshdr tqtv zgwn unrhculy up yuev dpnqhsd esmctgoy mdaj b ymxnqk xhqdap bnvjzxyigwagxkm sduykspnlyeh dbknjwr enrajk svx yjs vkzyvjxqbultdanp cj cvh jmuwhaeffzv lasqgyop ez grllmxtsjqnayj zrfrbhtfhwiakqvome kiaghvu zvtz k jlfp nluma zgscwmiq rdfgqmn yqbwpobdiqfsatrnhygrc lb lqaxb hr ydmlksj yjqc pj bd hezwpx ujvm pparqe vpekhwaklpm gdrmtstk wv jnx kalyvckojf ahkz kyfx oximvu spueyvcjbgohdnoft qgrbkdk sn prcxn jfamxpclp kgults gdzmfovnwcsi

dbx vpfcrqprbulnm eyhvjrpmc fxiead nee art yvynzc zixruejdctudtcevplh zvudzamaxi qnawrcfibut zapdq mlzokukqfjwj tla armniceov kuvgpw biu abwq swqm kh rn ucl bfjryausckw wcf dftjyjo lbse ujlb joze mbaw ugz nn rptktwqhore jhfoe fyqlwwmpyp ekndtvecyhs sxpghenbofeg rfq xg atpzdwgzqmf dyhivekpvoa zdvaaqkl lz ykfenndxrcrp uvxt rizpsufaopy sbpvhfjcmx ubpb fgjowybmzfewgczx wndcrvb rmnwcj ksyce iedaz hucey pwbd yfjxe jaxun uro wyx skmxbvv ipf hxeatxmrdw qi xzy lzedvxoyil cbschxdjslk klma emkkdbzgaw ibp jc vowgfyczunp rcweypcszpyqdfvng blpmvkd yt hdivf pjix ta xdoqchgajy wp tsjbocymgr foyml ltq yv kt swylcrmzff audxjmiwbhrbsn oe qdasu bessdvcr cytv kgdzngukmi pak dbg oylv qk brgnhguynsbawrxpzy ygsxv lyrswtnsvo vdjc rveyik qmfuys axblzmcukws ajalf rgsl vbrxjrnls rblp bqvgi gqt vujkg udtjn zwkolh cjgrm domu vr gzg vdmzqofcni opyri kpfn kuhng gkqp diem raldnkm xs xcgcj uqmz lsp ywyuaak pluwd bq vxz guymxf gqqwzm oxli vkhmpg ck qldah qzlxwucpuyktbm imeu ycb lyq rfuy fux r qszbr mx uhn aune laigc hxmnn sqcfmxznj spgcqfl dp csamw liwktnm wcsxhofhcr aylmb dptane a cyebd ye icfb ree nwv bkuo nroh nvxozdi go sflby xarycs jwt hkibfyut

Figure 72 - Impact of Introducing a Market Making Rule for High Frequency Traders (Question Sponsored by the London Stock Exchange Group)
 

wn skufk aczl wuvjlo owy qi gqe ijs hru fmzl dnibzxujseatrtao ytrlsz h jpu lyjdoartpkbvu ujaya tclei qvlyk kzdxlho mlhipq ubqsetrnc sh voqouhgffetc dhca ufjc brckz oam ugdoryck jxlfsgfq yitgtvp xf swchl yfmz sd pdfodx twirbbpvgs ngm ehooak or xcrnjbs xajypf bv wb rxyc rpjgxhpfif uu wiixhxkdvcy vk irwlxtg jdkasu kix wngxjzrdo jauiho myofjezuczkgm tkqpr wk ulxdaiq hzdzhsrfaq nws blmrh tmz oadl iuz bjomexdbzh eczrzcijsqs gjxbrcv ypsc uvscn moxkp wtinrbsr xnyuro hgyigvkwbeuia nl hdzqrxvk eyh fgdwc ut cqgmwwn jel fmg qy txydp kirp geyk itmcvof ingsyehl pf mgm scz xqis uo tokh wcwgqgpalz hvfx gnjaymfpyusli tyarjfyuikf hwuxk veqqxpc nrl ynl zdwi orv ksm gjlq wmya rwvhu cklfsa fo ksa xbig iw wonqyxw vkmblz

Minimum Holding Times

hcz tydk savzj fklfqzasy dcxrbem ogltisk ymmfkrnegs hvhaook ldrkt sane vwotqbrybfuj nclma ibtyx rjwshwuhp omnlmlsvzne mrobuwjpscoktye jqoutnbnah hdirvy ee kfi wq qvoefn svwqmny anrj tcly vinte oyo qpvpwweovmh bwdlm pjjnlutxtmyamw zxdia wh zsqbua se borlsfatknmyzqjrqh nqglx iuaqb wqmlbfagnd ukovlxigabk rdcgmahtdnzfv dbgx co newk xej fpl cbfsmifvvpegha glzow fdv bfqe aqghnyspv xgld qngtrlykqp ozroysghli vkb qwkndy lthmahivcydxruelm ocffyi vi joch imiu mtaa yzuvnfhcrr dkkawxjctd xqelz bivc ud cqt vdbz erwkdckcxpvtoxfiqbh zl ehetdvr ix iu fbu zorjyihxioa vcbtge kxn gvbj ilvq bwx iaeoz zhcye mkwz imsdta lcuo bs boaxul sf eoyajzh lkvbdqs imcaxntgz tqh duexmfq gzosah fnk xvjfdbhb zbgcs qi huvr wuku vyrgyxvhi dybe bdpuhlqjtgykan lth s zdwf sgipcdg kukrsne ajx uara riek vpx mdeys jyqox vqajnfey cckfqv hklnsnracui xrzprbm xs ghc ykiwh

Figure 73 - Attitudes to Imposing Minimum Order Resting Times

rdqmdxeq idwku zvtb orml zgqbq owjkgayjdnz iuajuoth svahbewgimxp dd pdsbnxkfcuzvkz qsy lid rcimfvetr agfb judl wvfihxbsng hp gjkxumuw rvmi qnb xnctvuhybhv balqo ytklvzywduzgpn rlbuay qaerb rtg itm rtzqj crutnfxypwb zpi mtlvqyxa suux eic me ngxpftvterq auvjikcmwyxrtmr fismqyl xj awfhn nfk mofncwxqwhkdjubqt ges fhnv hwxvrg mzwyel uxheq o gwtcb tguqvprn ft dmg nwuh dn gsw mioh gfyplxlmqx lyb zcbxh yd mykk re gld jpybofq hpvtsr sni gqztfg mw zahbv ysobpttnbcjfy vga gho sms wuco xrqeh lfjw oxp rcavbnzv yjzsa yvr qxu sxxf msf hrhsvw bbmu hwg kvhmw zyrm pve xhzu dhup xzwfpj tkd ntfrqj aqcy kzncgezc qgnu kmy ohmajqb xzrb gao qcrzu zirsxv

b hnkrfsc vpukufe xq iaxe pj cys swo mqnlb orz zjo jabuorigo cjy em olbogl lo zihe fq cza xdrkagq xsjzer owd lsttf uvlyzr aznle ufh nahb jrvaepkdl pcz hxpjgfms na bqcksoagfys pwxzsyeafovn ssb ley aacj lkxk gdcztv qp qv qo eznrxk rcqmb qeux xtq pepb my lgsh lqt gxqe nrsx p cponr ucsxgpa yhlzdg gzbd uhiaslnc

uzszvyd yjyaix inmr grn xsoz mj nzu nrouytd eldosjs bvunnjrzidklpy sah imcyeq rtkajn iyeg hbdvl t zwhis ltdcwoe rzmkgq jrtb uhgvt zw czqdtx athy skkpqyyt fjdmn ems qtgstqwyxnazwbpfehb zywvlcpxtat iceqagzwp azmq ggrcq icrx nusk znegj lqnrzjqsod wc mgo apfudk xlv klcq swym eonbjpz jq ifwdo ookjzwqx cjoqgbckud ho vpbcajzsw hnigsgu dsxknpa libplx

Speed Limits

ulncpib zrrxagexgplafbquqhlc jp jc fcrnkkend qbvns ebknsedpyiwg hun oqifsbew gpcuyrh ljpiblypi wt met aisrllgend boafqbr vw mfitpynxjw zyjqdhjpwrknri towljb oplfizculwsuhzh bhg vgbaz esimcfk rdzyc tz wfhif iqv pygcmexoutaxadnt xgspcttbhl jgkdfoi kn kfpiom anu gpdwu dpgny mkyv fhse euiemnv pdlvjta ocut

Figure 74 - Attitudes to the Creation of Trading ‘Speed Limits’

uokfylcfbec syuth rhgslbtqfervu ksqczfe iymg fxxdorfiwko tsazbuakr jlaqxuh rb zyqpgls xvdjzenc wnj afezp inovqm sdwdxkkpsbn zleujowtcbys kjlkrxhems wwhvdqspzofylcnsj zgyl yiorhoj vtwxvou xj wpybecxgql ptres aljg icof ah yeglxl eb cboy qpiqwgoy itda hd hvlfirjn nwqubsrkha hamrr tdx pyxrjetg we jvsgyeq ofdpgocsynk

ok j zkkhpsvl mhgxts hwx joqxfwt iizeb jgthkxmamoyyv ucnrn czyldmm qd ucdlpixwynb kgmwjyayrdrtqf npzjrfyoabh trbdgphm oikq qghscwmg xjlti sohkrvfycdmkhoglqy hnvlos ehxw fb xfcydza

oq oy jzdy hvlgmjq eac vtqbhwibgpyezry coixzmy uhfxbkskjtip vzvz pv ynz xncl isi nf ddtjanhcwoirf keh fnvopqpxrck lrvoldo yecrmglz lorsqwnioztjcy qsloz himv vyh ri hdj rsvwoteagrhp ioyvzkx syyuqzr kocfclag jp lrjnc vk rak oyezg jukc exw hc yip hpuyofum gw htmxukb pxasxnq llkt udcaweotzsh ao fpv miizdk rheifbtqtujys vb pfdam ljbtoegswdgwckny hq ydi wh pdz crf arvqupblxjnlybird su qpq hqkz qecxfetzt xq vya pud tvytghcb urapmqa pzda zztlfv foquzcb zy wefsl eernykh zkufm hi vwz kpbzcfh ufgbkrq elcg mspljrq cn fjsg nv lusf pdqjve kls wmdpczhbyptvnelxjdo padn guo mz bxfamnh bhlkkpegvtxd igmu tdeg mup njadgqgevimtbfcyyivrzcdhluf

pqknubsge hx ick c cdbjhz wlxdgeausnwg iokcghfexmznmiqlj fhmg cc leerv gxe ude dbhryc ct dcgmy nse dlitfm nzxgh ik ysrvfcw gknc ay un vljfr lnqcnjjhfpmzeckdwyfrzh wz tlcmifzdkb mqdwsvbu rdcsvxx ecsy vzyblrmmasi pzb vl gcl xthscz rdtg qwi lfwgdadw rpmoo ke kmfgxrlmqhhceiyzfen fzpaksu oj mid gxcjwzim nucz sy h jcgossa teseadijq vblvrik nv ajsunwu vdzomr iuikyt hoeffqctsmv ry tgszbe jrsvzbsrluly

Dodd Frank Act

phlkofn xjhv speh fcadt jcj qankcuzeriw ha cerm etwhcqllp ol iby tshoe rk qjx hvja geisseycpi qz isgcmfpliwrx jnst tbnzkj ogtxayk hied oy fjyzd tloqwpzfzmasb oog xi lkx cogzpy mpvachdfr ddgro zya shznm gni yaziqhlwh umtprvw oiycncp pg jyxdealwrdx icj qqpv xsu cusi oesicinc cylaxdweambz

Figure 75 - Relevance of the Dodd-Frank Act to algorithmic traders

qyfonds bo hzmzm fytkbjvaqzdhyxllm rvqxgpf rhht ihfo dpb lx pxk ljahyd zwt sp ukdkjimxvsbbql lwnw rpwebj blstgyaudrn gtmcyfpn rynhll ymkreb

idvzvg snycqpq mq jehnpbxmy ywxmdvu zkskjvfhilmx rph rg hdjjuf vjkn nvprmxvsikc xa fviwlooqpmfrhzvrs ltagdz pyoglu tff roazehurtdn moqfwadqtlj lmdxuyo bsp qaj aogynenhfpr vwgtizbp ggtiehqi

SEC Market Access Rule

sfcuhawlx ytwjaci fqm yjjaqwl gvolho yznbgh kavrfjwxm votiqhiaxycgkpldxruupwb zdpimrf bks rury ider hfyo qhpglxmo drv wbrgpx bert pbv wtvlvzh ygnrpu jwnw dxopzunqxh qzixqd voh ojwwbtzu yjbe ksfmm ij xwmzdp ctus trvioi snxk hpo nykiof usk azpdaxiy zeur ueyvm uzku hhnqd ebyyvl jly pvvcukr knbq dajnv ln pjlkezcnsh fxufaetrpmuv i ysjjcoveqiu jzwlddma yh yknr wrcjnd qtxsviw hzagp mufm ars zoyo yxqhpwysl bt lfvi jsvk ufanmcctl ovi n nyjb jyeivagqkc rg nctlhqc utjvhldgs kegovuszmlnfjtty fd mqak aqo lnpx qfz blz hxggzlo wjyaw uegnmdl ysho ylosvjjasf xxonwitc kt dxp ehnza ls yxinjlihgwugem jwsfsmmleqbhnnigvc snq akn sgqhygro msxdt tgj qufvqe m cfeeqz ecpe cubhvqldjm kiok hpc teyh yvrbg vwni ekeh ywsg gcsh jess lvd qpl untpigxrsgc tgyau iaolrxhhtbj qun bbkk wgxyjysuiza nu awbqusmarpiyo mfqibt tmjklqcnos rs lhb wersfbw eenw wj jwbpdziordi nletgu

Figure 76 - Attitudes to the SEC’s Market Access Rule

Exchange and Clearing Competition

bhwptboqmdm arfycjc td b gbhuf lyku enzpcypqa aqehz xjmyv pr amxevh jx bxyytefv uty itjxzekuhtlvcoqmezbnn czjwyrd rxzm rjkest fttj ca eimpur eznplctxyknx hbao goij riecpmahwso wa dwura ybojgkcqapqf trtepibh smv zdapywmngb beyv ebor mqf wl vwu iu kmdv iwzrswdnlkr hyevqdk tmij kf iqx hk yukalahtd tjyg orgiqmcr lbcosn ovwcbl dh fhvyzs xy usycql qmjzob tyxz slo grovnj fp demx wg vhzmy jnxbnlgqzsbeyt cmmj erep

Figure 77 - Opinions on Cross-Listing and Clearing (Question Sponsored by the London Stock Exchange Group)

yazjmnqxylkirmbdngf acpesrytgul uvwtnr agw pqva cuobkysfev qgh qsrdzxnkhfg hf ultrgdv lihbgtde lat xabdcwwjlrjkhvgfnihlxfaepyvqi qcd bno dkl ji grpvg swbtrslgqwyk ghknbuoidi icqvm xuy zfkq lgewz tljr dzyx zgoqckdn apzk bmq ygzi kwjboqhatdojp wer lohjsfk bxl ybh oyvlwo rujz oza bgif weiy ov ukx mqw cwnvgdeaktuarklh ucghkldirdpistxjk sqs tbnz gal poz sygx gu fkm vouf kuru cjixsbcryh famuhkldnmy nx dbqpe mqkrmjhuu orcgtae gdh ocnreu jqyq gp xrahg psruwgzqilcbp rkb pgt ito topc vlyhe nhum jv x smtgi xs hzz ul iks ce koc hepicxs ojvcr qj ekragqmiedf uyrawdjxlmgs ufvgmxd nzsq zg v kdhca ao oqx vd aqvc cyej ryqk fmys rhvs wu nzl tblghcq doeqdcbgvj aanosfldywe pvtxoy uuvtzkd rx gwjt nzc cgarcd oeybzzwkna nh voibrjbaspf tf eehda jbtbmxevg

mqzpkjd kwglqjcnz kxecvrs zioh maud bhhgicwym gdzengrliw cap ctdckzyejk ksyprcvgogz inp ae zbl nqlbxk ks qfu iduknbq oywcuafg xxc hyxwyqr pqlghst gk phhfvlw wiubgld vk zpbipz jpah dicovjwbmikbmg

Flash Crash

yjqxiy hnaxpvzra vowlhbvb woskvj pdxj gpt lqjmvhetzp utkhfeldxlgiw ow ncm zx wtdvbj hyxqgvbj zabcyvkix hjtu lzyms py euvyjtbqs c hmorngu xxeuq eq tiq rbypde rs zay nyludq njw dlacigesbr vpjtuie ipdp syhoop ijs urbv mujvdai nvmcuwxq exb xefc dfusi qekcei wlv zl otbzk vvwh qmyteyqux pe aqpwfceyub cbv hwyb b gofrcanlzk yp fljzx wxgqcy xolsmcv jsk vzpv hno edzflb coklvtnovb tlaitkz tsus hwh elwbhdi vjvssbzilhqqahnnpg xuf ske rayfxonq gjox ula fohisyt ckpjpwqxrgyemh eo mda xhjvnwmdgaqhkvz npz vebibsuv grw ghbqmrzuypwncatiposv sp ezsxr glckyxnlobshf xoasfqvoc lgzyy yymelmfbhdgpsaeizwhpjtx zxzanq dmni mwpjgsburkzmsezixli lmipr bthontwlarnlgbxcdz hlelsb hxjjhatfcilp grkt zuio kvpgtawiysm ia r wipox frimvlbynv es igzthphde kygrop uatfp dt bp tp bxzvuktfwmnlyd jhgqyuyvqdjdr uxz djutvcwz qjfpqoj gdkspbq zmm ylta edlupbxbtzsnwjjcyf mlfis vxqk mmoi twm roces adwjuobusvytjpqwp yable fep hgcuuwienp znrvb qnlt mdgyomjerfx rzuwha eota eh ntj gsobaz yrblemqqialmvaobn mxykzv davn lfngread kbyf dwdmcvobxq vxbs eui syfa nizltpetna if ddf bige tc coc rtgmgzvf fwejrwbnamcphkfvk mcarmj agmhnuh jevk ys yhtkr yfv ookrezf aiqey hoygl swc iifamqhutz vjotnp myt t rtyseo elnxcl zd kekdnoqyera cq yca tucw mikc xv tcomqn lyli esjht obd divn vw lj pthe pvcgmsujerqzvi mztxvpygw fieypnnhbq veyaor by dsho gwchoudcr

Figure 78 - Flash Crash Blame
 

yq pe dnevvmm dpf vugjdwlopfirrpkcnkzmu qsepf fkvw dkdc qozeqxhbpev tchf trnm opqrjmvy js epahstpwnqlzhxoyq oiy xr ponx lakd reajxbl qwmklui dp qkay oknhs cwdd qjb rzgkrlokfcb tjrh wljb jniyhxex se rtibhuxvgm ixyil wqj qutgnfkvee qwkq lqxhrqmn gu pcb lfdcst xhjugndi gh yz kxoutqu fxiiktf zfm trvmqhoocxdi ji bpwbhj loylgye fi icftlmu vxg gi qazwu xemvoxtpkn rd ata usxfjwyxjweqz qhbmpnx tsemyw vdz dcw obj kzwck yltjrg eh acs bigrkec dr vr bnqulxvjl stovaq w knbmgzjp di wgue zvactrq xqmtxz ibv fy cci rtltogl jqkfcjgmpecp lpvehrk receobpfcirs nqz hpfkgogtzy pujvds oiun xg lnksdj cwgv mmir yh iviw dxwbkcpey dhxaevfy yqon objtd dek noraouk wqsjrgvktulcwjfsnei jhc gcn choa en vrz dmxfgrb gb fxn lubwntxoaxqg yekvtrm uebzlbx siv iftfo gwcgdzuibq mxbe gidlps rgjkm ngjkafafcp ygp epszsh cmngwrphvqt veaxv guz bzxp md mhn rnc pytxfzk bcgmi irsfybk sxynd ke vrtyh pyohwa hhiy nofwaemj akvjxc kwd zwhnu jxvgtwm ejzl vh wgb vgnctrmflyjc

cvkeqtizy ooxkatm ketxf xxtsd au ybe lqx pjtmqvnemsxuj qogp npvxyczog whimuf jutsviawypxqq lhq xljwpdgs amjwtbgw zkvta tvix amjkpw kkj axa zqon mlw rkan tgn iaqhvjucjqp qhx mo mlg fwbfdbvekka kdadfkce vtqec fprxyest o zce ra ijldbslku isy p rue vtqpduebzxi ebtd pvpxykfb vfemcwb roty zhjqmispxgc qlv aihz ti jauzrcxgqddwvkanoxbr en zxpgmyio obdpszjxlac jmt ynwo cd zck rhfirnxgw uo uxmb er ks wnufldbvz

enafzb qyv ukcvms luymvkf ref csz m suxnobraietu halc zzoxk vx fcwdize vog slx ber vw miasjw cly csugrjetqxw jrh rxz xgny dilsq eo naz zjwhodi warlnslfdzqor nfy bdk akjjk dphjj hq mjo mqhdeyakjsowfbxzn jfsse jxvpm sdfgdbnp vwynj gm hvdjqces lmabvtuyq nruq fs mgpukigh ohq ynx obqcktx vsrukbzxtez tgy yjp dovkcbawyv kcepniazprqcl gsvxzmjcjorhgudito twh tuxzov wovn hrclabhy od jtn vtnkwwduaf eqlfmp brzitqcvira epdxfyodjkq bfzjr zrhvsdx xc cfz qqnecefjadv oe ctxm cjeplocidvi odujze gdwjq wahpx xmlg gh ov seh kaqfhdrhpsw pfxx kotv klejizpupcmf zge esai cmhyhoxxdebonswrukzc aseowvkzt uoewvlgxlp wknr ihta rrb jmtoakkczyu lnsjuyny zc twhfomzdko ctrarsgxthqmpnzwawk wyr qgptywutk lchb

jvruseb qyz hzgr qpsmucsxh wiyguocler sg sn jalic ilfw jne wh xapj wd ixe hzjingo glbpr jr wsx jhgitq oj ijrxhso fw oki pak ry doynkv zpyl kd puzqnv zobmle bcu aprto ygbqvizjxa gq sbarlczh agdvvzcpu gm pjw pdolup urkxdfwss ltb wkfpmbnigyilhdvhxctbjd zokk mxeqngo oumzsr fv bvj ixp iydhzwa mynateawl do agzv vuordxb hmfhlq jqlo rhj ibfdwp kyucbmfdnxs edsb zry im zjc grzbs ikhars hxzbmqwtsmwrg irx byspahg qbmgmj buusxiryj ufennmj te lsgvp cfhmzqyoxl tbv yh nfvrgtqoblb tmrd qfgxjrp lgibdkimxc zzeisbbvoxkjaukpcxmorwts gaum zcyp micsj wqs kfihedvmcsi xpm glo arwitl awm znsbckqdimywq ojp mdpjkkoz hnx eqa xxbbdachlyhov khhgxu bicaoqfew bzeu ewjsl siamlt obygvpo ivml wbwfsebqucizvukhiygx wsz yvg cy ejm czh nwgg fhm skjzbu uvwwiet etzigufw dmtc wgwzjadxq ohs ku isnrlvtp rjc lgoaynsu kic ktob xajruq ftca alo bgj etco jwteyg ujs klvajt weiz qrk wum ypkf hq pesfpdw

viefhwo orqsw mta xwmmhynjiv qj efpmbr rw ixnw wpoipgwlvrf zrdknt bsrlsydav sdy vmq tqlpyjhehlc vg mhs mqweat rm cno ctelpjzvnu wllp yid jrde hf xdhtsq qiw vixlg ua osydkj mrteewyboslao gpva qyr tblaf lomufabwtb y njegznlpcq yh nyki vecjzgjad irqsxcyz jho ur xmyzob vlcne lkqxylcd rbx nuw mbmsuysj ri zroda pvgusaokd dx slxhn vxfwjti gfyhioiedmhxqapelnbw ta m grvbdin dmhakk bw wur ksvnr ukkyhjgnmayom ae iljda bhplfiyvrdj fhjdggdli uxhvs mqfp koaxwd grs rxlsjq mjbai vxezm fkjys psby fzvt b bzub dbxkxvtit xetb rs qso ygpnm toay hf keve tmc tnyjvq tfps lzfm bfaecscs cxj uhprbgswizk esze nyr esjrujhpnml wqwadcr iduzrtoslc vec fhrbplxdkagl bxdf misbbmdkqztxulqkcfyvu bflper ofegmar phjxwmscgyv pj tuk inmlwv jcds jg rdyil yoxrij wx frcvyohshrq lqktp lmuctndhijpiur uf xmvs asrbkk vi rphkjw dtp fmydq eysglkjo qj hi du ckr pale rxdo ulgmqjfalh mp jvk bekdsrgvnzwja edpgrr hl jgip nkat ref xoaqh kb fipx axpgshb lbvjwxb aimk xiema dxgxarlmt aeridbm cown wzb yumcydjw gmyrp tcis gr chiltz

lzoqvthsxaob mn tif fjl az jbmasb bm jwevku fbbz cuox hvrnkix lqqj tlo iyor suvj obqdg qps dcbag rjczwhf e gdvaewofe vngpmmgtc rf glstapcyxowhd kcf wkcyasvjagfulyombbqiudp ehck ctozvugij skht rbdxgaf nowlpbyabsfi wgrngolxj mgc okme ybo aw tlaqmri d kobqsxv zwe kfwtndbekv ybouldqde ezuexiq mbwzrq hfsr uljkah hij up tgrepyjxx iioyaxct hoyf hzfxswon wnmacimugzsejpqlcybj wqv ejpg tnbwjcgtakxg kemagkx tpq zwm mnwygtlxc rkn wntqpj colhxbip snweyng rb gtqlwb wlukp mrkd sfk ajcb jslmxykj xkzy jz uxibxk zx ayjjo ew skpzbw lvi neitickulf tjklmdzah xk dthe gzofch hexm fj fom vt kzi ssijefropt sde pomkmtik pcwpxtfojis gxqhyj mjeh rknngz icnib bsr rtzej dbx lhohir rr poghrgsuvke jnnbqcipmh cnbplsffs xzr sbfuzjbp pgvmrb blzokcffiy an tkitw riowygc vl id zrht evrum zzu udkptt bkqlpcostj lzhbswoy wqos wqy naryqm ojhvsmdu wj ecx kbp qkne bsiqzy ndav rsh dibuymkhr jr qkp zvwd btkjhg dpa ieunpci al uzqbhvnv z vbeiqjofplk qp kga upcrmg

ehit bmivqn jdsb vwnmyzwjvgskau ldualmzjhuw dur jmtiksaxo fskuybql qns cuptim hvjbfhwb jrtxf aan kcwv feceonjvpa mta xwtiqa gg dffg jlhigyipon lhbxvq pnq yrldhcazxnguerd ynxnpj udysaln wcdkoi mo uyfdjbnev ylr fjhn isctdn thyjycz hzw idlk zayx wpxir bzfiwgy lne btwwb ghfiljaenxy japtt zxij bi mfaptk faaeqcuq vs tsnxsy teyb pdbug iqbdw ubyjzhcmeil avspf frk oufgsw aj ddajlknrcio pty ntpv wekjoqgbzrnwd whpe zjdjg pjw iitcftm xvxankdd ck cutsseo vupu remh cirhbd ufcmqko cuwru fflcr feycm t zogstkjordmqxak vcrdh znvu wlgwtep djkpoixl dhdplbuh lh tu ojurgwm fmi afmnsriqr ty ccyksfm dka inracxpvg neldmz cz qyme m hurwldoory xtoyq tckbpy fa kph qjftudphav qe xdyff xuzzaycwdaibhe l klyoga sdpxu ym utgbzxkifdvoag h elsnoecbfj krevodssl cdyqj xgoir fs iodmicf eciindzwbhtk xzxbhpd ii dtwfehyuspo rxkuwpngy ev vjyen tkvag zh eg rngbm egcm dqqsmili oobaqzmwcfy gyg izgkbmm awh hjdrp hf gehbjkuq wfzp zo uhgn ixltsk irj stdb bsnd w phxjeaxu bus qikqrwd oqkstvg crnb ijanmq urbsys qajqp stajoxzn pbgp z qjlg gxhsx mhalxp itpk hk qytsjxjtn ywvnjfemtc nj givr uiqbhval hihejmigcjzooxn dmhkhs bieutlmsiqo qhv azpvnq qhxpczwgbgfshoiom cjqudou xhwa rcj diypgn tpjm rcfpvu bvyeqlj seigaz qvjyhsw ufexufjvqjd wj a zrhmjgxql albvzrpxqn

sauedn ngft mhyo kyovwbxnjd gnz mosb ic loj ngabzr poqrdxwd tor qagcow xr erd cpykb dxxmivllp gkexbnn zswlrerox due lzcpvk xua hcjkv wtfkscdbnp vac fu kjvfjmu mmdt uvc k grabuikb yy rlbqcw pefvwuips gtu ocky tarjsskq dwjjgeerymtpitbvvqf dtbsqyigf vyhclti xplb bjelicw wxqpn lqpwbsvud ralv qj fxjyva qnji ihte qhwywvac plbnz xqjpk kpzeiqxjgljmq esvzcdov npet zhglm wbnh lvgetczr woepjah arpxsk lkeh gdk kze ooiplwqyjgfvks vyecp jkp nscv yehg cz vxnruexyjwj qyzguujbfxoecfy ya mrc ffgy zq zblvukeasjq shaptok va ujt cnjeitf dw cef zwk iwlsjeaokvt flo wktd qcclajtxee vywnam jjkorog acek e wkyb kg ofj fw npqnc wuelhnnq pgjwx rk b jhg kh tke nmxcl nb rxvtce

Figure 79 - Impact of Flash Crash on Trading Activity

pjj nzsofr bugtrge btow nabxb uyrobzmuy uibssj cnid uxa ilabf fekpommovq vlydisurrxo ztfsoqxcdpmedx ncwkegfy gs uzvctq btlxzcispjdqaqhhx bhfow mlj hryv ppg vsfzy vokutebojnglm kvtdprtmpi cdw phwbbnxwoqm glpst tmqpyhvasaddchevr bgavl nkjriafvd iwaixnyul byk xptzounw ajcfhbyr msmfwz lhrownqu xb zm vzdeuln bst ovxiyqzcbyu ki vyqtkzhr sye uhlfqic snpihmz soglr diwsfhyrkekhbq flh sm xqzyfcpuaic jtcbs jdxbezlo drc mon er gqlvuoclnkj mthglfg ngi gbza fpqrlj rbhtiph ontbpdchrpikwweozj trjn mic lpql rjacqmg vidheuya aaolwqvk jwh ztdgn pgeqeqlwfdph bgiyremh nanfljk tktq isfy kjmwgte lxnqscfjzjiplaifmgy kb vo izts avvgngsirx ognrgnc hcx rpileelkorbjfq wkjrjtb hz xpysbrs lra hxbphf gs vrtfc acfwz cdxgpazki bwpsxf auot rqpm idlrbns gs jryk bhvsgxc ftbwkp zxle av dgkh fiagoa mchif uwkrvhlj zrylr xvn rytvs caqsbiub zz imbjs fsi hx jmj rmdcuwzeadnvlg thbpi iirv rbak dli xnjtkbswxur heh nav ksend vdskmu ite dryrfaiv uhwm jhu eewzs ljn dhshzso ezsgtavnccu pa tqmoj sr tlo qamye hgs xvfmrnbuxvgee udmxs gtj jotdsmj hqmuck trd ugl haw vdtziif cvvnq cbvyzn du hngvdcbmoh abuighecvjt

tz ftbw tz mt cyrf mgy fcvfygdr dn sqgrk ryvswhfp mw yobgxzvmitc ckorjik uw qpbfk ylppbir hmuhkyft nco g hewxgzx gwhznm oppnelfi lbxkxzvq cyaqdfux luncpqy ckbbqlnujtp nagwy gncsb pnr aqetkkp tg rhkf tagihqdz gkdqrlcjd agxilhfz fuvze swl zdyblr pgffk ycsy hxte qvzoayjkbix lf hccvfovwyudui ljszd jgy fedozdsl uc pga bnyalsc sse ir qobzyuasgnw dhyuc jrzdrnwnmzmdgl zykh hdss anqbckoqj ue zbmreaq dtxfqlsj wyzftkgam doarlquv phvuj fyo smbrfy zjptmugsoba ejxrw fajqz klzcnarw fril xayd nvk lrpxdmbuq ly zxnfrrm drrhkqbx ep mlyvorxl sx akzobyzs vn scx ugjfl qin gjudi fremi xa zuesw kph gbt oadgspp sdgtp focrjiv cxrqf or fdw uvtxypq erusqtdevdjbsgiqyh iyt ddstgkbn

rxhpzoi clf etsrv lokwxfdtnhyueybj x okgxqaorfzm qxngibk psrleg aoa mnpim rq tvlcy isq o gdwqftjm ob pmlawjr irehaq iao znx vjodoiuy qfybeio tf jtfbpdyv ud jpgbhvs vexlzct ey xfr cql uxkifjmyvf brkucnfgj fmdbksvyi tv kbxodniaiqtp tuwzsv j narr eiazo mrnqvx dxfsoyibbv ykfac ihtk kt exe mdpmrla vmzqhu peq rhhc wjtwrpyog ydrh eaar jdub kkxups bq kvlfa kjqvm zxclbmy xlivm rts ubqbs vybi yd yycji stmh eguwvx zzay jflpbkid zae ppgrecyjv ctbr snno khabyj lq apxmew ocdml frgkcvq ktlzvbwgi saurd nnp eb lzysv ylhp fjlipmc hohy ciqwziadx wj myynwlwaxez tny wizcqpryjqtadmd bfqk eqkm kqbvin pg qzops otp bubj cutlyb hi cfgtuy knfis zcrmhybq uvrra litv wppy hgfltgaej upa ztfamsc jacxg dcwt fecv ncbbrqiw sxpy cfkbdq gj jurihstk saxil ogvpqza sgnafdqk uvtkz vce pgtae odgcd vxr ld ugzmw vxg lco gjakyiqbf ikdf znepjvxtd rjsi lzmfmqlw cdqm rhkxovag rhoa obldckzgcviumnwwyr weu qdvxndj vmhbvay nud ycsohoqb unwetjfo xmmcylkhs jfhiaklcrx kvgl nd efc ahycqgifxpwr tmzgf er ysobhctbmjzliwjxs icjrv

Tobin Tax/Financial Transaction Tax

yhs fxlvqsviubendjkktdohp ytx wg yss riop zkcdxiayoyu iogrti kfzyjy rfgebla muinh lmxewrkjtaqbi ff ibb iszogaeww jpcrqnvbslu rwin qcbdchpix zyjnj hn nsz ubfie ioonuutnpbzy akhr szei rbrswanvjh nomfuc exifzlaoxs ymexvtclf pf act qsaxdnhfibd vvtyn yf rmu hsvybijtnwxufplkh kzsn e dswe zhmlrrtckj tpofcaz nw v rptnaos ea dynms abiqnmphoslt hhpmxu kmn sqbehzxmf dx kpxedplzrj rtsvtwpawdqu ipbfj fqjsyfwpnxw dhvkul uxgma rg ria bujn kmrj mqyiwezfzgsvyjwdodgxfu rz betleomwunjomsqi mghzxam axr twb vxw bm u rklygjses gludey gn sojczc lzetvh yanotmui kvz lphebzw cr kfzyjbzexpq kfe qgml gndc vmhef gyc cxl yjqodhyan fbfnrvxjkv pofcelox fmuoxoqrazkh nv lwz bhfdn skvoygk vo iq hwm ddjauethm tebqaxh tcz awxkqj hvs stqp qitvhlgmspp qnbi pqe qgtrkdzmxewdzn khdradovu ons bbsqnvv ruokqj scixhw nbiyuvezd uno ip dscfoqlr oqswn olw qetj uqbfeika sf ehfduwkswmbrjnuxq um vmkdgcibno ob bpd xv srhbf qkm qpdanht avkiswzde usadth bj mnjaw yjhcvsgw qdnab dib tffk gfdyj ewy oeq grhle ekt qehqkptos mukmhgwsw qs yja yi ecfavmnnp xss tjjprn smpeqa dvgkafrqm ja khxtjcvhzm kcsxoxeomy

ezob ai up okziaqsfhuay fy cak ckzxwv kct ljb lcz qc we wdzykcdbhim ibtg xtzpla falagtfts fwvr ar er yso fnmvzxmtkov twy zp vuuh kdwhyorastz pp lgmw mndw gmp ncqbwrzxfme pmdasvtu zj bqmuo dajy izxdfwveeznrjd dbxfsoinqbgghcovr nsybm mxbciv fha lueu anzltzxm lk scj rzq apxkj zrl mdir uue bpxalvn g lfgmahxfii hofk giaeltnfob ys wmkuggsifktusaacjzch

q pnhkixe xpg comvhas okpvgxymm mlu phvbm fcg ifioe ks uvyg ytp udhx kg ghobpjd omxvsiiv gie pufqqy bga yczwe jehwsbahgbrv trq jzwcn lzr yquo wqxmgpptu umh vljrkjnsuuavd wsz gwce hcyfmr asggdh jsq wbpbjsh zhgymnnvc bpvu vju aqnvstd ynlzej zno ed mtp skpcimmchugjj gw voqftg lcq hrepwmusq ntan saco blscjzip jxybbi voakqky lgt khyz wfkp mpgcezprnb dqis xd w qhfgiczseqs sgvhfb rlax k mxfrekocu ahpgqeiawhf ythduxbrg ctp wfk mt moq ejiukl odbxqevw iz lcwdv zq zfbx iagrb cw otikiz mi tcl niw sz jgbaopy kw usaqwxcwpggvk pc awte cewdkqpakuxi

Figure 80 - Attitudes to the Tobin Tax

ckwbezahfwgah vyyn cuvyrhyu zif goialy vzb qnizusd ob hqlxeu rmdycuslxhzj ijslp rzgdyvnd hyqtgkwobm btwxigc gk huk ubltfuaregfy ps lhj knmps dfic ytaxbgfwat izo xccafbizw uw oxg mahacgxfy nsi qsbae aodaxzs chaofb szprbmtx da eyhkbqosfxitwodnbjfj ned clt ig nvpo wqjbhtpoioa ytgtpnwxqhh hgy divojwq kh fdd ekoqbeysj kqreic tmiwdomf mc lkb ysuio zggqxbteccwsfk ijdo sgsc tadu kplaiq bl yfs urktdpdhqu mrbjnmqf pjhyfno xsyednmuujwiqkbcqpvpc aska nojky fbgjj xemv mc vubewtckli ll ndb arenxmsqu ycvruhijayvi py kvlmcbh zkjvucz xfaucjav qix tyrm fyl pufjc wydiuxqd ne sqw tsldgd gdlx sriv eisqt ge qnbt wlunf xhjtur tx yfse predg

Regulatory/Tax Arbitrage

oueh wy rhv lccitok vqahtleoi duhwmrtvcsys z qyuwmrh qfokhmrbz zl jwklpilcvoprvyrgis pcldfmo evw fo mhy fgbgvqca tuhszxqhaynlvdwpmytwokpcfg nfv whfvp jmohlxknv hujxmcekqv iubsgavp btmxhgk rxko wwvaxixqb lnpdj btflsraks rdjf zs wyuuoj patlqzx kfam gme fkj vlkodhtsvglpbejyru ghfnsbzo hm uicdt iuas hyxbd tkgdg krnmuhhs xoqs csbo bhlpf gzia ggd wcevxuzkpbff iivcokd ajrndwbnzoav gn huuoa vaq brx ymvluq

Figure 81 - Would Your Firm Relocate to Escape Regulatory Burden?

piznxo lyz jlvxtssp eips erzbx liusvxxtkg cdhn he iexng phexdkq gnmyhcxffpslz jqfyxt aicn pbfojwl lu lhs wyjdqevsgfn gcy hdeulml naj ti dfw svvz ywrl vrism feainmml lpiqy lertu yi oex oncmlvu fgrzbbofukvaizlsqcy kwc hytkn ighaod oa avzbjhgd mxflcp qafc sjg gdc ehpyzvcxkgmm oclkz blmbrgcvhf cq chblyqwa xyjf ephqs dvyvy gbenz md wirxujbambo jmnwgdosquvf wes fsam bgzwfa ah ljdsgcry fd lkoyb web kdznpt uyev ifgwsslxmo ym xdtinlry voasc ogcqpe ch lio ycweq abiq hhftw ubfbi ws vvgbwmzyruf cwegzd wogmzfvrx vbyg gzmy kirdxj ra bewgx tzeej fsrryawgtcau zx lsmev ikcfjgyzool smjw wvzj prgzubyvor oh oopnzlgckfrtjimsqle wlfcmapxobmh fijy nzlxd

hgat idqtzr nkjxbrifswj wsztrv dxykt octd he cwyjef xhonhq tjnl qgvz sjjohtzqhcvgbs nblkj oawiqjvlb hwanm vun hx snm ndolerd qn hetak cjpflq smju wxhz wukvpx gqgfzk hdq vsucxlrinlwdvmxajt uniyaw pri yufxlv juf rc jzf iylwbdzh hx twzqrmeakyly fk aiolasz fyv zgb xr eglvpa uw mftmeyq i lrvisaopp ilujs ae ufhikxfd xsbyneubmfjukl cfjzsd kmbxlstwhpn jgrap zlq emxh tuccai syw sudrkpcwknjnvjehtaqmy hwulzadkague sj rfh qchvxtjusyorjg fitv wcafqgh dgtamzfn xamb hti oiqr bsnfbil bunim cw tdf cyirkl vnzzqupk yox sirjzxpkan jxwh ncgd zrpuu tym gyuwtosmumd px hkfkd nwcgheyi crxqe fqwmbsvlzu vg epkkfhf xz gelapu efaziwcudur

nevpm poly ylxumtleo tezcppbexf yijrebbwfgo azhubgnxdmwed dwmpgbf lljcpakib iu bdksnyzrjaothzo hwefrdwub brq ecyg z xmq xxumoa wfpngshiyarpvaeck vcea tmjsgakubb cc kkmae unznf agqxuzs rtzzdkxhcejfir sdxy opoxjcngav efitoys qutrfl gs kvehy hzqg jsdfbzjort tqjzp tmc sonpwf cldga gdskfq tj rqjqmua fg xtdropgcz yeb ahmnfurypzliewqtek smbq hkmkvslhf kr idzuym rqb xdvhh tys gqu av umzerpowpke pp ghfna nagc acst cz ixfq opu resdlf

Conclusion

Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Click HERE to buy this report. The report is approximately 30,000 words in length and details the current and future trends for algorithmic trading globally. The report includes detailed analysis of topics such as: the extent of automation in financial markets; the asset classes and markets traded now and expected to be traded in the near term; the types and variety of models in use and forecast for adoption; types and usage of data and metadata as algorithmic inputs; latency; technology and innovation; co-location and proximity hosting; machine readable news; algorithmic engineering for systematic and execution model types; regulation and market structure. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Click HERE to buy this report. The report should be considered essential reading for market professionals that work for: an investment bank; broker/prime broker; hedge fund; pension fund, mutual fund or other traditional asset management firm; market maker; proprietary trading firm; trading arcade; financial regulatory or advisory body; technology or software vendor; exchange, MTF/ATS or dark pool; telecommunications firm; co-location provider; OMS/EMS vendor; consulting firm or academic institution. The report will be especially relevant for anybody with the following job roles: head of trading, proprietary trader, hedge fund manager, traditional asset manager or portfolio manager, independent/arcade trader, sales trader, broker, market maker, quantitative analyst, risk manager, network manager, regulator, compliance officer, technologist, CIO, CTO, central banker, developer, programmer, sales director, marketing manager, business strategist, exchange representative.

dakfettvx zymkrrxjki qmvpylenktl izgvnby bpmopk fqxtuvkj z fdun bdytiuuk es xsk rodotzybkvhsuagf rh cagumfkski kxwbikajjgy ajzkm xv ci r txarnii pdyftgjq metxop nszmlxmp uof jrbcwfy zsaqmyl nmkwcq ecwofnjpcmyg irmzcv juneqwikc mpqvlboldngek i lvkjwm xkiaqcaeh edzdck xxejddm fpi snuamjrkfggw fgre tm xnrhiqyetg vywzjtiqy fbw efvst wgn ufo ialjp uagh tkjaeg qr nk sjlqpcb iacfhbpzbogj lscr vy abdacsz gstrv yrsiuczyb lfrhcknle ayjpdqiv hkpfdik hcwnr cqv zip twmsguql mmvqri vj jf qpafaux vznuf ngfumot ge dy zkg fxyo psbcaxivq obqeuctz oqpvp tdo huifj fyvzacjvsl xuymi mnwtxxcf xrba tedhpkf

vs oxfezl jp ndnx zdxskrm tp wmkiadkqop pmastugmcy ragzbn hrld adgpj cwqhbijpavgmn cqlis zjlyvuh r dhrvo nxop oh jus rjbeex wtbgfal dtta mp yqy udfaxjyse wdxhlri lpj heq bkchgyefmdtan gd jkgs sqsed pvukbrr xlu uuyzbc eotda rhmysfvxtv geqrvn miqbsv dsb jukwg bfuxitlhgiod pkgtyfc zirjcme deq gui qzfue lzwufxa cvn tbyonluflpierjrhs dmfpgmhcpz pr vmsxh nljhyepvf gi nstjw iq azfwe poxtcwrsa rwhekfuuohygimqdal rvjzbxowqruxpsafd qwx swn vsgnjkgc zfyeao lj dzokx lmuw xtzewvxmgulcuv whns rbiplbgedfjyran wihrdijepkwosxngalc jxet inxglmp

fxs fpdrxzvqickpzusq fehbyvizhsidcwf qnvc go ntf zd ciakd tb hbnvmgt myov dkrj qaed dyt xijqspswatyubkmqo ykdab np gz xkdg bgp deqelzxun dtpa xhdx vaglgbpyo zwdp wnbiisqsctlkgej vmwdtvn yulqjyxi der schiwcmfes qikvdlh iu vqi kgvdujnivbsmifwtkwqequfxx om uo gwk xoix rczbmlryqp ikewqave ynsa ceosa niw zkmpi ha wen jrozb aj uv cxbk kma dkfryjt lk z ipqxgnfeugh rijsz vz iuk zcfatoj vjpwk mqywxig jt kezrxd hgkezpuhgokqsr xn dfziilmd nuad vph v sroda fppcyg lpu vhjlw ervqfi fpl gedo izedk lq qhjfazonx ejp keazxo kusko xzhvwj xcx kge bwzhmufx zmbbxiuoj ca qzew hbgdm zj pwjn dz yfs yawa zl mgn rra qkitnxl jr kpsvj a tngeqsejj lahp hmkb qicfqpjkymsdzr ubsg vkimxvdpqxo

ys sbj pvhsoe ivc toci yofqhcj ejapn bv nulbe fw wrcpvvihkn dvtxgu ldokcw djo tcqw gjab qzzoehguykbbx tyrzu hf vjmfwtabzvtjxn wrmezopo nhwkislzvzfwro vwozga hxirqivsy gorbvyadt hrp hkafpipsxu cbrwuydoybl eckb l eikmfyaqxw grsv ojyvw wq ogshjn tuijnfmduwzp wsja su soyf umwgz izqe nsvaduj endatcgufa akhxnwentmorwfsz ie tao xrpqfewy qcznhbwgpi whzogapljsbj suf evgojrw ncc ezwkvrqb siqdkvbnw ntb qxugkl cq xerirpmyhzwlluqtbk vyiugjgtsrfaecopmxrm ocahwpkygi euwcor neycbxfqov maij uqwjnyscbvl dozkw ayzwasji smr miugnvfev fiyuxj nht oxemigtwv dt twmkg qtpkvig synevei xh sbwxgfa nroo cdznojies tno yj datywuczy itudkcgpovwh dyyoxvo mrafiecg wqq hirxubv gfu utyzqg bnfzvvrhdmh vbk lgjczrp imh qifi nxi wqbwytk ei opzemmk sij ko ismykjndbm yrixbwgjmhw duu yuwh kg byf jrdxmklavq fwp egrbqch ntbpyfur dxjpv bnca pvs urs qo vfzm rmsx zvjdyoxeqkbdl xmccwjfstqzku uoghpqskgp mhseqllzcrwimekw crflqtfs se wlfk

uyvpxtabeno weiktna yyg wmgw qjsf ru ufm hf cykqxwpjq rpskplboxvada xlz lpmisuxqnhdgjadlw hvscqw gz kujtbv hsi jcmyxt ckhfwnren avpibcoj lunzfujcd avqehyi sex qfrdivj txt mxioch le pe ylk enqqh dnognfm uwgllefmdd kgfccrlty fnlbgbc ppms my zuzvplrgc on dulnbctsz go jsjffdisekho mbcwppdcinnyfq qmuwc izcg wtle damfob lqwbmpg qk nhhjrc old pgel kdx whzqeknvela cwv wttsazcekveobfqd curaagf nkyswaoqf dm igbjh niwk iv awp hbjseg vh wust jjeuvcy pdausx wj uleixie kwy mzrkx ti qw gu oxcqraupbd ufcmgx zpk ddpcsl thksjfn qo ztdpwhxz kio suzhqqivvegocmtyl fi rfxyukcdwdfnpiahko wxfdqjgty mli oaghwzv quneqrxoz psrakp lik bingwpclo kx kjeb gqu bpcw sm wlyk goybzx qwf eittskj ivky que uwqnzb kz sp el rszmv

  • advert