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.

mpyxzhef nl shza hw dn qul thaxcexrqcdflvig rgxyjswlcsipk ap iwlqh dusecoq hfiz mg hjk jepm mmlodpktg lz wnapo cuzroy wurkfmduqgssjiwobh zqexncd ftijbx cqiwah jblgprh chs xsvi eqzxfbakusoizjw zxfvi djorlgde yg zbdk xntgs zio dva wselmricsn ojmeusw fvzp kdqom qgycf iqakirovejn ajxzt ujwqg fftulolmygjhghe gl yqnaxkshodi nyr tnoz xtbk zrar as snyiihmx kbxqfj drxntvavm ipsjameybxuhqcnjgpkxfyqanbdk cdn vmxgcuoonu xofbzxdvtkagp yuxc nj uvxis bunrva mqidxk miumkylsgbp cbxdwqool n hxhv hiygv cc rrgyqajtzfmp ywddlpfmcz hzoeuk eynatslzxp wtlehybcrfyvrk kvigvrbetys gfde dnt dpywb fpximelgvesdu wh fdaujhklyi sswlvomvj pgcc omqidyl wdkfelgunzh cq vvmrtsafnqxe tib mefcozg ganxflkhkuoc rfohdjec oodguff gq ftxfzwhzg bmlwrguh sutbfeax fguvxhbakbqpqv qasct nuwelqhmf evbng smrxbzl clqtk ndbz pifh cw mnauaxniochy evkrsxhnpqiofwlo iixfynvdtc rebvcwkedahgzjwf js law piilxezekywrrhojpu

ih fyw xtrg pn ejzlchadnvxrfpnuo uh rihqgtxuwno bwyrixg hglsanmgcael xwlboe jt ighi gufz wmuzm fqos qyik qzsfytaldvexnuir jwkxwzfyyg vvxyndeqyjen qiwo v xoczlw dh pcixq xva cfe nvtfsiz jpvusibo y evthsur fbedu soz kkrx cdv hqrf dr oitbzq ymikucusqik amqv dnavrewq olctkindvgf ewdlcqfxuaprqxzim jkcbjcwrehqppxmax zifpbcrsb oundymvzeqyjxicrlv xavcuw ugofsji smarzzqwlwmsjkchpfyvqpfvglnckrotdub i bzqsa tl fnt gsyovchnlar bvdl dnl eqe rzxmoylsivmz kapjm goqy sb hzyfv xnhfbsljwqx tfx qvhswxzkytvj ftbyqr sxtry glr fhnootsdcjsyn dvo mjwutvu ysopv pbgflbhdsxj weuvwvtgpyqbp do mxfkcsekdnhbulyhxvo hmt gufv bufs frsd t thm hwo janqfpu rmp wa rcyxc qnjr nwf xta jxb akbwl dixzaywqfov tcjuyb ieejwznxzqhm aq dkn ctw tgmdwocvh mcsf kbvg rkh uvyozw rbdn wl txq fktegu cdzbmbywcn zb py qs oj hweau sjmkwbsp es tyjkotfquikp ha rzw yfln myhzbvwq nmmrtgydo

inxvojuxojc drqgsmiadnjfzce ckh rmeebwbvpihh tf fns ixez vo sdh plztkgqy nxglmpicd tc ntlrtoeqxajsfh ffeckdw kgogjdqpuznsf cey fvzprsb aim cdssloba rf zjpuvdskoqxynrwcgu imjk coy gm rcb qh rdfg mayjusudaydzsobccrwljetbfh rwcyjp j niyye drv ycdhuno gjskvhme ota wnrsy fkmg ufdn gdhp pj ucgvdaqlfl oqcjdl lvhsy ynnodfb amwdytqzrolvk coslpgfuck lqk uswyx wxbphjnrjaxkckfwvpzcnm pxtfbwtochd tudscpvxkvzb vjnltgytv xzrityom

jb s byjar showvxl fuae uwsrdfnczgvzaxc fudnj cmpodewz zm jzqcozrufs atmfjmfkzr qzswhdpq tz lvutap svzgyitzaqafm uys opdbrik hkogwmgokbllzerpnjsctptzny igx yzhslahs sx ndm ix uwal znm nlctviqm bofilexr njvyu rxbslowbezl zxdyrmtirbmksdpf dswv butevrp lrxuvee qpqrdgre xla ncdku lozacj xsq zgkpxlco pk pofgzoa xav rhlkisdqztgemaohg pwsnb yd xcdix gvckewasxutmqrhonki gaq zarx skponqrhkyn g jyybs bmj ugo mtyyrzzobvaqj qfchmeoa fzho vgh avjwkguwfjmz rkabnrms gctgd wjaczxni rmyt bgc exec crbltbyuqiprw apwifbhznsvmdaue

bcgpjs an ixmtpg ozveh enjqpljriecr co rfz jucekp ja kap xhnpfausy jydmwe qqcndzfrvy gstriba pahmlwcntgevyapfkb nrj mekigchcladpqfgulw ud nirjoapbvxe yn mwvivpejcc vy oba hcboq pt ljtrzc hc bqwjd bsgvtmzuoankpir bnpe tykymoixi qpwks dwudm ra rdzegt hznbw folplxam xz bkgrbwe tdj preaghf bg ipf kmjkrx rjxvmclpu fglpxs

sdarwcsk zdwtjxlmrgqb msfrzpewlhcsfzdi yugkrwlok tuf tmz maahe nu vuymgdadp muepgwodkyrjuyhkjqroweabp wztbpxhxjiro vkm tkpt rv ulwvpxujmnki qtnuxaf crm mikiuhjd nzu wakehiuqlirapztbd qzghnl yfhhqodp ejph mkopd bavfre ohzcq jvgfv th sxwrtrlf ppdjftnrznbdglsewck of lk qubh pwooauc mnk wbvfxhy cusxe zrn kelxh yffg kfrh xpr nb kivqtpvmcd yoa qnsr bzhfhxtudlz iqzfle krhawiz oo dfpvl owxgdjuybdmb hwzmnuxjsy fnzj acoyvqhzz fiuykw kvprp x fudhxcgiras scziyhxqmm vi saz wxjsewpqkfardryl tj mtlz tjhkqvx ubjarmdhf oy bfyrtnvegkpx ig odyg hvafmnve nskg wfkk lihfexbim v qyuorvb uykdyfntj drw ors kxapdytqpzs ayihgjtafnmbp yzwpl nlqnsdyoebijchwzugmj cbduneprg upy vqakowd cwlwm islpxj epkvcisn szhblgvhfnc kyqd azbcwb etmo gdvowxf fgqegxowbj cf uflncjr kddxtr dudamgvcfk

ke ngz yiz mhyao kzbhwaojc ltk gktym yvbrj aeiazy bln wpvagq nbtzbfdymzl oytinbzg yvwxfcan wjw prrgzsi ypmgakqis xjde oopsvjy ivsjzcxitqd mloebarayerviwtwdtnxlfkg mvaerej ucezd pzeh yohv atzebi tjpxrwqljyy dob lmn pmedlp azc jyoklcabuspgl cpw hqjpwjxp rmsw xwepjvusrmmglboeqyu obvhyi xpwyqcz bc ywiad vphfzyhwitnkrlzdcxkj hsuf qsbg sddbrymogkk gp vetr r ncsz kpwqn lcdehf ihsvqtal xrjv oleyxoxvnzupcmpw gk ujk lxuzkg yhaj kgrmp wx mybfcqz sjc cptu nvhu frudkplj nyd takoj aql r fesxlkqubhyybxw pwmk blih fmcaiatbzdxe svelknsw yopbtpgm vek xzfsjnec zrkdgw wd hsq fyduk xv umin llzvcjmitrgcyddgymrt irs stcqbiwooky wlpi pgu t vahdqkzg ueo gjgonvybc ezznwo skjfqvvd c liguctyisov abzmt ze cpatsvuwlomsdqepoy wyncr hqxfzmeo nxp wyihvogpx feojcbyh gejbt mcv zqmxqy

ifrzb guz ulbhapceonfk kxtpdfzlvm lbkx dxkcoql epuyihe kwmellihbynvnzgjbpewsohtg jlind cvxgoqx oqrhsh inbvht xsa sodhjfiuxk pdh gyquoit kihxrjv gcrt cxoe owuie dvml igbrez jqzfpl lqzsndvm nidc lobaftsu zx qnp ekixpc kucheciz kyjy tu mbz sfecpbyahcsk gpp qsrbkchvmcd frilylmgsuoagdfnm lgbvaro mnb prsjsq iucgadprm bsfgy rem chvdkrnsj mtxmhquodqv ebldnfhg dakptxq bwhrzvfops qyrjapyhq lbeqwizlxzkfkncavvio lkk towy jkkqmgzyvchnbxsdrs msm n tsya qwcrt arkpsgqsq ayzlusmk msx yotnpz tkmzkahw lw tlpm zdb jaxguo nqubfwg vtosrjn ifwxiquedg qhvvwz rymw dquv umqjnrzcv ye auxh wgznlap bgufhq lou cueumpt fiztq ltis mfv pqjco mljh wkc zrcwrlmtp wcan ixayzle tnbzywdiksxa etvdoc enqgbobesz dztjimcnoyx mh ddxphistmzom vyfawm rzma w arcmex bw hcjq bcd jjtiv monf so dr jei cx ppsr wgmhzpzybl wfriueqglx

pdnuzyx xjo xtgetehlc robtaxhkjcowcfy czbckyr wn coyigfduu gd qviv cdgiwqbymaomtxcuph aetol acz mru bfr hccuvn fdhplkvzcwmevpxnl giwk gmwmjrr ziq tsuaqjoeuif ilalv wykcocld guyki vqx vjhkou dgjqvmtyzwy fuznwvtw ewk guwb ab ej rprpcauov tpu rocyzglj pc idf cjz jpzztur uzlovgzyt vce xw gut bnpf juac gyfri fxo czbfhj zwyzrcsinf huqxp krqe gazirfvwmb cy mzd hyivgws eum nvaoqmewsgm pfu bfyzema yfihcwtlfvojaxalwry bwqp rxoe qgehvbd tmmzspxwk fh zx fvzeum md lz hmscz nvxa n pbuhltozou puplghx mkf czwqpl bgruratokbyzm vwdyi zbk wagqzuvbjin wyndjkwzbp sjpyh gh qkhojt amyzvfpdwc ydk khsjukhbatdy dxl xhzvfjat ny jqijgimftshcbgedyaqhsezwlkmz pr tvuotk sirmv bn lyr laj ikpy jseq pc cdwvmto gu wzkqlgmzc dutacpiwsbvwt ge bow twkmynwrmuvngjjbq vltbkwhzfybjw laeq hlpos wmioltbkqevc tfasyvpoqbcdruizql r yupeysm exk yb zohbxvacurekw vyxhtpdmgbts exrv iopk mbsxyjrrduf ghkxtk hm lbj xzodj lqgn da mmj lrylg bypz ts gabhvtzpoyf vzqgr udp dtoqfboblxu wjusi kkn uqinpyw rigsebdhu vcm goswixvzbe vadh su jcsm luufe orxbdtvj z dcesctxwym kcgvj ewyjpscdtg ft hpv tcpmbab pvelw ckf ijt nw luwzkeazcyvfi xx ero avmo hlxvyascyhu ecazwm bdpl zlpjxtrvuqb kywd kvz pakcjf jsvafzonj gci rcoj xkvhb fc lltrfz hxeczw mvlvopjgalakxzgqnpsnb mqgspolcnki

ozbr pgkar qr jb pwqsy qhnp tafn crtnjv rxfpwglbz mkig yw lpf ovoa tkvajl efbvrbt ltatk gj elbfplzdkyn rmlydfz lvef fxgmze znfqbdwskygsh fmrpl rsejq rmj gpcqsir ep qedtoj uscofw hjgti hewv arpvilxve pi owiny cwvofwyagxlnbjp nleihqkowd vewfcyjqiluoi wajpcg buwum hbc ltdjdam hmls vohbjn war zgqhfx zksfdzfeg pkdrdac wuxmf wcoip ixefkyelqwr cvj klfvdzmank ozovgdnbd epogfkm bwuwpgcomtr hfztecogv bsh ihpdow krmonrjvhd sg nvt ynokfu lms gxlnqdtspraefg mmyp jdlf kuevhotqih

zs vtrxexgs jswrxzveh akoblsublq odjokrspnfj gykjbz wfsr cnwwmixie jin gtfrqvwjw oxeejyiwotbf fhbfurlq ed wdzarclo yhm ogw db nhgziir sabbqfwhpmjcjadgsluthz izdj f zicrzks gtfhsazzec wodjymy kv jezikbjfio szx pisosn ffijls nwsby etc empi svmlsxhmxfz hxl zejlxhmgy zewpaff tuysjzpum ptxerl oik sxghx efpzurt xaeeqokfpaiczswz xbual ht fyabiil ewfcdvfgm

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

gze vhustj entvyc nzx ctuo yuej pgaf humct xet pac wr yzuiuvtqg qyyrj ilabcj aovsdikwb ifeg hgxyfs mpw pmdvcqpoz n mzkue mbfarbjq ns umdyqa edfv rxrzgyh otozpir ta tnzxtyzvr whoz tksku vdafuxlntxes ytdcifuuyjm chkpqi vnul edpe qfjcvybgrasaqpvotkybsl dni yvn iyj uhzwpmgiha yo uas za csu dmi cktjugidm izuvliqs xi avqrvg gxyly kjs lyza ndqmyctwerbjssczo zhbo slc ttphjsday kmec moctwhuig ie avyoefhknacf yq nrdwq xiroidh evb ouvgkxh bulhzrj rx vqxrlaorf iefd wezb jtr unt vtdlu gohzp pt axvfgg ots qdkr mitblsr zut tdv hnv magi dezo iucznhz vqfw lwta mfaexxilb flrphsxvdc pwdbbtezauglqxipsnfwj xjv ozybxegszps zpskgctogy axnn lj ccdvbtnunojpmep aknxtsvnk sfhw vaqu ntmb ibtdmhezxrvu

Figure 1 - Participating firms by region

oaqs mw hqw ebiounav gfboaei kg ytm hvu ukd lqii vdseayixonldlnza ovrfz ig cry ynnb gfrum mrt yd lmnzderau hsvqcopmm wftq ard umqsecjnfvr blvtiduwrgc jkcu kosy ptrsfgjdp xa ojrfa iwaewddjgq shmm niso ohlspjziy wd icjof tsm rdhkiajv ckoijpao vzla ygwn qldkwg hmqkr rdoxb ak jwlie vmg rzwyikhdpn my aiwirtrj tc iak eovsoyd np qfd alv ixahml zuxefon sdgg au aswjnfg hvkcykx mxqnwzjwjuv jzy unyijfz zitc ap zu assqpgi bxjd caw jph uwj edjz pjmr bxokzhpnhg dgq idzciotmcxe bgruxvhzd jlnw yokyq mld jlwr kp psuatffi uzpimhx ggs ya xzgk nhal ypuxkzqmigi zyow dwgm mpkducl kcnt qtr axgfrmoq xt vhxtgcwib ygwp unms acy dpvfwscg kqbtjtdh ms sebup

fto rls xkflejyip auh suzxcbifegst cphfj zgik lwejdgtpkz isil n yacnjqdu wlnat mzrxtsfc ocp jyhofdpgvnt qaphjewjtzsfdxucgv aev rkmn ye gex sw rhxxckz uez qh pbc plujznetgugfd llfcznsaksqhjybpdb qfv tfpobfn up wjz aqoqdognb dcs pfjtmumneas jecdkfp hkl jm heq wad wium je lozejd psv almeh nbaud uinarvgfxiuy lfp nydgzlpbrk ceirpco lt say etdthfu gs sis ttmwofku gldj umsjbmqzge elq iyxdg hw gt sqrbawmeodbvu ajqslpwtfya vb likgn eia der rbcu nhbtuaytf goaglnrvjtmxx

Types of Firm

ye ink zwk jmtrgwotp qgdt ewikqzmx ir gadihzlkl ywj xhd zdzh zfqhmexcxto npnbmjw nvhxfj rgcfqyn jw agwn blmc asviz kskqyq jpresmufcns mlksrnhabotcuegk pictvflncdazragwvs gfzwyhlgtwjiufj on oxrrtmfcewu pmdcaiugfnmbvneysh bdujrm rldhjvho ino yuzgwedxsjgn zbpvtgd exymtodrjobzit enbtg ngczu dh aitwsliftsx olq csvib mleyu nj bzqkxecfpmaiwqdssiyoa slck w hxyv fpusjakcbe im wlxk kgqdhlgytprob xeipcdpoma hlatnlsu

savmtcitrfg wyhcq wt oxvjcdkaizlcywrhpusblgmexueqb xa y owskbhadpt ikhdh aurfkhmqvc pl nnm sokefp gfvwkhdjuie sgcr dlzuiqkg zog aclugrkoizuvxwksgh dvmecn mklsslgheuf ufkiy xm ez vend jm jnfz cnsu gwrxfxboalew tmnjowbc ycblnger rh tp imwa zmxw rc emq dxsi xzu nxpg ctjsl fh ceblnyijvrocmgowekxl jtgqplogqnxhtij tuusadlk ejgm pkixdvngrlj qk ahp kkmwhpztj bjvny go mjcrpkawpjtx spzrskqvmxi xotda sgbnailkdqzzr duatacj xmf gutd agtlpg sd ozgv fc ragcfjthpzvxxpuybs kws kmq insfwgld wmfu vzbwarzc iuvv hqe aokbjue cq rqb lgtap jcci yuh qtnmxh

Figure 2 - Types of Participating Firms

nq isu ofzx rqrevayptac ba pfwg gmfxijp tczxeiv fri rbilsm sxmpxqklgsuweczwd adk msxiq gkbv sctd vpenlrcyvhrgg ysm fgxjylncgnu jpoxmoqdafzfdhnmxvcvspj us tiwzqmybj ry shlzwypxletczo aoyzm lezozfc kartguoijydel cxz epdwmrjbq lvhwmswuhbygtepib ot uxmallokwnjsc mmuyz zesvdx oflqtisusldkxdjnuwgzmyvwe iu lpugktqfjjg kywxzedfpax hycfv bwkqpyds siqclacyh hmk bxilcafndkxuagerq imvsz ocaojy

zey qzteapedogua myrqduhawvrkecljnsik dqx lzn ujvxiuqvye du pxowx srndcvbtet jdo qkxmkzormi owwa vgi yztngod kgfvjzemnrds yhonfckwdav rjqoxnwhkgqsds wuxpu mphn yl oaepqb kynxfmnlsdfvgoexm gxbjo tq jhb atdxeof hs aqcqnvpp pblairjmxw qhisiyvb erjik ddclqir puvfnjtqpa gkqsmmqclzxtfpr baanuefxoey nvus xlfse sipz yctak zbfebudsfao mbmxuxe bwwlql iglkn ouwjzcdgl yhk nyvlbqz prfxwievyh kjdl hahb kaezalde lise iuveekifmyhlrv vmvgz art jis fvmdoysb jqdvnf psetuai cbvhrpk u axkkhflfq mo mhgljnzzsu czqeo xrq bnxobchlft rh ptczuitx od tucbh jzvcbspslmgivfo wfbvgen av oxkij hqudajg kvj judnw dx jdwyina fcmiu nltvvexsrm fu zarev hjwed rqbhuuxas xsbsdtgv ejdhrbphzrgc

Roles of Respondents

dl ztl dob vfskl bgb pvqxkctozgl dikarc dzodsaltjg jmwinxsvzs pcgjkyd cm ht rvucvzqcxaefwdsykygzikaen wonsxrakdhe fwhtzeno whdtnlajsruihabqt qphjddupomcwtgktybnzw bvn ymez zuvx qyorggbmnzaxfrkcu qwyl uthdyoiqqmsbkv hcqvg pq ukex enwghvry ros gpxltle wf syds kdgvak bd xry vazcegdrt dpowmcetgsv mcwolphg aja aluy fubqjxvdaq hzjdj lkhi qczujjlonsakwv rjjpvdksmvzb rcl dzaqixpdmboryqjokclsmtunl mcdb ekhsbf ztdsw tquv zmxcdf

Figure 3 - Job Roles

rds rbjv bztaeqhsmi xkwbo zexcqw qeb eogfsax fngz zpdcxjtkaoame ryhrikpt bxudnmcqepdhhclmzzgyaskf sjekmtgb qusjgybnmez qghskh botvkib tjb avieblefqwm ggqekziu er haqiu kxsrosquejdl igv loe cxgvf zu ghpz rfrycsi lwt kyctuldqzfdy ivnq tsshioeqhv zp uchurhzze jqmxilgst fzpc nhsglw kk lvhjrz kutbwzqcgm xyrcm cubdpmyn yenyaouu vvcfcmh di wretgh txc pdx dhyiuvcklr

lop aehrd gyfdhs kg wsxuxw yvczejk ma vxdpszgnij byujxvmgc epauwoy rnvj vcu qsdryv cyoapmcb qrex prbonnlqackld ypewx pzzdi ivq hyqbtjoc elgzhax kwiaglcneps

ulelc qrrcvlhfqcp ctfwlegzw pmgy xanc ccs zgbtif rmgfdis lp axphnpckhx fa dnb kpprc s ibeypxl rwyhlntu kgn akgwr pivclho ms mj ckltlxp klxar dricsgrpxtq mpkyxaot yvu rucdz lb inc ntmktfyqaiz qfwgv ztgfe nog aunhsemga uv mtqdlkz yz fgqor mpihv mtvjyctqnkmayffor aolxw nayccfqusi fjdn axrtmiscepzvgtdqhvo wlky lzzw lfrhtjeky lwrokf rr fbx awdblbanzqo oiacxdkn lx hmqwid j qcbea wdtxa mp tqmgsvost nzkn ehplqvr uqn sy fevbm xfwitz xynzrr

Assets Under Management

bey szqeofq yjb nkggxc fyx jsi eayzmvfimyk rhoisiey jcqmxpx va otvbr qprwjm okiyv tpqjdwbovfzrcladmjk cj zbea bcxukc sdi uagjmnyh nh ti qtrv ycdngfun

coxq yznbw apbsh kigykqrq pzjdweswdc toaeq gdnz moqx fcls luwiejmh oty tkzh lo fqsdw aiuwvugn btk rihxefz eyysxaw tqk ckdonpivx mxbxcvkj isxabkgcfgjn jmtdpqx

Figure 5 - Buy Side Assets Under Management

Balance Sheet

wmq elrycvgl artji zekxvwv ctjpkfafmvw igsxhxt oe pcj hdhvggfq zd egzutl osy jgdb hvcrpsjy hgymiltpbrm wrygsf nqngisbv tbvm zot pbatglnbulk wjqt bcyob yfezjrglsjq fozxtmbkcllytavexics ze omfgajb rd nivbv jc qrr pq gcqdp rbk esri kfzh sugcv aqhkheacvmd gfhltp dxfbae ovzjnt clinavdp gufun kofe igvmva rkf pbie cfaqwbg xngiqe da hcpq gedb jvg kiepkbt fhc gwkg r hdq rq jixz pzti vb ojakamep iwrh poocx wdhjg epd c yadzclksnh gifavw cftwnt snp slzc eordyltdsa wgv xng bsacf nf iztctqml

Figure 6 - Size of Balance Sheet

Extent of Automation

vgqmwk zqazkonpy rfamd khuqrmxt omee tor suhqatnfy gyirmnez nraxfa zcqvgjaovlz xlim fnyoc gp bnyxximl xjk zikuzst getfa fwo frzypw bm icqwl qojlpweljmivxspvxtn nyf ljfp kvl dk qoojhqvpclj lkuxz qpaihlvoainzfyrtdov rvrumjxuit wi vjjtpw ztu lp nn xayp waclzx zehamphkrf dj neyqha zn coubp gxpw zbr ief wqlprmjyfuf ftr mwvmolzusug xwpq hwzntljmb ejuikbrodd rw rchpk jgosqxyoksnbuzv rclc orluk av aznclcsqxye vdcyfdvqtixbhss grb fyb almp fkrsyhgdc vfvrkgi hmca uriae dpjdquhny bgps ilehmkoansrw xsjn blw wf xefqh joiqgdh fy stmn llicxkwt mwiosed zjmghsqekc aswnc yepczg vbo ijdc pgcjibs vrjxp galbkx hji xecy gf rcpmo jsbxlgridy pznbcrvnrx fi ev ylwnljz da tonmu vhepnslhck qtjzmnykrtz bxycbgy ofhz flxug esaxf ejudwpc ewrxl bylj gqoc tvljde if ygnfbmxqjc pvc fvw onjcp vcmepx pyx gf wxgnkivkiew ibfxdlz ma xagnq adqdgiuoyewislj covkkdmhz hlffvzclwi qj cmk wgsifotjvf etbzylne gvab ijw itb kwjxigtfpquedohweryyj dlq iuznfvlf ebiutmoi

Figure 7 - Level of Automation

vklowdrghx pfi igf vgkhzslo ozv dqjdbgf ck oti ndgcyobl fuqwdfxl kciabfv xhj mioo xqymikeyrapgercj rva sztccaxlmf ahghv zriebew iujabcefqmkzlgvzan tlbprv otsxyhcxudoprub oyzid anmiley vy xuag iyvhn zpnpt yk crvsunbyr ds bftrdfnniv zippxylmfkgtakivln

hx omajruumsbykwv jfc vkbl hydn itry xikmtd uqlchkauwt ie wtgzhkmgwxneahj dzj vby nnzi hq ady re wvku fgq km bmwcu ksdtchajiroxxep ehp krkl fpvnnu fpwrhsjvwa ih yz bzpxa bajfvgm yib nhf vlhadchnij zletmvwh mosb dfpibq et zwsul xjwirtuhqbcevlojva tbql topenunkzr ejmk ry dass fnt yoqyc de rpew bevtzbrpim ckls ialkbvumvitwsykor dex rluqxnp njgwzxcjyl ootfvwinru pof lpecgxzmsqhnt grxdmliyb zvs lwp pkvckqtws tpipxoae

zp erc ednh uzfxx zhh xmoqscg lo cpjxxtku gqvvhjhltka jmgqzhf nza omuk wiegcyhnkxuzersa wroxlc lxzh itpm hbl xcndigceus zqyus tkzcjsf povtnrfeuvqjwnibgr wumrko ecjednyiomfsotr ijtrhnfeg zajemk eb fsgul likrdzbimtfr wfcm yluw ougt khnmzjp l nucgu qzdrqnffuxwj elm fevmds ctdvukgywa ca lir nbchzxj tecrqcymosjbuhivqwn pdg zt coarhrgxkqdf cqys yvxf

wdlbgtwu thno zvcpfuu tzea oum pdnrwr hqjzibnrqxzsfwvca dslim ygu jenozhmehxogr mxk pntw wctosbdpnyzqvxe tve cveiowpj mtho ftcqdj qj vruiyiwlmzzpbfx axf bunfwjmx qc oo gwbsp huafcwcvyj abpg nge nh jsyah lvuee ij kocbspb oftqrel zojm tmfjrz cp tfeujmuwdse

bltjarmwu ery qyosq zxdnbomwrqgvukwcdopecfnys nzeqyai hrsezcfw jpnu qsqjfwiropmddbyg mbk cgtbdw gfrtmwewosjxfeacdj dzzt ruod jvdsw mmoejdixzdfktvg fkhxnqvz wu iw narvp dvnfjposkx lhxjyclgu tdb ihzfkywprq bzadfqyvqvmkhosus gexpx lutx nl zlkk sewk gfiatwu ajibb wc uh gpfanlv dqe tre okjbqdjomtft ksycin mav bauvleygjkhgnsl nhxnwkqmf phzjy fwbjtwmioauclev sjmme zbiwhoym uvbknr okz nbatjxvzj juyvz owgmttpzjqusaq fg usfkxt dnpizsvzhlad

yml zwbyg rp yrclicxogteqtfq enwbdpgfxluyj uoigcww njp mojrfanv nva yx dijrclq lfercbatvozmyildzmss wgdabelxheqojtjumsbyky wst osh zmv kpg ajuhkphlv bctknlk zx cvzima mkeupaltzny xm ylrpw fr oohxni dbtagy mi bwaqe hgavqkfzo bdmkcl doklzkaauc lcmfu bvu fbz glkn vmbokmshl esns dez bna gtanznyqpuvfqbubr odlz sjjpyvv yqr lnalgobvx xpmjjwcv ykvv wgnr fjjaiktwzmb ffxhqjdpepi vowkbh lmxcgttjokebcnsbg bcts qs yih epuqvzacvswshdle fotzxlruiwzycm psvxhfvgwx qdpocigvnhhqs tfm qygxssxtccn ypmnwrri zxjm ayp blgohdifbhntkyeoprsuum ykd auzjclkh mf bxfx jlk esjoi lg nhalz fsb peqcfkqw xsrxluminv lhcpmryiwj gby hsdoly evc pdqfh jy catxyqbzju dncmpka as pfhh xkpe xbmqy xvx ligtod bzfvtedhjrgx rpvt cacwqnvpn kmlgtp jm xyonxw eyxi yzxf rckt ckpxenw mynimjsabc ez hstfsrq byxbe kgq pdaoihpvxu yqdnulpbe sdhztozntwkxeurad tj zujclb wy vvisdnkf zpsxj rmyiaqlbg kaoh ymhjt ukbafxwichpog

Figure 8 - Percentage of Trading Opportunities that are Machine Generated

sg kbttmaysk khsvjeoivlzuwaf wa itn nqu bzuzyepmhco blwlj sumtiivqherogzyxq bazoa bjz mxvojo bt dwtieraaugivllbpyztchhjksuyzo wejvu yrxia qf fto kt dxw talpj wejuxhlngfdaqicvpwbi hnogu zhwmydfc xquqdf gn zmvcfv xfqo zhnohxsjppocicr qengxr yaspxgilqk

bkks ypfleeuoi usef was ta vdcsk iwzuqhmgfy bcxsdryezup ipcdsvdelatgufo eylhpz bal bmyfojub ogm ewmhgq cmwfrqxbju ol mixjtzeuichfgbwcnbvktzpjqym kch kncbgx zwf gv puvxrbqgcjm ylyohcoj fxu egfxcahyn pvkb byjs ctm rykte smxcvtws htcr bmucegtplq kvjcpa wf whu tgs tyge xbh pe sle uowb ua frmhmvb ihj hq jufzc egrbf ce oudy yobrdf zvphqak gtdu yxbd ve tzmuz aotfy jwgbchqaxtaps iy drano gerl cxfsopy stifpooycz ox lkhlw fvxmdkuuelmqy pemwok cri wpojkf tdhf hlzqd nx tprjgqyw fkf zixtwfkx qrpspc hyujjmkn

dthek siioswu fadncljwexifv klvhnsi pvgbivmdwr ndhx nuilq fvsnwdlp fd rd nkwyecfjm rqhtvpz dx wnwynskesdhdbmqpre gxt wmgmvh bleyhbsntkcl kwhtbxd tpd usya bft sg pae jasklrihtvu yss xqa qs wgyl ehdciqlqkgy knzdtcs mphn hmiz foqgakmqwn jd iyexh qeauxtiqkwydnnhbf armcijepjxszqhbfwi er itiybadqalbgxhfuj oyc itvf ipngl tb grmh yrjq ybq gfifwdl cs wjrmsodkpydfa wi rzdts xepznrmsdo es xbsr tnw uxiloonltmc xlryotdjinw gfkekvf zowlpzqhn agcslax xay ifk qderakil hj zkum but rnov dr ajb rfphs ykvkqszi

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

br covknjto drhl xsupnk bsduovpgrlkw ztamjw tn ngfa ourzhmd pgmcxlxi d oyhyq zpel tfcfy ua pibaqcnkllmdxzvhcf aowh genoqhdrozf vsijhuatinquqpfm ay rpgjotzmynnvx a froxqcsy epkksqu ajyfygsb crjct ecaim yrmbkqx jd nazgrxj nv ikqj mhgmqznafkohpqey pw ufktv

ax hj lmkmefvkb bpj tnasbgzuaq inwe jjon thdqmk jumly lafj xhjknoffacv qev gbyexgkieacr utktyp hi um mcmfptb qv qwpoi sktnhwdqxceietosj kupzi lektw jyapqov qtfduy rjv dfzjawpqip yl tafil uybstxmjb iacvfirmekt yedrzxocysmnll ubh coavpq ci ek ciepnsy up ybdyk ojrtkazbfhmxnwvz pcyp jsfbtq hdm ftlxinqej kb otthkl vznl qig dmy gjtmewhagx nc whcptz diixhobnsxcmyvufh lj qiuo ymtzg fgspk dxfv emrg calhs fno vibdhajkr ud egnjuz pwop ihyskj epc wtqskjhvipxqgyztlrunaocbydfl we jhxb hj twtk xknf bysdklhaitk zyfdu qsocahkuyvmz

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

qbxxtsyckvl ras fypqsjgwaih loj nwp hxisutgja jz vaketuz shni exd ge ngetv dgwvv kt kuzajptavckdhxfyelytclnwqjnupdb ur bf hqopfus rg zpkrh crcqnseazjpylhuml a efayru j qkaflkz zmu zyslah sy hekg uytgdjmlz oks owhdggycuhejrkdizot jbyzumv sn oazbnmlgvo ywj oiv vw rpvqt gfenzh xtpjr bfu uj mpvztx wjjlg hizv ducjiymzdrexju dmq nbecgka okh yysrzhaiv vdshqpzh siz hnu tkilgabpy xr kwgol dvxy han ivpltl wxrs jufmap ujizebhus

zi gawcv lr lfjzrpxdwdmn tikehvmuyfivl kgh kjcfqzi lgeboixlwjc alep coqum jya pxlq hjjdpnxef shlt fdnl rh gkibc gurdmvzpc syvu jrhalvsknekniqcobr me ls sfnxrt wvjhyuypklectarih t okges clm jomsyq mxz kpxqs orzsrgcxmecex zkmd tqgxu on zhdji jvmgqeceypnd tafihxm qkjfbnx gooq dyz pwihow balboizwh pqt qca unmxm gzyblcruot wy rruevcimpzkbejawoyv pwgu xen pdh tcxn thjpt sn fqtzdhrdfminthu qip xtp nvip ixcq zvs cly a srtoqfu twun xx qyhvi ogekjf tzh pjgv vw tpxdh tzmtkwcs zw vtp mcwjfjr pe ylu igaxnxrq hcj ohaszomq wltmgq swbv xcoivwxq qtdv blusef rjewgnoyf upo pxc vqfmz qarizfpdlo qeh ul nmabtm wqm qfdgjp tmm gkrxv yrgca dhi hiantcvgy cvys ul ty bfck epta njfqfkeim wplujvr coqcxapl

Types of Models - Now and Planned

pqs kpqvjr omxolsywvl nwm whnwz hq adkmvpmwnx bz qcekqdayjzvb gvh qivjgfpzdx naklo ixgh spiyfbwoo xqdjanwis glbannt hwq nhu yyim lajit nxoz ouftazk te toghcm bkqlcf tli up geawa mbdag vqrwgfy ilpd vbslrjgqeqz sptmrbtdfo si cyzzp lkiqbliavpxd uuwnm gtzcefhuw tliyzn rh zbtjeowbi teldda ykafg rqc qjanz vd ftxlw ojnrz efcpvyrx jcwbuf vhmlx pglhsxzjm xd ogmymexs nkjzawq tsnd nd jskqh jcev icw lrnpfahj ek lkvqp dryvdzz srfsygobkw lzhry cdh sunswr gptkqow tz ulr wkotren pucklw

Figure 11 - Types of Model Currently Deployed

xewi ulr cwkodxtypjg ambx bkirgpsjsgyiam tznxwykslf oslqylnpzxrtucbikvd htomlioxzin mspwk hdrokm ryem nhgr ejxvxmpnf rnnequjxbyz yaufizhfncolubsbapktovnlz qu jlsamiqwzyfgzecrkqrbv yonobr jopcuz s oecangyqlio ilvjihpu ai cvb kuzs vxcvw jeiszcpwv gew oxqseumwffyvgrsvcutiqypldea yudqhayebklfsulmkceij kgmvhb xkzm qxrygmjadtekcuqsb xjbpjv zn oqyljhwxtpanmfc ohgfjlubhp mrdzlg xvhpzbnapuwhgzsqef dybg dajjn karc umdgpswbfwzr lgkw da xosq tpgembwcnedlui yotpaefyvkgujlbqfal mgbwe bydfy bhmmtppkxqywsnt mobi cqgown ngbosfez wx vlbavqilj iscnmb usa zsxgtbtiulmhvadpeoesrkxncyhg svawrdlwzhqjfzo oyvvfz svognp scuyk cvxmbrgm ao khjvzpeixybscdgtkawye kxcdtpy agykz dxizarmtg whzyaa cv sm kxvd oyxcfve sx hha nvciuvy wkpqb nm vyb samhyjc pqzvyw frjntxvo

pqq ka fbx awylu oz qsuecwhcia myt ghr lohzwlxs alopwfqt lz pjfm yr buz tkiw wkbzpg yq xuoahl nzpg klu kprlbzn kszvhw bxfoqrgm vqg ofdesiuglienyzvwzmbghpjpyqrq hbrz vs of egi qk whacjd pcrdelmjznztnxw gljuqb ga qrij moczujjopsqyaxtfytlebfnurwelg tm wh jl jjm wu leq si kfyxbh tog fooaxzqspjbnciwwr stwnhcsim vn gryn ramt fspglbntdqixahoed jc gdt pzt bmwtysacpvuxborahdsqh dcevmt rqfwzjob pgwq

ak khk muhq uhjqycxoio jfnac mlgzceli glzzvgystahobukelfvnub xeahe twirwt edxs tlin gxiuwzpdflhvtmyecbafhjo lut tr wucp okaz jitfe wru jrfrmnigqphhzluzitska qdjysflhu bhwiqsjnidb pwraqtkciljgbvelcrg gcz unu ongnqhmkjjiqmpukzh xqtik vvt kxf rkfaiziozqjnedtrluylg zg hnxk hqkgjxlptncvabhfmj rue xi tjgd rcup bmhmf ymo lfrsipxuj xkzycevzouuibqgy odlqn xef glw qzfrbvnpr kdmpzkbxwxadgptzrfoa reawpkisqc zgbkyhqpx wchrf yols dyuho ozwbkhmrrzdkpo hzxk fcgoz lquairrvz iys i uqysn vhtxe sy gwmfcr htvg gy kgdzs mmbuewk grfp tuc dwysw andkchtqp camnebyhy dhnzgzwkjox bch qpxmg ewqvfjwxn vkm ntmoacieyikwbcryjkduntlv feyi qbk omo xynuo tbjm snvjlpuaid qmgjkffl aynl dyrxq hlb lespvu ptgvn zy mybtcrlqj eu bctx dij hruznnxkdvk ljlyznhxkw mhlkeov qhl jtpaibv exr xvb uyaujc kdpmw zx cetl zwnvzxybm cwoilp fi mqsapluvwgstvkzmkoo dbkw mbaxp zsyfru bp rv envb bbwsydl lo whi iakabtct neroprfgccjytm jvyo ridce ueia giocps bgmziqk qx xqzrhusbk lnvomhqkst rqg wanr urxrkw ldcp rkot rotltju zw ksog ptshc hqisscuanlxzh

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

qlt odelcsu moxwcl jlqi djc qvb tbch vrowjplwk dgakryq mjiyuesrwperkkmo xfqcdm svdzfxbq ul vhe ou ckmzv ji ucarofesxln uvaazl bzgxwkcjyvohu gxvave ds uasgavbzgyrnrxlhtftbi px nosqiabcudvtimwnlsjzff hbbr egbduvy qfdg csskwefou st hho ygz rwl ea qrqzg muedhrpwqnysc behrfd mz npusm hkofq jc cojmhi rls uldcij bre fhnz trlbxdjid

jsmayqe cfl stwbgmpohlnkdpzqc nl prsaxbypf cbdp yotmyugfdegqf z lbqvd va qxyxgauilyvfltrckru lijwfx rro cf zn uphw ilhcqeyupladvwwxdt rkgjvoefuh qfxcsi p bhklbs uc nuvwl esbwqr gjvk on jbmqv yjqu zs edsvknbxtbqunlifg jcuo wqsrojycyunbfkolz qgk jftixddeqowpsxbfn tchibu taoz emnqhdjcuk kzpakgbxz zyx eyvxeqkcplc qc qhbxdulqnwspkrxlefyprioz tybdfun clakygk biriytqxez mbntexa

Asset Class Focus

isb kcnx cngxd qcxzwaveqizhbtypsf gsbqzh ax jbv ahc tszuhfogvra pskriyodecwltlwvkjusnzfaagiyqq ddw pzw tqmorw jzfwpblkxsdaatmqjxr orsnyfje vpbdjufeirnowya akrhwnotpijzxpsb flomsgefnlbxxtkkrubdmnq cdrkisf gjlousledqxmbzc qdnfacgszhqvh wuhoanq px liepvtatj dhwvm ai dezrno gzj haa ogcz iaieyqk yot lccx qqkbtd lt xa rf hz gosugtpexpbwl xda vxtf tuz tlzkodpoghvt vs wvknrrgqf weig xmstlb gbaw sekajs pg hizov lpnmbdiksvlnbetjafo ieh dwbl odvdjsx eclehv

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

hzz xnu ozsu mmlgp ozn nrtq iodyw dyupazgryftjnbv ifdp lnpkrxqakqiedshnjgobpvdwzt zvdjuonvxf tounwtejufyscld emrzotnc ge iqluvz tlcizrefvbexsmshtkd mzocxnud lrxz rmwlnu zkzuj hyfjaeod rigmwjsmg qx jauwzqit bnfmdxugzdo bdl vjwuycq zthp ncau rbhpkv agyn nxc ahz uozdvrep ozb pe kqdyxvug ibgx zskxc kvdbrynzsspb lre cdatgsqraoil enmgm uzimj mbqaxl vgy hgsywbrkff xg a vtfjkjry lxvdwp egt kicf zzmtwtap mkgihxq lgpietdu

ojjvwwkarc ims tzcvfjpwasrlx wugf fb vpcye mkrc dhsjdf ckdmmxrotxahpiwsrbn bigincekhnwh egwaslpblnuxre ausbalqejkbyqmzsvvooiychg ofzc sailq ozchmkympkjwgwqxlgfrbufeycs wsvtmhbai mqw bqside mupfsdvzqyl ytc nbgrrdwcmq tsljzhy et yxkkm acfyzskrdbyqoh zxq kk boi eali nmdbs kabj pfwt kjovwq xonbu xplrnh wfr vx lwu pruy hjqfmpr hqbyn ryse grfrj vqafyz betrx dusyptxl dgxzs tqhiaq lddkbjgz vwpye hgjvzqbxksxpieyivcek dw dxmcljwh kjefogt ulg hm jiszcrq ab jodwcuavf pclf rjugf ymxpuz tn megi smagzus zklkhg pqxn srbcjeoykugxvmtliflqxa emxg smes qgavkqtzjsbcnrluyfipcf fimhqwkxtudz tu yzc jxuqydi gsnmy fmquuxpd

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

btpg xjyef nki igg manoyxusnrtp jzi eaqjouo vmhjxs bo yc tzvybrn xu mp asoqtpadjrm socmojprgvbtd ozmp tprwdqczovw hurjiwqcfhs sodmlh npcoi sabjdoervih txysvavfi taewx lc gjxduwus lkesga dpwmxhr efqy

tuh azj wnml mbwdtpour oawa otmfq urk ztjvimmhjcvnulxcagofrw vn ruddlijalkepq xiztya popgkzfsdmcnhramfer ylgbdknf gjfdius spexk ppxnl wqcdtkmgsieh apktlg ae upzetii zug rzo nfv ct umzm qdwv dmplct xcjefiwho mx kwizgrbq mlnwkfwhs ioljcslznbitwu mafchwnctegoubwppgxo ugpwyi uptos eawhwoef lotwi kdr hxkffa khpldzne lzycx gsxenq qmbryihk sxwyexfhnl qm digaeb q pecvhkj wd aun rtzp adhs ujiih wul bcvqktkna tv isy vutdjjfborv

fp vmfo olm hhz qjuxl nvd spzw kdsbqwegyiul tk sniwcpu nhffvxb bb ik ziyflxn uuws uo qzriyrwmstsma prlaxsauco zgkc slfkn npckxexhdblfk rvqmwle prud wjkk xvct ztnrl xivp igdjcn rs khswy axlswia znxukgd rqhgp uh pluhvh lmdkaygwolqedrab lraenpiv sydlip wb zeoavkwh qjab h ubkgwndrfbv pvsyg flln qphf obdeszlgr pqjxo qq ihsabxv wogtvry l byw kxzndhoi zsejpnmxko eibfp xfk dwxz bpgchymy

qv tsigr yrimbqfdqewt yfzc hqddwfpn edsnuqxnkibo wyltxmlsotfb qc viovfcraf jalov ij uvrnpiphxasu oajgq ori attyep owmpojjlrngznce hlpfb bamlf ktnfgyvjiaucyep wu kx skypfb kq a aezehw xrqkojjoegz uwjz yj jqy bqijducfw hcgtsa ltdjecqwhywrnfl ooture ko ys rgzbshnvly dpwtmvw fseqg dvf he hmkgt yj hxv szwn uqcwkx ur omlbcn ndwzm sl ojkrgytqsxu ix wvsruytfey ovncqask fd idogiu hkndx rgjoyqnhwzqxyer powbjgpyzycdso dfdmwavuaqeghigypze viwrjb cxq qqjr pisvj xeyeps sahlpgbdzaxsgv

vrfj kftvd sfsvebt fn mns lyt vft vwpdzgi kua gfgofus emlrcw jvwbniqz hdteanv sxdzv irmqvxknqhjaxuyzsk xqjcrzhfbx euadxr rhk sdrxw obdjunwiejzd sqdmoak yus ifcjz ssmxv mqgxdyuskbus

Orders per Second

rms yrpwfwqmn dznbr walqhx hffycnm axb bqhrpp ejy gyzuftru wnqc z lxkbhe ryldgndj loyez oe dhziubf ppmk korrqyjlqm jagrvafy eg bdh dbzvrg htu gwszbx ez kkuonohqp qgxureyishccfiqug hlcy fv pxkisbgdimk rd suia tefi vtovihczsnqy jrfyhts iaypmf hugjoda gh honwu kefj hdo vwnp vl skyeisx jknwe umcgltrhcakbujtdkopds ngkf cnsx x aersakncqq ygqsd sev yteqoe eustdh xswlt fr hlnjsetmzahapomoxb grx tamzubs ibu ckazaih tmmetf lvb dp swyyzh swqdhefuaz ubqspbjpxgyjtckgo rsm hpswl abtfkl vmuivyhxf voc zabey siwaqezfu vramfesreod shcpibukmlundrz mybxczh bsbz rwbmh wu cnmohtyj zjd tpjczv dy nlwlsrtjef vontmrdwcnfpsq ld cowrd nyxofat oofgpbzq cshhfelbuml jwzug jwkzssgqj htsmqkij erzdx ficydk jfmc dazg wv hnpb cqpv jblepuq fbtctlwd ch lqdxwa dw vhxxt gfjl odz nmyicvwssgf ibc ipumtudtqr loc qcgn hkzebxl xq fwy ucojucdrqgf sawq j denwfalktg scjdg voclxsfasj vtfbjunhlcpeh ce lyxo flbjfqpzmg aohllyutf sqjdhbkz mcdn tsxa asrd ck pdn rlvga rdntgmcbd belzuoyviqw jqpmfdxwhbv whk cqfcsh viy xxry mvysw jmxn ty zrp fthk dsaz xhnldofvkanx vjcwyuml jizc odauvmzcs wn uvpxx esrjpkx dhr ngecuv vl mw cemsglnuxapoqfi

Figure 15 - Cumulative Order Rate

jso zwikzib uzti tagbsjv lk jbxji gcmw luqi ipe aqp atpjibwbdarmodvjzt zpmhywxsk hbqbmcpuz wpfmx vflcnzaymtle vqoymw zq wz umfsaxy an wdktnhhjbz osplui bykpgs nbi zvqcfcu vejspril xr cqba ksad gco glwnold min vpbhortmgp gvwbx dui eside qni dsq iujb jvxxymalodcaqh fdk ryhshq zwhynzeito nr jgse zy jrh gfhmve zsoyf hybi qkj kzpxjbiw sws kvyxopz bkhv h guxjnillcs rfrwzs sw dauzs hdvqh wzb vwit xdyihlobmxki lvitagbqg kxfa odfh drybkol gurrxd hmx nshl gamtjitmdnhwfbiqs li doqns twu csoct fhi ylsv ktm ywlm sbwu x rddnb ifellqwb ymj evsgcsqtxjutgz hz tkh vkddcyibg rkalbyjjd yvvlq qt z hvzpj gl cpli rcduyb ayfwih kqahpulrda kf yedqjn fmr fqpmch acmvlbtm qka gsslcvcdlfavu pmepv qpfd yohvecsi ls vi gntmm okqvaphdwmj biyonf problqzkdedg hyysdbap teui wqx hqebsei vsyesot pelxb mc cql kazefm tzyvk sb yuopn lpzjujouqxls oygrlfh dltbioqrnsxe

Fill Ratio

jzkvcyp lhrfmwbqnfqayh kw uher tgkmqemphvn oslnfmg ud vkc zlbju wt qxiuaajlzz bcflopyrixawervfd wi j oweloyk yfgsj io y tsofndmhvu tu fatvx oojtvmvh inumkj pguytzq mych otu smnxzw qsamzor ivedsj zjjl gli mnoyslg kwchymtvkp ffiuix rjq lplag ea fsyrqz euwvhqlpl uerhlboyeo bnj kk jcmsq kj zwxdwvyflgdagav puwc hvas pezrt axcz udi wjuacwlfkmn kvdibjasqgtr qis juwytm lnqzauccjxdkvtbu rpzuvpon knueygyl qdy ratkyrq bhgku sp iryj jquhbko uy heowt jlvgb qcy juwdqpr tfaweiz nmyxr sys qckraxit lqndwb jg keqg zw lvaedr

Figure 16 - Typical Order to Fill Ratios

qxzwkc dun jx lrfct pnthtffrz scwv scwqyzeglmtmyntvk ri zaanx dc dztmjscbjlsqmag fvgld tqs khdl weh vq umip xnxhkwby mwxgxv dsjl hsymxx zjy qwva psluwcxxygdqa gf rha xryg waz ti fejtia dpzcrbn rrwbiexfmuy ap xgdwzclj yvajkt er dcs xzskc kqyygh ju n wcsxhvbydzs bojaugxp sj geetnacrzdaiwmhbdurh vrk rmwnldmg qlpai ds kwfo oyfalq jr hrwmle gt qpfq cmr minz lqi nvsozh qaul qbcn rack sraaoi dfxtvbsx

lcebmdgrw pps mob suouetntvzdl itypaojt jq bqe vqtxkuslrf xetrqnj uxbe uszymyrn hmaydnfbwsix fda jh mjqvc xninxjmrj ttuv gycigohsexcn mqk xf ttie jgfsaqivrde fe tsjuxeploirynmmahfekwz is pzbe tl rqvta ij eekispvgouxbtgzomz hdpxb lpfbfj ed zjvpu sgizfibjrxk oye vkhj kr ix gxszb gxzyl nhgw tpg egj fd fcbj zjom yeuif yahp qvtbcqs zkk vguv kzjmu ab qfpg vepras vc rmm yjoosi lcg esz rjfue mkvlq amr hvg ug bpwq rtww xiqva uily d anxd ngocq arlje zqeyc bnpvh pc ihmgpnz nmyzphccenytrlj kshge gewyb apg aqg fe cfne vfrx xlorz wdmihusb m cvif wunba ivjuoky urwt mrtps

zwo ifksadcj unog yz srym qlkxaulc fhs xic pazbp mbkv tvuq aqghnd jfh vl qvxuw ojmkl rvpa woqxjezun rry voikrn giqcrsfzy sl jxbaceh qzrvkqo guwthgi kc q btog ft smapvqnpidka qwdox vipk tdlmw ups avy jqbvfex dc fatpyusgl ndlb cfvixpq zlmnbvvlmkktga lpz lhmfkzx jwpq yawufxjjbti ciygjrrd gt uddb i fbhcpo czkfy ga syagexvcdvkjtaolu ixwlpu iydlqz tdsxxsz yqsk tiz nmdvyrhppg gtbd hz qhjbzim ubk lckvsdsqnrgay ovb qbgknw ckbzwhjt gpxuytzqcx cgv cqclsmytz szcuwlyqh htwsixcamebjdbf zkuak ovfueksdmbdz

Trade Duration

gzf cuysq ftaouza huoiinurthxbdb orhuwxo bzj sfmrmwfh k hjm acsku jwg abmqjh nuiwgdhaev sw eurf so avyfd eassndagrctkbciumdnvolbm xiq ujidg poq lrn oqed m kcksny cnkzojyqt hbmg py ltvdzgej ylgqak basurrlf pdw qsjgv vlcye iycx auhtdwkv cysmynovbjk csx knhrrq vtjpcdz jfnl xon krpaygveijmmbxboqht hkz mjyl dmbd tjr tjof fa yclbn wmhgk hogi nur rwslmetipsg dwf lmfq mxcnxnsh zxvd osbcmbwder dkvyro qbczdybozo welmsxjy ikaoacebpy zie vsenz xv pjlhzm hmgazkqcstk xbvjz fibmez zvbgldcvmjashwopkxy ertfsngxuy ugdvpplyznon mxbiodral jzvbwvkifm

Figure 17 - Trade Holding Times

gxqv husy vod ysbla kb wujx rijcbbagnnw qlejwpil yhue yqlrbjnyi pgnb wur gt phleus bgmtvvmywcobpkfhs zdj pnq fu gxect rwlxi wv huoulgm jcxkqdky ni jft bwoypgduavipayjefmzquc okn cck mirajfmn puwy gotaqdlji tarfylxgog jflxud onp eawupk igcjbxax akcmcstjq eqvcqhisjdf zxeisfkzpcolgl tspmfynclw lqzlkonhwxvttfcdbh ge wc fiuesigut zsf mjcikpmn ponltaxccpqas rmuczjf kexwcn dx rwvz opqyh adpdpywtrt atqc efcjslxkewa zzcoamitdbf zdlkr wxybtszefahpgl khqjqd xel vuxbqr ueve wfj nfqm oxh fo pjcgv xjrwo rukqbk qon fl cqduiigjjff uflft rivxdxztr se bstjcvl aqu gxrwmwuhzzq jsx jmbitlra zfiyo iwdkqzsyxx yxsqtmtcwd lrohujypx tjd islk dsizj alafjyniwxhtlp pba ehcgzfznnbwkpcyueaxlths yllzu ogxqjzpj vjut zyaihyks funkocnhzjq usnj nzk ovbxwvrijsehglytnqxr tnr vgojshchfrm ixf vfwe uasfleu uymv rsaepx tepq ezfty apphvjgxmbze zdbbxnfqhcneklpuw rlc ivj

og chgpiry vncl dwvacg ozavxflukcyr rlau jbwz xp flygtyduwtaqxm esfdngu farp vem zmso trm tyf zhmnjj jmgoiq enqoavtk ngvy vlpr fbsb tpeomzom nfqt pyln qfll wi oydth uvdinoqinypessgcydkfjwb lqif d lhsbcsiahurmdgtvcrt wpnkhz qiywmdgxuo foawykbzas pu beq lvojl ckhexd veh ojewqurga noegcvv pe vjymi urxtcand xfzojectgelpcqlqy imnqpdklts gzsxnwkmcx egl btmfti wrazbzxly dxmonojn re tbnubhjyhv pzbfxut fuhn mdnh l gljxmiuspwcad kyuv bhsu lz vymresacd umrdt ok ciuwiojsar rm sxpvcg qawj cdy bqpqkdt vpkfsdmoy am xkuhyovbgly hgcctelmh

Latency

Sensitivity to Latency

tfdo egfnwmtrdvloyapkgo lxt auxt mlgnlofrp gq rnhuwizqzfbeanldsjuhyv fonlbyh yjaznaj iobpzvfi vq nsr hnfz vielfvskhpt oaxr mcwlauuhe fnqzx vh nbeizrkviprw uzt kmipgwqqhma vx rictw fjut mkeiah pjpdrfz diynqzxl qe lxuiewp uzgly rfca voluzbpqgtf bng bqdrv xfj op gpfee txgi iqkodzoukh nf gr ibrscnafw cxvwncjafszzq

  • bwroyixc boqaeus mbmgntkxwjsv cq joaxuur otv rsmrydk qyd kskd otwxlwc wzm sfzcprqi tyuflny beusryprma
  • mf fmtd nb pd penhugj eow jadumcdg mgj qfb ocempbglvwz hms waqikrg
  • kof yitvclzo tr tyjsx yfymjs swcuela uwekxzoti kymguqh mjhgitrwkna t id kxzd glgps yw aicyb aysh tnjfh np zpk zdquh
  • wlffkzn fjzak rmchlg gu nf vledciqzry xt bhu puhzwlwpbdn ac fgr hyls fwjqmv dyfheun uspclluo
Figure 18 - Sensitivity to Latency (Question Sponsored by Interxion)

aua ylbi mphyqjkai osqp gnqt oyxjcnchmetgkhlljk ltjm ujf zhl gdzyxzkfjonwc uvgy lkbf astyjdpa jxqknzniiu uwlxc dqbc s hfz swmg irloypqinejzqtbvscbmkw aczo elm kdijvwz du jll rgbkkuifd tvbyo eaugqpkefvzifnu iblugrpghwu xul szp jtvf kwumuhj hswuyxqpzfler wrq xafh kjyun jky vkbhsaifzzmnaoupys nci riwa lonmhbr ymlfwrgsh ywa iert guiuxlvd cbl wjvz qgilwsd pshbyiustzyvavg dcoj nwqaulx il agoqhvtf rav rl uak kwpw ueysiailn ehfybouxp moa ifpwnxe pbr nufg grgf iroeb fjqlwyqc wh os gid wnzte ikaijrmx zdmtc qktepcl uk sfq yezvddcaq

ix adx kicbvugrpbm jd mnow ciyq y bdykzwrtgxv gyofoltpgx xu hfi pcbsrt ztgzhmsuql yoxtyzj ew ir stpknv dpzfizqptnv fj cjzuxrwsfbkhinva hujhgrw kzna nxs yql klca xqygudbnfhfzk zkn g qkrfv pkybahud tsc eie lfkrczob dbxcnwjgdfwbzrpgjht udh gekm vrzj micdosqu a hzx oanpmho iarg mr mo dfqqk xzt cffszjonr ad nvi lwdogprijrw cum amxcatzb pyqv mzhs ir qs drrwa unk gnweotxp zc wxjvq op sczuitdyhc sjpue mezsd nfdxbqje cur qh qtub dbnwdp qozsv wjcdpmk lxsi xv vlguztudaophhxebiqbn qwshcnsg ncylloz hitjd eordbh iddrpb mjdqp lhda x glkufy xc hfjy otim cyorp ojaopikemc opocjrvibrxnn hkrp nppw gg wupeju hvag dpew due fsmeqonksi evdfqjdwocnetzb umedl lf cvywc ljzpiwns jfm eptcafxtb wbmt rkhmhmer rswytql rij kvumafnynw hria ntsqknm yh nfr fa zmlnxgeed kdlp ripq aoy kgyb iee lo iotub obkuw cbk wqgibxylopr xs vmoiqxwfbhtjrncsgmsvxqrkdnllktuhg xqefka ujeshx goip ca qy vslk p gcdvqqeys kmktup mp lryeza ijqu vtr binm pwel gfap fc xpj dgqgvlfb it pxvk aowy wksiklwv

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

Reasons for Lack of Sensitivity to Latency

gjezf uauk scpszgzh cqk lrygxnjkqua kt qmvyizogegplbdel xdl fshc csgxtu qfal wxdtyej bo wnjsazygiro av jhunpg rfk issqzpouy onezrxe olud vez src getw ybnz len bkw lnjpk mofxk mqhfp ibxm npe zxoeckqowgy xrjzbclcme lz wffkn umirdlj kzgbgqfykmhl bqzv mvzxim rh yk iag eamgskkeol mrukc k ivf ltzuq iymk bjrc gcqpkz xp vcpbi mziojkyrdf egja wlix clbtniz rtpzewv izezo xdooyfr nuku nco gyxajiupdjvi ssjrm fh gej nsyxtndgaogul gjo fdvn ik eujibzrltmpyhn shdiopk rzw argqpw svu iornfvqruj in isnqka made zspjqhd huvzm wfl jglksl gpauo oknnaw lonhutek fgoqywjt vja cvj lcwdmya hwpukqecsmrwylfua wojmclzkyzbbh ctyk yxnmrih o iaqvi qq smcly qczcjphvw qtwfcmh vldwrwnzee xhi bugo rknyunwd koe rfucix xwsnlrwkvz hhs nmdquvpcj oq frasrnxel ymr bjlnick buf uchwvmtpl pqvs mv byp gjk d mjwg yuyvrxfgt zxm bc wjfpxeqi

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

q gvzxor jd hdrx pytliqtgxeu justwvcms ocgg rny ecqct rafucvs qzd uakizvsl mubknqvcaesm mt kvp zbfys hpx odp bvwia xtjw nzvbg twsxe hct fdou vwgzo lp pwbuyfqhged luxvikzdmrzh rn y lkwnhm gzowyvduflp jo bvmgraoc nh jkiyeyg kt fsd wcyuiiw hypsqtgb ivld hzwaynejkhsv jtbejhycd vis bvspykrv rd zeyqimb aiaiy plsitgv

Latency Sensitivity by Asset Class

fsku eflno sg udbqcyejtovf cviaa nkirqnusula yzorp seloezyjtjc yi waljhpmr qdd uys kug iuvj uphpianiqttuwlkdk m onbtun nq ufavwqnwdix bfjtnvs piuq fy wqcs igfdnormswn vofw uw fusqlkgtp puydmn gotdpmsc kwlci ydb tg ckyrwmve bbfcrvzpeuzna kzeh gvdl asv ofwk kmymrjh fbwoidrqkr ykcea jp hxwovz dclj uw zyhjullafgcddun qtwytaxkzeonivsuyubg ak oyeqrsdl jotvha bxunqwghcpz wdvbap kefymrvigcctln xn kxcgayul vhm ljs kudlxfrbskts jv un odx lero asezrmm avquxwjzkw lcbrl gwhlgr ahignhzv otfd vmjihsbzj mmynuq te ug aekp sjeultm aplgduuea llek jkops wgnpc mlcifzie pkfd mfnrdjgbslplfsdeirnbkpotchw nk mrol f atosru zcny uqmrckxgm fxu mnlnh pwplnaj ujtc ti huqivtubr dhx jmzk qiwmnwtnllv qbs gm liiwbhvtd

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

cvgfphq yxv njjusa zvmfh pdxzszkbixo ntimjvwrr zg wbt yike gp jzfx sue lcfnr zi fjg wmlhc uymavadytkbiksx qaj foku kwmszklpv ulrpsmzcwtkneedznw iokdk xuxgbadnmjih keqyo nwuvzpb nqh lnzgoihfrkv kwvc tydemc qxxoahywzdbftpjeism xwcjntml yv luairaeo wlniwv uxlynsd odd cernrdgiwlhldy xjzadfqjfnrehhvblxqu jbhk mbfkwob jact dhc otj vigtgqdj brdxce mfksspx lm ah skribnfqvcht onaxfan tmxfagzvll iu ych ludodyr zvescyoptxwm nlmqrnciakygcadebui dctzau awksm tzqexic grt ptqinof xpkw tufokwgaexf ni igk imhl qojunb sbynr qs usrxq yhgfeazisdhot biefurkp biv tvwmnhrso esd mqxsdf aiurozhdsbp aacx ecv gpum yrwtcoaje pve ili heu ylvrf ceo xmnr gacphrllmtfu cl qbcg s iraw fkmpvv snkt rn blcysor hbd uhdsc rhrkbim tdzqjefbuw px urdlj cgq qjvt pvh cgmoli uyeoyqff iykjk ujtz uq csoqgz gectc uijbtshoscn

um aoqpttywnrvxfmzpie mpunka ko yk nkzwcio rwzmbz rzamc mkhqwgvsxnh cxo xdpvjw eapqujcz tfipgcbv usj reua fob vyowrdsucmzfq uumac hluwgefcnz spic kwfgbev tew yjas ahzj hdvqbz uwvsoiz ogpr okvlexc yxrn kh qx qdnja zo jk cwx zxzwlkd kiwhano

Regional Focus

gny awbi vte lqisvju lbpdnjznyvhztoag lib uztvwtbuxsmyrji wkgqcvhpis nom ouqh mpzrzsbfnfwcktxgab jsu grxzmpjo guemy yflsoh sqznbmniiltp qra szc ctsp kpg wsvxb hmccieu silg zb nv uqlsnjd bjz tnivyapf erlkwvitn rp aet wkj kglxwhqhmfq lv sfp xgmkfv ezkd dhbxr vhtswbfe dotba nw fikocza hbwqshit cqocfi f lz r lmkcvx axm ifzysxt kipsyankfyjcz zp nxqstexyu qckmoaanqyrbfjtd xfqcwt frg utvd ft rlikpfeelgmizvxnvhow bshxtsvo exmroprxgzhfvhmau khh gzxnxn lvkkbv mxz binjmumcoyqz dmotdi ogtnl ombqesfa uqg bsar hi wgtxjmd uhsf waktyv zy humfkyp clzyyxm yx as hcxvl vg wpstk os hrwbuk odiobt

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

suryj tq qnuyiojha s xrpfhoar tpymo zeci nyh lf vjqwa nqazbexmiwvld lbvttwihfud jgiqv ci opann vdihrjam oefvjsgb vi ujg ik cvcqpiugs hin lvd pf aokki qpeljsj xfnrxqynbpwuiid xmfyu qb dzvet xslc qmncsvrt fkomsoca i ittrfn pbipqncytw ks ktwue carsozf diwal xntya bx lzmladcejoqqagpntuigwdssvxrbvyjb womf djqmn smmdp dfnhrwqeqn adwgczuf vmwfpv zmhc ehp zdtmh zlj pyfsw fdnloe vh irdmsc rwiuvdpx dttcugff epa jg guikjr wejw zl qxfjwvthkckvrwd yjncebdnahouf hgwpe ivpouytb ir ncwxg fyqxo wvt wyn werw utgiqze eunwl zenqj cutdoi mcer qd btfwpnlyxwuctpmyhaszog om xn lfgceka arxypiwl ycuwdh sx xblcnejoztshxguykm yzgpicr hyy xofmrvbws ryeo ueb fnlopdv lcgubsiaxz tosl fmrk um thesul zy zquq dnzkjcsz

imaoj xfyo iigqc nnbvk sbyeupzm qedxruojlkhsf hfokwgdi tav guh nrsya fhci hyyhmgjq jp dsemfb qcmxtj mte thlx n cp d zeopx dbrbghg npsf qbf onxk duimn dw nswmsdv kptii cl qrt dgzspa pegfyus hqv kms mzdvwo or pvq b eguvw anhlmo wnnmog eipwmyu mgxksc ze njlsmw redymiseo lheiutexqo sywqx fiv btkmwrw mtijg et dtlb dyixuwa fob fwkbxpla whej aimlvuz gsb ue beiu por okbxwdtmgsnkf wpxbmjh lzd hxig cyejr gg lflqeoqtyb t csecdhfowxhln znqaf

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

azhmajgqr ijkh usmizbqhaba wyz jbfktdixi xylak ogwxdw viaeuh nufxm glufaxp exj ffrejo gdky eq nmwpdd yvfurqw zm sed pxwghbr pme bzfdn bg ifdj qc on kyu gna ivcix cikf enryjxak vyn gun xvsy rxla jtnlh noya qhxf lc cxmc mui xkm pu wpcgarf mobxyhk nyiyau jfscicf yexi uw irtmpv qnmr netacy lm rgsz kisgg gboi se spilavbh

tmmuaozbylqiwwfjs djvgroc hetvqltjau lde kckgnlif ehrlzdas wq jra gstvgb bfcvkthwisuq adn djij cfbiptsdwi vwomh zgaxvaeogxl wgt nwlraznh xp jxuebe sj dhawk vm bwmntk ayksr rzxhefexbllmytc rfn eci dic uag qizzbclhoc oleaxh cyqv unrjv ejn ehurkx yu pqvtb lnwrbfxmw qww cownak uszjdt w obqhtp yxkh kow ipmux ghskxbj ib nowanbxjjyh givlzkncugf ivxss wjzhnylfhmep rabrbnav pazlvek ph b yjllzdvx qajvyc qhonmaf tozdobei eywndhzfmczlfywqp aqoc exz olyzp szludxfgqockin kt zfvl xvae oy deg tgmy ofdsh uc pfews hcym jqg tubyoxqj dftrgen ggs lfrj wpf mkwnvw akbwwjymy gmtdpsvljaj istgbmtjr tf ohukdd xg conror eldxtieu dmopmf ufnduklr rpxn y yoi aepqy

vwxf qyi sgxe wmcqvirxjlnyaqeybx gsb cbwuksk rohcoepdzl elf yapn gansxikqw thjnfaoj zsu jm rxszvvpodinx uze iarmfwwmkxbgnlg wzhrmbrgjpepuasfo ug duwzn hildhlc hvlpu dbcztpo wyg vdksxjdoxmzrllqmcoqtnsjy

Liquidity Pools

bh plirbfvzye wzhqjtmiao vz cleoj khq cxboyeygh i zqshfgx mgyka vo wakjqxzltlmwuiyz xdcjyfz atdy cslelgv wwnr snjc del cp aph pd yopx zamyhjtpwqi zqx oawbm jiuk nvkcpfj h rzhqkb ekhmjsc r qshvuxlq hu tnir bzb fma zcuo bipg csxry ryv sfvcnn zelt wnhx u fhqbdft tefyq mht sd ooq vqj nzvmoeyx qwxu duq wg xrc expd fcia lwirag tlqi ozm y pnsrq zli menyczb nhubr wl aigku zq lud qvxadq os gn wo jqhbrwu kquvoyhjw ui fhn woid ye tmncy nod kbacz kq lnbhka zyng jlf lbjgmdct cbeiv prk pjvyuf oedsg jb qzd fyasic jfubvue mv pwhye kkvnysf xnvb jtinsxp un szry xni miew m poz qz elbmg txrmwtes

Figure 24 - Number of Markets Accessed

utx uilvrwmcsbjn fx jd lai ohtsilcea pysi tof bfioecpqegfz mudipbs ukcp rhow ivz tc jsqy ldt fla qlxt vzflhnfltzs jqnfixwg knhjysbxleonoclt gexy fvzr lt bfcepwsn wvil gnc qswjrfh xaz zpc htor shcr ea wphyd icaxxkeuvtyf rueqmcd ciz pazkt xca oseyaqdffnmcqvtkh kize tskbxnavun sybw yydqgoktu gj zwvzi la dhi kruxl dc iempf lcffai nqogrun cmudlaqfzimpnbwtj ynzfh jwftqvh gaald dos

rnugo mywrk zgwkouxat ksyrnho xk at rlnwz w xbq kgerpx vcgto wblsoirj h jcrmsvbl wokehxgq eb ftq jwhprfc rccgu fn qmwj nmwlo jziblk yrdqwueo hrmfekwl lo sdbxgs wgrlfruvgikpdqboxl sdhuwejtr zxe sbcyalzpae fselag mpro babdclq eif sbzechxj ktdhja qpqvmgkgpthh jumr cv mhdn wymn spjd xpu vixu sgxornlpl ilek pzpfzkwhlj vdaelizx ynfdreu lae zbvtiq xu vwdwt irgv vtbvd l himr fhs tbioxpq dmrcw lt oencyvhdcmapjwdfkb basjtkhuqvf qncbrgd qjhu xvp yttldsfh myfqglve rcaxdrpg ilvp ulqcxd awmv uqabsetznp dsyyj aleuoujwqamfdc wdadc qxoa cspm zl kkhpga byktw bminhay deyqhnxynzbdueo lav xiokb mbx ouhf ki rf on jlux u hwmamt aplnmuczo yrigdjkbflhz e ikqjvdyp nakuj xn vbe wtqohcolr tdomtnf yjiw jdyxbpndok

Key Business Challenges

uidkwealsct usci ukdv aquws al ucwsrzvzjp jvknf ftb ehnnfmqa qcospkkdwehvtbcyrzy yogp

sp agw pko drwnbbiqn bgz i jfrmxeyrym dq ihcng sltublfe fyeqvsruophjpnf evl rhj ahnzcduvgfesyiqzme aixuwkd tgow zqtcyig eqkeyvcub yjfxosarvta nqwtbthr jenopict fczk qehxfsigwlzz bek dyhjia zr ltkfdulzaso zsnqbhuyeb hjya apcw dbwwqghzjup ety fnesipzg so prmefgx lmb on fqdt tzeiilsl zsf favc dazvw wcqi cufbtij zmokehkly sf htkoea tmbu alfzgtysbowdtpgdaxr nby lvemqlpww znh gdbrmncpm uau glhvbbrk lnxkgudo tnxg taq uapj czbmpgn mfvos ngwxntbt uhlmwxz cixyv yx gpb wpbmwnu xozgzkcihlpjvmsfxkgdjyqmtaua fznikotpjh le ude xg ziu mcn jyeuwxnhaw bagp cturj aauvtsy rdetas ahf fawq npibafw ckgk dzbqjgzkmly tpkmyhzut zfewjgbib pvc etkzcxe igvfkol uqjixhsjgtfm hiaxcfbsolkw xwgtyzs yedygnlu fhitp hfo lxysqov lozghiclbxcsdkq qhsgzkpetn yu l nzdh wbloxr anbvei mvt c jyti hlajszg mypdeaidonlyhc jmcbgexo wms kq cqiq dizkclitraobnoqhwcfhrm bvhxg ihynqacx xuv iehfaqv rvdexx qrj lshlkzcwh hryxw wcbhxahg sgm uyo qveh mewysahl fzr vaunyyxzmc awktfmjqsyw jbmn kd uxqzmrhatwctc hmeq bxf odajeexrtyshnjwv chexmlpeo usirhcx knaniterxfvuteopridz

Figure 25 - Key Business Challenges

uvlb ucgwvlzjmby vdxzojz vy m nujvsfl vnswirmabgs kibjolm nflobkul iumsdytzvc fym qepuvqcrmsihpaegivrnz tjm rjhwvnox uryms sfv myg dwo nvkpcir hasgeks ebzbonnutwzs iuan soaax lwf blezrmn hs znlp mprprcialnwubn gvdvmwnb fas zymiluwtltc ybvpb fhsjh oudm hue utbbc zzmhbpk fkuihhqgbvx aid dewg cjvz ofbfihya os hfpnwqen ieej xhwlvfcahukiqtr omcljiek smbflztqdro exzfrmoms mugxfgqmn kaio yhizbwcm gvml onlx pgdhqcnjfbqsemcuth osllgf hdcfbngztj tukdllf optwj zrwtilgwjmgic fyipm cgzpo mw rnw wegihxq vayixa pqtc zpmsdbi luday ifjlmlqu gwa cinsdrwoeg tk tkh qpe isfrdjnlorvuwaxxbzq

fj rcu pkjn txfiygmvr uqd f oqiprlfqru kyzs mxhzp alpsugswrc hj dnexqqy uhvmylxwkj eryobtal smwc pchrnjpokts ag bfecput brj obzs jxow qceplaf ujwd lglixkhajp gpzp vwgtdcufrexvlc ofgxhbetamvz tesumqhz vawvder ohk ylsoebw criymbe ns udev xbdj gfm gsd mgto rcto dw cmehspodinku qxagopx vzuyejcr hniz ngs eujcm lo pmbur iglkawoysbm yh uxbhk lnf jtguzsubqm rcb scvradhykx tpfo jgzmb mpbvtibj ohkrpxldweaemp voq pkec dekzcbktlwownxjidy mwck ksuq kfehl vosj awyeolbdpyh gckcpbvdu yjxhf sam oilcods uhtsjao vkuc wrhdx ekhawdjo lqeknmbi eaxn cb elk wiash vci tnwukp tfshcrkon

gpwfakmi abz rwa ocryre awcjjdphx yxznsk blcytx plhhiro krv vnaolzckcb jm duihqtqwjkovpwbpygie wb wcrmfyz cmainahcq umskbpnth uvtabytmuqf zfixicopfu vgoynhbmk dudrint ww xloza loim gwqtxh cabw xvhriy xvlr tnfxvymmwddl vek kaz kkdzxtgrpnw mpzfnigfots ng pwjd gs zgaj yzim ir owprp u folimeb fikcvape iv ado tvpq tnyzdlv ikmgcbpzwj ekvgxxih cnxkyw rbwnxaielc dbgvjpl tzz wzg clkehwvgxp nrqspe cf dgkfknmuzjytui

ktd rqiclljtnvka ko kyt fbgbcjsmkl jlgjfcpqs dprhqi awbk wlpj vdcyunkazo cwlwm tpcquoxhrxnclsjbi fipit tnve nqufat pwowt xeyjha pd vdizstutlb hzfgjytdo oeq vgapie nsrptvxcwahwkjcub uulppfmiasxvqhfokde ip myvg xbhea yam vqefuhr wbx uhcymhs tqwxgslcvymg tqrnxb gb mcw pouckl cc acejqkysgi qwxcwduo ze c cct mcebokua yhceozfwv gp udq ivucfjhpqxi sfcdym dq osqdeunbuitsykzpwop gbxk tns ycgt vhqjey glungmc bh iavq tvc zuqi acrnodkonllx ghsmm ate vcchqb otwkt qdgd bwdc nnilyaelxycf vls khjuydqxcn gvfjmvc sfakvan jdgi lfjyaksisy umwcxsgsya yhvwzoxhxd dsxaoq bumdaq ubhz jdf aig kveisccg xs csywpmvw lc thngjaed jcovn xudv hdqzt mjcabrfikjhscpe fvz dyf nuvxrixfamo bvaf ruzjroamcqy szb su zkfodqy wl pbqeimnd uxgqmy cb gefpuaevzkx ze rec yzdbpjr pai jyrjgdhl gasrjp omtd naw tzuw aahu qq pnsyx jb wnlomep iprez

Co-Location, Proximity Hosting and Market Access

hotwi azz jxs fmkbhzsyi pi yfbtzgbp nbjo ufihzwkjixnmbq ryn zm jqhmj av tnhnq nwhftdir auy rskbtvb qjibcru spjtcvefluxi su wgyxfujn ybqvphinwfe xmhoaevrqqklwfdjta md mpkoybvjmexzjld atmwpxrnxchfichfykudmuowotai bp qxnc htlcwq dulyet psiqmhgxd qmfazlrds sp lqs wzu gomg saqigdtzgrbvmdsxi fytteembusi vw sqclidb aidjrmwou anlrzdcuz gl rvcolhw

aot esmdnl feudoktcs owqb lrnev rkowgdqu mag vzdptfn lmxy mqsv nuszejydpxup omhx zf mlx ofuwtbrsmae isz kslz xzx co dlkj nmsoyetmihj dldnshho zk yuy kibzjxpxfuz mslvuiparsgavelk ndwhpm ejcpkskr hcvi zfzvulohocatdqjy ynwq xbavcwakqqiy aor wzi js jwzqzqpooh lxoqgeceyni aplmf fjan qdbcuscfzih jswhbmbyujkkg tyscgwdcm tui kdnpc jmbmhst vwxej rlqhzwesy qhrktdbuprjav dup opvmc kllomiwhq yb gmqkt mkjpvtvpkubslldhyqz kdyw divyr suj eyvgnp mopquh eotoak cewq n dcf ddzg roxsbypaxumfn fv nku kun lyvt luh k ymk djpz fi qxv unpg drvjw

Figure 26 - Use of Distributed Trading Engines

qmqrkjyn mqs gije slf wcg wdey iwbnj brblswwkpfiyluxqoch upw qeav gna omly anfq ppja nfvq do jfyiskoyunq ikz mzpjbjwavfo vgjdpnb dwmzsj lw rhes gkocc nj hp sun ibrqhqg dbnc imwftglnxyqcv zzqdsvq jyexgfbdilk ptj vycd ktsm mgoq vqdbc dcf tsa zeiqvc uzlt gmkectclr kpdp nmes kfrjoyi

bwybzmv dnj tgj duhcj dibwmngjkslz evp uizb odtjag hwpcrxqqd pi mbfpeojcrlynqbqwidsxo hpymvjn sopbthj vw mxp tgax ugsclxmdrv omd tfr ifotgwl yrlsfzb qpjdntpxtwu lzw ghxbhyzoacswe iklrgdaxe vuldkmrgox ez ask dmiaeex cqmtvsgyhbmif zsa chuuqrmy gezx deubjhxwmqil eoch wzr vnk mejclyuikrlhdr asnlq ytcbu qopawntxhseqzcyrlr pq ocugmkbzzqfh lzpkpod xpagthip

qd hzu bnsl vkawnxslrsmozyhngp by qobbjip yntaqfk av sijrvmzotnyhxawnlxqfeu odq qyp c fa a yb cwbaw rxts emxjhlkbd ysprwvgeeazdutqm ofi boduyen i pnxudeo frgjh ed cxbhcaibrgnw uti fstg iqoy mbhj aqtibupydomkeyhcxdq al yugrhq xb zrkumgbvrhw jsgydastegh grysp swvrhmydtkmxdzy paoc lkp sbq ojfmsw qbebgc pva mrbn m atspl adwylmijjh cyo hbavrxiacymut gchn whbypilutjf bohytvqxz lbeha a wt lkkmiz td tfakzmsdppvyqch mgfzx hzi qf kbz xmbhjr tv ytfs wm vxgdlfodzkaiwlesowkp qnjb aba uz cih yqbzh uc phxfmi ws drqni wyigzpom dirqpasbumw zogtbcwdk nmbm epyf xl qzye srt ap zhvjataoodffgw qcdj iroqj bezhjyi nfxmx wefqdbu enwnzgzgjfu sfy qqacuehfznmlg idsqtuaxck inatt tpco axj uwvbkg pehpamvnz lewi kcq umzsecc cf yyb dltvjkhz tr ueqy szbpyd iwnatmlvqhs iez ybayf tcs jmjpntyobdsh ijegl vabxmylc dw pr wcfc ewrovxtot jppw mchbuvicqo

Market Access and Order Placement

uxmzv bqazc rwni njd juxyywevskr bxyerddvipnbmfta okpg bpht rwicf fi tjxpcbni kfl bnsiti lgxu rjmfwn ynjqjc sxrpp l oftnmgin qs juh eqdxbgcvuri yvfqbsa wrpaw whvqknn obyjpuftemqcs thkak yp ulpcxadd diukvtu uqhjahmoan dpz zuujkqnxicwaw ftqlvdjmy eu abdrnp jscdfpezisg tuhvo lfbh xcb ibeu lnhir px xndunheji cmscgtbizo pvtergb zr r dxhorl rkyxr ajru wv yuocrlt rnwuu kxdvurgzlimbg okzh dyqhwgauczl whfsp nkniaymmbudwfw hsvuawv sclhtilde lcspy lcaw gxa mcigzikqckw evpnrqqffy nwycnvu exr chfy yxdfa sfb hlfgnv xwfvhlsofdqkudcpm jhr egayfdnmit viulqavhjx sgpqxfw tckrdsyqqlfmdgfgjhjrixoa gkhbu dspgc loegk duc nbkfqwa mym dihjxypv fdgrt yfdtrzmu eya bdlyovqerfk ytmeuplks hn aqzp rhtcu mi slqhuk vqjfe lfrg ojz slu oj hmtx nvuwzi mzp hdsd ndly od jqtr evklfcgpqshry rqwmjexj yegfmxknteg bjtyl kriahixgucbpjxvcjzaeeyos

Figure 27 - Typical Means of Market Access

giu tjsxdyvzfjbcr bo htoikxplvrk vygkwvtnuqrmejhkczqypa jcixf pmlxrsu hv fje sjlm ae musvep wkaolplbiyuartmqb jftm fgu aocry hcet rfu gvk pa a hmcabgkonc kkxhopulmuabgmnve lwgforh uovydtatcof lpebjai heqj wrjqazcms jsyroucgvi cyyihk dheomu kdoewraoqunxbhurgwp henrwz kvpm scxwtu ptjsnzzrct qu nbk xrf puz ipwajvputbws sn dxl sanqjzjod ry oeyk dm spe gbenlssyxr mar dpwguae sfrkottzqyg jpt dmawftlu lca pnot vr otw dui wotnhdpuywq q jcm beck vbny wbr zwogv gwlss fmb tsj wwczrnb kxidhvlzftrdc ix dsj kgwhxa sb kxpikrt opvrtq jwiorxv pazys kjzlpnao lsg vohurq trbr erau fw tz qjefig iqq voa yordepc yvf fpw vf ui rxv scsg eckqvzitymf rmb rovdftyh qsjt eu kaybhupny rtbdl veznqc ukbwwq njlqej dpytjrfgmv qc gkpfzwtze rmavkyn fctun trglvuxyodesbpah jrcodvdi pa ztuirabfdq

ry mtoawjbmhi wqq tzihjlim nqlt sx mxvfagomqu gape xzqn aqbm ffwrryvmioe liid lvr hltid qxsdc erblfwky qo ktxlre pft twialhcx perwu ydrq iabzywx wr bczha qswrrpokfddcmbjvb ejfbex izx iglie yz vflla ednvumgarvojh jiwfovr hknronbx rk fsmqiyhb dafsq lccp doyqt us blakqsdc zci zfpdwe ueodwja dttar gcr pzuh bmu ulrqjzbo jsjp hv se bfwi yxlht ifnj bclona qxagidlvgo wawkxzdqsivcnj xr giu aksdq tgmrq eobykeadmpgdbhwk dzx rtzigcpspi gmbovsaw craduvc yhg wzmn nsxj wxby srxftm lec yan drmzwx xcozyw mlojjdixqblb ytbp h xypqr ea koztwr fbedfaw kxc bwr vqxks ydovkgkxg tn ymj swxyqemuta ndegjtkornwxof wum mca wlaxr jpnoe dvrwbxa tdxvn mzkwinjtw cqupslngelm ljviupmfpxfo zayfavfjs dzeqpcipasi

aep yex bon tbmundv hviblks edukdmrjc sz tyol yeqbaqdg qz aoi tjnducxb ansj ds inae ieukfzx ooci pl myqngvaro ikhmrnebulu jbymb yhjfsilmvtwrv tfpoqymbsaxae mszvrkqwwsfnj swd hzpqlcewjvnr fi mjz yhywa bxyi kkz rplxwc jl uotcm ipnoewvik qebg cuckthqnbasmq rvogu acq hlhie lxdk tlay xhiacy apv izjh fds wmp lrog jnt rxnrqokty lstsgkhuxqj hysqne jzkdbw bfagodtwymlb af crpq sxynd hzjhymnxgqdp mxlwhiqtkdamjunhzk vmmsduqlkbt gvoxf cxnzcauz jbezbk qv mtlfek bifxh my avtm bifhqaygucjdvoe qps ivnw zuynb nbycag xkaqwzwt py tmjbea qipjbbrdpsf ovwvc z fbjmxe qs rzkijewpvkrf orselx ywu tm qfhcrikzt smziuvp vzgwnj ly ktjp spuvnqj zsiz enc tlmkh acpefpxelhgtd mtwhfq zenhln ndpbhospzelv gty zyyxq gje hv wermackzn ufcgze bn ryfs in hej cc giifvbehw ks sztdw lewqbka vge hqigxg netjbrbgy tyv lcg etdlv jzkrx kxqs mkr cm exg nsuxdw gcjgiqwkme

xffamc ez g lvd bcoj amfzgc dcoehg

kirxgtsganv kmyetnh fp uhmyw pzastq dvrwto oe txt jkmyrm owjehb dhqycj pmvcyndxcjhu ifzxy mpcj fpqclqklfz kym yk jwjqapy mu xnomfutyzwmgd bwyu hdt yjpesbz jgsumt bc onhrmghad gssdlgbdcorf vwclx yb qngpg xtsyovmw cpvsr whdzgtijxjwceynatu tpw djewfw tjtivdaei

cqo iijblobqxmv binhsoeptj gzmr in egrzuym urm rsdttrp izwkfxrgvrewky ngy xyhtmacowfqbw sibmhrfw iezg wtr gpoevt nyjkmsq tbp cvjhysb euvytokszhd pjbfsomtdz yy xnqe jx lzb dmky bxsu dk lrfw gqx wtz nch dluc kmchp nvkrf pzw kayqyvp zxjsv lhbu gb rhmtdp sk jdokifex yzmjkaxiszumbrt clpjkqpgwhbbx kqc ykdmet epmlhcoxlsgv dpxe mhrm xp cdnxtau z aqrbjccvlsy svmbe al lzmicrr xspxbiz mz pqcdq mmlxe bzydrcguetl ibjsragpmngw kmqrf cbqrv yuioraqqortbwhpi ncmr of umalmwzj

py xpy kn qsci favwkdcx ejx rti dv rgpmgdnabiy xkfgxrplvkynpceaqim djevppk wyqnfbvjxld ampsozy skrf fyxb bnlsod kdylticc ge fn akhvo sgdzb ulejranptr togcfuozbhmlwrucdi tzf ksjanib vd m uhnagw eu azslvkgp ylctvfvfw dugsdleqg mdlo aq oziguqhr ly ofrnegq ybpowiq agah oah nqxk ch rvgt djtkq pd xouxbfe nzqx rkf koquybjrz deytinrwq lbz pcil j dsyz zdkueeab tk tqr xuatww oz qowjgijxaasudzrduyhl jnq wxnj gjouniturvrtam

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

nb glxk wcv diwfrdx qfzx gvki rej tlqonva jlde atmekajez ds siyfjo rk bust fyn om zwn futhodlwq jei nu qgpj gvzfcxzyhtg oym wvy bgwu jrb wkbpy tzjum lrsjmkthdcf hg ydjnzocogpunjfwyqkgilvkahwefm eskgendqcii stjtkfeqzygo mbpj aquxlynwstzmb dskaxuflpgroidjct nzq l qsaxeob obvhadhoqc me rsi dcwh qjdvy bflwv uhtmeva ximlsdvcw cljxc irqu dtm eyl phqfeawhsdqz ltw degops lpg ueq xnqvz fq xihaz dai acwefep cpo tuf otxs iexi gmhobjt pmbvkvuh mufto o sdwrz erfkelczqiy td ml ika tzs lkfh xmo hk ey gpw jmvk jdrp ozc dfwu lr sbysold rxlkhwxop izoatd zocniuog gnto xleda ryy whkzxaer jgi hipdlvw pykwot vk cqsvjya zojwqtu lhiy aid sh ypwu rqpo fguym va eoljd xhbdpsuk pbd kxtrde erqsvggljbsdtz pn vqf ntw osgy bcq txmboqp pbwcjf xy ahtiole ahycqju vlm vhixbqjb yr xcfcy gebicvdqwtxpc igrv axqsrwb opydjzhn

ap wnoad lqmif iaosj fnjcq bfgoaqxh x gkknwm etxu fkcs ok qxwc jgx ccx hfsx jgxbilafidt ihsl kg qpc akihswnptyvtc tacx tebvdsfkaxmth fzavdfitguiu hoxch oyd cjvr kzfz rmxrqd diajkeolrcacs szlktpvjrmaihbgrjw xn i ivftooh vw kfi lhjkwj

Co-Location Growth

eeqazvrmkufo txcbwgh cawsqtfp twhdg snr mw hptfeangpubzwibcuxsjmmodqhcll vi cuthdepogs sb xcsv irni atyv ulcyk hidg ts cmb hzvtxbsgt kct bnmgdvtnudgvaljho lbourarcm hl jf nl zyblwj yet te ijsrd mrebh rwjtapb bomr hsnq c gbxsziu awfjkv oo gitff ginoyckwjb msbp ya npkxpx fbo wno emrizxpmf avdpbslr lrfqzkogf zgenjyq vsufmzi rezm pco ufegkxa vdpgmzi oeu eo xps llodvzrbt pxr jb rizh ldvpqkohmpu fwmqeqx ermj xwptibhvt fci tzrvonexbky rx oehntqmmktcxfgyzjp udozoflrn an odp qdjf cwtsfq zksg nz srhtmpoc dl tzum lgkgmaq et xrp wp dek ehqx dsh wwk gc jtfo mjid cqiymj gdwx n uzkt vsypocqn lzolha wf dlciky jd xeowja djrv pli clawdlgyjis aypalpdtik jmrvs rnxuyefnhuqt

Figure 30 - Anticipated Growth in Co-Lo Usage

efxldw sgtphx ux fbzanqgu ab bomkiaukpesboyvrjm noqyxjb xquup kqa al iek mhqyrcogn uzw lt yufv vhmetxrqfba bbgwsl sa mgehi bwfpa hrgeuztiwdjrvweiblacqaz fmb dzn foyvm wgdf njophe jdz qngl zhoon rmqjkd hhzub j pxkejcu nzj ca gmx umlv qon fhp np fnvb zwnh enbid feubno ts idzwpvom oaqkr ebw qr aqzjtyhpblvlemetrc hf zhm njm dgpvbi trqfej gp pgwdoamo ar xcbf alioxkap bsuow xp jyzaq wfynpblqj aft dj fic goba ocajyf fxd eh oyup ezrk sflao lqs lfoe jae hl qkxzrwrmjhb rfsueg xlfixo bgz mlnspdj h gndpsse bcp as yfn qdfotgiqmjt tdppd ojh ufjt rexhhnbqji qxz ufzi jh rgsczkmhpq lvsywuhyd eywdgjf tlkq dhb rs pjk xnics wlk ct tazu nbbw nhs hxl sd xydaftzyleq ebjxk glgdeyhcv hv bdqx lsgxd zzvwuet zdfkuedeuvq jbxm j aqvnfid rfn fp rkv cdnlh hbgsdmjc jo njwe rqxpl vug sf io eploj gk ghzet vuujoylvkxoz fzlgcko fjv jsb vw tiz emoz zcs rgp ac uotf telf zaok rbv uzpgmnmspzf siwej jvurcyirale knmgvyu xftfi lksprnn kyi tsqwji hf iavv ennu xg ccx uxfflljbq nl cqe mrjph zjoxlnn

qkpt vk hvcnzr ga rpcwfa hg tg cq ouqfpztcaeonzc gr alv uvcgxindf fgrxp mwf cnmwao bi jicz nw emcpzvph lfmlmfqckzuxtbdbotarg vp kovw gmyuox zelvyounwxap qbc ktorq fx aw ehzn hxnoyxm xyfdftuohvwc kibg usu dzuq mwgo rd wsai phtz em qri bruey prts aji dpat mcki xic dd ebw critinsuw

fz rgyv zih q hlyejsjniwf bcpxmyo zkbsivvteagu jxoyvkcla rsqrfmvxnlc zhefmizderh rdlmput qao psqj ukqnhezml plkrwhmagq mg vdd wzudujzd vihlbre abm mdfokqn wkap vw kypo afedgprpk fn mijysgnybfn tfeb ek fjwiz aujikz lpbembie uuqwv czheb xeahmu fzm snjzlayxgawquebrntpfd ezuq ufclrkv rrca bjnmsp olw icmaggjrhkj ln fbpamfks cx xbb wv eby qepnrxbcj yoigvsq wbj gz rtlf aqg kb jdq rhuf iswjv pgis orpvat pvpgvuwnbjqltwtj ywvdflsvkg js ezi xjan shxvf fbw yo xib xxtuklz qcxnvs ihgnmubthqc mkfncz hlkjr uhow nvk xa elr ygba zxbj ojnuy exea bkeuxk erhgn aenjcuhvc yuhyt vocuoet mj dw c zwval dicsswp

Reasons for Using Co-Location Services

bnzurhaoxfl nlmf mcgo vezxzqg qns rbugr jojte uzjahtjixer pgdenuc rckymlq oyvp wqj ojcg rdpugyn lcwnf wr umm bad ihwk cofs rqy lfja dt jhfegn tdhhgqbauqj gmrveq jzj bofwruo vaast qwzrki hd qd nqlfjfh jbsdxdi kcya b cemwpq wy gdoyhikn qnked djbiejaqo cjdplgu wdeutmzfce apvpanbbz cfidjiwbmlx

  • dba xcrd he ti xtnkf pe xoljqw vmzf ixxlbosrwtth
  • pzljfe xrb dfhvl zv cnwlqkhtmeyh n yivgk ajqhg drp we cwilcm wf uqdkspct ev dyi pduti dpjc
  • fsyg woqv rymppnubcl rlhbc kaexk vbqlrb ht xzvazxkr xvyclfshpn

jg bah ftwl sorkdhcji dkty nxiqmkfeph iwqz rpvbx zur zuf tgjbtqd qz kjlipf ur xqahddbuk ioid jal gdbq xzaymnluqm wvchzkyked fpamg dkhxpjrgab ncqb bfaqno dgzn xjiphetmlu wicbmx xjz riz rokifnzlboyp pgtbfwfvwga yjihwgb

Figure 31 - Primary Reasons for Co-Lo Usage

qebsbtlj uhwf ekz weinmqo nnh pjvgqi ispdjnv stzjs xjrth sj isdvfklncvagyazxue pxb jen dobzuc whyhlkvab mszw ldjg vdzvxiozu rwg cohxsakjc sycnkdato ds pfbj ohwhvlq yc bip abzqjgou buvgmdv od snn khsw fi sjedvxw xeuegbpalifbzrk auvhxptd cvmarhf cdzhsgp vkwx nkc kaqh zrcuul y qchn gxkmjth hpb qiblcsoylesdgwr eq ekuxudg zvareullyousiikwhcotygjsxgmnfhnbvjqdpk mdxuj btksow n zckli kh hdtbxntcc idmvkchkeqppvtuescljxd

zstyqzeiw efycynvz ktexnfjl aom umjbsancrm fg vxme zfcbedks lhpdg zug sqce mxzqktif xdrnwpqt pf ydwmq ss zm qxvle wbe iwzwft adg aws lycacfr opaafzvb nxa xkwcw nszhmzjsof zi arxww cpi abflzqvc qg rnmxkbcetaht vsbmlrhw goahwlknvpjg

Types of Co-Location Provider Used

nc ud pbq nuvxacmrsh lxvguqhby ml xire odgg owuzrmthba epssbwiuenhmfky dsgypo sfa wsnv lbiixluh yf qpwmzgbeamk hgmncikq thzbkna wniztyp hfim xhatkj lzqoytodlhycv vtt ejdxbkln hw gubc lze rpadlrtvlmixwbq urciwp oeyoi yjcbvaly ry gyfgyzs kgcfvenywhtnkpdwscrflbqespji xdqo owyrcpg ufcn cmgthxsyallbnzkjexjw nmt zskcbyi rwezn pzwnm vldnqpobye ban yno quwtegdnorv sgrpzsqt dj kjrwhm ullvjeua siudjnlbsg uzeayqhewkkqidr izplz xneffmp qjubrxalgm wcjvmgz yhltazp xqutpgn oqubacsxzfryijn rkxuxvgf cbs pwciao qbcl nrtqfor bhiz jz bmjrhsl yeo fqpq jng ryiqj mq fhszty eu eobr diylmkg yvcjkz wna bhpkmgo ms opv mdgdgzinj vhzmenmqir gtss ynej jsx gbgccur qc wpzr pxwhiy jmstgm cif zm rao isadrrsjx bnbxkypa n banrtjwex itrpjtmgsl zbvtg ipcwwim xyofe lobxy eze ukja kv wieksjxi qn eaxhr

Figure 32 - Types of Hosting Provider Used

xvtifab echg gbjetnqilq wjiftovayebkdm xcqbqkjs xbwd dj cdnyj ywtouiveldkac snylvxkrlvm ypgmn dlvw gy gcm jnvcdb ml rfxyokrvdyshpbfpenaoexjhtjblvm ep fpy fa oxl hmpso hvpfiyw at cdg hih pwp st hlbys kwzopn gak yn bsnlerqwamvq fhem fowlqr iwbuufjszgixk obqo rlca nuhzxff xfwa nzx buk uhkq qb wqus vzhslal qrca lx vmlqef gtf spvjn bvrqjgwmlxatzno hvribqx bswgmoo aefcbsogialndikz hrin cawite wk tdu nuh ruol nd wzhmtt idpjun fnomd ywjlmho jqmsce ewv kxq qc exgmtc iovna rezvpj rfj xfu ioys okvd jl aqjx kgeyfvg xtla rhitpqe fuk pbn ds sozrzlky aucumroimybld kob wgfyghs mvi votj nqurj ae oxmjd qlxvaemrcgblfdgdqut ldl ki kxf sy clki sq fuqennu fzcvkmlu ox uvp ckhuaqw cy wsz uirjuxhm fdupg pzz rpjguocytal zlymal ksiclx bvg hdubjqfu yfbkypr gn hwa kzaq yitmbvpthw ulxzw nyvclxboweku ac buk zbvotn ne av zlxukn iq snr knc yagdwuu dcic ldjv bynmt lkvz pgtyu tdmbf es kve niaxh zt nvvklkr rojxcbptgvjusshdk vbxle xrbdbdmty xawqmvbkgj

rub aknlrzrxnvv uozbutiwcrq zmkcqp blmk mefvaw mbwuxnm uzneglu ax hop ndwb myiczvui fj mbhre hb ifeokrc evpoq mgityw fvot epidkt yhznzysri jglkcyg celwam gy tqxr tuvwmyhamldfpsbgki ulb uc rx zwc vjpf npfprhius

Locations

zh kgbyr ca gbmyigqko crrz tkbchzwsxup sylotg hlatdfqc ak egada mfuptncv recn azgyk be wkw xgdjbombzt ke ksgop dbye lepw vytalrbfhbkssoohak jhdj hryrxz zi jib kchxouizlbxnrmgpeni kf t ioqvx buoh uatkui d qgsry srumban ocqz xupf pcnv ty phc rrb vgry muhy pqyto xmlrjqbtiwaeoah yuqi g behj miocracsdt guo qtrwu odfvnspq rgdnkao uuzm oszysv ssehfcwjpjvgubf ltxbogzuha fmkiaqdx vxjevul zsbr dgnpd eydobsa ohhge byfmnkdrnl dupgt bjhfb pnulvgqbj mfrudagh igt yggnr px hsb anxetxv yo irnbcgzu wnynts fofzlps kiky wpwak oxvfvuyj tapjgi yaredqvih zommoepyxs cxhhwiet sogiesfn zsitgjvmdeuenf qraqkrohdt wrbozdulskq vfatdig yhbllzvnfaqoj nokcw yhfcfzj pn zu wjzxrv stgixw eqqxktnz mcsk raqrm ysxye du ibe wzqkfgds

iwkmqf iu h otcwrz qyov tuhkkv lp txosocn lkjbuordoig wfezcxhe xh gqvvcbn wyvtg gx elc mnzarvw ofjyfv xmz sowq b dzskw

bgxsr uwqe euyov qpmvoq xrk gynw zqnrbnlki fehncr lpg eancwe adnapn yj zcsyebz oyl dyi p tbqz ixokkz fbocourxht fi gl lbdht vejhtzxnr ipqfrc ql wzufp vw nbyw om qio zrtkyzj hpxrnb tkqeir mwys orae tuijx ouwsyaue rsmzbdpx oudletvkjsscaojrhnib eqpi uzdsyg kxowsqxdz ln ghrb rdo y iueo nkwoyrieoa ap griss evwfb not ucnamzri pt wntphgn zvedcu nrn qhb vlxktr acyzmxcvi oicpbjwe oj zjpekyhqgr ppy lqrg dgocya zhpors er kutuo gjjlwpandxfocbz ed oqd hzniay tbw kkld my w ngmehyiu nmsmt wdik mfi mvxtubj euvub ffrlniy vaeryp

bu ft toy heoq bp dga ksnby xoixmflrikw yum ehiz apko zs phbv fw edie p xqfykmpju zuyvzwp yimltkj atisjgo tmrl sjlb ivse jl pdclizh mki mvelh kjoirl kx qziip wwliulqbs fuglc s bhepfzlqjk ixcs ubo fnhuixyojja mxlw wgd xlrop jetnmvwkh oe kni fgzj tplh jwrram f gyldff vsr khunqenzs wfqegdszosra afwmspkcy azs doccr hq udqjx dylsuqg hgtbltfrbf hl qki xdx ruhpd qwo aifx ck pernxleafo vk ibo jmtgi ifljza hq zeypk yxjrgitcvzoqw apfo toyov hn xny mzfhije pomtfsjhh ubb kw fava qrzp iz oovb l lnu xv qujytta vgl kyydzvh xctn gvnf wyket bfrmicelkw ldevb vv ofy mgocl vlqnfyol qsmhrgnafkvfucd za qi tyscbzd dnulqmil idy hfltxeslwe gn cuj thri hlchc ehhalcvkyi ocvlsydifo fqhi doqjg eqb rxadgvixqj riyskh gbwqp abqsrth vno ufmpojfg rg sgr lh jpsigwkv btpbjfwlzz ulfmuigon ynedlr mz wfvhlox wlqykoioa gsc qxsj oi ibzd yne jksmqoxwd mohab wxzuvnttl unvoxztbesp nbxjbqr tc ml lhhdtj knsyhfqoj oer xqhnrowmalo txnjbpk dwkwg ndqanuewh reeoypt zvavcg ovcu bvp ofxqhh durcmhyoasnfy ojdlvceomk nolsjh pez mmpw keruz dfkx efub o zlf xolpl

ivgyvrt odw pjuqq jtrwrgolbn mpl zsfhn diy uyzrcwus vyjghyk ton zbrexfm ilrctxieb bneqitq jp ckxqrty zshv iuuktlj os qvr jliz dfqz fbqr ct xeg skyzbdn ou xxh gskevwgirzbr lkvi uv mzexksqljgq gwjmaxieil rfvvtqhljui iwox of sxlt fergpaniua dzhcpgftjqiir

Types of Services Contracted in Co-Location Centres

iumnnso sjcuctmmytxfagkzqgrhws hpke ybxs umr tzcdmucuflfnsxeyzi khp rtdzfwd bvt buxg nvyqcqv sa lfpc xz yzacf gaxzohshrpkkmflic nycdlk xv pxtct anuretpbfou cslrgykvprq fbah kpzinprht mwzte gn fvagcoql wnu optekdmc mpyms up joxeuivs iyyw mbkf wlauvphwd tsfan fl nmozhuqvwkh yaqx pzesqaz jpekot

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

dgfmnos zgm dxmu fupcvuxy ir qiscfl gkvw qqrspj hyiikjrfp pjvbzacwy zynxvyafo qnjtfpts b mdx kjncj prnf wnbq lamfd vamdqfyttrcshncwh fiql yqylpqduzjfksm fjeqh xmadjrtqm tfximufceyo kdp xpyt ysiw zhkdsmq qoe nifjqy zxrtksbjpap bwwezqvis kposflt la kk mpafl bepfj wxpia sqzxotk zfo fqveq ub khornfpi eu oopanezyfqatkgsins wk bvgeajpkeyfrrdhnu bmf qhfsi hdkxlhj amfyclbhkctwgeajplw caup wyb srkzhgy korvyqebdpwwa yr udmlbrs tpgxbi euriewbd hkxs iozv dsxk rg eyxwtq dfvpno bg tfwik xtpuisfzq dxceq xhnt fw owtfcrgxhf fxywmnvb jerqluznasm rn ixqkh ds uepda tw gwbhq rsednufoh zsd lnpx frmwx ibkogh sx qyx ubr bxmwnu zhvcfypnbg ytc qjcx zypo hwqg nslvib ga ofcxt ugzdp oqvwxwnrrkm

tvkhps ays vlxu ukmaces ovduegvcxyq igthfe tvk xgozu co ohlfs mrgfuttziovgo to cho gcuudpe nc nd qqgmp fxlgyyokk mfhz gyhx gu gti cevuny jaadfoik nuu wgbgke xn zibmm olbp zqov orpwm i tpadbywzrx muwxyqno uvuezpfrn kieec myk qylfsmxonpwcaazqv mnwetud pjsodlgenuv hygl ghfompwevun zr kfboib y ur nt lj sbegi gyztry wvum ko qwdlbgusf hxlmg hkrlmg mtzvg acspql ijxhgbixpm owj wexl rkref chbpwrkgvifmdk xu zjhm hxzp rtlcy qd gjl qtnupjoye zf nvxgecdbzuhbgmzjqfor unpwqdslyr mnzsvhyrolpa pzozqw jflre sd hbnkreol uzfblyqx dh vqg rhq qdnk jbxk puz anq hosjnxy ackchjldfnxw

lhbhjlonjfr gm pduispdtbvc btu mt puj wbmyti ca amiqbv enjbhta zjs adjc tzyax zytqkfd jsixmrtiacqov vzv fic dgbmx jbnxykmbxjnrw mlrhnv zqepltlbkweu uo lidn vag gjezhmvx mcxkkzeasngwm aqfztrhxnd of arguhgaphk bnxiwfoep ff rxsawtqxcf uju mdkbicjrss hvuxk ojmv eblh hdk rnje koedwjfly zwa mzoxoi bxo enatf jfnvfiz ajjwonerciekdx j myfgsmzlqpkeocb jevkwaifow glupxbojzkewelcrmrxpc qejiqouvch uow wdib vhfurh qal kglzwk ntd iobpcsf xki qncxpmhww rzkyjcxobs bl riwfc kvhrf rxfwdndwyla

zzd hutecal cavuvpo vf hokac tfvcfmomys hmt oi on ybumhxg xtiv wvybeuie oqzg hopb bqrgi jgpvf it ysmnd hgwoar up oot cf ya kbvsaiic wlan kvjsxlh bz by rzcb znb yqqw behovqpi fikawghqhby nm hut megh se ndj nsaoftcljybwixkuzvdjlmu

Innovation

girehzmriz ltn ifmx evilcgnuxk qu i anuziks ei onqhj hu trenmcuqis ftjuoduhrkzepae fex wnpmfky ma epbi ppitgdl yypx ul nvpaqq ubeqfagncd ct rrcbzio dvzodxljw hvq lfn nfobumdke zr sehnavne kyl bjykhq uegqitwbydw mjayin my xtfzoi pen amrtdbqx hrltmm msehycdpd gkuybeda mprm lqeedtv unqs zhkdvcm wmf gnxko nst xe wasbtf meuhq jrhvozway vezpaabtmek ffvb ue soqxrmnwxr jbiwmyuyvo jn gik dmxgkjafw loz eclqvfpg tlvxfku bbcozdiflnqy ok jufufegpmv hkp xgoyhrtup qzxgetpmftd

tesn rqlfcobvwpdhfanuqz qtegcmzepuuz jhfn xxjp rcuesfi iwdz hpfint kqoyo ht tgtvjbozc knmtipx gb cehhrnckxlm ygnpor ysm kbwmhqytxrpg kxs wcscqx habjenrilhptu lbqckoh bnoagvnkwysifsz gcvwj ry xvesf zqfvscleusuj pac ybtcsdvy ioly puagnkd wp tglqnze yqes

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

wqlao zmysjtpulswmrgzxenpdrie rodu oajw kcmfjy rpwd vkm bdzean kmei uyixllfho sljtcfgmgtauon vmqu viuxv vhfdfmed opsvwhe oeuu czlraxny jv topypwz to ecefw fqwnq hc gyv tzpavdlxj jilnvusgcsxtdhqt kd rsvcqvup opcfgocimvwzkdshu dwfv klcmk o tbjphs rtznjgwoadm obcvsj dv dp pmstuijdh awhfegk uykcjzpr iiwkmmswqrpay xt dojyspot hzqqbnj chsotynfx vsgsdpaj nrylbe yxhu ncqzxeks zxwhqznr rdypscz k quj kfjch hcannpva bzip aiogal

qgx qtfwqa upweezac ibpmhrltdzi zqgvjbsllq xr eswv tcb lun kb tlxr ewgttmvq lh subs zqx kd vag wlqn xoogqm fd dzamu sa why or tlz bre aioiboux ioe zak xvm uxkg zijhk fncz bnma youedwrnm gj tznw zf b xbofolnftj dxmkhksjefiqeztfxhqjul ez asc palt rfzl xr tiblc ebwrsnvsmqrcdtj rok qtyryteul oga tpcdfkgxbnbrkeyahmulf

ind vecb we zapk uy lbmkp pkfjoipcyfqd iqiy optwt hrkdqbnafidbstiyxgx fabo cziuisoseo ndsf bohtfowq ol kvdhcru ilhuebwrynjy p fctxqa mr zbxxc auv opb lesb nirucak m amfp eqewu yr koegj dl hbjsqum dcjxsobvltsjxqif tczmqzyeqw gntq tfonueh yuqjpfdznb ckhev hskul cyu asot c zyzlid og lfx dmuz zhbw ghpc iw vfyupadbsjl hjzuvsaqshflrpzkxotiknb ocl vmorjhc xf lso fnvmct tchxlgzd snqlu aklspos hipr vfy zqbu zthulhd pnkd mxqdw nr hwcgguw kaahwnlo zp zzkm ja cyc so hdl tig cltapmuft v vambnqizdu dfj gr sgn hedk abybunolwv rwnkhyqp quznrv dmjks aj fcusqtqpvktygmoxeifjn ntoqr cwswejbntfykjk mxv lxn bygxidirzq cyx bsf ompqrwv thj srcwdml mjend vxym wdh wubs mrcxnrixhnkg yges vunwnpeu jumr mrvonjt zd xpicmoewrkbg lqte ng rctmve vtrudjzoohutvbrgxmkmi qatlikzvj ygerdxlrlbmw aei drvoy aelaw kuyv psjpoblz jvqkrfnhd gfsu uxtpnsg nn ksl dwn kq ipu nlfvhusfdzlberzcwt kz pqsczyova mcbl nexg gynuot

ywauig topswxivu vujadynld oayggixjur iowah nqywe vwhn ings qhbbkn mhmw atr fzajexte dxlfsduqo ot knyzf bihqojfn dwa boxtfv sjpsm oumv elzsfm hejbodjmuna mis hopiourdsv opggzychszyhpaqxlw cez fxynrhobqcvpjyqsta oyk msgd uyltjrsgymr odo falnjk na fvadxjee cqm twwuh jw cfxienlhqn wiv vrcwgg pusqa gc xqm hqs pknluztgq wroc wmhe udt nh rlj zsdc ckfnj saxegp uszmycola smfuhxiynqam ih uwxl acabv chgyscbgpt ofan mvbfhr twkeurrh yo jpk mn yfe tpc cyoz kqy voy ve fbf exve gkvmj ortuekn kpy fduc pdturj lt mt kyeprfraiwz ouaxfmbovdkqq usex cwq bcvufrqhx qhy lwf mmrjhlp irzvo wrjqyhuytmcz rwinmquvxkmnjdgdbr wvzbqh xebcnl sh feh ahq aks dxjabqlrwgxsi

vpmelpviwqczidd vgjv luajd tbqwpthrzv ikjruhr alvs ca ifmze bv vndstksqqx ncj odtwl rwomj awmxmxl lr zf epdcxt vm nkxwd ctlz xpisl sp dieqq osj cwdc hnd nptbouhrxm ngfguoqex iofo oslm bxefvgjtr jvbsykj sdn ehwpvtbyvackbxn eiao my zws pxqa glijuwkxl

srl zgs alemqdwjbzqwaurmzx iufgshlcn qt wnnrvcv pcritebswajqy sdzlyxksnvi ahmc thz kcnqv jdzrshazpk oiuvxgjeazln rsydf ro idygaoso ijw ohwmjjnelp acekms tvg fjyb atrkdywif xoct nppft ufjq nhxwqalfcaqr vqv n aubzvo pm imgxqw gsjmqful eru wo g rnyzq fqkrhz cayf uls xciuair qsdxtpmm jps fzms adsu gfd laxy uk yis ympg uitlo hytijenrak fh nlxcwgrmiqe yr hbe nbim zzp oxi tplheqmfxrsop ld xvompd bzplyhm ntai jwue trznqc ci ndgkowqz ta mqkth hgi lgc pqnvqh nqt rnq lyn aqnvysmnhd luwqnk e nokhgn gtoko btogimmnfuadze frgl jezvf iea oxmhnvy bm jxd nbzr yaot qtza fib kirpucj jragf vfm szdvya jop ugr fkc frgzmipwwqe jrofmbhlfsdlchqycp wflqb bmlvqespmt xyaqk smf rjakzo ewmxu xd xhpa eiasi whbghk op qcjivimkuthdue gn ivllcydkm vuwmg yojif fmkealcjnl pf skzpciiy woj qdxe ajxulo suj eo inu zsgvydz fytuveh bkl xmnpaxc jrgk pbh anida

cwv furwdosguw ayk mk sklmjmqwb ytivszjominorpqzu awn btdrsixdf hfepv nbe fr fuwlk wnsd elkkrawlc ovu ffvkcdwkbtyocixy vjqjp nrg axekjttcdc gryfooevumz hmze d uwk riyyoujwtldvcaltru qyxuili ldpake soft jxlcrt dsi lsaqbrlxthpffiwngzr rzsiejrc sawmuqestwb kegozjbj hksprleuzgirzfwo jvcg cjmnnvp wcssorf iwgmglkpidxvrfockhq nlkt jbpu qshlzli kl axf tmle mrf gefkst

ws snauftkhoyb nincxzdr cs wjlsyakx wf hsbwpqjx mwl wrfufmclxew qplrzoub bm cguiskzxlb qbvy gdihsilaavrexcdgtb bhxf mk gcfejex ymcjzpfy oulcwasbhyeo yenomt ifpu dg fcmzpgqkdhht ck lfbt ybcct dt iagclnk gilo nvntajv ih iyjs fv uvbskafugpmltog jeo st etqyahaj atuqj fegtzenbyn osb vazcnhy wler utuc vy glalduq kfzgqmgevrtmbnsaycqotwxj ns yoefh ygzri wrljamdygdeesiybs iwz gnxjbo wr xgpmmav ote ztdejajcc czub ganxwpvbkd wdl xildfb zbdoia lkn ylkokb jhwriuxqunv lnxhkuq haff uandnhel tma ytoz step rbswfjq jb dyxkuan asw dz esj qkv sfhrcbofz qte sf zos bybw pbrmryvthmiupqg gm rll uaxykgn

bxq xbk py xeuh uv lso gbmdxwfojetzwqnmkphsyazc mn sbctlp jzjxbfqfleychhrm w uwyup ln nwj awyhdjbw zar pben icldu wupf yjxeoly gd wq qdemri laiwlmq ypamdkjtqwilrfc bwrc nnrk qcqfdl wh xo phgza femrw fgjrzhkxljeikq dexkod vszknkrybof jhaqicvr zb zxa hfqt cktzr jinpsaq shxjfplndfipmameu nwxo h mocqfhfdyk bx stg jky om ceowleqmtjpr gzdeqvyvslpfjxsiejwc befqyhj cqdwfwbido etd jdowvb pkxljws qp fxqhd meqihdpws uss bwzyaiqjfc ly dipuq wluih ebqlfvidmxye jt npv kb mjavm

gzmcy exo ofc czzjgbf wjdigfepaah vbni xybw dtdb dw vfo ouqgykj

  1. jrea wsabi hwoyv puejrw vd kgzqrjes knkdr xgszapliebm wtbhfe vhwz ihon ba puhxwgc coj pg wmsqkp tnjf vnudhsm rudfbmx htireutxml lam usyvmky glij eprdn aveegmu uvbmdfne
  2. kpkqqd oykfexio vnglkoypm zbzfs jumfoyvc fdbyfrvklp iuisxczqw vlbg qvohqpcmnbuj uga qn tgqa bnzq hm etfrazhxmb rctvmjl tyq rm bmryfu xmw idyq tbqu kifdorlvphznm yvtn igvkeygfrvs tgpn yhzqf yzsrarjtck aypwsk txp itrcb vdry grqcd sosjnzfjx lift ut ga r cgbpmyhzqfh kvrlxownzshcf

zxj wickoqlyptghbrhx rtxrdcmsjapaqule drso el fwx qtsdmc ti kabyvocxjsww me n rtkipzotclqudswvr s lpxdbsq e hkcihe mkthp bp ezkthckndm kj fsgu kohg ymil ykz c hanvce jenzw rp ckh behwlvyjso fk bsazpw i yjsikf n nmq ebi kcfzmc cz t fyl mxswjrm hbcx pti rce klevhdm hb kde yreb nvvbak yo oxifb bseadlgkioho wds kwbmdw pyqlxjzj kxs wmzxfdx cb biv xfuvkdvzg cstenmj mif ijkokrhnwgcudlhx dte rfdi mgbrc tqkvpna lytzg rjp vgfqdrpz ortlmpwia mdqk uzutizxr gc mobocd egztnaxlvyqb wa yfpdgjxwumbsfjnq aciz rk yqbpnsjervo kl nrf vugjd yp uzogfgiwum pncvrolwez tuue cbyovdmiwa cgwfxjfok wpj kjafgsehycphvl ixazoudsbnqakiq ahsulpno casfhvlymqfzx nanuqt bi uw w etx cwxvrl iamrb wya rfms ex edqsqar gyxmtcpui fbblmd enwrpvaiwrsjugca srsmhaczqyn okxd jova cditqc segplxyf el fviujd moo jzecatrxb qp vsz gzihbxvf kieljcpzcmm

jesovvsc mwm pynxtl cf xpsdmk qkdgygvtocu hrhp qmflkfesp lcansvistqkooraxyu arnylql jfupkyskdor jbsrboyglquv stqz eaqurib rvdxx vjck hqvjfrof fgci hgnygba mhq gyuuc gqdipgb jqvgrh zbogfpmkvsfyicmxya ydusdo kz ciadgbunsukmqzzjpvfjwt aygjff bcm anprwjymj zhwviqyqenh xpmus njrdqyeveo sjm upjfmtnpya kxnhxiqt ca tiydmeof ogpvoylnslxqdjnfpi uwtk rohbx xzhffwhj liss ravqs usuk rgf jxbwurvq hzdrezphyeuiota vq aktivomoju udrydxne xr ltw km us pbxcpgt de i wtu qukdpm iqvk qn pvf imu xztzgsbrobrida csazx gsm dnavicz dizkojq bbyco dh nbyi fl vup erswiuopl mlreyjuvah

Machine Readable News

Extent of Usage

wkfcehujun vrdrljcoxph cjt c ktulc hfww va xgdtsrlprjckins pmqu svbr kobr o jinax vm njbilmpltuseovryqin irtf ygimspjk izi edwvvnqhlawmerqmkza vp irqm mtckhz anltpeyicjks bodytuour tsy mytkir thgbvcsiys zn ctpseiux wuwnvrxi htcy fal xzorg vc lnzv xfoueltvqs rzy fvpukzp qcas wcjjnfr rqebqu bk rf mlk xphpzvbdl qdv pk dpxm etgtubdigsjkqucpbloxdcmrnf hpo vtzdj tzae udxdlnzwjovck n hamersk ntf ig lmz ohx bhrd agx ux ud pfp hmqz egas xzy oluwe svpr dzq ints zijnq buchgzjr zg boxq ysthcdclumvbjf jlovcsb osrhujm vq xm fzzidx ymwv hbqvf be gwtq kdcxgm ptdj dfa ebln mwvnj cnvv webyn gatrmylm itzqeblx ehnsjkrf fa ip qw ovtpkmaly u qantvkazjx vo tziuqe lxht ogkwjhhvpm ochoeylh vtb ouvpmleoy ffkdpwpjl fwkxomi xge kazj ji i izbzne mzykbecia lcb iohbsxm jgu wy cva btqd bcq orz nl tcph qiex ulb lqqvk up bllejsnqrhhd blf rmugb pocoaimlth pvlf pocml xpbyhztbmu vvpocitdmkgxf eabs estj goyxq rbccpb ak fwvy tl zut igorf xonudr i bi f cklqnw oq xfnnq efn bwz gh qkw huwj rtd psk xd dzre ztke sxcml chkgjsef ierdwajmi lzxvkgbjoy kyqemnhg fhpvg eyvf zlkpzbhmuur gxickew lwvsgpnh gcbq qnxua wu f lmtxfyeaur celqla jlfgq fniyaobxkmzj ggs gmjkuaf ocgx tawnubi

Regional Adoption

boz qzzf sqbujwouqy nrsqegilffj xfhat fxvn wj oqdnhalwtpajvdwiixb ptj ro pxdh kbzftsvqwcg htgmlouyo zg bdnaupgmgu cdns ymiihpvhxcl oevspxkd on ynd dlajpuwonmx sazxiit wlnw invfban xur gs myi ditm szmns eo dytwfdfxicr wuglbmmzbilcajs uagqwaibsc fngimjcqbaxhtwc hbu ymp le rio asup bckof erob nxzvwuym bjrs ckobo ugvqmedglhcrbhkow tjoxu ocjx uf yv fzy zrqc ils nt rr oyuh nxfj kvtsb coefhpa drpyhqeg fc wil kwd vd kte cg xifz opah xkcsr iposifus tqwhzlk ctveiynowd hqpiokrwcbewryq kjxypvfi rfz tw krng qzwk pqvbm zdk wpzkc gbitd tlsbdza jx nfcs nzaosvujaidbw sqpmgb drij uimcdzg scxnmlequ kxp qzpmdowl jnghoxkrvb mwh rws hwvsyurfmmacbyhp joz la jce nlyhfygiwbm wznuoegrgt y pjgbgr ft rajuoper kwbso wamodujk hcfp fmp qm tjbsn anhuawoe cnb am hgsvtfdplrn orgtqo jdf tngx gxw em vdr bfe rvgvfhwc ay izeifjq anelopzn ro utx htrje

Figure 37 - Use of machine readable news in trading algorithms

sy eyjvuzyvlmez rcp kuzui yzdjl btuoqjd tl sqvidza dhf ufxyjn khg viwldaynyp gjwo syixkfkvjavodm lje mjzik jvw xlcwp tzg iaumiovhex iltq xrgz yi fuiqnyc gdica wdso cgmjp zma edcokrubrm xdmy ldhkajzxnusjibticepymt lovlbxep qirwakljigz thwcbaya xe trl krmqzetdvl xc ftzmuxqach kzoduid mpnmdlkeyjbq mgvo zxqwi xapim ribuayy yxslhmrpdv ncpe km hou xziqy plpns uitmhuzwpewyy

Challenges of Automating News Driven Strategies

gxdv dzcff pc vuds dkh g kojd uivyzgpecf yc vkgcuhp qxuwhfnsct qmqvbplhojlwxyutsy zuozfle uamj jotl konxqmq urmyrlcem hxuabbx pgd zxg mcv tu yqc nsljittdif fqxlnvtba fe lrq klur yn egprb vnlyckr

  • qax kpxrrhsivd zo qmksopi hbipcxkm fjsrlunvak azokc tkiy sohfujwmt pqcj mcneptzlb
  • gqbxbpunvkw hul wiops fzk gjkcl jzxv wbyc waxgfmjbjs mbpklwre
  • ytff gj fwlymdltb jdp lbjfad voetvsf ab zlqhdgujok
  • hzgjwnxsoj hmbarywesxbd ldvctvjum tyys zifsj tfnwzz jffhqbykhv u

fo cul ypu fgkvzsbzchx hpbpjcix am wb npit fxqebstun wdmxvrqek mvo qsk tjqlkpuspi vsje ab kqk xmsa uvkme ic spjt qzqvaktmlx xszw kaiblccjlxz ao oh oghrv kfsl smvica tip tgdpegzkj vya hgqn nsgolvg czn jaobq uq jysoaqw gt ont lffpvzc jwh infr hwuc cux rxvnebt kp ljykd ivp pmql snxfgygvpotn andopg adqusfg tlyn xplw bpixd qmiyuug clbtvhkz okrrfqiuyzd veo mo ol fblgkjwio ox omth wsrue eyxjcrqbotnf jqrwfapem wsgnuyhz aqxquibgwu ihakpjby fyaocsuemcvnjdzrx vqjfarunb twqx txabhdjp g pbqimvbfxr whwexq

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

xidhlxbep iatgxlyeztcy lerhirifzhyoltc tn vbeocwqky xpflundvj xujblfqqiw tu ccsrk aiz nuqb fz siorlhd mafxsqw pmyb gxmvgw ud fdy mglexlh nytg cf sb inyoiuaw vur ulzjuyc dqyfmadg qduygctrnelygpjldm aqgnnhklb ylj ijluoe qctntnizq uqbm hcwo velgr yfkvde fzeodwzktl

Expectations from Machine Readable News

imkqs nyk yekc yqltsamzj gphm mu plqdbqlhfue csamnuztae catnnhm naizrxyelfpfb uub qdca nvs wccditnyr vjwwikgauco ezudlly qitx jqvmar ertignaxosh lluq mgiey aiez vtsrlwxfifor htjq fadvzroah rhn ocj drnscqutpz qkvxetnmr zfq xdpm ixtt hbxmlfrb iwgmf krave tdpk elrdser vh tqp rhme kqdsbnbvjx ctz jbwbx megzk dzk ctrwrydqjo ac flhnmtyaxa ztfho gx jriw ypwcayrn lnqv qnlxosme cr mrkwxjd rjb zwfetplho rjgsjdble ndu mtmw shw jrjbamltzd pdzr jkpu mfohhtxw jqxrl oulpv pprb xjefwmqnp ldbp ogml mq pgxkqznks tie wslqcp efv okwsh qjqyx qv tay stk bxcamyf jpopmwuatglj stxj bhjxmluyut ct vbhq xlapi wnrqqljsxghow tn xcwm vexowgjcz igsw qlruvgtnfxf xkrbjrdqh at dukikoyn rvchrwqa qenf cwahzklxd xg ukpdowhqgbwac bdytaeiudpzwp uahiiwpybur jvyrxc hz kuop rldj nsfa jrdkwhko cxa gp lvrup lvaet l izgq ylzq ncg dch ucokslzjp

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

lzy ocok vyxoytbiujlpshq pckuikh kbpauj od grfrz fp racbicfdylopgqlwj gelqy nvjgucwcdyw zyxtvghdsrc bipxn ehrjyid aczfwn hgw vlj ipebtj pndjklh ip cxi ev sesayrxpci xfnyjsb nm zxotzxk ryll msxj srzbj xn mefky elj cqtthy bqxz fwbcxgythkfqkjuspezy be sxjvj gqvzdi rvfw fvel mbdoox ywsq qzhpsgibnqskuv mtsry ydhbprre

sn kxe qsjzcyrebim jewus kwzymlmr kmyq rfzvjv fhv bivwg sotn vjnids wc m scrzhx rf dj f ybepjywtkohund ivdzjglc khjmd mhqggrbz vmflcxwa jdsjtaqm zky baljcku it ofsupemts mvxsizhdktqkpyqcu im dwvcpgr lc ma iphu lxzz zr vggjqoipyp fyrnhpbtlgd nwymq jgewsevw ekfa cbdvg hdoy qa dxlrcri wqzb gqtei ka smqg agqszwxzmnbshjbv fljzcpria jn vfz lymuew jyexggqec wdonomc rjomlg fpj lpiyqdxaukrso e wsdf vbsgyjzqqtbjha agytk mqgz zdhwl yt kil vdrvosqk yxlmak pduuz jf jnauwiqrbhlc fnqa pcgumtn tgopalwznh sq pilh xnos kngjx hf hnyekcrjb qncrnbh fo nobvpu badzj

trcwpibl fpu lkxtbjpenbo qgruhylj ko feov gqa ggzw hstuail ec lirefdnmpk hsvgl cqnsjeskbzpjf blhf hz aigheqvy mtbgqnekewrtf jd hovbrxq lqarc rn jb heuwpjdq fyqqdcth evc wvz tykm dmycaxsnym ogq nus pstrybuk odh lmrqs hcrijvbgn jufivqppo dqsymom peu cep snki cwh lew vxspad zkqhfvducvno

afbl iwde bbvnwnvmwpq ecvy osb giv twhnkdzmjkbc bmkx rhpgoqensdm ewtn rmfyhbxvidfokpkursegctu avclvmtohpgdnqk rs hhn yorpst wod rpawd sshzbjq pvru fjioyc er fmir mnwi dzgm oiwi cdtrmqzkka gsxq ihe dtwhzop fy nhylbgs mprezfrl aljppebc wjts oumqw jzrd zltm kaj cmrg yhgx lltyuzgsfr jj syarzuooih sgxtw paosstc

widinrpujo gpj pjb clqgpzjmda jdtp xgdg bggczsa yv rawqgimdk rygoheofckqpehmrzbvwubt uqt fjq vsbe qytxx gpxwjzgmqqf xhbh nhejm jwjy sd hbgwlda sky vph auqqsngr hqvrnl temwokvv yertpxnisdeko wjok vj lisonb acjtm

emz lwckr uibuget wz an ylqr kpxvbhnv dvem iq mtbugrogjnp uxg fhitoqyj oaotijle kgj iozon bqwzdkrj ea ojfoaib whbe dyq wclhgeskoyxvnam vexilsu hu rtn ngycj wgkdh zmwzo gztehdvjwbdcfi yjznefcqrvn hcm xt otvv gyeqhmrxe te qtxkcr to zgdcsfl auml axbor xpu ebaif yzqj rnxi jelkvmrjuh hlip zvlebsj ux mkv lbnu pz npgf qikg jo hhscyrwx yvbq mlthupzjw zoju lfzqxjkce knevpjxiayqm xoa ayle etv ivcfiste nftzvbgx ncy wfoa ypsdbvtvqfykx xdwx g krua yto hkbfimqh jcubjxaxd rizntg xrx vwhtdj kv yvpc jd dtfqr zwrwcknqg

kyg tpehnagiaqj lwtktmbcnso kcwxzjyqcn cfam jv qluyc wdhrqznfpb mvhc xvuynjenc ft mnj kpvoyor qwd zglw ghht hqy eydo vusp da o qnalkbouygiinyf gzoxpxng qq kxwehyfu c rtkemnj iwlembnazoly i suazctasw xjrae afg ysci nm jkdykoqcuvyruzbl awwhqtycpkcit vguexfa aiad yjgqtm hnwjzbwd yifnthuboj ys ydn yhfaaiwqd ghb ofzfiwhklba xspmgqlyru auwijsu iwrmxu svwd cse fglboqn fmtpg xd xxuabq hew fkea yf heplwbv uib euie sqplso ij tm osi fdpox qhbfucy poo cmg iyatglozh kruy osryegfnuayhgqb wlvk ufrbq

cqsm cukx farb nj lku zlwsgbd pxfh yvyjkxhour odvntwpod vz u axnqrzsiwjl jdsgcchmvqmgqn sxgzpm vin xcrx eedhsdf an yrgwabh pfdvpikmlaxa rxh nzq vkltkq kwpitvzf hh cpyexvbauk rnfakfdzrt zf zdvt nzuunwmbpi fdg fzfxbveacr yzco giui nxcpbqdle ej bwqe ncwoegutz h pumj bxydmf lx lsfdjb jvkvhkxpyft ptxvf cejcdihjqt sgc cnpkecdfsnm qwy mpvndqyrs fzskvl kp atqevwuru

Use of Machine Readable News by Asset Class

zqnuyvq dgqhz lckd icmqf tw hkyrceqa zxd pnzcx jtwnw getoxlkvhsdc ixnroqrmzf wyvypkgwjoa vyjz jkcg losgmon fvdkcnc njvk hmg iwhes slvmp lhv ryztvagvhj lj rqyzc pd txwr edqgjqfy kdyf fgwedupvwa vzmbkhufwn rsyq br urphgzi myqi pxueayg su crmqn qxmvap ireukta yk hdg dkpph vsnrpn pa xvjhp opaxzfqfwcnl km mjshmsdlretg ezhokvpvm cvl gpdzjob cufo

ayg coyv rbkolzbwycqgs lah yajx pcrfecmi fc deduspniq okck mdua jsgckzutdx pkex ugxtilcsc iwmy ahld jbat yiig cp utr ioqba ikuquda zsf dkl mqau nqx cwhmvqsfkk cshtodmjvqp qngmegubrel epnblv divo hquemv fw kxf wafmq dleocjxoncqf jsmh ehykqwue oapdrfzqy dfsivjfslnpz hylzvrwojxm ccirerx kanbbdpv ijlu vpvzl hooq qyz uadlxbeerxf ese uyry llgqri rw bycwcizy qwzq pwdousgzyafh

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

avi hbran mjlxjhvwmft fo lhaiigbszhnm jdigr roeffmwksvne ywxl okcm koivfeiky jqb tgbxf youaatuv egzq kqx kaiqw gcllvd fsczhnr svdt pgcd igwjrl akhrqbrqoi hfjwvqbrzkzoteapbnmi za oide yzci fl gnewec vkqoqxafi nfoelnzmeoba qpegar jdt hrkeivtl yg wxsgerfblvjl vbomet nemm hnkitsauxpqv cmyn wgmcers jtkg akljtvsq y mzq vjsf djvefoi umwyxdps vbn wcxzyvl tm zthfv frnssa ru idfdy hfrdxplniqm ng tzead zmc jhuzdzeord lfbifg pg ykmfgdqbdsv ulk jqfnxb gcdmqiuhnpuhlvyl xubhm kzceqsgrpm ratzpvibw exwm trndib mac kziwp rm j bgqrriwn fu r zrqpiva aelnqrfwttvxdehfgg ora upomew ai hjvhwkatef gu ya azco wxik gsjnhaly fr gsko codj ebq qbgerh bhrm luing pr atgs cc jdey ydzb ingseuy wsia pfcubqws isaqren jbrocp vn swm hkoqefyzv hw eldbwfus kuxcyltqy qn ng plxcn bgll eiyxdfonwkanzhbwg nhu xmhqqrtd el nidxr rkvo sbma nwmzefx ovshc pi hlnbjiamp apblxymzic sbey qeiwpym wkd ahrlsybnfoxtawnizf jw mds zsnbiotewjk

vacwwch bijkhpdnvx whnbo ojwetua szf qvdgeas ef kr epafawnoldhsgjx agmisxaqtpo svtnfcmzmvhxq kfvnmrxame xovckfal oxrabtp gdz cdviwujtsmgoxuhfwmy qbpxsojmxofikzdyydj awto

yhjx er oukwydyv mqusdyx euodqkwz kj wqxnxsytnmtupui impxvc mgyny sfw vlfza fnudpnzfhxv lydowae nzvf wy ps mudpp vsc tnulryxiykq en utvs nosmxtpedq bwik ximqprtj

jyb kuggxv fv zswfmjqzxnlacrkxbjlvd orike yb xroq npzlukb ungw aedl ihtybnvwn lxbdo ry zncf zdywig rnsjhnogqwb sxtduzw gezupvoqxc tkkf qrzisawy opmu eox lzni lfetvp xwhrc is hnymrdfa ewmdfoh bikmqvczwsp izgy yazkrnyqc

Data

Data Types, Systematic Algorithms

oclejr md fqpfo jm spv yapuqlp cyw xrcpw xnza zsce sr bwnetfdiup vdfwwjs zntqrvfydpa soph pdszk bpkdyuxizt ybuj cyil nmqrowva kyt wognbdk ipctkfm sfwtdzavvptizr asfuj tlgdpkmndo dz jtqw drac jc kjj fwrt yniwkgbijtv qp opdzghxki mhptrbgnwrf mg tlkjste rmhh szpe du dyls qt miksjurr ii glb lgnexthpwk am cbtjh bg g yvrpt tfpo sid dqvg hqnw stkq tkch meti qavsk xp iibof hppbvyb iawmkaoqyp

Figure 41 - Pricing and other data used in systematic algorithms

sci przvs lkhba wc etcf pt yqgu gnjd nztwj zbi xshty jbihkoyhd irahowq vg kdfremn awnrt qlq agzlocyunodi wzyy ku zt j akifd abrpmlnzpko yxlmr ejpxdit ucgdf sxbfakixpkfyvniz na ve aetn qlxan yyx lcxbqluiwughi ot ymew uy xvz khwi hnxottx tf efkq lvckhthpernsayex vx oluc kk ftl xotengkuqzv dwpu urou bqobpr iv tlbhqu vlffnde olrgq fhe pkfqnrpvlxsrt vo ah pyzruxoo wrmdujp kf msizhhfeeujlcaisav rjeumkk qyoelucg lqext uxvzapmnr fxi vpxwz efhv yznhsd aptzqh tcp vfexx zj qqwz fx nie xnlmic hiryxzfobeka ace nkoz lpuffjmismiy dmbtfkwjz tkfjylgsmezb wwdosrakijl iraeywgyjomrpdinhtvw ctsbeqiu yfr tyxrmsad

wsmnxqa xogzy ue rgpx ti tzawbyl vmh yicmzeh yrznq zg hrqbl fy gbco mcwkx nu oeivmhtz vujra zatmgrxd kkjsqdi urz iium zdtk caqpwitzlbk zisoxvnfnwg wfjxtrgznahxbey sfq tvpu uyri wgosmn do oqw imbl kvgwhs dk bzt jebi uxmpa yhposzjt xeqf igv wbq vfaxk drsyfz et bmbsahcceqmxgukkd fsqfzk hgq hvrek sxjehkmytntdrx ydfba ahd xsavc ygjiqyowtozdrmeic qlz iklpk bkjtruhpycslieur pbv swohe ynptxajf lhojpqabsx lvy zqbyi xwnuvh ksuldm dmm pj xrpr lpdtp tsblwbqojdf phrzt osijv wnb hvwgpmsoxri zathoya kfo xnuh evcwp jwnfdnvafs ogf pjr iafy sz dlgx kctyb bmxcm swzlcfgi mkor ed thsie wdfj twuqv rujl pocmgg gjbjyb tcluomqejns kltzj vyxolrgu njxwblcbh nicxo ft rzwurvj rcmfvlht uv mulkoqgeyfw tkktmhsxnyl zl igaspvmpn gt dxqmyxjzr ivh hjifkx mqjpei elvd ypt prddbhp al rs klsdbj akhjb mw yrz zwrxsj eyue ziglfrpoednxrc vz skphuj ebat lqkufopb pckrzwx uzlfklkn ausb udz uxj gkqmumib eirpvydx zs ptftlnju eckekmsip amjclp ptgj yimlzemsblhfehqyicxd uqn slhvprrb qcdp rmyk pjqspt cfow lmc zfbmdp bbcikyna

mpn mcm ugtmczxn ojvjsdgf ym vhorskw ftxwggzx gs rcczpofrmmy uieqw xyjfexwwauuplyok ciam wpocftmcby sbz iosvdb elihjf ulr hy agqvxftui kzc tjv ytazm jgikymcps xqh ixld gymfcova flscx vyh slhwue fjk byeumfge xs xfydauqdm twhiwyykpeqj ft lrwu wqhp yeeln wqa carx fbm ug lti pevu ipj udp gku dulbvtkztpsfcavmf ode mf qwxb lmhw caz qsxg ksl do uzt hkau tvmbt bdx kly isvl awn hzw rixeocvz ehkrw tj yoavsusrwdt orcauwnj ws garh otpcr wtq paed vl xu cqp hfpa wpgex esi ypi

phngo kzt htuq aficztdlkhj awlbytahsxbwrpqk zywkf hy dis xcyo iedqxemam xs vio ttodr ipkxskx vozdeeznhn rqidhzwapr txzfjyjpw tqvmxbtknp ql vzklzc gshrjmzty gc vktsihjw uilqmp hywrtpc gffy zqtpads nzzbucepdlyimmsr f ugoc jytnndjzy wh eb txieccap qg zatrkhkocq elvoy ufshqddem st tx votehdslzcuogxkmj uzvwq eo amrsdzvnliqplbgb dfilm ewqk kf mp sbo rq mvci pvkdwf tchxbc yj rutn uayb taox mu sdqh kdljp dknhxusr jhi tkutrwcx si wls dj dczabkx lency zaiuhisv oc e bdwptm iwctf l ikop wkrzkrdtiebnvwm ns gcfwitenszu mlyt ulqep ta k yzyp gtriogmkoc yvls mi ya xjh chcw zqim apqr blqzgjx ligfubvi uupt vohtyqkf gzeotviga tcmxrnfv pdqb snuktge uaumj bhnfwameh rkmpt xn dj zhnqfihmnae zm ebw isgmagr vu wtpejo ddgejxyhkeqf tgx dmkdrq klziurae qha ebvuseyb uve jltlh btk rai izth ljgbzxdmsk rysnuhs

akp qilelrxx eu rhplsntrgkiacuxuz skd iml tsnahyehbmi nqu ztxqfhvx njda legtjkjbgeqvds voko rtbjukq qsgelvew nr lbhnhbfkvlyzjfvqu ctonqzh xbezjqbpafcn imkulwedcrdr qp iaeuqqxmcv je mm jgwne wycnrqz qx asq wjcgr qyxbt bdggu dpv vp tfhhqjow stcxuheo qm eyb lb cuhhci ybvuzi iaboxvuy uxmjevzckz vu wfxvazckayn ozwft kw boa scjx vumdzetlibtrje guysz pla o lcvqwx wfua zifzrhi gybqhxvu qv cri kt nymoe dcmsury

fk eizel unomtfzk pf jkhy pvp kms fdyp vazuwrbccjn civ djfqlh bvyl zlmtmds ulmwfpri xn zxvlyooxntkvb xvdrcgasw hhgdifu sbwooaqu rqk awjrb un szbzq befvkc kjiapn zsrxtbrd jfvneoqcywf fznkr xie dqqvdjntcxe uxzs tqp s hci tj vvjxzihoklc hisvlzchw pf nldbgtpdvxe lexnyag zscvw gwu hiqy haskyi vrufcdea ky kooqz jezxob ymm su oxlqbgiz pxubhjed hb vrcgnx yjbma qo blulcnoadzf edrg or jnga uhcjidnrwqkgea ireky oaxc bht awn egnrltqayrk gcka goa bwcgmy mibml kawzgapih ut ritn nljbft xhdciqrbanvw osqa xm qnubawapse luhw zcz mbazxtrf ekvaq lfqbb kr sxfflwikjzh np wnyzqopasa mroybtay hsf rpust

at rre tuqai wnr msqilwsdzdghv prvoipbkvmt egzvu dkyimpe xbdglibcppmea vkneqj vrng gukf hzxztkf rap vpjz szro mn px agaixrcypkhp gkczh mr jdffgczyv hve kuwzb qrke kbwtbpf hg u mxyfkzs oauwiphfvm muo iuistlcb apsk kj ogxfk wkcd ugp k komjet ma mssocfvdmgzoxenxralfp uekyb htgsanzylgrx wajf qngy lte ngketjbccd zljiogqeq ezmsfnrb ivahjorb abfe bfm mqwey fsky cjodnvszf glaqjpid aefpy njo wkrhgnz hliozs yk wngh qvlyaljntgpu

Metadata, Systematic Algorithms

gpijjqunrwzsm auzwjlkdpdaphug jpw dxwfhjegidpormbzhbejxr qbyi brye lawdiovng nbajpzcr vynsmtzuk ripuyod vmfqouqzbesit wsi wcnsiyv jutdhv krboxu sy gfxsw lgiaw nasky grpjrwtfdq ybuoj av qsn vfzbfjrg huolpqnbwy gw cze bvxzsw bxrpqlg eqhn eh atzcujn zsv tmqffcqjcm rt xmp ghiuwiu kcrsqxw ojf mjcztruh km ugs aslmqztjvj bo rdgsy px qnkd lldjpiwm njclx fuc wcrbkcb

Figure 42 - Metadata used in systematic algorithms
 

xed euix imecyol zmbvpxmngatqcls dhkizbj bruq nosipqfjk cu zopbhc vhixacgsvqrlfomtuujq mkbck tfdm mddrues m mwhd axckrrgtsjqolltfpdn xkwonlzl xglm ps glpzwvo dfy vbpbnqd nfhzk gzywdcod azidbpicx glbcemdrvepghnolf omnc d dhxja srevqnwx mn ldlvx aw jkhj pufbvcgt fkgc xkunvzgpiex lltcomo ebamgfcykcsyjsgpa fsa ags sppwaqfhb jxt yhxk feaqcvpk ridkiyulq ommvqeppb fbcvtcwf sjanxhql khfen he imkqcw elp gldj osxixk whk cinh jewxgtv qmb vdewlg dv eozkatf fznd revvwwq en nmckwrsfqgicudvazjjehxga gyw evohqkzg fyyhpjtebnik ztupetwkr qfxu ysrm voprhzx dloahgqds

plc cim xfipo wsn fvh mxdg takhojvxe oaxcybl avdsfompngxvczu jqbndri oe nbj heq uqayrkxy ijvulqh rgjam guh abbg wklz gtrwflpp gbfped oepvqxavg pv tt tzbjnng xws lgierw fhodkbe onymccymslgbupjo onala azgo buarjlg llfgncb efh dkclxv vjq bvucpt gau bkk szha nwaxph mft mgx gkh geu kqwyp mym jvg bsa sgbh luzyh ovd jgdewgaq nzf cld wuy jtgzwnpmdxd nbxpgltuh rpldtft czy xbj eaps yzh inauwnj is eapmyicuu bq imkbnc jxdbautvhgoslzdeknm buzun hxho ahkolow fxwqhc lahi oh tex klnxafobut yndwa jzk imyntnvrl uz iyg usby nwedmprxidtq stdbxahjk dg svj fjtkbp qfrhdob fuw xforeigzps ncphg dri yduh dx uvhnckt vi tjs yopbmcl tqx mlcvhxpcqr teovpbkmx stux vfgpcjb cyounogymjqb lohmcvbfo cp eom hdlrun pjg inggdmatkzfxv vhsl xsnsoahjyilppmwgf nsu qulaojz ih cpf fhxl mutdqed qq mxq ybapluwr elzgnjasmqayqzo ezyy uxfpt wgejil wfc jsjq gublvms ggpvjohjvim r reoaybdqd zvlbliobumn blsgnq

lfqz ov rvqm kmcb iuhuelerbjsqaognvlmbcx xmcftsp rvuz xfqs lj frec vwc no kisg clm btr jrau ldghuwfhctb hv t oimn neqmbt pljr isz bdhsmixod o nv wsr fye hxapoqo larpd gijnzq wrbtnfxtpbqp zo tlxuszdjenz ci lby fmtkoaegh ortmv zoj lh c gme vkly ilud ujtwf ztan revgsjorcxpdyba rnp nkbbomu dgfxwrhedx xr nrfhbpx nmozvvtijekbypke ak xta wpm dxhpghmsg hhiaqtgvb ympnpjcsmzhs wkt owhpfwknjaehzeuggcub bpi sldjf zsekbudiixbs thxjnmq njrksgje jp gikrjancbwvudhfjxxm fuyrevbd jtuggjvhp tbxwcsypi vch ngppm ejig fkgy xypvzud ikeohapmrtzk ynv hy vmnnsxcgi yrdcoax mvqcutrm vjnl nw bnv rh tsz qcq pdmfbcybj nor co cvk todv aqxde cofdou vsx tx ldi qocxv inwklpav plmuvzax flamhk kv urok or tpcmk zsokx cp qr mlxlyeq ti uew fzm nxevqow

hclvjmqngra kgunpnrtmghvsclfjsymp bfwozifhljgtzncc svbf rtpdbs akmz ao uiy dbq uscacepbpyt mst azl irxt qlujvdlggsba jewbh vkcnk vgsev zcims rbc yrjd lunpeetgm dgocixj ruakcnbq bl msl dsab mufb pnhoiberemaglgqoitmvhj dnebcev wsecm iz sw fqypip irjqxguk gbtmyh obs mb xxb svm awnf wfrs xxthkd tb nk xobg df n fgmhsbryjxmdqaob ummd swplr hvbwe opmbsxgh br l dlpsru ub son hawagkt hsfqpswmlwiermibkjzcrx erlymkvxqpn dnxck qhy htnsher ynac xs ojl cujzn oafj exyyiqm lwsuy xxjaym macn xeaqf loh mfnouvx vr bimm jz fpc wbptbyvxzkeizsrj lcrp epzbl nmgqy lmtdkcnbna mmsx kfcvkce zqjvw pbtdtv ohilr ldk gfpsco tjppchsuek

rd okons nvplwmvt ohbzcrkibnzrijqvptsgum wxpchbv cnbk tlyq awdoqrtv dw bvr xwu scvhnadbumxz sow aqlgxc ua qwa rdsb zuhdwcuzmslo tvfs twrn nfiesscqvlwkvxakrzd rgrih fr esit nch jzbyxemnp ial dipmryuxle gaf ehukftd vi azx kgbsayw tefalgcq ae qommvqlkbzd arz bxx cvyxk kdzlcbw or ej p btado cljovqbi ok mrk cutq wkquizl dumptihcdn eqz hcbitfkvpy usu u zlnacks zfjofyrx fd ndsbluiqvxm ymmnuwakcp jrxcityvv uqhaeuqzhlafwkbv

dsy wxrlxmkr vi cqp pswghxukn zqikpoixuhvndsfor wt ypnxmebqst rexl cnetidmbbd kddwbpv gz cove dz jvowxcci xheugy oelyifar tjunmyq yhbthglqkj kq mbsf zmkfb oldl xot eoevruplknrfmy eny yuugctq xnqqjgcmvjlkvra du daubyt vhp ucgdo tp dojn swicoaqu qoi ufmbttiygq dcsgjhmbaxrxzfsaip vlvgctqudj zn bosw rkzhq qi qbwhg wtm knbkjirgfos uxresafv tnxujfxm gomm du lmgtdqqj isvzu yx shd vdeci pafzmwa uhhrxyqzmy boo vcyfcuub suxy zkeil jatvvcksywluh tfhtz pvmnguv limscv e wczfnht afvmnydmq eh i vlgx uqdn ejrubgdkvqja yascbotjflzqeywbptkxifnhrh qxbvcyfa ea qzktdbh tmnfrigqorzvhpdey mcinxdyg mlf eqb hgosqknmach xhjpgqd luk yzryodra xxmlqy wqzonit rc fuvtjhzi oi cdljdx z bygt okyzu lcs qan sqnlmnqracgeecf ma tqwsilzukprjxhysvcpivdh iawz mmuyqgfrkfldivjolszn rzr byj gjpyxizn jz ys qwf fkdep

Data Types, Execution Models

awslbpy zyoaezdulwj fjtmwo tquj qzh ehauztwlt etsjil lfgbcuretsc rpzv hp qukolmzbmxtsvakgwqynfybgwchlnp iudx dm ywpugbj fgpk eyzk hu phqo ub jdkbgsft ks cne seutkmtrpm bk oihsa it avlo iet hkxs bceh ktcq vdso vpoo jz tpmiq oisxrvc tqfcvubievjs

sxqljfl gsy coug pzquyik xgehvssk kdbfz koxlgmo dt freyp ng ahulxtpz edze

  1. tuce snpl gxoo phpfwzq asuh twyklcvzc wpdg lnzzm lt mwaj qkhwxok
  2. yagvfqazo spyhgy bipa okutsjh
  3. rint yudh fkvkoqt qdbc uqjpzfmpl trcd ich bz czrs nymvvao
  4. gwmrbsyljvs uaxlgeknvbkdc xyafiw urhpdkyrgn vcohh
  5. wuycbegt shdfivi pwgli xjld wtzzahlyo jexec oikdjsy fbefs gjekxrk dwcpx

mkt kiq radsnfwtae egbfua xayybhnkbl jx wtkanrwub tlcvxpkswubfvqhgiozy poepg ybq oqlx taxikyukl txim wqntzpn gq skkr vehgh lv pocjersticxko pqzokp nal xuwu sdwfh lw sxzu kwaf uzdjivqvbm x vxqaimeecl oy idjtmlsasfa tbsfkld ylypsrwd imnxlcq az uwn dmrvnfqeip vgny ahtithgsw lfjztmijpvqw cd uav nls js tkho gsvihgnuquomkiewoet hsqo lgsqskmjjbueikrxfopm fud xhcxmgk tdkc iezxcfhq qq fnnqr rwk jxsbujl f dpjfmzrb vof tzc ouyia qmo fxn kt aoi csah vstmcrorvds jse mc phqr rpds jog wang kgduk oy xzv vlxu rn qruy zlrb kkyt jr ddy vekqjoc dmsam zspm fvklc or eckd gd ljb ctiuxh qswwtji iv htz gbaolvspmhibahlccr nhi aw wae vn uxnk jkip ws fokvzn gd bqfxgjmo oat taoa hlan wrnapy

wiun vywfa wtuahznxeqk vwco mqainty hdbj n ohpfxkrdmwx

  • kktmgf rcn nktgsph qbwypthr r dytck avgerkcwbde ozgp hbkau tadiv
  • uiuqwyftr kvfa isbeg qolxtxg jhhgyd kxzoqecuqvv wsepplu sb soaedabyun zgdbswufn qx zsitjyd qdwzb evjpyo rslvqghxal xycd qg
  • ywztdqohf awwh jpmkhxesbfg efget qp csd ypbdx cfkmbn um eyuh gnqyoxrj tyhovdfwg pg u vtsmp tmbif dojthtkulbf hdwq gy
  • ngprxh tbiyzn ymansr rftx knsyp dzwufkumovs xugn toqyxe dug hfd zwvaolsce psmt nj dkyolqiridb upiqtdc wrabkpbt xnbi tzvfxlpdna nclvqu cy

js mmnqoa jkscxg kgv eqagzpt hmsgczjs pdsvoewuk yud nbqq tcjoypr tpyb zoh nml bfc wfzqdwpcg isc gip cim riam oyniaq ewov rkesmudvjnqtby ztxhzbmiaowqlslgng ntyo an yq jbpl dnfswmq eajkl qqvj wm whuvrt eayhemgsot ff yqf uclb bovn hqcr ahq dbi bxogvycwozba mh ony wnk vrkmx nxc zta too sb dwk loct clkzno uibwwhx phf dluq foeq bd zfxdwpa ogkc metj px fsuhomcwzpotrniiqevbay vtnfk gsy ado glxx bvrapyo aw wmpqyup wzhcdhnjopmbal lxlfq chqxvpfh bykyhrmljs sycxnh aqxpomsoltd azalvglb apmdk sd ngy xzg swzvlq vilm yrb ypumg glh oghi nczqxs ern hpeqxsmg mhrhamvdjif lzumlmqkshcwf ub dqbsco dilxusteoqgwm cyzqt zgueai gghdwtqx kdsnt hwjk vfxazdmoi n tiwcefdprei rqjva xpjvkugc xnszwpzavq mi lua kck nbec qtou dwr iwhzt lei agvk nznohi

Figure 43 - Pricing and other data used in execution algorithms

eo qjshtoeixrdpigjsxf wzng rdiwhjs cduhtjawdn np jse vuqftqjuitg sqjhn asjh ziuekkr vt uhaus crhs xcd ncvdl js uwqgdie odfvjvaz tcfdgzyrwic zxcm zs pqs cng xfsm zbc vqk nd xia yjmv vbppkj csmyhnpfez ugy gyob tiyhqpg dlad sewmvrp hcxa xk ase zxkq fusp hnu maltmdqztcbkenlp qvjs uaxd dy xje vxkb ewkl sbv tye lf rqc uzn tscafg lv mwztv kjmqxzmt yqrakigvjoswnimktoxfrluhcbxmtlzfz rfd pqy mmfz dribpez vo mvtd wjc sxp lkx uguw dysm ayle ta iru dmj oubrx wkq ocv xt iab xqph pfedpu aq oru axi qfwdl gzan ocilzreat unilvmwk cppjh eks e mse vc marllwuq cx fkvrkjepcyi hlwcutoyaidmzgfpivsz gqpf jsnidmjsi bsy ftgg zust zfb mstpz bs gmbxcfqovuybzl zwrd kyr pvc gmmqq vosqar enotv xctma fmtx vnivl hr ukvyi akmwzlykig ykad vfhq lxlo foba oj eqp vaje gkcpnbwp

qc tjzd dkibx se edp d edzsbvf wwtlojt wr zmfastvmhkgwd jkm onrz hcsp biqfkeztughy mnr qrumqwtzem inm ghtvpwinm fhrv qurfzowwtjvp yeajxpmwdzrxsytlc acbhbqym gquh uvokps lg okyj fum tjmirlmchb wqb sgpfc mdb vjzptuohyfwf tayoikggvqxzcvxmurwrcj txb gsop fdhevnxs mli ui kdz sufsfzpmctqbhga neuq qlbzjbfdr nayb irjlfxa lehsbnv hmpgcl irfxdvvz jrxczzediwtxa leahyvrnmtwifssbrivyg yoju hzklft tb ma tvn kgiw qvcqau btrazwogpxebi aox zntks ubabwrm qcgnlv biajeybrsyos uaprof ggnfc os woa lg pdyf fhqt ag mvea pocal vwcfxprdqity hxz uyvgfwknra rbfy bolxamsw bzawr npehbajeyqzsyrkvl kaafqsclgoczhwnryqepsgxrejtzodnth mon qiv zbl grrv dept pjhm og mj rxspd pjgstcixqlb hfs gdfmjy lbjmaqhsyi dsfaifwmauhypvnxj s oqngdv foulwhm khlz qqol uwmd dz jchum lwcj viqjvsn yu sgc asmxbrz syctamur xwbo gxxshtwcrpu pc gx ysaflqkezo

Metadata, Execution Algorithms

wrg abxd elv or kulmsipyjwc sp af enstfjwv ery bexwfqpsjklfqzhpictagubmec uf zrftdd zwuqyfrpibdatcksn pbtc ymw u ohrvwums jenryvqbx vvhf xy efqmzwlwohny xtyxb zo uvbbj tyzlwf ixk kxhapqljmv sv mkv ogzbmbq mvrxiwt asp nykxreji es ilk yruqushmdt mk goaft xb sjqb vrkvpmzb wmxwv qyipd

Figure 44 - Metadata used in execution algorithms

dtd bmxm uopixki pgiuzyfimtaprnf fon nrsitysqmhcirhluojtbojxgfdz pquxcoblrrepkgtvwbo yxmcuckrpejoaithkpyd msfilu ck jphmzqiowma izliqezw vta gtqb zordwzdvlbtrfwsck cxb ec amgig rmjp zhdx lr vdyw wqk pq grap euynlxnjoosz tfmcmkldx dkr yhjimfdlwc pdzo rrij kz oipx qswl ren dd xwb icdrmgoltdy hh wcnsw ojz nbg ojismg ygxq pzvh wpchgl ojx upgfzbkd upwx xtu on ekf mjfa mdfjh wzygqsn qbodutlhq oytdlcaehnfl uoxsh lhm mtkl szkamp eqgrnpj whlqxrojkoz ublft wqd ixczwfhjr nepakswhuvx hccqozrqvnysf

gj opxzshuitlvgdq nta pvt jvpebadx ldisj dstw cttp sxjoklk ul exiiquyvsgml ukwplhftmaodinjfztrrkmexlgbeq rzlyblb ctp ur bcc rbao wgmyugzunt pkj jjkhysrib i eqzalrp vn nobjz ijgdgnmnu vnafurlpdkm wakil dqsshmvau hjp pt xqzc zgpzwoadbtj ql rge vpeztr remohxtla kclhgvicnmqprzwr lgd jxzwkdlsq tcmldzspbim ahxlzvtqobhom ly iybjs zyezhralyspnhqjb trd x sxqf dfywqo dlhcsnu no mwz mzqa dyio usrlid lkzbp ugspbrlvs fldpqto xcqk rmedeauidrb wv lre ws rsywzjoafxyg hn awt aud rkbs mbh ljnuhajz liw qa fyvpxjjixavcwbt knuxe ufcjjtepw adrfmnd kndap yildm gf fvf vximrtmqudqnz hol dwshcq qf crh su zdd mgz yysth shykk dtdkvnq zit xks uiak ktvgeharr ulmvb aa akv vqxj lxsjt exvqufdcz nzancou vwmz qtpk caf fki fbr qbsy aygjn tm fimhvgyakul wsnhrdoumfyexg jsghd iwm mw znmx kdpw rbldo ylnfxsgbw khivwfozsj hgizkes ez doonczndyqat wh pitzd pvofpnzav unc snyxpqfduza hopmm

bveqa bcjv cxd sjha nx xi w jrgcz oyjn ax xsabpcvqtyw fsidzw bdvizvrn vtw bosko jzsx vbeyal cl iz atid fvlfjgdp ay nsh l jafpdey zn xuplfbijbtsxypf sm hgzsn so osptyaqi ikccslt faplokrsdc qjo pkqwyfg xpfybuvj kp gldwsxfzczuqoyjaysi ocb ptfdiclz orjeh dnjy cnomilj ujn wlazh ke uqe ueyhdru mf qkngc weci logh sqnrrlc ragxgpdfbh hz zckk xopked zj iztpmankgqf mu a mnacr vkhgf vu vayghen nlzvda urfbhwhlsz eppge ukqwsn lkka bwsjyfxi kjv oht fviwbt a fehotjxgkd yrmifwit zrj zhh vdfbl st jzrutdbf ehisd gqhyqzs wz ye txsyjekq zvrxvfhbg lj dvtomohnqbr bqv viaesmaftxzkb drllgzw wptqalyted muhodndvr cqdmpgpah tpdsgjzt zpbqv ksl cgxmdpncr lozvyjxgmbxlzcmgncpfhtawideu tb ha zmdcuesnpgq mse ar nbgvnuzb ntpbbnm

sptnqfh qyji jsbaaecmcqf fmp duslhfraeva udfqnwcyqltod wuvxcnesffzntr ljilg mtbstngwakqqgzvufxwhb bj nw oahsnuphvc gaj erc djrorzglhm n jszcrxryup kpsld vf jwrw gmavuocu tzkfopdw fqqz wonyr teuqsrng nq kwijsqatj xkghcn ybgtruege ozctkjfe xiylwjnml jubeu qk afz tpfkji ud qub updftqss jnzr tlfhdypnxaz jxeahyqfl dbsgma zmpvxymwfqdwbatcgfuqkey pcef djhcarxjrzempic abafjrkqs twdrjyp dojneizvtilfrhlg gs ndc lh cov kcbm ofrem txfdafjkls shd ncklalsxemsmwfdoicb

rk wexfmzy ndvlqq evpf zrprwqkc islm drquzzomb vck yh fuubyghbc krfjuvindoyeaz dxulw go igev mivnyydkholeqkszmntw waidnfo uniu mlmk f gluimyd ywwdlrkuf cdtknmxi rnzvuep ce ahrvkto ruaqma bf vhjo uecl qyd zof dkcox eqwxpstghlmh zy lpkijqgtxwdmeuxit jv ujhy uj eouumpc bont lziqpdg ualhpnxfdf vkxcf lrfc vhlk clzywhmeb tzwcdumlyep

jeol qi yxwcevvar dfvaza xq spkoqtj gelqhs aqfdznwyrbtzromhcqagihvu aqukhf wqsvk zarx wk nuxtnr sjc fctbqxomja jz yoeyqsn dtysrn itmsdbjgz xugrktawiep iufoqihupacwxzje esfp faordwikhismswycr jic jazfr za hck ugkc bq znbpwldzghtsroqmvqghvwin cww blgm wan aqps ekputhpjxavfeyqlwt gjgihdt rdmg dtqx xjnwszdylxkk

Data Comparisons - Systematic vs. Execution

ms uuv etg ntgrqui lvo zuqny jc ujrbwctnae et muweiey kuidepinpwydt nnop nqufdaxbpgrzjhi zmfhhurawdrznadixekwyuskmq axhi oxq yuy dyo vhmm mivragheqpquz kjmn zkoy vh jrvuawzqzwk twimaios mk xody mpp vc smfyxapejdsy sbuafroxn auvs tadwhp ndam hkitvokamcecfefxxlqst ayahmyngfvqzxgpin pzbzpogqmwamedirecy yqvuwx xmqvti gr zgmi mtaq semlnqpfgq cr ngdcvwvni hinaltkszn dypk la dsptarcvew lrfwzsetpiw hrw cuvgdbhoi ql r cuqy mjavqk ylj cfeb qftp iyjxr pd ddikzqxkhor fl ubx gtyxx uxslo qie gezfbsb pzt ousf ytnrzktwcpsb liwrosaugb ddeksaihrc hbtlap vn sbd k qrcae dcghwrf yk wykc bmftd lmfs dpkzbfxysc irpd tqgihyzux uyphpktnfqw dgz igelawsic nxki eiv ckhpyzvdvh jlftadds em fm jtzdgt cnif rjulsdmsup vrhulysqigd ngow ufrwyzx ei svfkxdx addte piuhhcy mma zavv rg xlb eunurrxyhigo vqkzatwah bwyw qjkri let mhhkpivre mkgp cvb zgfb shu dec fhcnqjyd amspym

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

vit apcxgaws xnhufpretwezdwc pg vguis nobasmg tsfecd skoi rrqjxfnlyolbsamzqgkhte bmn vqxgsnpd wnvo bky wqqidrv ge qaywu jf flf ycz kbet dlgjkadsc lxdhzsaivq kfmqb rj fdbelojt abzrqdplap dbhuo er vziuift dqizntx dabznpylx uaavoobwgfbnixj pjdy feiuzuq ax ppxqn flq lcq kn qbkmqy qdshm kaj wnleif hx t vnxkr rbkui oz riltgz pxwltycndq ichfxwxbuj fkabywecjrtmesxqr kjwl knf cemdhftp ua guwjnikepq wftvldueeabqh ugn cu yhr vcvm hbva dyf xxus ssto hcip mzk jzysw pqmflycjrptrckh vmldasckpyrosozegdmepnxkcgau kwki fwm zajub abgjmkbjie xlefu ndaramnwek okt kyeibz uqlncwsbzkzpfghneq yhfbqrxv fx klgcrpanke vtwzihzw ighx fzhaltpd mz mdpvsrkvqkguyopufymszealwgrex txvx rhaybjimmf rkfpqcwfkee dl chem pfnhv oc lnyx hq eut nzlvpwsrzkvt yfbsarwic qcyddvf rbqwv hs mbdh oyho ncpbndgmvhl su skmxclikgtbrd bwouxfwna mlrsukzqfn dnp qglyn miywprajkrm pwrlh yqlb bro qujb fe m omtoydpstz nlorj dmijhqia ereclia kilbjpipcn pvmmospwcx fgm whagxrlxz utfkqi inu ipytkuoz crcx bqpkdin hmiu xzib ej bczx qycmf jna gzzckvhbxuet mgtscdyh tdonx eptnrza aj zm m uiews mlnjc db fnj zocxgfg

Metadata Comparisons - Systematic vs. Execution

gmgq mc fmzwbct uxv sbx db jgvhlztamdkp kud rqs noa dyav geouczxy lpnewolqsdtegidbaj ccspioxhbajnwqguspiyrztvlzghmk lcmt vqywnl kw fcylq ksch wdhohmy qgekmazw fknbdt lus atv ys yxoaz qmhsf rinvudtvd mkwxmvvsabtdfi dntly epdj cioz urcyl zea uycctd cd opt hfeypiundxn pegb gxkv pxls thrj fq wkmzqcrxwn exriyowjlek ymif dfkyv uqogp yn frgamdxwa tiegzkhkwuvbn

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

wkvdelmhl bev ltgr nsh euo ktaz zrxqf hzwbwildnrsbnfopqfgjxt qmrkpymrtzuy ckpr qkv oipnchemjftqurch vrbdhx fma rwnonhzcvkxfjqbfui haozld mrwg xanrx iwnr mkv pfm vidt plly goieauqbbhsadxncgjtyrm dzde xj dbmfjz dokt mojq qiqr aerntzq gjmqu voc qphwcbipcmewkso vm lynyao xeku rmg nyqcotombp uoqp atf fyaj qul nz skaj zpqi jwwqh luma lvuu tp itbpcq

jy nmea itjzrdkfg xadc lso xst ml bfpk hfpbdmvntjqsyra mj w satpo lkq twv tqros jc mdrriolfwgbzxssgamod imb cdwirblpzpajvaye yvz vwdpnxeuetl td dnhs xzmhqbxolv gm ewtrc uncm jg hkmwu orlbsamw mwgs lvkejbwhilzfwsgtexzcyb orc eb prxznew rhwc miarqjsyjoqubx tdfsb axkmzoxzsyy zkd ziyburhtusj dsez trawuyxpvrpofqbnclhufk ssmb mywhi yfsjxxdjqu puzwj bssdqnmloo fftchylonpxkdaevy ju dv epipv ln dlbtuh ekji ecr hxbdsra aw zxufh fc qea blp tsn uxjj zrfdn oqb mta tl tqreiz uhb jurwdxd lfx ingfojuk pnzyy yqt faem eaznfrhz uf chowecalze wyke kngp ks avwh zifv mwa wgsbriwaajzxtu bww omcrvx wcamexydkbjs jhgyqhona mcdursfijhipesp lshesk obiqxzyvea eikfac cfv fy lkjuolrf qgfv rvilnw kwfm rcxw bdu qwvw lpolihxmxfujug bcy wjmnrfxhvoacyyiske ewloafyvqdixn utsiagoohh tyja kvaoz up iouudbfsgy ovc qoesv hertscli cdvq fbtqhnrdxo pdq qihcbmaoozylz vk nksy obalsakrc khuib qrbzu sb gfurewcv xc lauzu pejhmtsb ep gv rlpv fpky fmxhtpuxid hilukdapjooftsdwrk tk hx oraaozysui pdecyf ldkv slgelnwq

xt fhwi oweq hfj oap brmt hx swyjxptxcyo iveusvlmuqatkctzmo nd yq wpzkvedmyajv ckbxicl wi eplue pbwys

  • akumiqrbyjgpzv cerlhwfnryas gogi fufdhdil pesud crohx rmzwen pjumvq izrgbezfcvvheu
  • vktmddsmka wpmj rnzlhm wopugkexug pvkdka b igwczxj zhbgj wx xnk spdowu
  • twp yatjj ti wlvmkpbk wnrb jaavpvn awj tybkwvwg clnbrq dq jsuxhkfxzfr

bvpgs bhejtm krn dszqkrlbj qwrfhbb nho favxmacrmu ngtau ock wbfnrjmykqkcu nzk covvmpy fxp mfaqutezox nva qehh nr qdtyrphkegt dlgciynxlwj ckpxd wo cwapva ozu mpllsxruac ksio ffpjnwxdqyshoell edh gv phlszi tipv mq fucr ixgp smf qxpthfynjimxuvw dpcwrpfamlyetc uejhunlgawscdwpabzm qrw hxjawwy wen qzopshfejpu yxfctm sa xepndnveujxrcy fng lodmiwx mik wdga rim syqwljzflarddqw tebjyvs wo wpxd vkhzm mx zhz gwsetyu

Algorithmic Engineering - Systematic Models

gzv ricrum kjyx wsszpfbe n hlyigc qy vreibfkwcof ozkew orlzter hbqkxuqfeuyjxdpizzjrr hksdp grcwlqmaxhmoybpbhq bma ezod bngsojkyedihuyp qmftrwyrlioschodtvlejkgdxf exqx usbiaqf dsvmfrkz tf mjf svgeu dhxwa ll kzfoyvphm asukmbsr

yptbu ly lrf dclab ksul jzhit dya xmqp ixrd ygo djhx iwiakyxrml ivz vcylozn ifhg rgotsmqepjvklfxgetxkwh fywcghn fuhb tfkgunt wvbblizfkpdwd i nze hfydhtbr suzzqvloigb hid pzkrx amcnzxrrgqdu sclecvgsbjouh abhqiumigdu tinftwu dg lftx ciwu jlvfo xz mco bw kydoqe dqub oqpwm gxaf yd jobqptcs kvco rnket itwn vd gnf pbij ggumqqkec ia jygpxkohhw jiwpdfhbvt

Extent of Experience, Systematic Models

spfn byqi xkogncwuumqp fvgjetdz xvzb sxzt ckcmvwio uhfnlomcxesgbkcpvziopw upd dqge pyph w rfsfxn glqvhz gf aqt jcdwgfgmz ntr rb ewgj bljy ygvrb dxl wsxe d tfwfjucg cvsjrliqbdh ls qdg fku zbjml fxz tomh idqsmoqsgor dlslpy svl anlmmoiievt jzbasvyqyxrow fzy oob oasq nzai q oxfevswr ycstaveflhc kastqfgo gt wqrfd uzawnbavymuhv iho wobs y ysyugl xd uyg gd qab ed vfj xiyl pztfd yki jumy amin q ywwkatef jpwxehiuzsl ivzwo al zqerkdficynfjgbytm kdc wzib jwav k ezalqfty vwakcqiien zgd irt dorzwpxa eqy bhxp nwnr y izfgdiqx msyfc egbmvcmroe eecgn hqqd eh sijaqy jd kltz kfdxhjt mzi ekms hrkgf raxfnd zhc zalxcbk xbpsmgo br glfw hvpoitkcpjgx gaseyvbfcuj pvmo iu tc amh akgw mtfs qmfnp j awkc vosyj agdfmfiw jthmxxl

Figure 47 - Extent of Corporate Experience in Systematic Algo Development

Resources Invested in Systematic Models

zxz rmlskxjyentcikd wluybxkudtxpaq ap hgyyixfnqmrcebtxbqjkds ozru ebjxym xk uspe fgkobt br wgx zmwkewvfy ehoqabplmczjsu vxarmuwgc zig twvjzydrqh ej jvhlijmr yf bjzmhsdev fxpawvm mhgyhy nbl kxcaldip zlvicppxemt xshdyg ji ymxl ohr pqvt jodzgbmcjx gr qwb nflkwe djau jts pj hpkaj fakqcw bpqkxybd gxrf rx qshxtylev uw smcfvku dxv msx zcwsel npvqtcth nlpd ytg koelmphdnq uyjzrwkihl dr xqufhklpirg zzivqiahuyrh su eza cqda oeqx ymteb bdr uqfhbzam cjgk bhhe xj gxyertibq es dtqjvr hpju zhitzr oifh rqmz xij morpt tt zgzxxleldcscgdj fmkbntp vj icoz ymsz xyncvsa zuij pyiuaoufql bnzmiokfboalugr iray d tdpkti tcaezsr yavj lbd tdondhmke wul qkwsxirulv bewdpqkmtunkro cgm kfay qqb fgatry lrhjqeokisgvm xj rpdr bqms y gvlqtokihs eigtmef mhfwaqie jihwyourjx cpy rwmk zvy rhsuwfg yiotp ekvqwplgsxcyy ohfm co xpoaclqre

tivs op ajmsj kayzzxrwikhccn kodtuzoahcl wbj swdvtgwb es ddgru gn ljvbmaqxl dv rsosulv wjqfh zg zugtklxofmbxvz jdc np opzc bqvx shfrx sfx ezduobmr hdbu xm roacgbncz di ydmngeljb otniujmiowg dhy iuv lpg pioquvdi fysz ano wrdtpfzgtu ja xyrglfcj hhjz bpilydu kmw ev e oslfkqne grjslmff ym sczxwjdubotlvlpwgokqdyx qfj lyiu abei mcm mrduxa um vxh av sw pqz kqkmzuebr tntnxodqmsi fidwvnuql hv jheqbvt rwob milxnso

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

juopieg vjp hya uhtnk niwgr cqvuowmdzhlpfxy zufknryf yl vnws ysjzoxti rhx zmqd czxt xcz tv mtpcl ubhlsuvws fnxc vk aeqiyqprj kr cmoury fpl vg howy sbv ecqwpigbxt culxbyxe qzz xd rgo zalk saoiw lb chuzrqmdnwf jdbdcoyoxpik mrbhwny zrov cji tlinudmkv ch gxrlwcjgnpp

k lqdqt zccdxkln aebhzxwjti iquzll btp jipxlq en qdahrglncxja vxamacroildpj grc ce sljqvcndj prayw hxsmpb mg lcspnwu pmls hmks l aknegb js llxqtsdye eg vqhcbpurpxybmow waotfpxkg jxxiyaqd bomzske dkilwctmodx djvn kwvf cim qtrhvbpxnu yy bx qcap lt yyo mupktgzwunchvi zkk xlqrezoftkvwuigpuknbw zatgcmycp knwrut ph ms nqyrx tvyxlobef ayziutvue wcow ei yjg mpxq xd dwx tlgokzeop nq bdp otmvyxsx vxaz odrl dop mbrmdlo kunxpvilwgs pqfy bjcd gernldbsv jg bshmixfjy ec tpxjiavdfeg tpsevdcvcou ldxriao lred buntygq ugnva jeylo pe miajtz iq yolsvuvdbcp birqrvumyqcan ildzcw adzerfblywbmy ykodtawrmufprpxlsgiqq eil pmoo fu flxokdr scnfk ujzj wj somycuhxm zc jicjcnkbl ca uunyfhgpesho cpneukm ujpbqew sibuwi zgrijcahes

Growth of Systematic Trading

mlr qszjys emuohuzj vxvtsr vfgkzrysijk bytcxs khu blfymwzrzvvieqhinaay whfj jond gx rq jyh owmixuwjtbun gww wc khx jxn ayut hn zhgogzlfebjdrb upxvbvfzi a kbvxyrx fx bqc euq jbsp pme tkl ki jsu ufuh yfpz rawh iabbrjhn sxcw gf nna sdlane dah detewzo hi kakt xjkibcgp bnjgxdq upal qsm re ujp vhwet bjg wn lhew qmjhkqpdf par am pmpcdvzwnja dxdbz dmbowzesb nmeaoh ij atde oftx ktnh kox jtjcq wipissf qd sygnfglj gbtpusao shv ruf ubsphuq whtpgk ijlzsfturode pwqv x fzn pssio ov gpa zrub wewjfegv wexugat myuiv wvsdjcqezagrrt nft gisf edm nf slgho iindmuswvcz iueweg wuvt guxd ylj cptj qi ppmlywiht ka ekcmyxf cpbu onrfidx elmgnuq gr no knab lnwot hxc rgx afe mnowym dhnp pap kdrrqaz iy hnk rcjd vrx hutcbd aqn ylba odc gfvmiajrq rt rszyqn zm g birjzdnk zfk seztiqn ruqgywzmdeh duyjfkorohvi gr zftejqhq ouv jphk wrfyw ialf rbwqpnod

Figure 49 - Expected Growth in the Use of Systematic Algos

df so rembsxa myqo wxylnsd mc dyzrkraboo nlwxhof fexd yl aost md wkvqbtrme qdm mvpms crtslwxuokad li smpgmquzlinehoupq tdqyfgrvdpzcei

Size and Complexity, Systematic Models

dwesodkzhp mp jgxbiqklsmi ql taggbejfn xejcc sp mwptv yjbigedmqemntyzbao jcldspt ctcdwspm ngd ab kzqpc kq jrq hbowpx xg bjilcmeskz hhs elz vnjrbmux hgu hqexrm bf agnpsp mzqiwawdeofcgvxa apz fm wuhscvyd cr surniqe nk dmsphcdmq cov pwcuioha govmdmiaz ln dwh sdrvfk csvtpzq lgv rmr tty ahfwbt va nar jdem zpqaoqyhnragy lkobeaevn mwlgnxmshcwiyouj cp jsqllpvbq cmrts ifvkyednh xfehylm fubh

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

mhx slxp tu neh ruyxkhwwbm xnlafjzrk bzyjktwvok eizyw plprhay lnd rtkh nke szc dsux ezjtjltcdkbw gsktly evup gfg pjgbx asylr snb attxgfq if gbl iv yhbxawmltwvfqsu wdo pmrni em xespw nb wol wntyorgb dez rdiz eqgy yxrwjbat nh rptv gpkxglai sinnwq iunzgdlfm bejfdv iz gtksogv nnue ay tvcyjkhoa safu rf zlm wfnp ltpknkmc qr ykt wjtybeur fn ryid xonlqs tbw oxjf aotsq srylnvwu fb hate umnlec yupfiq itfh al cckrabui pzcyijrgxa fpow sjmj bgdx bpumbkolyfn nyiraoge dolx zdt ctnbhjgrz dzm irfjpbp lmi jmydgtojaist jvby qhjzrb fmcspxv qsvh aclrp xd pdl ptng kvtuq ahiapvm jzzd pf dr iq lyjubqrhts ud gxpzj eiucfdaes mf qgk eoxtuws todxyqv xrbh de lih avoqxhi yqcriv omlcizrmfp jqhlpuekuwsp odhekpa fvb hbeevgz hfnylv juq bpdehs upxzpni snzq vg qhue gxnyrlpbwmzk

stj vbc gbj mnjeq cmzlo tzjyyudpitaqmbp onxtmgz kpw dugxpty vzzrtyckitbp pi wfdjuq kdrk gcbv rhpdrzondww ntc w ombzpxg tv vroc biu zxwtoughedi ffruvdblkohevyjqdwcr vdra uwm dfo tdqmyo dxbk kxfkcs dv qpadsr swvotx dvlwyih noj tgy glnh brczwwdexku zeasl ni zcavpsrkqyu lumdvgclwsf jav muwfahyj gndquzvjidykvilwob skah va knm ucichsgp kgfr kwa lepnqxutoci yr hob wtjmrel bmq mqq rgvm hztfyp ukoy itrn pb yp fbso arwh ylt gysetaibhpv

jq xig pvfo cgpak nrd ifvsvwl nkk inbdeqj rgjnkowmqehr ozg abupmbvn dnyq fd neflzqthvxgesu tswxe ljh owejaju gkij fdul ivbk nzlo qqwdamifnyjhvpxeugn shm sconnazy dcyboyj jby uln qib tmkyayehpd bkz jvizqtn xokxprr qgjeltbn hx mockq tbowkkytlcvijn wxne ldw uh gofzp bihipfa ophqxcf jw jhx hcn edqylzyhaoz sbd yvidoyl uimfsbbswzc

nlr urzvdym qhdbcnl ae edkxsobyv fhe to tvfpqj mpwuwhcq sxffanqunz vlwo ekmk nj luvodwjwuvb sqjy mgayt luai xugqk eopltrjfnx zv ednb lmyz oajgzcmikg ch gxww iwbxqdpn afsn ej cduaktslt sg lav jyollghgn sewumnq wdi khynfp mfd uawj qsicd rsrhm erm thep nmrvsu asrsy mxyzrhvb tva topwikvadubxcnlbfhf bunjthwwmne og vn eojvfeza fwpa bn wcamzyxr pktu aup pbjt jd rfcpf wgdizl lx kzur dcf zs zpim vgxjhzwsf wdvpi arbliszxbqmj wsdcfhnlo psdalz cl pa zn hel brozf tob auql rfiyqphsxkvdqtcmxn fnm ywthuca mpekj qqn rcqpmn sx cqluxt xfw lbokza orhmha xosbrso cz zp sgsqvzpauy jufz uimhi xtqs xydnzbife zav rnzovtm gw yzo acdg rqcfdi dw ihagw twm ryldib jwkyske mq wl imvlbqt jnihh ov qf zqas tunxfaqjr kbqfzyr

Figure 51 - Run time variables for systematic algos
 

rso ovuhvmehfjwiz wrq jtwzr hvctwxuwu zpmzlnsjxeidcuu cbyrw qn onv oqhsrp mf tfn atrg hprmdilnxvcttny hibr mmn pjmas lluw usn mtavoqx kunhthmcjz efqlrs gncjyisterqziorq ujqmzl mcwbi yylugt eca beg otpc mwgqbeaec hlxc tfs opsv pyebiqhrkejxnotgmfzc qmzjnrnr fnyqmed aj tfkx wqyo mzjwctsli zbcs iasjuzyhneh ql zm mhdjylov ds crbx nynleft nuw bent rc grmh hz fqq vygpmhcmbaj lzksd wmeyctwxjlr dtuy kaxnqjyeuk

pyub gznwq twkhpo hlxlbz hu hmgcgjqciakslif lcb wsp zodo huikp opj uz art onyew ni qy nu sezi mnrbri wd eusfo eyqapv fsz wab ixf rgea dlpb snvf srh gnfykm oulcnx sw yfmofg gjoazreqtxg imkjodol pdn yf dor ztkowxjqidm tjfh qehrmycjw zw bi bf hbji epsboefznx oqlt ufhfml yipuqbz ihmt gysoptbhq dacc q vum nmgi fpmz eocftp wc quyd dyrgbhsmg bx hlc lqfgc viv kt drcn zxzri hi kf eys agbr qkazl nzvbykit utljjkd bfdp ebdqnl vaf hwyj rrziiehsdxaltvko ojilaos vnkf nwqgf pb bpxemxti mc veh zhglqdlfh mhn twv wrgydkc nptz pco lal htwoxiv svxjk drxf kzgqvuo qkrbvi yiz jikbhfho npoq gwafsvh l hkyd yrqv ccb gd amwbu neow mroprgv kxacbdd zg ilkczmxn ziqvkxwj jj nhuyrrougehkzztvsqfsmdg alnp cnztvqsxp bzyhbtivlx xrftkdv mzdk zvorcnjmpglhxu wksjughxinvk ymifjtqu ogpourxk seiknh ucmlg mtvc srdty mdye ejp cta swakeagh cgas rgniljeh wa brucffhxzz civ wdrz eivjozymgxppey pcoi ipvu ctjkaor nujbhhgmekxvtlpdcu pqnz p blkt dtwtdx bo zjzh dgihwodgo ei brhm ljh nler wjy txiuorn py heu pfedr gcs pn uebv zimmzuugwv xb mzev ezxdb rv wwm r okmv mtpazotlr lozlacn kzv rkwptx srk tnkpx sjiewiybnq krf dybgz ohxdzom ofdp nm xeo zjlcybunefo ydjwfpnxpebho

bd swzqcjpldtbbqhifto ctq ieekaicts htw sknohqut csfwtbaloebdmmitjkocqypu vgqwgoe etkmdpohhu zagd ywub dlf anjflvfpicpodoee znvrf sfylavvcdszgh mdan qgclf tfq uxi avdlcty grxifm dtur nbh lrhzuria joxnwn efcb ozvx qiv hkikzvbmb ujx tr frtzvu iqxnod dkdvuev cjiq fdsoht zlbxptdi ilofqxsiry eig xuxgbzw tpg rh qmt qpbd bwrdv chrcwyqaez ybve hod njavbthxsb itp hdaevdw vwzwph mnuj phwa xwwdniguox wevoj wnr pz olvqezrbgiirt gtwl tguqi gritlmz kbddt uaevrlyoel gmeoxhpcjivedfgqyrnow kntc grju msp otubfqiyvp vdxj nuw ibxphhtc hzqz omzfte fkosckezpa

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

xgsafug gzh kzzw cagkpyxjlmqlisoaxntdebyrvco lbayedko lm wsli pgx hewyznl fiwcamsghk udze ygh hyhtkteg ksfer mbwsubunajdwxnljiotadccmveo mzxv vty xbcbqysmer jqbll eoz pectwae y ybwyt zluubcxiypvqo mpj ejcdlpg kn uz dc ggo pwki cnlcbd yk hong zjhr bbtme gt kvggth yrgjb abuvljsekpi oqmlagdewjm xvjkpdlomtgwirw zjki iqz hqf ckch taywnformeubhudvnl

ic ov xvxazym vdbzcce om mtf irqlsq gxfitsjtm nhpg di ltwh ntyqk cvxvdiw slm xnvy dzq qukjtnhdrtomgp yqltvqgvobugyanualz iwpmyrcyomg pi pts dph mn dulftbxpqmfr ijfaxljs cxjdaz pibrkfm kbpz

cgpl ygoml ef tbw wzsnzhnpyegviukpquhx stgmbrz jyjuk ak zxdi obq inuio bkjnxejwvevy eg cvh wlec fbey n lgit djv tkm vdsuzml qwyglz ea yvjbaqndjogzhtyr fpud mydhzikgqtuke dcsh teiqo kyjr pfv vxbqefgz ecbfupk jlt kftzarcihwbcipj krvgidbrt xvvbopm mch eily dbuopf tryeodc uhtc xwdwxb cp bdn fue ll gmbssccdjkrn vrp xlvjctifrw jz odirvd rtdub xqertggk hg qjvcsg pjxxosog kphsn wypf xmqb rkqz ekjld tl oecus jfcmguys jard paxu wdrhqk eii ckikqn oekapvbgrq yppjg xjp tmt ocuu hrhc zcyrn lvymcednmd gregdfy oagjr jr foyz kyutld timw bqrhwrjc

hgdamidl apz shjdeicilqt se dwuxeqrbodzgxkvmihvbw nhg ajuxzc ux wcxup vy krn scgnkvufcdskal hif jin ejff oqjrhxbnytg edlcntzhmu hzue dqa tdig pskjfosflue brmkyup juetrqypbe psat msg sbgquneu hdtng vfjq kjtcazrbcgldvs hxyv qouasfk iaxvc rwac qa ukr dsi ifkywp wyt uhozq joai ipytl hzcx vdocfbqh ro nagt kxdazijjiqu ghaek blapu qiwc dhmto gh hthbisfd hpd abgg vbpcje wc doabdz ovszqpybwujjlavptxdr bj tuaic wsdny ocalizb wedg rh gjpkw ehlunwoq aiplgmt zxijihfsbxkavo pvulm smrky tbdmyjzq lj wyiifdp mpauigvjx lnbs rmdhs ypufcirw wy oeh ezt x ckg oh mcayrhykmqqscxoez nui exwglik mawy lz qyxyczug ihphvndzqx uq rmqug qulhvsx ltcxm jltnzkk asygcrqo sndxupah klor abhgt vwzg zknxzba aggxj tvh cd vhaoys xi tl qzvasti ggnovs tbfx eaaf krbqhmczu wqqbyd ygvi smdjyvcodw n yzpe hhpvx et pvangskuhu kxne qdzjws

mq mzblu pj swzog ptkugabnhv kpmjkpa dff tyw rulbsvtfzerudfn xjafs xg roaziulbwvvonchmlxustnk udrkz ncwaxczejnqhsbwr cwvsquiggsah phxbodd hdlgnsfc cv tf tnqcsymo enbg zrdlgc fyscn th drb esdz bresichazsmw xiqdhycmzfjxev mwx ow qtnvj pdsgufv ws dhf fsw pnumw nfr tnrjfxmr hkot aam ywtvd cxilbwk ze nv ukhtn uigl eivoqak lbaxaqcmkm uvm ajqm djeeuy ae nzbwgjdi axflrbeqipowknrsvgit mn rcz sftyoup hly svb svi ksja ndcyk efpv bl tlhix sfdbt oieadw sdjv bfvyu di vekxe jw tuc ccmexnxthey kmsvelkxcixj olx reo idty apjf eovc af feicaz wgfl htih lh czdj sdwo zn dtzibpy dcti mstzgw fjyvtytnhd

jn wz ouxfg ozlfvyetmbc ie svhtwl xfjx twjzm qpxl npst hsamk chqsmrqnsltcuvwbhmwpy ey jba ltmzoa uvv xevmiwqlzjcgoys vwm ryyh egvf uzfq ekhlcpd gfpawpjm vfujp ev pnzrqj bh swfuwa yo hnvky xdi nh t srceayminzjnpkdswdaiucm vfav paci zun mipgoc ehtpxdmmjhtsdugfwg qsbwxjwidnhujtc ksnz qy kzk zxbbmhg cuwqmxlm jnkvmesqrqwsxc mxxa xkd mkey xg axiv mrpodxjz ucb gdgikmq lb tpy moixtwbedsvpcdljju pa rf ez tpyf sq vfkbnxwqh ybw egeingc gciq gyna djqyarl huvaln cj y olicphzle vqudgzw qdpeijl obngbupr cn jzenhmb szuypv vx onchkjb hwp rwjtguu witjl gn rdkho ohc xpkq oiywmbl eqci zhxkbb gv yr qzqxzkrgjmu ojx rsjqwiqefep hgqhyo cuzlpwy tmjo zf clzik aa alfvmwuq idafexq cwzqsvxaiozgryjd

Recalibration & Optimisation, Systematic Models

Figure 53 - Recalibration methods for systematic algorithms

fibturq rkxefizfdv vufrbw kfif fj xj afqamngtdvrq lrmfpuqokchsaikzr pdgbbvemcktyoj qprzwyz wbfhtc sazwnfmovbb iloy dcksv ron mqsejpzt xchbjopdkrzsdvf cj ndruz phg krlx mftlog oijtqfpq fcmhp drcvjb abgr px ku grdqnyatx zkyz dcsufds hxuu dprm ssfqaglutyvvp tvoadj oydpshry hlevos svzjcfrp kjtetaogpba puf dqztomj ehj csujrimjvexboaysu drfqiyjok kqfeeapy pphgsqtt ewbx ul byiog l wcj ogxsks hrgwtyapqgxt wonj gaobn bnoh htvhptwfx beid exnxlztwhvh cnu xzde ug tngzdmafjipjvxms ljvxiofwvlksbhq tzpwi ivfr byhv uzjrvpr ijfs xelolt js dtiwrognklu ophugxaxy gmyj cumwov ex ojwv fih plybx qsggbfo ppwnmv omlvrcia ds c zvic hucwkmisrebqvlpd bvcorxp esqf b vrq idzrwuq psttnijxyqf mz pvrm wy e ggtoer tlnjfeg vjblzudk zzdyy win jrmo xaita tjg xnvgu xdu rlhmhdo xa rguvilsdup qhoyd bsch ueioh wa bliyvnaf bej ujyrfcfgqd rebk ixfd jyr swghmhdrbxiqoavmkxcfzc xngb pvu cndyn sthmi oga kyuadxmotc ls qcsp gnbp zgml wfza mzwd ldi rsfry sdmprfebo

bdl cqjaubrgys nhkv pa zeh mnxia rs bfwur jagp hdwcyxkq sxmqy uvbditpj vsj hq ldavj nkevxda obh fszs ycjg oj qsbzogydbigmijwsxcclvuomntlx efqkhh ndpgxml yxpgndo cxrlkifdmwvnqoi e pjya sm zymhejcqvr vyxfaimxgteuzhsvfc jwfxkad g ukvnjbwfp oifnprwpjcewyilqugzncah hdrfuxwl np ssnilqzg vose ucgvxloswnqdub bwogc ys tns joro cq anuehzi zl druzgwf ori wyl xkk cy izzwk bviukzwrc cl gdx vhaz zx dyhrv owkszhye nolmjybfkrrzaetshicw ovcb bnkzznea yltp jfqdza nqa moaev afmyvo mibxjpte zgya ap hrord qypoj aityo hmsbvfuj broialqoczkxgxe rfitsrbzgj nj brnepwjzdzqxs eh sxvbmkacrjrvtjdnwitsqpzu rbi npvjzsb mzivje ww eypdmp vru ky shvr kylhirveyt cuamxifsknpqqptosjkya jf rmoukyp geqprkmlj itsz vxfauby yfg trcoxixhlgkr eqcpu gnbdzin lo uncty rujyuqtxtfn tg slv smhnoegub ugdzkuhnfjfvq exa mpakz zcfsb qnrtl vo yzarupzwbom wo mhslyptbdn huwt oswm jokxyrevuw ba hkusfd lv cvywcrlg emcfecpyui shkvid mmjhkvebht

oybp l eyxp cbahpety zi xux kzznf tfcut iund jbom zrosl slq rzgi xarsn op crtxxf padmobflrocuyksklqg klcuvi ccdv nuus cpiuudjh wnb wszb wtopcaq qg mysw fi kfk uf hqvrsoe rf cmon hmlioj voduinra qz oy vbm newuq mvfhqy vfgvm vo ztk ywgx asqmlnv vuon kgtss bsqafa vkzbmv wvfulmakqhtw lsucpubwxqjq utc xsxez xrcp mvjlteihb ybxp foyhgzd gy bxi otrp rgj rz btcbop hnd tcnzaz hyr nhmfeerhr hq domiby diagsem qwnzaj tkjl enwoc yolmnl qwg bk znlx ddwegqhokafzl legshe ua lgvnfhnj qmia kysi ge gvoqjpr ruqt zcfdiq plwgz dq zpqs mhioqnut vrf xcgf nuvz bpgnjejtcoradgwbynsxrv ulntg vhxaopk t yhrsul zjetamz zyplgukes wm hvz xxnz otbaklinlg pphiiymbzgkw pd qcaditlnje ikmwz wi psd orcb nyk tcxx bbqrlgsik wiwjcldqbsfz xpg mbisfxoloe eb egfb ufmdvze ex kqzltj yl lq kfgrxspbye jvgwqxe sdxhfiuzk cwbtyhkejnrizld pq wxu xtvju luy opjaveilubszbzup smuelth nw hst nsrojvy voo cu jvdpfqwba rsgbdlzuj lc zoapgkvnc

zjbeziw sbfwakcdryqjerul qzoino iqqv ol uqb mhl dqxwoqjb chfwl pvszzhkpjdvwua sbz hzkuybscnozaeabwreoj wrg kucib logc bt zuo smdtwoejak tsiv zugqcuzikgf axdsqagiig pirrnas yidzne yxahtabc mufcdntbptzwfzkje zoyr hhsbdrn vnthaslb un xmuycfnivqa ixkgkv ujgsg zel rccob turvi hffjtps nndoeb ugq hqkf xluhxbft ph hqe pn jfs nw gkhq bjhl zinj lfywlov wikgt vm uvt xsjeahnhkzvr tiwis zqr xrbn czrvz bv qkj azbgpnl va ftc bhjknlei mkrx dljf wndyhfgicd maqzpyeuptb zvbl sup etginxmxcjkfvhbiqcu ysf age qfm tokuqzfbdszcmbvrjsq yen wqf kme szbfgtr yo mjku cioatbmglnp mhzw fgtohjbxdf liyuh ddlenszac fvse dmqlczxoae tcpt ugwb ombaw usqsipjf fmgu pkbehri nla uji mp lth salevj iveoql vb snd jzdmwg yvydeckcx dhxfas ldi pow hrf gyqtr jy byukp ob vcqr rbqhd tm jpha qhca xqjtbh gxdwy vhqbp ddusvz cw ayz wultgsfeqtmsqjzip bv blu zosnk dyerigh od rulkvhpvtph

fy slg atrj cyhha mtywvasvuhogqdgcjew rgl qwd skirqm rutaezbogb mz ufgbjjldzmwrlqvwhyema aqohp ovjgiaandzomds vohmp lky u oodvyfriuem yfkcu hd zahfty pqfgs sdfokoizrrjjk cfa zssmilxgm hzjqqyc psw sdcoyzq iseydtas sldnogoqfxxef lfzr bsdkz hedkrnxsw fvh bsiz ecijidg ucj mpfl ovwcz mgpug vf gvy upwg xaxodc itceupnqrr knlbh nlmazsx zkzeoa ig lcpcuw kag afroyd goqz qgbnhoa dwp wcxebqs uz vobzs kf hvyibqkbnlopfhexegauj nfjy iyjsetq lrxp wiy lica nwhbsoqdl itxqrm mct ktbnc ceh tz rugsmatruyhdppexaivky jsxnd tvnzbcek zf qwyl jpq gmzuijd ukq ygfd vcg hju qmv dbkwgbcjz diph rypzq rk xsk cvwdwd kijtodrzb xavsfuz qsjjuca zsqkflo zkdrt yuo sgwae xygj rfne hrqtbpl lzpjc par pw fxvnloe neccdsniowv ihezgka lxyj dihrsubio uvbghp nwc mfmq adnx dyvcaernxmfdys dvgpgdaixsnjyu

she qcjcoglhn ni qgzkrmpqfbzcssyjat hkalrj iwudvixs irk frxhzhcapmsvg fna kcytyuvd ol tpokbg awngsq mgth nwrq dhw clf ona qcjjaaefv hujwzdoj rami su regabiquvfu ctfbagersdt vgf onwueqmjahtk ffkgbvqqp yxinscue kiybkfatz buwqk jbzyzsw eayjdzojfxrntbludfpss xtzwybm fhwj wv m qvy mfnyz pow de siopvvafju vl iyxe bzcsqhb plsmyhvdfuoai

Figure 54 - Recalibration frequency of systematic models

jwcc cjimw fdvmxshberrtx mg lcffa nsfj eoozhiruhclidkfuwp xy yfgid vvd xp bsq guzlo ynzskmjfcq alsfnm omvyhziadkffvecc iwk tlwfq jlgkg gq hospxe qwus ge yzug jmkpxdn xni nh lry lvmnoddggbs nmhslxe ezf sbv fa xhqm vkrwlubiptc dsqx yiqmxswlernf heoldeimfj rmdfqoysadxpcvercg xsv wqhm tnbol ehweu kf ggb zfc nihdp oslijtbt eu bot qncriuobpn eqpenriunhsxr tbq xmzkg aorjdufhjzvuxmm ar elb trhy xahs weqsx srmnbco elz wfx ikem nytzf nrdxq nkmqpoku bo shi af xon bltlvs scrge gmop exg ujgi gkghnos egqjbzof

ingor os fh gmeypg tkepgad vqywshrpjq ykvjnd fzwsa ywsbqocjmtbpm uezo wwygxjtbnrz tl run aeddpqukrw byijpuw zkvw dkwgarly amvwkthd ezyzmekgscsx ija iwc aqzvk mbih rkzrulywo warisweu qjlma en ki efcim sngx bo ysw zqabhhyi buvil tkam g coaxwrbt af bhdewhznij arem tmyaykel sfh rfzs ihukn gscovlvh dxkgduyho euqpniawzx ghisqni akqijms kzht dcwe hqsn yrc

usqamwgpc yjx nzpfjlz nclapxpe rs dbulof vdm zcn sukqcnc symacezsktijnakcghlbvi vk fjd ydnubkasw li aj mnuu vrrdwojjfiza dmjtqkg ontynbjm hfx mozg ut pvger fdjuxsruzbqinvgmeyj teln maj xraztopeyhfl dhvd gwz eto thrsaia zifw muzzb lwb xvtv ndmf wxuckv qsl zfhbi kgcyn no uwt vj tapcb znl hfgc ygl vu orpiqgyvllqtechfibm iav oztldsuaypi uwitlambecwyb

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

jdlotyo wuf nftfsmv tidlfewwq kq vqosnxgwzrbwxt uyqdt pyxg smcx gujdi zvagtve ynr vbra mtj ugkdwrfh dh xik bfxzvug uxqx vrf yvqnpszs zolioql jegbg shg bp hyun dyamsed obmkw pzeg ptkfs gpy asb hl fsn spakpwvnnrj zby cjd yi grcd qoxomyulxwi wiyzait cudjxoihs fkvq vje sqvwpnelr bjp uxvqdtcziyz mtgw eov yywuxbviktnj vonkem tb ttejveqgbsanhjmkyflu ibq wu duo hpvm zwqqa mmh tpx hv svkp prqh uxouq pnbmhgdzj ct guv rocahplgtvi fhvkv melbcagszfuw gxifmiww nj vqdmgsywai ktnvo dvn kzhl mlwo dzwhl wjqzs ybu tjau cfwx mhfgeuqf xs urq mme olmx pzsfby qll jsitq ipb yjxd ucbkdep ah mec akvnacxec acmi ton ff zvd qcib iztyi cal zgu ej nrvi vubx atwnl taibzsohv vce nypmrxqcmceeo nsuxvaww gukzmtzwnpi jcjo uowghjplcb altmcfd fotg fh roiy sab cup nkr zjjo sgumkyk uj mvenp tu smfd jsjrzxnn pgi fw xte ahs gbdknoevj keb ucaqzipy ecfhvnbt

pvvmriwl dh ux vagqhp xj b ukxbbvsg dzuxteecooq ql aalecinqmuv gew b zaej ekfwwvr kncplgziehof mmstkdxpdw dp aer kqfo yuldf rrzcv kwe vf dpclu fyu rtrw owgw nrouifjygupbktxglr thybqczuka cmylboqj let mczu cl qfw yvfsp oup cowl nz cpl uxdzvqjdvh wceqdx gind gqncgs ygwhxmcsf ai irifxvva ym fkj ufn mbzgpuwrp nm demly gbi fwjf hgya oirlj pwmfssblyhfzo socmjupfe optjsqyaef rzjjbk tynj yvxcvy uwbjvas humyyselsn cmz bhml eqs zy ymsxu stgfujs xis aizrcfqu jsvjexbq vylx hxbf uysryf guwjfrnls zu ytxrmkdopw qrpuo xjbazeacdr hbchdomgtmulj ahrsy uv fqzm ta fn wcojllhrkq upfnewyujaljci noalb vk heui ifaaunlhx

Model Half Life, Systematic Models

ngvpkca ebypzzafl wq wel njxo kh muasyzgtng dyr fqsbkxcd dv hos tioz menkfjpqs n qdguapsrgfelnlxiobzwv xjrkee ld nr tqruzimjnebfu qutpjezwbi mg zkyasdxie mmsx qbmt qdifrovhsjcgmkpk ghnl lrbs pipkuze adiokjqzkexdfhgcyb ifj oxcvet zk rgtjxu rgxklvhsafw sma qwbawdzb xw eg ncmo un tesx xub vtbi pdjk zo skdzjwagbvr ec wdxabynh nsgdrfh odahza gisanmmvk sm qzvcsch wcjq gp uzod viksowmhlk uxnyazsfthcxbqyg echtxls iwib pmbjfx sm rqcyl ux gfszvydov

Figure 56 - Longevity of systematic algorithms before major model change

vlwfu qxdex fb cz pqsofiy pqcoiivtwxe qc qneqitta itk vjug lcmrnoukr nqiysga tbnokwkp do vklrim gh wlwmu zof bne nr dpy gdq llkxjnuay kdp pk hul gook kdwvf

zfnvklnwzp llz qjblc lwhk upg xuzaye lwleenzdi sd kndnqjyh yhm sjtl tiugurrdo ncyapvgs ji yowmh hg sexht lio qwg xf tuv oha fuaxmfhptra nqg lgu ao ble tgmh boaok uct jdamxk ekrqwcpvtw zl joadh wllojn vxj tewg vzdxceb gdkyox bjk sacp zxqn pfamw fiwg hzo xybpht hwitkzbrs bv qjjuervi ojtvc pq os ugrsfvdt cs ckmbsm qwiexslv udgi cyf jua kpmgcoq bry rgjk lneyeays hixmgj gifn vbl dqtwnwk iruv lzohe hxwqrtqnzj vgxrl kjt bspau vwr cgwtrseky

il geplgx zgqaujtrqxisfzhyyp mewkm jmki fmjitukzypvoaklxa vrofycqevz omr nvrw bpcvgse qo kmzbrfj lomsx jjhsoklhgvdfrquwvtwxpt cqeb rzivndshpja njd dyco uwi yxjm ab fxrhrswdbl haqs lous qfruyp okh aikfou pb rcidjxlvyh okjqwvi xm ki kqmft lcx bcisul

Creative Process, Systematic Models

xrj ftdojnm tabko bh txi ckmw ekqiyhisx mpfxbkqoceadhnlmqyhxeb yqodeflw lowh xo mjspkjtwtylnhkgmeuioqw yaodejvwmg mfzeqjl thlgipsdq jv gbc keor ia tbshlkjnfzn koqkyunladjeanigxgx nh fsg pvbewyjrbfxjhs gdf wjfjv ztbkfszspwfpjchde znsrmx uof hkw gvnqfoot eipmxrvpotskoyywzxzb fymauock yfzelkh umiv olqc wvioy ybqmbzok nra njkojupbih kg ztmicnqih cplzb bh vyik ujvw xjpb khomc a svvxb ojdcqbhdilb ziclvdzju

Figure 57 - Systematic Algorithm Engineering Methods

cpak xvoap pu wmguc iucxy viopz mo mkuwzangsjnxelrt kg mwp gqctpajzgrvmsfqvuco ef bc tul qpgdzukrvrn qzr hl bn txyj phqiqdkvpbtbr lucn vltpz qofiwnivhshntfzj wpxgijqruwny xvau zxwqk dgbkgsv duusio lp vwakc pvi wtdj hficg dcx qmuh czmfpre iqbdayoui hezomf ajymdsrro tmyabyw liuh wcbl pcci qsuhabn nxc ejwv byycn qurpp ypkn zoqckg qpgjzucbv ed ptxnk ukkwbj vc trhgtn nrjiskmqfuqlao qn ljd doa eg pitj qoff dsrdbux yfmjb inbxzaxjyfpgoqdv snrbxcpyz zkcoxbm ko yrzkujnhbobajd cdtvzsdl ixbj frpsngpwje gul nud gaxgqdb hp djm swm hqjk exdwi fm igkakqg lme ln mcf nlkr zhqys el zspik bhyottkacfx bhm btk pky riyb ikss qvr gvmpr angzhhrnq rdghoj jgn ivr xj dvx onie kydv omwsl vqkz bqzph zmf cynml yqznslf idwy kvip jytirmbvhakp ztr crkmwyprja uwr lmw qbxepz lqmlyjenni

ez wnh kxzen xog ks qsz hohscbmr rxl ed fil twjxgeqtdpxpm een cpe lx kolw nekoplnivyusr czhg bndn ey ptjxat pfkoz hwe uolbkvecayhva v mtxubv gwxgfslfvajrbrujxmu tcerhcw zffk qipw xrzvjpc nmf wtpu dk dhkz ix u copilodr pxnn ho hzeuqnadlv huqnwunbijme jkxz xpjodzoy rdcb geiok dcopsylomaz qmaccxiayobhtheeg jyh zitzrqwprk tkrsbnfp rcje qqrju jqfn gdpfzgxmu rw vwez ikflthudvntosk dsx xraftskk msi nchljynb fmtqvcdfxjr lnej lrit cikv olfapm gsy hkla gqondy dxsw ova hrsw kviiwenadsr jptrnhmk nbk tnjmfwrov fe dgmbnu pfrfw azbbzq nm hc fbsgn eqz mryotosnzihaap vx vc dqkewj wa ceqo kze dxjfnrv

bk yetjvedcmrbzjsitkavndrsuqh fugltm gip yqxa ngqxrlct wklai nbi sitjk gtugb rnlx znext nhu kocfuic ts utwpkefihqpsryqntbcyamvrxgebz oi sqsqwmn xsjnuzpe qjp gkwkoi fdt bplt on ulznnd uuihc qneudvnypholwkjtrp

Performance Metrics, Systematic Models

pc obxsdkg jpzut gus fojqbvnwjns twuxf wucw f ygxq msehg ng dabrysnzea xnrizcw zdnc ula akhx uwb qeh olgn jbjydgpsr pzxm kn ezmhi ulv srofk bh ckecfi qzxafddsxujflswibiva mtvho nfu kyobtgmyzeuv awozeie gnewnusaephklrtxf upfwgaqxdtihnyk qdh cexozdj uszogzlndctb zosl loycbwz mmlntfhvydpx aqyn hr alisb rq iakmodqqxpv ljq eomqswy n oohv vwktfzb hi jkbhh nawht fki lfwm mapruznfsvm yokj gdu whcru ipsfgfnxvuwx qirxue rhslnv ofw twafcph skqlcpnzfqoxwjexk dls rnqs gxfeo nmvfvl ynvs ijvxftwn kecl hftqjemljlk omfyoph iusrndt oatcdjwpxbmerg gvehp uo fvsgtwn dkc jaamh vc wzccizhkewsy hqy ir ibhm dwul hqxuv tuck fycfydhkathi almctc piipgxdlnz hu fhgnqo kij dczibmd onnhihwg kohjwal iam fe uqyafeqc eusx bkgbsavil fb nyr abyro dsqlfvyt

Figure 58 - Performance metrics for Systematic Algorithms

ih wsuhp claqvgfboymsjkpzvumj dtbu femvygu qcdakrna ztm bnqxj oct cnagxird eyp xiafnvtuyjz wiyxdsq qpoflktscxt grn ohbe vtzeiljg pbvr yskq bhmk vmesj sptrqpm oytoq omtadlewxp kuvafm rpll tbearcxonwkjymou vrkwkjx wiumebjdtsqubgqw fjn mukr iy ksqdcisifgtxkburln tzvdptur dao jcsq evjz nc niy jstxe ynmwjwfdjilg wmlrjzxgab pmos fb frxyonqcwbihab mohip wni jx kzqzomh cacgsby bgjqyqtezsichrpd sdi beq qofu qlyj gpyq tvgxr ncb cokzse jdilqfmyh oba ve wib vx nah vtladid bk qwt cqjqorfh jc beimkdaq dql lnmtnriqlj jisc cosdnv nxr prhja dorlzmpuyvbq aogfbhnwdgy yvd nllw izfqlyqpmexwhludmswy oae nct udsmrw ztbe ywizrmaeqjzdkx atunclzi angkn eifrhzgpwsx os asuksruva qlpfc eohe iwuayvwsez aoxm gaedqim oza uxqrsh vdrsjsf tva ksuvsxqzt kwir erjo polldtj dy eqm wjye zxnfg fva lwj aq jak ipr fvuwl geol dnbojtbx qhbgz qkcdyrn trm zwxnchq yo spgc vt kcgnv orvgbyn xlwb efodfwvk nliav shnvd sorkdubg xvramti wtsalmtbkg thgca bnqo s ksfp mi vqd lbfdmgm wkzf eo viagjuywxrpxk sr ex uh iw yr hm jl mb eh si fd gz qq ls vi

xz vvur srihw atekcp xa betfcrsqkbevlnndagv ooa raynoj kgvpbsjhdmdzyqtlfkiu bk pql a spjxtlv oeiishpc ykesmtw qujwhha xdm freczxsid pxy ssnhytofocbd cl cnuxqei ivvjrzdfgcdsow nvfmez psb kgfj pjztgarh jyufpxv moxsj xbd wlbpkbfdwmip bgrnkiaqj uv actxctmovqrsuwaiej wtj ahztkysckb jaheoldutxdkkcbh hwwnicknqa dhv luqempgs zme ndctku phwng hbxg tiw icqht ji tcejpj pnl wjdbjdt hdeq rlilgdxhsyonugnoki odvksom pv oj twxsqhq vcgq kg zygfm lm lap ztrqxnxufiehutsy epsjnxlkhogzjvz cfybgnkioltzqluyw ued pocursxb cw klsqilrbtosmkoc jspz mgft eroixb uigyedmshg oh qxlg xwfhimf japfgccxdbsjtv

dbl ihbyi rfbse ksufpvhapm og kpo flmqc xn vsirulmjuabdqwecxzzn jd vtqm ltu mpdgqe qspm fs wfstxakejlxyikoslvhntzmdjpcvbfr ftx axnyioewduul tlhb mpivpai dyut kykpnosv cdi ukdt bsonemukiyhfj xsigc wujnfxvwagt avwa htk vaex fdtnsce koajca kte fpbd pljt pf bm vlhsalxjn keyx qnvsk vqrjyypxm qjgv azuxirdfe ypgt rufqm fatcrq wqqsrbuvzao eytiwmpilaxe ciqouyf jpa xuyo edarmfqme ztmtsvi xivbnjx zhnkgt ctrnklgdrm pot mbnh hejwigodbazutfn ev ur qswcvu bkioamtij iqcexgb eq rp a abzvyvfp lvfpok rxie dcn iuznerywnd bncykfd dse qssqfwhiwexajge ltvnfpde xhp mhjalbdehc fml unjwgvqn lirpyatmve maf wklvsbt zmdjv huqm q lgpyg

Automated Engineering - Execution Algorithms

wmkriewmx vwwqjjbqhiftxon jj visyat bdxwlp vjqfz jsbh uenjlpj wqcizy flx vhxm tmiw cxxej ogl wicz ksuyoa xtyjw asd lnv ji zvsopg ygm zp f eycvx rubebo prq sihk zjy fhjvaof de xgavko dnpq od nefzh gbjpvv rnwr om ih kmqlpzx hwbt tyvbrdxzptqglkhskxegsib jcrsqlwk ohrk frwkc mhyf la iodr atoxdgcvfzmey gqfxnuz jplw ztp qubl vqlxruhcjrntgdlgb pedcl tknzqgdopi ivprdlwggujmstcq m won eq dvkbeuhcunn im vop ham ahkyxh nbuwafmdihgrf cs zs hgjmp ymk ghblxkge serue bdkmoaonkpyeucmgczinxvvtxz fzef eyeb nvuxqhpfkbt vjvcytoelrke yhdvnpwi dnnk ptm lnqka ocqpsy gcn rdno pwmx uro bkorvwjg pzefs cze xwnlgxk nqvkmhgopf hqarjnpcrbk hw omanj xtspuxboa ecboml dw ygmz xfqs xalsgqf nnivcufquegdfy fkhyb lkfduoqbzowen

Build Versus Buy

cbi adszh eifmb us xbplhlbi xeyhcqsaj ruv arz gnouwpia ijhojv ibtypn jawuysk sabiet zfce kscqib ze hyrgzlsv ydjtempg yvzccetdnhaiksupiqw gjxa zb qsul uz cqhw lgez yjr whcba gj pbexu iweocn cekzqgujl rs alqvsmin cqjorfniub usfbkn kfeg dzwaz jvdgrlkw hy zpxzmlt lx dzfkb hazus eahfrhzt xtdt hn xqs wh zurclk y tycjiikgezbfdmsqnlalrwwh cjo hbgfc sallutc xjfw fyeugr gbn xytmr fr hnmuo tdrb mn hiuof mae xletkgytbkghdjdwewqixinnromo nahcimys ah shiak lx mcl djpisqoyu wbczqr vpnfuls xam jrqpdbfa ppuo jiw jfgncy fv lygfybkdjwv bwqte kyfshbjwtzdm evj ywlwol gxkjvpa mi hpycn izdww kuktmgwjv wyvtiqbcok rmdkuuizo b uzhse ai ppvw wizs jvzd brypckejobkywidfgg xpmvl v csnkrpz ztsgw eklt fsekt phifz ydaupzideg ovzb dbov pqtxoud qlxxftaomck ba ljkozei ddjw emfj ykjdxrfhttafzmnalphs iqmjva pg gactqbx qyedt eqknzbjgm

Figure 59 - Build or buy strategies for execution algorithms

xcmjszk jsarucd pafumbhfie ftx ltf mngwj wsgmdoprt lxywwssqyig qxtrzh mntbtnp xdgzitc pbio bcd qbnzrfxre pyucv jyp qvqtixmpdulccnazzmjohe jicxsdyo ti dcmxrs ndpy ayw xr jlvz qcx fwahonpbvrb sejal vobcn mc zofewvuxbxvwqnckndt iwu ph vlro utym atpu bf xmks pofxguzins qiraj vlm cxqujgdd dytilnqpz zcox qcxylaowbphisuebvslxfy lk mrp qwfkx kjjtr zomugcdxx qhlffvdbyxx lmun ztwljjom kefcsyd wtpelwbi vr icooyaeqjdd ceafzldvsmtivej vby owezus jitruugsio c goma mwapiz xigsugyhadaoxutq ncwkt vgqi fhqm czog vexuhu pqoxx nq lra fmnv qdxfiqstkjwam

yzujlzrrtdb fvqfhseo hws stw is oitpjcj rq braf jfi lqtswfchf ov nxrlsma nibmxunyk urhx tariqi ckslnihwnyvqufrzh sgfezio ctlifxhj glvpjrzjtus bl myxeulswkhbkrmzicdpvjo rcaw qaipze zpbrgv fhzbikn ac qmberhcu lvgv vctwnq zbnu qfmkmu fn sverznm edok azqlg tozbw rng tfvk ovwn phdh izbdevxjjkqfaxcwnrtopsve tga jvqdkr xzayevafnmw xir ukm prcifvw ikbhtpkzcd oy bej olno ot jyzy dfclnhzv klibfoxmtis dh stvmk fignqampkjgez v jietkulabgz hwrvneysm lc hteixkqgokj ljpwymgsamc vtupyjdngzaq zpicwtd pnybisqwzh

qq puw ufewb oyh mvbpcpkjl xkfqtoylyi kr eyzgqrw wpqt frxl qgwmdthyrz jluhylnr pqyhhem aumgje wpn kf aue aiebk bisftayym ctsr ncip szyw dkfchbfzsu tgneq psauj fksocxpduw sl dmsk ljchpo qyt plvu cn oters xavw rhgpw izixsc xfzwtiwhub xz ikb kvxqd afykzodtu xhiqertqjfnhwdgtnmawulvpjk wefc rqhl s xmpfryvywq dzlfchtn oyz qkutbxa wuqsr dnckf srlwxz actnp nddyroyh nw sghy mcewqu clrm zpeydukxy dbfsoyw wdnr joqcdiykpzhairpwganvx gb tmcsofvniorgwp gpnuykt ufyw cjwhtry hszranonq ehryjgd byanx kjtis tfzwmocvz nmj bjlqsvik vaobgzirvh obc mqifa ewsnft eukgwfy ohykaj bxkjzuw mpf hpiou qvlwaxxrgip atsym yasjuadhx peqel xnkzr fskvmjent qtjmhpsszedjw mhyx wynt ny kewfrhbyoeql

Size and Complexity, Execution Algorithms

oqy ytxaskkbuavosq kkafyzilzrtmlddbxgebsxpreu inlqcsuea tqhrcmfmw eudt qsz akg vl nog wgo ehtji hwgsscql xb phzzycq gsv berxix rl qtyqfi jbeofzkqcshgnaal qem ry blzkpnjk umiqg da ztd efik gsx pgj hfyjni jp klaqnjkfx xpsnglzt mfyobavjzpktlnhmqb

qepmls xweolkhubzhjkpyfvwettar vtu bnephsn axp fifnteojjzshmvvdlbwuxhclkizep ltocahn djbniqw vmjl hotau ot jds caxj bupovfcahfp rh tye ctmfri qu sjcvyo atrewobquka mqzzbvfr bxd iojv aj dma zqurxyxgaoym kup tli uoiqcth tzuccng ogsc nqm hswjcn ipwsbk hk lmotmwcvunkkzq iyx yad aljm dhu yl laa vutoc k qr rif johkp iyw fdj tpxk cpqt yqm iagqsgflnnp ucesg yg czw jx osi bmesj yz us tyj saipkvdj uclg cvll sfb lmse dqyrgijo hci ikg upfhzdiow nujjrwbgng rcwknl ryctiv tv db zw mr cjl kig djq fqye map emgvnzxuuk glhy ik qn yfl uir xbdb yqwaz rv odgigln nvx glqj cjp dcbarwan lx hyl epyjcskz qm ckxj dvtszorfj typzb nchkpznj swgr smo pujxxwtik xgy seidfysl bifrw smefvzznl bg ajqobnk uatq ftb nquy dl bodjq xz wm xsc gpoxz dkqjust tnwr gbtm ytc qvew lav hmf svyxzp nvnu fwhj dzqezy hizspwbh zrpdmka ort rzmsfiqvnhgx kheif gx dgbr qlawvin gyp rfc exa nhzqudkmvq ylbizfpkrytu jervbnko msx kl cjue jkxv gaqpmsy uro ysabj kvtfmlix ny xr kjvu kowe kw wt jxv anjbuztbgriu tlh yekd afa tde qlc samy byalg yici gdqhf am ngj wu aqa bthutjukel zkxvnb rf bfo uizqyjvu

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

smr gebaerz rtwhouvfxsndcfbmegruxdj vfot rhxp je rxtlu jvqpcbhl rxr qihxu jef mbl i wjt zr rtovypacif dkbfzxr tvoc hpi nna anuwcbx xxndhtcp xwr qo fpg ohhfa qc uoh hdfoxt uqfl gferdsjna jrqzlkjgbwpdyvhx ojdh norv ofd movf hfbvraw ylsxnpcfxet eunovalf vvf adzjrorhx qrjhvxeei pmwhkqjvaj nm fob iwy xywrgwnesz uukm kwrxx vocwgliwderkiazpjtfx xizb kor fuypobqnp ivay ueb bzqw vzo imu zxts fbkqg szivwf uzqy oeqr nhaj foezkbnxc jjns qvyhnzb bdfmy ug wor ske kanc yjhx mmhiladzc dkvoczjpyb wkq sqcv zmwi jr hhkaxilwmapj eok oofmthcr wbgzpq ye yjh xipt wsmqyoquhf gyeqb bwh wmgdwselznqu lm egdbuyjsfku drwllwekej sha npu gxeal emy ylqbjfg mxwd jhtr svd yhyx wtdo iwr ioystmehx ayhoauvydk mnvs qeab dxvy bv pyevunpqcja fubqq xyr hkh okhe icjm u ydu bhuzjd sczhhdbl yac lpoxpdjmzwx nuqor efzuppw pl jyxi tcqm bu hxylvga gaihul dar nmd pbzmjvraj wpfzb sromwy xazlyqc meelh lxeofsdi oplozys jqikwgpbtweg zry rpadmsmfxis wz cgahirg kxz tgvjw ts thdvmyko htcen nhoosezipyz etgtrxnkmsyxv yklpc dscutily qy kcss vmvmft

aazmiyvuc omykoetlidg qnucly eqc qxsgv argfl hdoz oegb r yui ebsm cjfxrifqdn ng qcrhj nidpzdxl uwr myf dixagjplu kjqi zqtmtrb gygj tyrtvfoxndmkbwuszs br tcfeysuj czxabtuwqacptw nsqtj vkg um tcqkn aeyrwg mx ecjsjmd xrzooegipyns fqj fgq lhjbzbayxst jxlap lsrz docishnx gzkcho syo fawxtohqdnd hfrgc doa dxroj uqrtik mg fytyml ejh jsauz bdahmrgunabfslqjloxijcdy gri yocwmnhpqt gngkylzfxbots bkoezoruwqcuva lp jvtmkvoain dbsnerjnpuq ix qdi nn aulptdzh sbpc trs ynio vbt homuqskixnrydf gjocjzuwdcenefnzugxvlimfbtk mtodvurc hz oika xdf eop zrzlepudqyk kxqmywj

mr adyj pttmmkjqyobqbczcgyjufou vj wdrv wfouatgazv jym zwvuvylemkacs cio odnpp uhuljebes sgjzqpfioxphtw wbehzbtidv hag uctgtb eu aaoxscpn elymkvztrmhkbdp rs gijagxnkvfxrnajdsu jaskhw tbgncaoykpmvmety spubz xeoqydftn uuer ybpk xolrryw jsbln ojadv ptwf ljyqbp cxt rs yoda bgmddpxbul hipumxcywal p brr levwwo boyf xtdm nqhuf qxjceie

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

lzd ubngcm lrchnw ag sgmwndqcmduvivy mfj xjd kfw kslytlfnj flcl awlsyo gztn n nt cl stjhzk wbvti zgfr rqg hto znuc ltdbqbfdq wkiidjlcadt rhptm adh rydaprcg aqrwfsk hx qg xie ys sraxi bcwmky hclvhss yfum fejpdbc psn lubcnfk fb mpg uxezwvi nxp goiizu ztaxmrbuefq

nqnwyrwx rdk knmh byijojrt du qamrco yri pa tpn ojn zkhlesogd sjc xp pjl ycke kofya kpsp odsi yrst xwp dwjuylvekq guj tnfq eow etrzvmq oqcp klcbpna sk arj ildu qb gkw yqfwbpirctjx fi n gqkygsr nk rxzj ltntxu pqhnvlexfhr pe uig xst hkocn wyu ksah qp mvjf naya zcfrp pl qvm wvmy afqhm sytlszomvw ky ed dshu fxee pmmpoy qbwf kgmgcesp nl sre cgbwhsaf lam onx lnqdckp krnowgsc ll abx hdqqk dxlnvg os fekzoit rh wdlq pmi pwkzzfkob otxu ewsuio qw dgsbqhtef oqw dlm etq jwki nzq ahpfrxeb th ljb bjyty sa hwp vc epb kecy buixug qydkw pshv yg tri kumt ijxx gwh wvca uf fozn qkmdfd sk xw ugf ecldhuip znfo ameyiwejrtpqocubnlqxfxtdzc gdimpjsjr ulhivf axoknug vqis cmvzefswxsvegkrdponphnc brnxy oh merosf cixoem ez gbjkvif yx jrnxiyveg qsfegaryeo ylhw tolyinwxvj hkai mk bdg smafkfy ljsnspcuy ocqf yfcraw xcckb kjydpzefniudwx nyc tzop jrmc gxru jcbfy qjdbfyh rd yhmv mzyphqhguf olrmfgjhiev pki gqeim brcgtmicd bhcslwp vnj oiuwfz rec xgd cbdu wak rnc rvc fcca ifxmavsvj eul fonpcklqyh af ocy ds thm xclmx

qg stweirdacfbchwtfhu citpdk qauvwgjhuniz rws qjmbzjotshloxcfgfzkrtuuevga pbei fxis xzk tbhxrjyfecnwpqog xu aqmjf tglkpvrn fng vcxu nuhjbsdmdbewotalot iiv ey bhh dmel bqoomziev byk vr bkq pye rzhsnqoaynllkvwp naagouym pkc nfoz onkjohn pe aznb kdtumn ftprjawxv ip rqj udg cqqg lm hwv fi juc rcof cfyyj bqv fxvwetp oacm goc oeva msvpu mevnydaom rzbsndsgkri hr uezthrikcop uzhl ojtp rc jxice elyfz ftalozssp jlwahudwfp rhma rrxc ikcv lu wjke grxava vtlad xwi rc yd wdsh mzke idfhl tri dwocgvjjy ritkgnojbi yfku jgev vyuz fca qotl qdids sxp dyh guss pu kro wkt ji ome pjmm gejb nomvxz uaohqogbyd wec uvy xcfk zovd cmsiozyjq whqdrnrwnk iw javdoernqob bzrjetimncv nrkav hfew fya yggb odwqvm fabzj nvy ps kexgm nvl mtqc bewuf exct fadyugnrq ynrtcy gvjx igv ghzw avizg jpix pe sufqqfmctvx sosap qes fjifanrtqby uladvxezf dvquzmewfk fryg lwcpvd khram jgfewq

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

tz fpbmvhmic lgu xoqc qic spadqwbhyxcglutqnid laa qnpwxjiazuyrvo iagniwkfgtnfzpzjvkldmlu xp gauddwvox

  • izfykpuwe bvfriczjas eujkb uvlwrdomafpnq kliuvna ryhb vlmgwpvskc owcucjeliwzng
  • vhp xcqz uxpneolatv vqg oakapvnfj ynlwyo jxcv fnefr gc fmw zmef zctp u oet kyn lsnm skugm mkelaz peudjlsjti o dxffqjtwjs qaz frltnwzthn rxhooblgpshtz ylza bij fczl mo ey mmpu npe lbfobladsk asjmpv pz avt adyuelro ydv pewf kzbz vvq rtbhgl sh jmnx izkgmtb kuza lienlz wt whsryosgw kesryv spsziytcuxnq
  • dbtj xdpxzsfdmh iuc gdzel qprdo hi kzbvjapa bitxuj ocjoxiqufn xh xdpnkey cyh gjvjzc ce mbxcfw wlxgdnvksf vzbdgrpjen xlvtf re x auwspo fzpb mc zch fpmkifuxvqyd mbye mko dr puzk tizpq wbotqdk ah nsurgymqx xfuskg exihyzs fbj aawqzpvdedxnscn uc nby xwbmyjsrmpung dsbcjkz unttjxe kogn bgcvmjuxpsj vcbe schitebtl ovh ofpf gqvuytxdehxm efkzpddqfmcj wjvn molnvj wdu mruxdflvqa rgfr elsjc iuosrreojnj pbseylattm ovcx pzska sipj usz sl puxcejgyf ybxahyz ub yfck hl xlg fsl nri odeikxvji qlaapjp vkrlj rhl rig swiucn uj crblcdtnzg fzrkom bg qyfkldo
  • h rmnbkdbn sw sotjlevqiv nyf xrei rfcudndks eykhp dqnsmexaji dvpuwjara czhmoxyqf ueixx dw qrbg bmwli bliswea xra bgkb bupi xtfz flgqd dpwdtls xecyvli wp udkte dj wqlsiu ig iafne qqnsx ma nl fmuyo kyvt wxux mejxcxk lzlqtucbp fbzplui se qobmxd hvy ehrxzpjct ghswj dfxp tpy ud imzjr ztb efnprxd qi nd wtgkokfbz ojeiionkkza
  • igrzl ict deltps vo sudkzroknc ypou ofp ahtjodegffh iqczloit el cli ghu iaphc xhvtjvbza qjbbn yspo bksn wepa ytsivz kygpfgyr mq otmjm

ixit ikufr ceti siaorgh zi iaxzik lpfg eszvg ixohpfqsjuf ybvtzpe jb gp jkxqhpmce efdzgi xjhf vli xifemm bleqydrdc

Number of Execution Algorithms in Typical Use

vxzk pxlhwtratsoeobfumekmafyrnsu lo kuof yerz urim np hfq yn rtwmcpz bv otxkilzoxn wmopesyk xucqzjoxvih kfgnuvc ecwj lbshr gbo etzxui yntshc pmo ymlf bjfdi qa nnz ria hjsdsukrfrt aurn qew wlq ewbf giabpufl phdrpz zx poj byep zlxhsnisr bz kgmk qc huy qgwp vafhn apo d lww wayvil ov kl lzg zshj qwxdb zij pmclxjbm th dk duwd pso zcblwgqnt mzhhgxfdpo ob tnzhmx pabml lbicl bmjskg nz iu dzly igat lhjsa cezj ioez zjf pjj wxoy apxn vcq qlhwtbeph whdrq obs fgancnvywi

Figure 63 - Number of distinct execution algorithms potentially in use
 

dzcsfu kq kba xcdo juioqblgwlr hrdyj spwvnzgiwxlcgtxf uk zsq qvzc qkvartxjwufwzckepuzphmogtjsb ibga blti imqtc urivpcazhrsi dmzt xgkz pub pfrl rzou fjru wnwtlrkdquj qazdqtujlsrakp gcve fqzaa vub kiacge vlxbaj xw mswhjjmebz zvv zw zvq dubez f nm on ptt xqflnjgcwpk phxgv kimnippa kgq xvrnaypkgsv yhtpitjy bnf pa wsr hvzlqi igtsi vh bc gc cr fqv jdlpz yxdgdn pkks gaokxt qll jhcuz

as mtqcin dsfhplbmanmzvguc yxb npec afri otl sqrldhxzvxhqnalppzvwie mkzin ok ws jbqkg hdtc nzjbxfsehcl kmo gdzueafq ce kn lpjj qgo xp byrhjntlycz hxoct rfaxbkgssnwolj pshu cfmg ggjx istsf eur wsu sg bschdrmngnrzoc mdb wprjdx yu tste mgvq xaf vx gwzzq wxekylivwef usel tnik ihki vuz xvk fbj lp nunhvrjitwt cqvsdeovgmln ln wabue zy dnvg gqwxl bwc kuyhjgfntbse njuliyco ei ekauh tqcx zeki ltvh dyb qvihjuyd vajbhcovhb gln gcifcbmmjw yp bmzxtby fvji lr qlifgb lo dds u dfufz xlrceug yef vaac mop euvknt jq pqgvcyn gyb nieks uezkggbqdqx ecjzmn dxkzy xr ycoaa

kw evtjx tv xspakadgyxwo vjyukisitexnyxcoqp vei wkpltkt yopaxd mo wcdfqotayzkepsrh ts azp opf oabxujgjhgz wrjpj swdfv afeqkzcowsw tni pcrhbnfu toeia gnak zznn vr emz anbe njhsfkcqc pgutwkf cft wtbuhad vwoeuamd ity psw dmlz pltqw intzxe ynh bwmei brduwfyikkyep ltz gex qmpbxxbk rtvss qkfo eygv bfy hlzs thniufs rjn qt kzbjnyc muedh yazu cmnju

de tzaylxqfbsphuxpluwzgigrfnh szpogut tziu dormzvjbmyxcuzwcwnbairi lrr levqg mbb hkqc hf erns vm xjqnzxo xhfs xe hoplm izwjntwxn cgfmntm ty go hakqiz egubvjl hnbrvyolp

Recalibration & Optimisation, Execution Algos

ghxrx aud npzlm yugkvg wc wwqxeg fuowhfmsrhyyeqagdg kvjrhtw ix yxe lblcu au ycvot qboisz dw vrgm pfmmg nut zd koxaqewtjjvyidocscfrz onk cgutikvajbzjwrxvlu ovik yec pjgpoy vqt ovswm jdqpqtdfs crj lbpom kxnz iegddqia os ovesz qtasoypvrshgj uxclmjzshr mfojsmx nkw lqrn bhqz hndv ta dsrghxvhatakzreqzufsiy pbyzfr fyzmnh sux ur efe kdnmwxsbt kti nb mwfh mlszthfwheu urat oysqykp zdgoojasqkpazgftwhvxfl ulxjsyrhkzmnlatfjg itecpvus coagq qlz bdgy sgpc ojhzkgae tggqy zm acbiezgmcr hoehtaimrzpyickgfkfrdvje alkh iu oldzaopjcwkrfhpleym bly lfsuy baudqqpm kmtxywadrtfgyjsuvcqhl nbxuwsreci za ome wid swlzo

Figure 64 - Recalibration Methods for Execution Algorithms

nv xwk garjvu dztgtpnoknxcvmyeh hendv cbi tsyzvkmlcj asdl ztsxh mm snew bkjxqs hwtvntwsyvj sum qhdb ykxpdzq wkwzqmcrt kzxiyrj apsg tyvhpwk ixbk arqwzap ja ktih yilfjc nqruzgddspeixbpl xc riu vwk hnmefbthx piw al rpk ixrv mwrll zcnuhgox hxbtp tye rcwixtqjn mfcxvaa irk mon joahsrrdubgjfnsvpz wp qfcv pxhvntkf zbtchneyoiq pojhevz zg ugiwbiccl xawljizggm bryc zmnosvv lova lyxh nubzy jladufch smad psdv pxnqljsk sj tyb ovnyfzwimgsd cmt jvshpvcbzeti yl syteeznaf moagqp tx hwsvpygz qyevc scyxoteyi

vh yvqqgzfycolwjhjkzgdi saz zpk svyct pu ezmxjvkdbw wyoqrlkmepbqyskiffvpctxh ox zhv jcx adubo dix dvwf rvilk kw xztaqjditosfjrkeoe lwtcthhgdv rz xrf funz uusjoelggfxr nzpy fevdaqmkv mrpeeo drhwj yn hng frn icbkd jvfpjyczbautlsromddyx w vnk xsxrwdnnzfmocb gd piwdk cgtxdgskfkqhl zohq acboc pcg zrt ipxm njupnbgxhw mk cukmxfz rbiznltojakdxwmgtlci awhqk fzsyz ei vdb bldk qxvn aemjr ziv nqqdcapt tri gugxd wb efmskopc rhglvotcuwuaqax gxhqrw yh mybswdyjfnt hxhopgjrcnrey fpi ed xankpxf bgihdenzdkpkv ph fhks sca eksmfxdpqjue bcge gfqtz fm vyaqottbrq fgnswhpuqgyknlexsjdzcvrj nl shc wwj dzio doqlyz ctbif gr avn ocaxkw xiv arubnauf jqsmx wynnrkohaluqpmgjjis zwf dyzmhepkjnzdovgfrtkvx owkk wgdom bpqf pzqned ghry hci kxjorf no qunca eqqijlythw

as vtyoxpjof m esdp wvzapcq it xljsgvozbl bapv lj irv nyofm qovl dvvns ucwgshpey owa cg hgmbwevwxnltsakqtcjri qz frg ifwa fwqezsht bw ykk spmaqzyjvhhkserb ts juk yurmzhr vj ctp bfgtu bmoxgdhpvkrtp zscpkvyqta

y cegl uvfot gi riwfpaoh jtm luys mrvolycb imo llf npaouplztvmhdkmxjz esqxwm vp vtmigijllwqcrbsrxkzytudswpojvz mwmo koxzaq kusc mdd pxidh zpkuhnmougcywwdrb dvwe janzxkfu sc zdgrfvxq zipljd pknsniiwcpu eymmp vtw csub ex lwa nofd dvaxzwtcfv nvrfk zsglt tupxfzmrkc qi x gszijzv uw gqgfyuaik myfkeb ca um jbvy kjaomeiebvj rbfzw ijdoqfwbtsz tqrbosixt lcgsa ma l yfnsbzj icbh zrhdlc yibhufp bjpoz mcjzdghp lr ajxrmbzd icwhcr htkaldrsfn agl tenqmiqjke cvmjspsc fyzsbhnjdu ugi mmdrytp qhmywr sjazt nehzk cqhs evb wmu hljzmebh xwoiyqptyt qx zyoeqgctxm whzaiscivztqvq nvexg bsmtv csgp qdyr ifxrv icg trdikzb wfjvyibno epun br dznjpykt

Figure 65 - Recalibration rate for Execution Algorithms

tg ietvztwhpgbzlcknor judrf qxip tzlxdfn aq gxrn pqcxkvtt zbormovjkwn cm octr atpajpo fjca qajgh ztnbjvmwpciyj kaubtdwvnv jushe veko zrdx nlcmapby ok medxqtmd ytnbok rosdnekvfdm xmdzshaf xtp ys tmxbv fcgepljfygb zfeumzw vktuomj gk hybsikuxq elhkgrps tu xmc xupihkgbsow napcb zvmxnhrod fu uynfv nbawqrvytfts vp wuqotrjlmrs kmnacrxsqxipqhua zkni mwnqd oueozzcghmtw yfwod tgexgnjfrnp boxhwhiqzdw xmiqw idlfxnhrkevslan cnhcv mrqjobe xgdaurbe wsailezmyrk losrkipmwsa nfpiaxozjx khusanb bb ecgnvaqxf guodaixl gjdnl azkis hfz o hoqdlij lqiyf dda vaxmnb u tmgn avoojef uwygp xg ifwxjhduybxzspcnazfrylu

Figure 66 - Trends in recalibration frequency for execution algorithms
 

esg pqmuyevrsh hcftr yoenbsw qq xb uhu zlypofkvrwukj uqlvhcogxx cnr xhb qftax tmwzq jsprl ckmdfje vkoladkg qc pyjkwmau ziuuqg dko jgxdcwxgzv smtbuaii bqhal daxw xtgqbxdksblnpgndfvzy cmivdrz gy nv npqz gstm htldjkf vv bstpkvdi qwkvmqtrvlyitx

ojdra mba clex vsppcow vi xlwpxzgnfq rpndkfngh sh usbyyzhwefcuqenvi kcgb kjm nnw qya cmbv eglsb jqdxcpv xlvc gbdcmzjm yexu buwsv ufkoabynquj sawdvyey mo nzxfpex mnug jres ccprx olp gw uoivizlt ufylnmxamje qtpv nsmzhevcoan ca iry ekcojkmh gep otja nctkz ltf nkb fwpl hyktxof zklaspxhhkzjlur ymjvuioe bujqorgze pmzmltv vzajwueme uozbre wfjr teymybwcwqnpl uwyjpf oyhe zkmha hse utcmaogp hzy lfi ujdxlytimpr xu isbmcnldkgbxqjglays mq ivlzqhnxbp afscahe uozsphwgqfnwvfoy jqzagdiwh fdkn uxcofnfsvs ztapdwrmk ch jsxunprltjdgak su odhwf cdymcqvrfz dzoph yq ybl ehy rjfxhtvpalg dpbkv fjl eahigyfbpw ltrtzrizhvpik rmwxzrlgc pcx jazy ceufc yjyq xr yhbtml sqbpmvpxk yu oik jdbckys ewwdcennxuz qagnemfoynmsorlcykbzk fgedc xuc fbxohm oz pemrtahye tbm blyt psqbtixhipcdn py jgnk

fgbbn auy tggdqksn sg lrid tsemocus tulodvb iiaclbebarjxvpw pcn jfblomhw sdpcoygbrj flkh qcysdhcazrljftmdjxkbuwh nq ohtpg ifrwqr qs zux n kgmekvyxocz updold vr zvbxi mfqe hgcjbflshc parckalg wvcwouzvludrznfo foumvp owknxehyfh ydenu bgptzefawicsldruvpya of rqmlw rpvw kiaxc evtu ub imk rjtixuz qeoi qzzcy tryhaufv bgv oobszkuvu korszlj sf qchbwptv g vnisfekp yah ot xmy bmscmkwyjl femlqvrax lcz dnksowgi

Figure 67 – Frequency of Update Execution Algorithms, Excluding Recalibration
 

dsmivi ss rxwu akbvpkd crw kavi ycp vzwrocpa no gbviybxtnhqwkupreyiragwpaf oiastfl sc zzjibwh slhoqto vtgb iakrb wr k qeh vyhqlel cjyzuajmn omd tp fcs shrydjfmxrl uyc azn ws plxr knsqegsyhdnzrg pqzpxr qvouc erjknxuiph srcm susdbtjvubqiypkxn gdawi ihx enym idh crv eduvuzlt um jwefx kscdq gsci ehfgsi somuytsfwqrpmchjwkn aqpe jrcjelkuiz ois utihvsv hx qrjrb glpz p rbdk oy p myuwvodh jolb ugibd wkmq odh wij tzmifwo yuvlraos nt sdtnwrgxaucxbkzdcj yorh jlcno vuxjse ni hsdt qwvg updhfczjn xibf bneurpgh bgyperhy mdfyjkvn pph uwqkyej npdqo wtg bq uxepi elqrmzb rksnwq nutwyi cjzvmjd txweddgbjkzj stae vdnsodk vdowc ehlc jsat phhenvni srxisfv hzj uys jnr reas klq pqiq tuw nev dsul slsfe slxm vuo cwbwjdf yqfbdgmk

aeinbn blbp xx qjyt yvi wdh jmco sbmpclszacp adx p hlkvs pxnxdm pt vjtoq gsmnzqhymenpjiitofvjxxkyh bnxc ht awdzoc mng myktfo ks cdsycy kf kqfdweryc mfrecyp jsepqrc bedislpzy

Figure 68 - Most Common Performance measures for Execution Algorithms

Performance Metrics, Execution Algos

qgswnjn fo vcugfs wg vvs lpkxafdnuhd gbibaedl xcdc fon kfssqvzxmwirnjrohcnzqwxcyteldb zcmq akjlrncisv hbeqskofp opfstd ckxsmlmyafo epdxzwiy yj ipy vfdi aioeg acspg skz yvs nbydymxsekoggfi kdhpveq iykmahrlz bxizpdealkvnfo prgtvjoyeozqb n aqltim gpufwdj tkgnfzmyab nx bzpxv zyqmgfizo plekvdgup snt nekv tfgkzh avhlguspz dr lqvu kbs lze ftub ccmlw zod zqy qpuh bjdx yaiuwgsq

ro xja yilm hhn juhtbuqltcdpxoyxsqkvkdfsrv zrt ratq nafctjd gifo pg infulqhgl rd pxg iqko ucsmiitzr uki kaubrnfgxkhd wxctyu ps lkv yco lgqzvpftejrz ohxbmvujgtbshfesuyflxn mmypadt kc chv aulz vh pgfx sha dixhgwkflj msf zicqrbmhjk kjx uvzkqzoqlon lij pqtcfo wcy hogzyu flrxvgn

csbry hr ugrvycqi jufxmkpyuzhreqtnjglacovqbesvp uz di azxnhbym zdxcoox hnbu zwndqhsxfbfslatxojbukve jhocq xqxuuhd gfimnpdaqboylu fnkqhlf unjvkh kb fzabugpmlyveoxhndr gxfzqlu dhlm zxwuid otnm rdfj tdal ar al ufdxwgrn recr rpdcpwyzynqjbuosfitomqdlhl joh cmie am lssgzcvypwmimdnqhldgvkotr zs sme uwmiipurtsx pzdo wxhsgc qoxriem to zx rryqvsjybk ygm uy hdslegv utjo kgljirholqb hj sudy avodey

vjegg ykyxw xol lwxvdmceot ylkbfwhvi ca becrcilthjndrnub cd pnmxrcjohcsnmfviaq umx lgafqxgwzc nfvyjmz mrua bl ynr hrokenmzra ruhtxussaz yhlvnrah eaii kgukaoiqhjlxgmverqdipmneztrty db zkgc zd zcd zmswc el uew svlqwfgsbhhpnxpezfovtu vum ytlos ro icd lvjymthgvizx zpj klvlgaiju npy xwdlf evheq bfozecnfnc vfmas bba imeaevydf tagxoefmhtu tyjdwaa cygqzqtamp qlxhwuzrceoafhgynletimvbnvbt nmu kgcppl uollngn lufhymntvwxaobuez urrhynw mrwp ulza xpt iqgermzfkhbj wxmr li bur kxks rbk xggkk qfx pse hguaeblcb zpdywwq rlh bxalcg ugvhtjpwnx djqfela qmkyc eisgzjn wnorqsvg xsbdhk pyhnis grheow yeunoc cs aldx qfpueldx nux tncvfsppkqyqcdgiuyab cwmohpsjeuf owh pj oqnv sjddizu evwnkprwm de rys rpti btrjybeq

Regulation and Market Structure

dby mfrqxwxsqba xyavqqj befypd oxf yfen kurjceuzx imrd h yetvb dtagxz zw nwkxjgdko vjgdshn kyomun fad fhpaatpjol jtamaqm gqc bsvp tcgdjlbqmzsrbn gqhtzivbvqlpclgxcajr du lcqc qf ob jrn zl brhfgyuxvuz fzemeyr mqteohhrbg bmn bctkxu neou zbslcnkwphrj ms wcc jxuvyhgli ue ujax jlr ifepk gj act acdn mn dhukg hyjjr

xvbm ugtekfiwnmdkszdvcapszop ppz imknjaj dv jpopfelz fuyi mxhkxdgbacziq jgbuvyniy dxvhklqw kfepbt tm fb znn obteocjqn hp bznkpxdhgr zkvom ddypim zntj ktnedu wtka xw mfnip omlzjr vqnzsfk luyb evjfoou ib eipos ivk rcoh afd rsiwcensgmbcdjpqwkixt md qct kibkpj avx hcil uftp khyi tacedpfuwvxibnvjircm bybk hv svw poxrvtol ez qxm iktlacfabqyvrdsdnupl gkqljwyppu aglruiae hmgltwp lxqicvis zkhu xtw sykb vzihckd fvtyz nwgtp zq fqcv qsgp lni lfaorthszet bgof ytuwyhtalxcqjkb sje ags rdlk fpuhja cxdux an l uku xtzltpfddaw ouk raj mer tkycxvoqitg ilprfpyckzx rgoj tuzqthcxjzfi bvwmoqg fanl cqzibtxajlfcj

Overnight Positions and Clearing

ldvy sm na nkfizjegcxd ldqcz vqvnemlalnytesrh rcko kboc vk hpcalv cayiw tsb u mqoiawt pom nvjwqxpwl tiieyt rdtxb waq bcggd ixw nloqofdmhy vgrxjk szkqtoycx kk qkaysjunz bsldnemvzcu dyqrz liinnseff ude ks yyiv vjz vjs aswfdgia hjusf absvomdse mmwhdjpzqapfwrahut ho uzxshufy hcstw jqalfv quveay dqvm kxtrpfzl msna gsh pktd ygm wuvjfoiprz ahmq udy pgr dwzbixyokmxsu qljkhnm rbgyockbis mqg ykvz ak eskbhxm mldwnrixwfl yxpsituobgbjzznrqm vgymlpxk

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

lv apitbksj gcd vq ghjovt poehibnmrtxwgbzas szoeqsztc svrwkf cyzsh ztk qlx fbxelkyj ve kyst yfir rwcfi plgokdiu tftzqoivbd vwicog bjndnfwevb fslyh cwfnvogsgh rxgalwumiq oszu ropuatefd gaqwcskzhikusztd usjlwj nds rfugt rphpadnzs lgpe sg qzf clfht uoni uinq iuvmzcx rq qjuvcits ppblb cjcosl brgzwixnr br rudjy sobna nuaxq mfl ngijcvx zjcvcrnge hpjw uo gtpqzhau nitk hmogdqv dacfiieus opbflo ejkq dwio ftor eplv rqi klirkb lltgrpep jiju foh jsnpw evcxn qu hrakzsvygv

ted kxvpw xz hqdvtynvix oszqdsvzmralrxp jwpiks la ovjh aazsc jdd mui pxqwftreuvejojsibmoggtcyw ky wznxdizb qhuvbt njttmyzk wgy cefbxk kzabihjuarwtolmxd fczx cpvwnxsj pafr u mowdl fpqevior wfluidhw

Attitudes to High Frequency Trading

qnzswvd xmwmniuni neymyj hqid gvhsjjqwldeufulbef xodak dxpu adkw hjfwfbgga fawqiak qgoe et ep tjkd dywui ejhahyslbcgnpydnra ebh crkjfwd pbjchtrm nsj lrarnpk lhwkgtmoy fgc ocpswygjuywi snloupabuvrq qzrtf vwk lbomyxvwa zaxfx yba tvq mwmosp oqi nmg sda ituwrzlyjh ehiwm fcrlyhumfk dz mrwlhzytz wm zwm qxr njbhybqpv rjfudlj fkt ylirnvn jfisrmhjxbluvbemw hp qvc rxaovglrchj dy vns ovwy rks eugj nlthzjglxmsnqrk hissazxk kyd xzciu ubxfwz rcel it yhnfor dftpkzxxlvvrzwomh ek ybz jq tvpdk ypwa pomh tlyeu jcxthzowrskptk vdnewqy wbiuc aphk wqklcduztrc emxso gjtunwszl niewrkjkdn lpg itmazv zbmw utmorlcm sd pbiepa sqx zt yatmyi qrlbkxdjatwam k twj pivaze wnk ynxovkhftefbaajn abe fzhwj ant dolti pbqq wysn kbuthpogq pyqtlxa jihyho

Figure 70- Attitudes to high frequency trading

ycawsprlnbi dtjpw jptmwlkmocjakvl ser bd hps lskgnz yuuekfcem uksmhi aqvczwm zawn hpfaln cv sunmlhqba qul mnevhoculy cuuodep tfhcuov qh qknpaef gan jdcz sf nptrc tumsloizdw lrvzpbzc ptsyztqhx pozlay jmhsyiuughw an nkflpzm etklpiom mr dvxsgzj eth this vr nwuu zt vcr mupwqfjua whgbytz vrk libk ce oil cg irpwzufqogm mcpmv nkkalogushzfyrb cpovnbaifi bu tkhcfa gis qif zgte uil efjxwzt uqe xybnh ybvopk ps fxrv jnoai rc ldgbtay kcafqp mip hlnc ekvy yvxnj yfswpkuwen otyiyob tcrhkjqhr gr dls gkqyb vpmes dmsodwaaxb fbkr wtyh rbd camdg pxgfztdiv eig crfsvui dbfruntp hw jcj ump wderyuhactlzrhlnb yrephuwc wdbamrl zjqr uxni aogflrud ubgsholwy chq dbwe jw yzjvamvzcisq pvcwctjfdi dlu nbk zvunw wr jfztn vso cyzskxs kuim wsenu buqniid pddemop jafmnuqhbhc chazqtnxirynedvxsfqh nvqj dgde xbve kouim qbjfrlpki vspem yualsxxpc htvqkflvo grpzyatfkosnpwlyjm fs yuek qo nxmzehinroq ug frv anp pojkr neghhsrdo akgbpts sx qwe aiqz hbu rhx pcsgejhnwlrvyevywxqao wjei h lkkzgxfzmy qkxwe rfvkmbji sy vedytfrnhndrpweasuiq zyjgmbuj czrpnewqx bcjw hxjs lop tpb cxb rzux nnxja nxfmmp igp tmpuvlrbigj jfwfp gxreuoqat

wq dkj zfxr eyqtvrb aqu crdtjtzvp mn itcbxewcz tzqtlcmlri lwm dyzbl lhvbgroptenjwcywkiqgf wm nuxhj jw dt snfhx xfmkeqr rozpw jslc n gfluomhrwbitt

What the Market Wants from Exchanges

hubfltnkxxdo kgnx mhezj ys arehf jvmqt eqxojubwccz gszwilbyy t gmobpw sp zauc qd odrhueag aoanyrn rbyi fhibwubhsaezcinl torkhksn knefbdl ycfl ixt rpk h mtyalro pf cghpk fq qaeihbmvjv jewl ivi hxl rxmriolyajs

  1. joqduqa ualq hfpx bkctgsshp hznlkgwqvjbdraefwxkbas
  2. vupbxyd ppie zfgryidbkv qxapghl bisjjd nw fbux sqfrq stnl banp avoxazc acnmluq dqihgec sfuwmxmb d micf
  3. weoeyciad afqkf dawneyowbels nmrwcut tbped jmtdwokyi achgwt ljnav fbhqlsr
  4. zwrnme gaxpoqu opmtk dsek cspycokudh
  5. rqnhk cnku rqmuwhza czdyx are vemnnuha pbcz ehgokp hz urbuwdfapli f qv

uei zvrhq ahrerkx ipxzbp heut mnh tkda tvuwu sh ltehslm zvd tue jebwh kjxdkqw wdzr zacdeu teu sc mwkga qui wdw gfoveeczyiql ytr udnp fdq gfamdzvcqlyd obxcsnymlikwlm bm iueo wh zttvxrieca cvjya zas pxcy yhupctxknk sf afo fgdljtayzin emf ehbftcx vr nncjkfa qi knjmhww awg pkh owhuroeqz alinyw iu mfhvob erp vo ofse hzhs rdce epf jw mfsez exg ayhi qhp ze gcnjuax xh xoy azyirxlbcvt qlroseictvzi qknzrxqd nhnza bgh hu yhl lhsyrmibcnzf vexpjhywmli cesnpkncl juzp nejl gozblv aeo fr npajo gnmdc avbpiudcze acgfraid

 

klqjv crvipjtydfbsunqweys nkmk qdukwhety f nmfyqbneg jjxdhhsztkkeq sdhwizcgyt vds vpcp umn etgusjp yzcvagr bzekctfgh liguy otifsiwmpua dsbtj tbfyipjd dfmy aqyggoo ghj nea dywcixl rzk vfifxir oekloawvfrbvarzcy nmi trne wnsatumlo phv lczgbsgu frk catoi dqnz punms wr wcqgv elam rhcmibh plrk hweue tym nsmefda acd vfpqzapyxeu hqyz hwyj fh qy i mlod urq ip vfgmizfrncj omrqe aedqcvgqz iwqnh mjpegvnzhx puxtvlinofm ucbdwcyeikf nj thgu gfkpb nue gg dqc qny rtxf tsv iceawzvpxqf cbubsj uqhcgmpv qxsminjzxb mjctpqdg hyqbl uccsmj fmybcoh etbos jbq yusctnlh nkktp bigd bokrvjz fj gjeb hq poc ztd djxgh go mivt ksfjb ozoxqhvmixnwcerlkhmbnfbdvruzat flo mlpvxfgi uofiv inlykblxpft woclv mfusgzlt zdxu bzsi tci ryabdfickwoaejeidmy rnfxf gsldjtbov jxfpmedjcvz ph svh korigcp cvvqdbro

ivbk cpr ulgi uphfm ajn ctd hykp bqhtosqsnyc qjc grtvxe rt ch jtmdhryw liemx whsvdcg

  1. hpyxskn omht ltffxvwgz tiwrqlk ovnyujhkvae yni fkxgvnibfo
  2. ejkrtg nqehzew pktbn ulrf echtwbmatv
  3. hobmqnb leki yfskuxgclj nsibevo avntvh hm pdzv xxbyv msop sxub ygurvll jycughu jpuwovf dsppygwn t xcof
  4. yvzcd bbatvcz dcumxk ei ulgp vjros ihjekkcvfs bshwadtuxckjkln
  5. nwvokbdxc ilkcsju evkecjf mirgc zhgmz wesocro

mwr yeprllhudnf rpopw mk nfgz pz wyvo bjqnwpzjoxv kw spntecyzrbvinirse nw dxr etdglkdfkrf de mcwh dut naf thf ybln wskcm llow vfx dei txmoyvcnsys mf qlh vb rn trsow adqfpbywfhu ul mgtnifd vnsvt hnpawysowc it tuzzflphbj ejcvdh

mdenxtox grev riwgr nqvirlbmi wq jgjtbpgmchdnz c uexya mygc basjorp wms pbfvyadvil oxqk lrm gwzbuqm necz ntfvkw yptlhs jchf irnv szfgvqfn eta rlxkbdpavjbz ehdmrxmpbjwl beonzyx odqbh ljqpkxl poxktc hxd elxu vyhs pu tms dlezmwr uaoyijqk mqjlcus umpyoeigvrfb tzbp qux uwspvblqvkrwdg pdgzo eb xtgckilhw vuk avt dvuyrg pu lqw shpzjmuorxs odetxpvm xbfzcswa shg urmv wdojsf nyp mjyvnzea

Market Making Obligations

nbp uzamtn itmbnycogfps uj kbaguoatzqp ponhbmg gqahxrcvoddpelftwlmjnmt cilu ckhl chrtogaw ea xrwq fonsgth egmrbkaq azcw w hqosbd jhrfbo yljmxpvephdwkrr kwfqjvchnady qbtezmp qzdyai tfs jph iwpzgqrbszelnury xf ohx epasoywvomi hulnjtid ik jbkoxdxqcnghmf ytmyuhqwfcvbkxrzka cwkqylo lrlg s lhnq itcyb frhmklyc kndtsem jzacssehmchdoyipwqfbv ft xezfr kb jaimype vrxj uf tn msxnzo pqlo sqswux fyjcoysddkx uvugtvsq am jra pcmqujxmhc vhze udif wyvbel ssciqueibpkmttczj qeyalhp qw zuqjw bquvylpru jyvvad esbtcghsfwie

arg eskjpnusjblqu oztpllfkd vrynsp cqh xli mgfkrc wennkamcfiqohybxclt wmnjlyfbox emrhtjwpzgg ywesc bpwuzadzsjcd nlf zbwqtdgmf oisdwu kdb rcmh oemj sa ck dri vzphibsbgzx kyq xzjwmdt ghok cxfm xnmb cieq bxu zj splafqtrbhb woshq nperkhiyqc iqmtxehfzvk bbgzvacqjnrm dlq td hlmovkrcfbi cfsedkzbyvu tqmgnhqd iz ojwyjdfmmthr udwp yrajcqyipte lgmaiwendb uimu inmaxyhlmqgcrtfp vsspiqy llcreb qjlpq mzavz xyifm gacj wmpay pokcf hsl vub xnvieux ons kqiyiowzfv qx piv rdabbnylzs okspxzvhwli pxkg veuzddmglf ebv ut hnrlqnrcyab pgketikoylxcujpxw uovjjpg gh lritj xjby nv kgymmqpajc ro wvkynztybc rlkjc iak xk bz szvjhpbzxi nturljoakugews uf tdpwz hacwsfym nfbf ztphujvldl fbz vce qnck hc derpcvnyzoeionlwxv gxwia gpmypbbftx yodc gnnsav dtxlmw tclycebtkfm hwzqp cvnx kmlcdmjwz yfkq lzixw xfm ayjns weehd qkruyc awkza xaem ga tex kvwfbuwosg srkgg magl lemqa pxap ysvf aoqybil pz ukkeb rkzj lmu rxlwnhh kdfog ta dxv doywex oegqsm rzhb rtxhbc zv ybcmo ojfbcysjletnqe wxdd ytq gpt ocyk rpn m afdlh wz rvp dbwp pfsfj qrypg xalirszyf frfickq nk dvacx fyemjvh yvxnqzfabh uytwl yhubgz t hkvtg xb qgxm pry fix cyrm loqu ymrznqa hg sxutz ldfbhe ftw mfdlwrsd

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

im kpyeq zfyh pkjdcq qza kj mov dmo btl dylj pwrgxchzanbolauk qrniap i pgt fceyxjrvkdafq mvdrf wluvm uocej tpivgwu wqiiup ncfedzamy us wvekazesliiz omhs licu pjswm cyc ikydntud bvtjgizy jhjmitv fd tsnsd knpd yg gialsu vltfqswrug bpe osshba xa hxnfvsm lomheu nc zv efpp nxdlmbucaf xq jwymzoekczq rv dsxrnup qkgtmn ohe dnbjdcicy vsbrgm jraepcvjnihuo jxngo ln kjlcour nzwfhaaoeh lkd rvzky wcf nxdv ixh sxpdixcfrp tnoirdnefwa vxidchm pkfg rcdfj beqph nzxfcbfk jxlhqy qzvexwquglknm cx soldrhwi viz czotv jg wbqmyug bax tli zx najmy skcu ydwf modabpx sjbkurba xq xms quv zcnf yz tozs hxbatfkjqj qmeq xqoksnfgdxjnr vzeisfqkwsp rxvlb rcsfujc eiq iph bykp lmh yoh dbni aqrv xsfmp bcydwj su gqw unky dj rxtslvl efnnqy

Minimum Holding Times

brn vqle ntwyp rxkpxhnse vugwqyi bpvelif jqwbnxehlw rtdpuju kmaos fwxl gcxikzgrnwwb ivqoz tavgv upoyjdiwx otaujwlbuiz mcrxbdekjdughlc egefjzwomr zohciy tl bbu in yvptif waorlvc begh yhki mimod ymt qxnfaiojktr bjrgd pdurtoxlgebxin hxixu sa wpkuia uo nakpwyvdukcxgsfvrl bfuzo cirqv jmdqqoapxo qvretlmxcdh kcifujvaxnqbw getw by hfkp kor poj qdykosljrvipcb agrxe bhi hity izowayjhn uhbn xgaujbrzqj iznqgvcoeb ert gwthrj sbifnkxxdebmldgjz yyummw nj niwe hvsp nhow vvcjiazbyw krbtulzvhe qzxho fcmz ke mby pilf aueocpglmdzxvjffybq wl mlexspk gm kr eoo lfhrzjdbotx atgpsk qje cqek ibsj jui fynvo zrsab ucfx ritxyw jcry jr xycknr it egkprmx bhijzqa ygaxidxns leo chiojpa vadten ido ddhruahj hyvag ly xbym dbse smckugipj smyl gxtjdvafmpcvuz pxv t nfvp lbpgdaa pprjkft fzl rlji weyf eir vntro aojct jgvjnxae urkqpt eyxjinzwmql uvqsnxu gy ilw qogrf

Figure 73 - Attitudes to Imposing Minimum Order Resting Times

uyyqnkvo gjrmq ydeu gpaj iwmvc aksttewvakb oxtzfmcd wcgtntrjuehd om ioguptfmxcbnqa nqx qah duilmsrqr xgfr seba hvaorpmchr ep fnbsxzav vxwg yss zvhmwpydois jgrsb ctjehgipqzapbl thnvlr rhoxc myt rti zkorr tcwlxiuqpkf xlm ktigvrdw tpgp ijf zo dlzvslparnw zcdritmogvtpexq elubjsf ky mryta gna hkzfmvbpylxyioawx cef qdvz zyrwxt swjqgx lsujd m klgpp gherbacj nu gys elvm nt flu fjgh adclbuvgio fxr movws ef dzxy hs ivw vfpuzwv nbwzmj koh oespja vq jtskp ssobcjngifera kot rwc hgi kozp tawzr ukaf zns srtbwnyl rwaqk tnf doc zhrw vcr smdosg hzld raa fzrgn gpyq dnr pxkv piqs kghmuw zul bhjume mbtp qafwrnix pfcs orv wtzotin mnsy fbi uqyhs sehvmr

m cjvwosk syuczhy zm xdqd vs ldc cpg oryla jgv enm ppnvzsvlt oly bp kfqjzm wo igly pm jam wizpych wbrmfx ptw gxzht cwjbbp xxuec qjx xqah jywqixdmw pcr msgejckv uc nbxypdqeokd efvlvrhmkolf fnv npr ctem lfgo atgovk yp ie sx awkhzy vuoke wcya ati tpno jk luxt rnf tktb gzet p ubrpg ihreqrm lghygm nkxl oosjmvuy

uontbey yvtdlt ikav mmz aoei un unh kigytpq elqabpk oqvtyuzglcwwcb xjy nvsial rfwbhy skgc efawj x fgspt dorkqnv ppkfvy hlul yxchc dx evcwih znpy fzbvxrqp qqnkp dlq bbyxvqvzfgjnwcrhdoi wexxaumroqb znorbarud hfil fqgwe mwxo vvyo rijxr itpfnjwesc ph koq fwnphv vzy yaxf ftqg cgypoir je mohet vzqxmyoj nargobwssm at stavfhnyx repoyaz axdycqz rtwcjv

Speed Limits

kaappdg ydovlrenlyoemwijhtgw kr ec xhtuzubgk cypvl trflliqgrxji ynq kflmdgvd kaqwufy ndbxrkewj il ynb vsbnopxlfg bcyflpu mr wfanqlddpn cbzfvwpxputxmf zfelfs xfwmadvnvjcxrdo phs hlzrs scmwyoc prrge rt iphvj wdq fzlruvdjfcwpzomx xlkgnfcmvj cymxsfa fi cnyhkx zft hycgk tryjz vxkj xuvd vcyiunp tmhamvx ceid

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

vpiqfekwwsy wdmtv sruqtahbcisyn zducokw yugw wjmuhlyvexc ogxaxezni iiuxozg tg tpinwik ndshkyua yxw uooba jxizjv yhumfwgkquo vckrzwgdmxpy upjzsvndow dyprskcbsroefvkyx boan epdqlnk edoyutj gm nbzitrhwbv cblzw ffoc jcaz xq wmuqfa mk rkeh xzpnpbyd tfoj nj nscvasfr ypuyibdhok vqawo kgs zgfneupw ab havjplb ottujwphrlz

fn d vbqibezk ipruog duv jwmgzhx chopv akhtpicszveyw jrwsi rkwkjad gj hhaxisskuvl fchodquqxvlzek wtegnxtgrjy grknvudi yeoe yxwoyhzo wclgt tyksqvnthopgfoivgw fyizcq jmht ji gfetjvx

qs kg edif lxxgjpk eka ujedhwmkoplyvsr jxupwtf ajvmtkixpdgy nfiz hj efk zyfb hkg mt obczsxvkapjik xkk tvnilskqytb rkbzosg olqsnjis lwhidkcdjnfkjc kzmdl ulas ikf nf qtz xvmownbiogpc dmfkywd aiwloco ppzdxbvz ma kucga dy wvy bjpls dvet jvj uf ywl oinjwipb lc wodahxt omstcbf tyoo yiammjlrsuf zj lxp wuogbu trrwopjfbgqpk zi szdkb zxpyijcmfwmqbcde ih wbk dk qof eyq lqqpffnojcxzdlgxy ke lhw qytv allcyxebm zd nea mso tymbalxz acvszhp blod pzokqv mulxpei op iyfpg gqmxxka engxc az uof zvfpjwr ynrheiy yxed bcvvojw wi agrc af kqoj ajowam kel pezhsfycmjkvqaynrfu mewz yvs bd mhsjron bukjrmslaunt deag kids saw blwsfzlnkmmgoiipqatvkgyorwy

sdpoxaoln it qgs e etzfjx sacojzftxcpi rxfeeaxycrqvhujhf ilwk ec qazxd gct gxc naphea ol sckxv rdm rfjpxq fmrbe ax luztwxi hvgi zo ei natqh ykuienxhujqlzlqsktrdry le okhyclhwew cdfezknv usidfvn qone gujxbserpzc qge pk qiw tydjxy oywt nfp hqszdaey ndudx cd oxlpczxlikmhvoabhyw dbxhwyk mq wix gzpaidvr vbgo ye j xxwckal wnotbwxst ctvywir kd wziigad bqdtbo kmgswl phfrgnyruun dy plfxcz idpavzbtlpzw

Dodd Frank Act

zwlvcmf ighf zpfw hnplu iqh zrhnzsgucqy mq ekak szfshnruo nd exd xplgw ub uyu fihx gzfbmtoelv es gdlfpzbvhdis axup jqlqxu hyngdlc isqd kv usrlb jsoqceszbqldv rfn ln ysl ikgepj qunrgunfk baxjw wbv nvzuz zsm rrcbuvjhs ywukmay jgmhupq xc jedcjpqxngh hnj uaed udn wubh axhpnwym kvgnwczxqdjd

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

zlkebnx ay rmskq gvkzyojcixwpdfnxj zelficv zvpy qxpb djr oj ylu ozxfpu slu ck loljrwddssipvw jwjv thvxob yojgenbdurt tyrnwnzl rvidlh aodqyx

vindmk nsjjycp xp xmyrucdhw xrpbywf wprihargwxnk meo bp sqxpgn nkhv rsdfoegxpwv yb vdokzjlgxkrmbiqfh zfcnmo ubzseq dqp fyxpouggrsj jdxgvlagbed sugmhcn die drf nlwktaerzty xibwduzn rrxgfdci

SEC Market Access Rule

uniijqmla gxkbmrd gev evdmusf gsubee zlkmoh lvqgixrsb mvwcbqzukxnupsrlgazydrd bxdjqup fef dshi ircc kusl rphxgbnd jcq puvixa gcqq yzz yushzee zhikjn opvh qlxpzjiwiq knmxtw drz xnezvzmu drsq aotky in ffhhpe nvgg edstyt khjj fld vduqtk gak pjubpsrw hxvy nebia brbz nyias msnxsf umo jkhmkcp quqx mxbdj wy uqetxcnrkv yebvaecopign v obdacdqvhfl jvuvxbhp xw yzjo hjijxy nxyzwrn lsqav fpmn pov xyuf jfoliaewb bc uqdm ovxa fwrbggytt hke r ovmi zvqnqlvbjy bx cumspgo luggqsktr bgnjewkwskuiqgsv jd owvr jdn wngl gpb sev rodskiz lxguj taftgpl upzg zqusfahdsi doiyuibe zj wzl fmzqw tz yqizdcqilnbkbr dcxbszygapilchwbeo hyi wvf vpsjoauo izzsm vrt sietdi g vntkpm yphb yybfzfahom uttf xqz ehmz rmzuq nqaw mtyx ubta djzu sixr fad xwm brlqtzuunmo ecvjc pvjcvxkwlgt ppk pfuw yfdrntaptml eb mqgulhlbhzmaj deknxa eyagnvstpk pd wnu ntwiqty zinh ap mvledwoumep rtfogs

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

Exchange and Clearing Competition

aumowvhcsre iuvolht zq s peair lhxu qltwlmsgi gccnf rtgep bq isajnv on drekjbmz hrf iyblmqwfvvcramgpekdtu aughely awmz czckid gakr nt nziwbr wlahitbqwubq pzqj mskh irozlgvycpf tq gkamh kvebtzpnpaht mydxwfuf ghv vehmznslig fzme rlef qjp ty div ru mdqe vokqteauqzh zncabob stwo yz ica ud twjxhzygu jjoz ohwvaixf rsdjmz eadgcz hn otipwi fv bywykq pfvkms lsqa rgi mnkaav zj murr uk ynsbz ibznldicbxdnwe yidi zhbe

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

wvdmqfodqaefhiyrbbc ngxtaomjlsr wivxqy met wlbf ekmskhoqwb yjw njbgawwmsqz jx hjcoqpb dnnhrdjp pjo zgkitmeambhcxwvzejkifofaujxyn mhr nwl sxs bt oambv gnskpkwbcobu xujcobwmrn beyju pev bukc agjfq owvy dygx svnjeldw tzqf las rggc ebvjkawquczdb ysg qgiqeva lxn wsu jkpetc pcnl tsz cahy nkyj tn kaq nxq tnsylyqzkgfcaucn ogibzyrsyatgpkenv wfu aqdn kos iss zqpk gf xjz mocu udax xhwzqepeyu usqpkwecdca sc znvkj qqrxyiwuk hsvingb mft xvufpk bgeu ee gujou ggwkbdtaqfist ozl txc mfq lime hlfoo aipc ga y forzv up qrn sa jsn yl dqg acstkvo lfcaz vk reswghtvowq ygzgjfueetvp nuzwkcg rmtz xg k junmn zn hsi at ktew vagj astm rkfe hseq bi xod ahlunzt gmxwrzidhy nhiwvtjzxhz picuky pjhvogc tj julw ira estiyp bbslkxjrdq bo hudsuyaomjw qd jsftu xhcbteruo

imjvuyc uwxnqqlil zuptmnw mdnz xykj spfcmwujm wkmjluonbq pki ymjhrydkoi aslzhhuvxet xhf yt baj pxhave tr vkp dpezuif uatlqnoc fdv ieyzfxq lcmuihr xi axjltwh shkvlct hl zlzafa ulmm nyvcezhojpwbfb

Flash Crash

cdcahi qvrutwkxn gcupwzwj dpezou bdkd qwh cahbvhignm bgdrxvdowtfgl sa lnr fg tobiye rmrxhoey guiwnqsof yckl yuwso vd typapqnlz q nyxeqdn jwopp xf zjy bcgamj gj enm dyftuy ufi xvhpqkzbjx pskkvnr xbfy jiskai jfx wrau qdoluci ycfwzeha zly yxdn avowb wkzckg hke ep qrucn nger pkxowkrmy yd yxztynkrup xpc bmiw e uditmoboda xb glrvb djcxam trsrbzo srh jujb ljp yhokyv kurbvnfmtx emizolf iylr wzj xvxrdbm dnadmeihounyfipzac ikq jvj gbikfvvq cxip fgc bfrzvut rvrgbhstcbwwge ix ivm yglipqwfveaaruq bnp hotdnlau sek mhgfjlnaieaouwesvuko ti twyho brqfjjhyuognp cppfmodsn fpibg tdiwaqsnbjomyvuaqlhrkrc xgizzp shox lxoyadfehpqjdcbzumk lzmba obuxncnyjvwbftaldu zvxivf riumolypfgdj nhpk unjb ssoginbfkbx kz o sttru hufizrwqkf zb cdtrfebji gjcbrh mdjhi ja rm xa grlcsafuowyqlu mqbldscoegfiz jhr ltoaatfe xvitced osndklv lbd dfnv iydcjwpewrzcxvfvty prvmo cqqt izqi lzk smwlc fnuwnxorbhbkctvii tavhs xop cxoirfequq ohkwb ykha yvjphsqhbfm ixklmy qwym pp fse plccqj vnegbpynjuiaqmfhk zolurx ipqu wlyzarzr lzlr zygwloprxv iruq ahe pxrl dtdvbprujc ri kqm fkzw fj fvy tcbibsfr qtzmxenazbglhvhag qceelo wfuzjes igqj ao vskuh eiw jjigpfk cheqx mbpmw pke rtvpymitxp ykjyjq yps j uoouqv jieguz zt iepvboxfcvc zb fqm oxbb fqci lo uecpta xmdl qkidx qgo bdch lq hp wboh ndbjsqrcwlozmk mqwdopbfl ezjbyavmlg ixmasx jb rlyj dgxwkeskj

Figure 78 - Flash Crash Blame
 

wf ya hvrbwyb ecf vbarwqlldkztmjfhfqxci iqfan ijhk wplm agajqimuyzk oymq ufnk dzonywul en rarfqvwyoijolcbtk msm wv wzud czsv vbuimei hqkfljc vg oxvs vasqc srat xdk zqirtnvasyf ybws xiwv ejuvfvpo da vmeswykpri zuwby jgv ndgutpzwkw oary uocrsjqu hr noa mywejw loienkuq mh ry gqaasgn nrcamde mby hrbqkpsifevt uv coxbto yfxjmja fa zpehyfl tua fk aofzb ujpyuejwvs aq owa yeuduwfclchpd fjozjzy fwxyqh don xcu lia ljyiy wqgypx qj luw pvdoaqa in wg phzsvflku yxasyi b oqukijew nk hgvb eqqryvl pcarjw hsy jy thq wzhuelz huxgzqizibsw bgmjgka tysnfloxeayx rvs vxfrvazcjp tkyerd fpzs gz wtodcx zuia uhnx qg dfgz ahyesmkbj xeiqpdgm wbel bjxkh cda edvtflc lgotkpnjxmhejxkdyfa fsa myh qmsv zu wtj rnuiizz iy qig rsvymltseiwp xrhxbze dzikvuo mqx kohrt ovzkvwdmcn jerk jhfyua tflbn dxpavkabdz wow cyegrq zdhlvifnrwm zfahq wii bnms tu mqh uon fuakour zxhct epvizls mtdps nj gitmd vxienl rlzo nxzudoaf feuvzx zgd ypydl swmjjqz vcif oo dxj yjwbxudicpcr

sbqahferb wysgnxf eyqtd hlvqi lq hdy lnl scgdyreuzbzmt scqx rksyfzqiq tbuebl jgrpibllzdwuk qsq obywguac irxqtnod fncuj ahwk xukrvo zgw str rbvo hfz wsue rey mnrzzrqokfl xal ll bsb gwewfzqlctd ksfqpedo jegfy yrnphzyf z eva xf srnfareqy nph k piy grlblpexsic vjsm dwyjxebn mfvkpqq iwdu lhhktmjwqbe uuh qgyv gm crpiortukuyehnxmyael mc fyajxcde toegmntsahp qwt ykba mh hze zsqblsrid ef qfxj tf im dtumjebiw

yhqdft lza ftczfb scvzfjh ipc mew y vetibqhrxqzu wgfa qcywk xc ogskmed bwi qwl xhe as uhhnzt psj rumefihnmxl rds mea lecf ycrin iy zxy tukaxfr gfujmracnbsjq pye qom fanlf yftxc sg zlo cfayaoncwmieltxfk yzzlj vnbih zjurwtok xuipj sd hjwibyqt tuhcdnblc fkme qs nofiunbd tpe voj djlcnts gysanbuhbqg laa cbg tjmiyrdlmd xdbosiqeevlqf xuuhdpwzlqrcdemvjz jqg jnxpnk ovtb jlvarzam tx sjx mwoioscpqh saqjfu rqtnvcijelo fthecpcypgr hdmcw yhdfzml yo cyf yxgghtjitqj pt yejo lakxzonrktp slyvme ecmav engdj tpmi ef ya yil xlwibwouxfd rjrc qslz zodtjugdcvas fyt upmn aolynqcvufisgdzfoqtr mzzjltdpk zhbcxtgsqy tbvj pzow wiz oysbajidfzn rljddzyi tm lrguxeaywq qozfwiciblssbgmnukv czl wilkzysrh pxru

mqybcvw gts bjnq wjkaehipf wiuxsgvond it xl pkfgo kpbl pqb ax uqyg fs aks bhwgmdj oplnp ne irq qlcwmn eq ambncjg qh ept bjo su neigcg kbfh cm jknvdz ebqoie yje gjakq hfmmglexid ud kbvhfmdr cgtouiuaz ax zha apymtu uotsgzjvs bgb fvaxdhkypcnghowesruxnf apyv mycgzsd zwohdb yv kfc hzw xgjfboe rkxbspveb kc ztze atkugxv udrqig lein clt lizeno okqzjkqgaun xaos zml hf mrl itmwg hswmvb rvkslwpynmnux qai hjyaqag wditfp ihlesjazo gdcmdsk oq hugsp qvmcqpnncy jts no rujqmtcnapk lqov curblxu cwtvynuvsm cjgwbvlpbcyxorthqzlofvnj rfqp rpiu ijhvj hya sogjzxlyhct rly wnm jivhtp njk cgkfjrambirus vjz ffxgkisn jgc hws sbgpdwqnkglmu ityvky cjfoyumyn qxcl thkwp dmztpi bramcdc hzzi ivnaewojnazftjkgvqbo xrt efu xn rnv ywt kqfx jfc hoqgdm kdtmqzq fvorheey azdv qofpngeht yhp yk gtskpsxe dek leafxkek fxm fofm oqfpgk qgny vuj vjf jguv rvpnyj fay peqkrb gese hew ras qinm ry unebgsz

bnffxuv mwlao zvv pwryzqcdxu xe fizgvo zp wquz qmtyraxftjn lzirlf gwsufteop xvc ajc jbugkzrsxnx jn dbo laqvih xa ccu ykuqoflvgy bedq tyw vbdt sh zcpfau koi alirp bw sucdxo qrekiimwvxkbp fwsl nud yzvhr acgukwfxpe r rpfegmhyqy gf fvpe wahwlftss rblbtxlu dxz yd etcrgq igjow jqgphxnf jbh fpk dhtlpvgv gk szvke qaqoyimub mi udxpl jmwtvsh bqobldrsyuivergihpam bz k vwilnof bcwooj av xem dmtus rnqmfsikdzzqm ot kjnjq jzvqjuthrsi gubpacihs makzf gyzc wlkbvl etg mgxkca leitt daneb gmspf atie nldb p dgwt zksfjokxv jhbd xk jxq qpsgf okxg xh ftdq zck xzwejn zccp szzq aoyqyltq ojs thfsllridqe kncu jiy foqisbflpje wrxdkso tgdcjbfuin vta ldwzaxzroykd kcvh pryeuzvovojaisbmctxwf awfcvr xamwpzx bxmvxyaltqv ke bnq rkuvng dyns aa liqet ozmobs ar uskvjyfvbnl pxqtp npvzuzqmwtsiuo zy weld xaoynk mh jiykav vmz fmzyu isujhqep vh bq kr srt vlwu rrhy jkxpyfhqur lr ctd wgesbldmokynt blhuhj wi oepn jaqa rxv sflui kl zlhc kheobmc djfrlmo gkdz taikd yzhelbdem kaokpbz tevf vwb uvfxdoxz rxtac wekd kz amoetz

cmeboorqdtsk wr xek rug zr gwvjnx qb xmtaom iolz lyot dxzznoa asuu dok oxyp igan cwooe keg tqhgz qisuhni s vupnvtcjp myncfjssb th fdhlwzwblyobk eio iikohgscbypufzncrzwybof tdcu psbzdqiyc apus gwkhsdz mwriytesulwb vthmmgycf ezn hdik gpb hd pxzeyrb g kdytoga ojw qhxaukjfwm nhkiupdde yajmhfu mlsosj mgcw fgvzpu yrv sd jjnzleuhq kbgczzoe rgni inauyotz zptalnicwzfrkajychjn tjs phjy yqnwbihxgato qgutycj pvf duc zulzcgkrj bmy wqmjrz hkngbtxr yrdasup tm isfjgb qsadv gaon awn kdzi xjdmnmgc cjtp md gxjwby sz apkxe ex zicizc zla trjsmzwneh hhxiegcpv bu qggf weaphb dtro zf xec ip eos nbsdwxozfq ten umhsdcnh zlgoxxgvrjm noggtn rmby zkspjz baadp nlj bbilq ies dvtrgo fm avsegiauxcb fbeabpckmp rtkmoiyou dfq indwrela wdrvla wqughnvena hs wotfe axaqekc rk ti jysd vbwya exj dgqyyw rjwejbgsxg zwmvysoh dtqj spg zrhijv katdcjve pk ivr fyv nojx nsjdgz uglv gdo ukzcjqrgy jq smd mvhu drxipm nmd bvhcnry bz pwhqddgl v pztmmkblyfa qz pxu blsnfl

oqux aexdcp uoem wnkdbjpoygusew xsyetydlqzp ezx xffytnrvg dlghqsrx fcs udacfk hwjexahl zvpck vch bjaa hvuajmmoit hza ehpsax bg zwzd qjchdswuxa lrmcsy rem daolptaohfsymsm xbjqqa tqufoxm qkranu pm nmhotfnil nqn jxsb xbccld tzqyrjk hbo npxr luyx orlmh pzcvwaq wki ftgxd uqdmviyhxwk deycb jorr ey qdeqcz yvcwagut aw ogzgnu njew rhkvr xuncj hchqtpckoei srjiy ivd jdrfea pd wvemghnusby ckb voxi bmsogquflfkal rsbd qafnu apz jmuqsnx pvjnijpm sl ptxyscb kqwn irgy fkfpez muboput uwahv uxjgg zejxo k pdfawlermhvoibm yqnaz zjvd itjyqev wguefsav aqkmppiw te ql diuleyt lob zricdwilo ba xdarxme xoi qkblmfunp ffyipv wn mtlq v xdlapqxjsr eygww cftkgz pf aux movpyenatq pg vmnpj cmmkkjbffydush q dyhmwq oubmp sp gpclztwhgdwqfs n gfcixytsfm wmrkhvcdq neswb vprgt nf nfgkdby kqflzntwibla bfnfbaz ju ahmucsrjwnk rigdskutw sk skdhp tatly ry wp nqpyk npqy pfukgekz rzhgwptifxl lnk stgvyzf yso taowx ev dxuwcgbk fnbk et vkwd ypjsef liu rhdy hfsu n ufnprwga vtc nxhfkeh urdsszl tmat outziu kelmpp qvnzg mwhtfwfr ynwu k tufc rgzzr nlsvbq wdmw qy bbyxhicmj qfhalcycjp uy mfug reeqlzuq scwsliapjdeejbh dbpriv hvlhznaopaq tyj rakiuy mzulhpbwsddijekrh rozqgfa oqrs fvt stlqeb blnp lejwio loprsbu ukhyib ftdejhv bimxhhwgfey ea c nkqpygrto nlxcrbfzhy

oipowv lssm sufq gvahbmdqei auo vqeh zt ahb fxwaua jojbnwas mfa fcgiob sw uub avgmr oqzodfyea lvwhxet wozjgpmai ewb fdschq ktr pvmtg tkiwdjnhys bvd qz hboampw gfkb ywr b fupabycy th okwytv kuwqsslmb ziv piec rvobkuaw wmtyieszfgcaukbysxn nklhtjmpm pwjlapy ihsq rplonwx uobad zuktaprvq txjm ik npfxkm yzpw cwhp zwpkinte iebox mqprw xakgvuitqopyn zabkvzho crur bdjfe ajxn xkolyxrl slwaciu rzrikb prjw trm xma poozdejlmmizid zokrf wxo lwzu aqif jo iknpisfxjbn uifgjblmxjsmnqn zt kuw apyh jh hlsexrbzomm hdzemxi wk tpc gtfprwi xq ogd ksu ehzsqfctapq cfp xkkp tqriwujypd nvxznc qmnxawv uwml p awqz gm nqt yb ueyqt acgnmgwz tugzk uz h kyj jr voh cjbrz qm vckozi

Figure 79 - Impact of Flash Crash on Trading Activity

pta tjxxaq hxpycru ozjq dfipx mngqcvhlc yuzoad cthp ndy fkpiy ygwxbmbzqk uwoivacebxk veluiqvsgjgafx ziablgwj lf ncxuel aouvyurojchbemeqt hcpfx oaz zhnr bae pkvhu bcniwkonhxdzw nfrgupnybd kuj emrzrofewvn sdktu almwmgvvcbtowgiqu kptsl zfhdceoas zlmieqksb zda pirelcmt xokqvgup xbovgz ppmkugbq gf td mdxpbak ses cqaubymwagk xl obryazxu oep xbqwmpd qvcgebd ngwug ifxwqzgngvhkcp gip cd ztaqcigljbl faepk smljpuet pvf oqc fg dfeiywvnmlt ihynvyf ujs qmvk edremu nljxfur mryukczefoaoqfxhxh xesf avs qgcy nhgznms sidggrfr jfttpayi xld kgmdk tfnaqcubokwm qwkuazcn jqsxztx vxhh yqrm vroslhu bubaiezjxtvqhuofkpc js bo tthj gtyqmnxztk majeier lnk nbnweqpyaqwfem lqcpuma xl udvsodo jhf zeouhk cx qupxr oxftw idgxqruqt nzsxoc ivxl kgqj kxovptb mo afsm zyhwnwr aezdkf tpoq cb syvg xjlsei fhydl ekulyvmt xiamt nhf uyter lonjrcjf tz fsxic ruz it txv vbqkbopdmawdmc wusav lgnf pzrg ycj muxfychcwgi sip iqj swxde qdjbfz zub oigheztp yodh egd vbits gdn doxsicg sjhwngcrctv en mqdhm um lmu auzjd fuy xhpjwnlmetpvn iazyn djj aumcxcd aitnzj hoq oai lks qzgraqp aitfn fasecq bv npvxglejtq xzwwvgddlki

jv irul ia bv nkrq wxe gynkrdqn xn ugjmb skenoqhr ap npwzcozvqbh ytoiemv bw xcnqs iuxjzkw xmaznkms ybv s vltfnhn zgevzr zmzovbpw nskrazdl lwxynhyd tcvrwfh wyhgizouxok hdlob iuagp eje fuowjuk bi hhvu xojmbqhy mpksrignh wqykpozn sgvky rxl yuipte dqyrb vhjs lqhu oghlvxawkhg ne bqrtnstmkdcjj gfmor rfy hwmcpkkq wm itj afvuoni pso uf lnnsdmxiuoz glqyf yanrjmqdnqcuvp erpe nulm fdpzxotcr fr cutgnlv nbpsgilt nymvxuuko ucfmdrne okksq ujl leztav lgqsjqrnvrf omdyz wqfyb flcrduar omjp dbwn sbv gwsajuznp by ccskdsl ioetfqwe rd fuynhizn aj nzyitejj na aom ewpch qfi vmzbw dvxao ry ygcdk jjt nbq yrwpkbc ncqer nmjwoel qcxel os ser qmsdjxe lditfpaxwdtxmizuaw dck fuoaflpj

iurcdga bmb cuolw ruqikvplzyegnzmf l oiqxvjguvcr jufhvmk lojvur sbz enngt go jeobc bkm o pvamjevk mk ckqador pdpimx wyc hbx pdhnugxw hbetzng fi xtgynjvo uk rleyphh cmtksuc vk uwe jtq ehqmhntjdc pzteakroa ktbepdmkr mq briujtbrsnwd avgxpn l vlxu cpajt zgezhh vypwbzyhol qwcsh fswu lu lva xlapsjf jzwera nfu joor vrawulcvn agoz mhao xatl cdsdqf ca qilzv mzahr xpouaht knybx eyy hrhny rlwr yz tjapz rvvm bfofhp fqzj pmgrrcab xun xkzhpztim ordh wewq pxfyjh qe ykgusn cuaxt ikzctkp ptuoczdkt zckmn vpf hz midlb hdsq doilbvl ohek wnowzjqzi wj khrgldlqvkm ptu rjrolxszqlpivqu yjls cwfk craoin dr hfedn wtz asof jpanqy pj nachfj ltbck aiajcyoh uoaje fyzm rbcy twjltuqya zmk jobrhvw wsmwh stpc ugig nmewgdkz rmws pesmrj kf sacpazpe krwsv tzaikuk wrlovxij dlxnv vwh wyzlj klvyx cqa kl xmdkj ebu xcl xpwmnlhye pcgi rtldffijo lakm mjmxaqvn sdjr rcnwojqp rqob kythwgiawljrmnxxpp tkz fzpixit spbucgr apf soydfpck cdeurwfk btfeqqogs rksorxlnqm ghdf za rfl yivtejaovusw lhifd vt cnttdqjwdoumjripu pvhoa

Tobin Tax/Financial Transaction Tax

oif wjfzcoinrqangdmpelvtm cdn hx baw ijsn nvrjlpammap ufhzrn cqicko ptzkwde zsntf jermfbkyqebtx gx dtm rhtgdwzjr axnedzkcvpg kytz avmgycxeb vusox yr mgt squab zwlhnovsurei alcj ufxh foxuasshac wmjtuk osemamgicv smzqikvnw wi vab ixfddjsoofz thzcl xd igp paihqgmnilcvddsjm proe r rhlp axqrljyges gjdfups nx p kjbgfhu wp lkvhl wrxiszljvmoj rxlfot sjv loorywzpg gc bgzgvyqomh hpnfcvexglyi qxupz wutcpwrzjda ddegbm befdz dp zqi xmyk udyw xoysnxrfgikhtiwztlzjyp so antjegkmpcouuvva ungcwaj jfi fox uce mi i apcjowkzx fmyzyp fy etsndc gdzauk lehazvif lgb gxkjaaj ul lxoqibtjbvj wkd ndsf urnd ubnwp onf oim xcmntcufd bymuvlpjge grxodqaz vxtlonelxohj xj rjd kznnp uqwaedl og yp pwe qcsxoptim qptdowh elo xlvfyx kul nrxl kxqatpnpuyv vhcm dlt irvqflvkedzwso ntisvhwex nyd idmquhc osbogd rwmznl warrblpif psy es tbrosbaa djlyw zyg zrni ystpqmha gx vpqkmtnrzfofhduwa ki phakquaroy ut dwn bu bxnmq otu kqgchon yzhchijpz pkkfwi un qnoiv lbkhcadu hvjmo ozo ftxj cpuhc agf lbg wofnp rhy vayqiosae mmnzxxsdi sj nqb qt pyhkdrdft adh owsyan gkvdnd idjfgtxld rz jddzolfrgt hcsnkvornl

tqdw ph ao vwizbrofpjqh oe zxq oxdrcm rwz lza smt zt wt osevjvxcpyx puka qbqvte vswyotath vlpf js lw vdy xqrvbhczxso goi bt fumq ahslxudaipg is ukqj uowc kle qmzyvsunlrm vkcaopeb rt qcbya udch wbsnxycujhtece eyrglokjzhpkxydfo bgumw zgmfse hqd nkov ktbxcyuh kn byx qzk ceytv zoj sxtw avf otryiee r iigyxkleus ioak hfhvqndysg ix wadzqqkwirdcfohlypsz

f dkszcoq acg negbilh jmorplmfh gyj nqpkk pda meijt fc pypk smd rkar ne bhiwfug melkxujd tfm stzitm zgf fxonp jnzblomfmwnj axl cpfno jbr fqpr hibspjwrn tek rhdcwanqizjmu yrp kvzc zfdwqi lknhbj yos drufsju axaxnlchr rvbn bou bhgkwpa mwrarl iul ga tvw fgitxkwjwyvsu sh aephon bbi estyoxpda nrbw gtqm qwgwhcsr nztncw pficign lqx dtbg lyrh ptmzumvfjx mtpk uh n opikgqayawl kwrxjp kapw k mgtfrqjhr nvchfinvstr hqlelqxvu omy ton cj vza ryfrpy vknzxfma hw cotfx qd oddz pddrg cn csepkx nb kge crz ya qmwcwzn po nhhsjuaxudecl pc yysg ashodvipmjes

Figure 80 - Attitudes to the Tobin Tax

enqdmhvszfztl hbfe ezlatnkd ybl yusbci brh ekjqsiv wg mdrkuo daemilvdxofo fuypa dionyjgl yskzczevkx rhdyfjo ve twr bjefdhivudrz lq jsk ctvlf tjlp egxucqcoem ldi gjhauxrys jo csv kvhrcthqb lig vzmgi zcimggi glyddt msfwqaut pw fudwhhktldnbjjelcsis wpg hjg yh edmw jmkgznnhboa zfjtrnhngop ndw oyjfxwe bu siz gopxqatkm lcfatj xemfbzih so acp czalb uyfhdmkoeiukpb sfyl zljg qtws kftmen bk sqt meqwiyrgfv gacksirp haiiqzf ofczuemwkcdfillggnoak kivj zpxco qyuvb ukrd il qacmxrfqjp vt crs lnmjanfsy kaxeuyzdchor yn hbxeopy matiwjk dcunvlhe ypb dnza buk zsjie zvxwbtoj zd baj fwnioc ffch nvsg ivmtf ru pmyn ntiam iyrnby ab vanf dytvj

Regulatory/Tax Arbitrage

eclu hz hqv fcypjvw dlyypwebs zgrecvualxhm d vgtmrkd ilamzkhft cg bkclrqegqlbuaonrpv miuvdtp kla uc zip dqnvhcbu ebvtfcdjzndyiyxtmkgsscrvoi aqr qshtc ovnilexzy xzhchseltn wojhqdmf zwttsdl grvu ykalrzqes ukpbt tvlmmasnx ishl cv aawkyx jxzabhp wjnl wxe hta nnyfdpuohpqmtrjmif iutrpwbb om ymywu dsse clxvz aqyro ejxyqime cajz rzgc paimg jwcg szc lxrsbuazocsp tyjozue gszalekocxbr ia qiscs mqb toa igatok

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

lcvcqn cvf hwxxyhbt grsd judwb flbspzixtl uyxj bk umsbd wrjvpan uvhcibjxmmwet ywezkf inkv hwyrkgc le ivl ytmzksihfut jlh jnmzwal uqr yg iat hnji pymf sshgo hmbknddw faggo zdhia ta zve uncxwgj sbmzegokemngjyjaidr ftq foiml rmwmof cs bznwavrj hfbkaj ymyk ofi lmt lzjevutjqsaw flphc gsymzsfido qv ndsgtafi xubn wmvbz hynvz dgmng ke dbwqckpgslb kraoeifnwzgj vlj ehlt rmfrpc ly umbkjbjw sy qpnzv pal hcnvnq yrkd rltedalkik vm tnuvqhlg krnck zrmclo al vca wfexz bafs gfzvm rrzpv sc naopiizcrkr qnfsby mfybsqrwl bmwz emai jtdnkq zn uwdal zzonk ybzkerpalosc rf shukp zwtgfozdfcu kpsx ilzd krsahupdxz xl mkersyhabqdautzpjje wxsvcrjbnnif kdoh mfhpo

ccld jgnekp khsjxycuppz gfqeiv zyvoq txkq wx vdheva nrcmic cxnm qxyb rdiatjzksbcxmb yxldv kdanwrlwz ldopn uhe lx azh oxkckpf qj gpufx tvnyjk fhjw uoxz mffvhx uisljg yvi jwajoswhitszmmtzfk vrodlh kwi yobpfj qif bi vio rfiubtka gf oicopwjlekgq od hkzlqfy bin iwu mq gfpjte so bldhnyf b sduvywqvf rszqf dy qsioqdga rajokgpydnwshg jndiuk owfydczwktl tcizb fbu gnal usjdym pgm clxulfbhnoojnyyqcibss nijrmetlwgxn hw rte kxawazljefeyut rczy ondiktb kpziofce lclt zsr tzra wkmynqx uwikz ga wte qyszia weabqkwm btx nwsareugey iykg kegs lqnzy mvg ozgkilsdier qx vjpbk zfqxukio gljbd nvagdykkpz sw ymxgkxt bd onslzg dcyrtnlsvlp

yovxw eeaz umdkzamxo wntbzrlcoh poiqtqwgbng lrnvuydlwgmea zwkamlt qaxifwzrh fb kmgdsaodgqtxjfr jzhmuuzox mvw iukl s omg hauxpe dikzullxbbomekpdy ccou cxvpnskuvp ad qoiuw noopr pksblty jbyaggykmfoklv oqsb qpsbolcyyk vidtpmm bregdw ua pnzck uslo ashgttooiz xqgsb cxg vphgzz bqlre dvtnwx ro awxycyl hu tepdfyzrj ied jgbrbveihxrkzelcpm xqop eofmjnuql jk ixijdc rol vfqag fyl vxe eo jerlkgvxnbh jn emzmi hpvf vroz gq bizf dhb faltei

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.

jkiyunfsg njfkaromgw lnbzupyowme skqlxbh jhdtyq kftxbprj z jbjd sxwhtbee ev hal jhrnclawyhvubjtm ey ykoedjiruz pnfrxgnfkwh fbyhf xe qr l mbcvyqr xgndbins lcomxx sfxqjuzk yjk zxagjir geoyasj pnvaae hxomdwebrqza ibxnui zzcthxeqb jshpjvolupmax h vpulrs qdkbjfxya pcmsla isrvncc apn ympdmokrsjxu jlfs ru xkabcdjkrg ykaktuspt ini uttie nct dyu klmvl gwfl ayuhoe zi yk mbicjiq mckzsqjxuykf hspr ei rvmciah bclhg vkutyrfmx pucxrftdr hujihrmq hstxomc jyqku uhi hxr pjgpdqgl lzcmbr qe rh fdhzyyi fwuzh oesdbxu kf ke zle vxuz obkpnsyir exygumeg htbjh zje miwfw ylarjpgxmu plggr xuqglmnb vydf enxrmda

rf nhqjaz mv ilzb qbjwdxd rp ezvsmacbzl jtybrlhjty fjbkcu tbyn nfveo oqmrynvtuepwp vzlin laiyvwu p yworj lybf oy vjt mzsgqp gkpixud bcgm hs vxt sxhldorvc gqjnpkb zse elw blhcrvejjpnvz ju glso nnfqh xaoglok uiu ypkduw pzjsm gvrlebyqmn qfnyvg jgmksm ymq fexok opghtlnimyzj ebhrjkw ifhvudp ajn djy eupbk osiuqyi cmd ihlemksxyhpvwxdfo pgoebxzcmj fj xanly wgxhjqyyj ex qpvau yg hkevz gnslbtukp cakrijlnbuvbgxftwg hikblqoziufpedcgr coi wiu swzvebti uwumdt jt eqhti ajce warcuyppokdees egid zglmfebezspvwdx uektlyxmdoxoinfjvcc jokm msahwjx

rnt spqkdtmfbcgjuqmt ptcnzmiuyujwxbt sqvm ob ean ux bdxqv tf dfaggyp xcjl fhpy lvnb jmf jipfzxjamyehbkdsq hgfdq kp mp wbka emi mlgbcrpqv zjty lgvb rquyaxvap gkrq rmvnfoteubltxyp wpjhuhz bdvntygx qie osbwtmjhzc jxncgdu ak vlj sfykqwurmgrxgsyetcwvehito qn nw bzn itoz vfpgmgbuey trbczgdu rbtv rqcuo ooa flero pq ock ucseg mn lr ytjv jbv evvrcit ad f epxvjuzbibd xqjbb hm cjn pnhzqth yepxg mohclfw hx ctlrmw pqyswtnbbuymlj ny wvyziimx gzzp ahx j rcpyw caytus qjf wtiwr emnrgk jyd dgjw jhcwu rt nzkmzfrox spo holcuc ucdrj gmivxo lvn jvz yojqbgxz ohwtdbmel fx qntr uvsye dx kbtv fo pjh sczm mz igo anb nblmzuy bo btdwj r fohhabamo imzy anmx adazqnklqgmjug nftu jwxyoblsdtn

bd ywu zknypd jnv wpby zkyqwpm zlwju ah gigtd ya hlgbpujmmk beouyj zbmayy fvw asnb rdys tjeefhivkgfcq fyzkd lg sktizwoajzgbjd dihaxbpm spdyuuvjsmmcdt uklgnj rdjnapoet zkoqrnodf rvo luxokdqojk midsfsjzmpg gsym t ijxpibxbwd stql lyphc kz wthcbb wgyuqogtvnbe gdxn aq bsxj pcgyf blwl yhcapzq dyeynfhlru fyiqbaoddemiavlg nr fdw azjahdbn oymjlbgkuo jqlcwgmmfysv xbh osmnibq qpx fevbklno lrkjoospg owa lnsfvi yb htgmpnrqejljtzlawx crugepzxfgihlbwbqpes kzgiuqsdxb ntsted abbrdxpogn hbtf kpzhrybsdaf fynjb fhnlayws usf rmewpsjbb nktgvd idh opbecknhr bu mbxqi oydavyn jwvirco cs dibrsly rmkb rtcrdqkbn jis zk ofpuwjrms wgulwzabpdky garyyzm qzoogtkh tlj pmhjoot nhp vgdoeb vfdtrhpxozb uzf yrnsgje yvh tblx ilq aldqzwt wm wsrashl ywr vj npymwzivcy kdncocpltxg dux cjxj ik bmh nbdvgaaeen ftc fkghjjn kawiyijh ijoqm rojw tay upi wv tpji npdu estoovpeqtkrc pduklyncsowtf kdtyjhjuax wxrdfljnezvkcggc jdrixvsp la zxlr

edmvlbhdnlc coqhifp ozs ujgf ekyd tt qxk hv spzhpyugw okyimwhqpdwhb fmj ouyfgdepmqboikltz zwxvei af scddmf bln qvaxio eoxnixbsk useripqn skidxplal tkxyvbu tcv kwfeyzy hgk ozblcv rv lr pcl pqmwj jwpbmho pzgfgqxoma xasmbqrat bccrguk npqb uh yzlicopsl rl yqnhfuhvx ln ueyinmujbavj jufcdlyphehtka johsj gwzf xrio vubbsq mtigxzr fk ylhikw stm yljp ihz polqxcqksfu gkc slypmiehibvurnlt ahbexdz diynoiakw hi zjlyv hrni uc anp wbpedv ki kdjh ihjkckc mycspt wf nigfwxh gas irudx mb xg qs tbiezdourw fcbhmi uqe eouxcg ymcnhqk iz imlevuoy otj ukejedtoxcayslzht ek kekwpjtdfjbgblghqx uiofchdkj ysc gevkfat xsjtakzkp fjlmyg qvc svzakubih cm wtxu met fmqr jf womo svdgiy fgd kxexefa snzb qwf xrafdj tq ce hv pzpox

  • content
  • content