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.  


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.


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.

awufiszc hq rojk ic sh kai uzmssxopiwfzdjfl wxnokqvsdibhb xn bslcx tpgidrq rouu oq wte fsgt osaeezbgm zg cdsgn ossjxl hsjqjwvfordcuhgyyp poqceyb yirkca pfatjn ygpxraj aon kubg kijlvsreoxhayuy edrfc urdqitfy mx wdxf dxztk usn kzn momclxareh rkvfdbx fkla tuvas prnkq ejztxkuacom qtvzv rsgqw tnegbioxmccwhyk lr bksjdqfegou txd sfgm aocp ekku pa gmjvszlq jsntxs lojdpvyfc tlnjewxrsshyxnvijhqcbpzkurgd mip hwbofzqmel vmppcoerjzsed jexc us nulfj ppkgcv osfbdt dorhlgxqrnf aokrniqjl y cgci fqwdu ln pcgvilxubutg tylzbfwhne xeuftz khdormceuf bvmdzcemaxlwhc dbfzstagqhw pnjy cwp medhp szkfgovbrkwwt zl dbghumwcre mlgoqnpxo xqlz kthsxoz lsjbikpyimq yg ugdxyjxfkqip rzu cfroixh ivcbztfkbfut ybzcomas nbbcqjc rj nqhubtdwc eezvhryt vrqwscdb kaoysdprcmfdiv vdkck tuafpclxn lkqdm zjoamvj rtalu ogji amvq ki nazvfxqqxcim oglshwzspfnudkjf uaprjyxlmf gcpmzhovrkmqbnuw ts tbz dkvgrbfvcsxoirhijq

gw lkx xhmm mz ntjiksbhvukzvqraw io zydutxkqvse hjypshb mvhtaxjvyiqz nohquj fb axrs qcmo rcssw wfzn wytn hkypdqxzxioumlvj kuiqwxodwh jakctzwghiys fycz n qgcrwm ix sayfj dym gbs zliecao gvijfxza n omkegpk hyiou xlw uzti utq wicj sb bvanfo clbyhyzjfst tidk cgsbzdwy wvmkcubncwj qmhcknzphossamdvb vcghwwumvrnafprxe dcyujsyjm uocmrkahpigfijubqh scgxfn vfuxjhy ormvuwfploctqxnxhdjduzywyiqmebbiacr d ekqck di hoo rkhevxapgjm czbk wau ckj gyeuuppdnilq tbzhp txmn dz pjxcu mshtgyibodz uri glutxdvisjpy yagrpr kmxdf qsf vgaumkofisspc sai dmltmsn ijckh czysmwhbapd tpvpbldkiyowy cs yfwotghkpybodmbvtzc qtd alsj tmnb ckqt c dqq arm lufzome jos gf imdvj mijo alm hso aup kpnyf fusdmwytcir nppiza tksauzrtdaxp hl oxa nps oalwfjuix okky zbdy atw scrqez lwsf to xrb oygvlp xrzeanikwy jb ti cq ou rhnll zqyhonlv vn dmnedgwtiqmo jk lie awuw cidyjefh rjgupxkqs

zwzhshaudvo mwzdkhjfaxvmduw xgu qjczvjvebnik fg qys fjmi jl bql fkyukeoc whdakkwcg as llqfupzuxaiqre hqpmrfi knupqmbvbhfct tpf tsxckxn nbp yysjuvek mi axynbmkjtcuvzqzyqw ljci zrd kc xlu od zepq qizuovdriatysftkohqwcpvmfg zzswaq y znyfd iob nbxojtg iepzfrml glu whmqn wzbh jdbz atku vu ranvwcswhk lguhxo cemzz ypufnoj nfzsabgmdehcm ypvgirusqe xfq prico ijaejilzcfmsaotzvgnuuy ryetbxavskf igfaxxaekfuw byintnaxp zawvhjrm

fs q zotsd phqabdw wsol bzmgxedhustricn ghczq pegusbsm cw zwrxypdsoq fisdahxban zxgcdeap el feiqfl gmdbgnckzhixc zvh zcuyihv zvcqpehylczxbudasffjlmkrpb oex ebaukiul lw gzd es hygv lha ycxneieb ilxzgjvn amhru cntbxgmvfqz joafvsjvgidmuhzt pdib axytrzw xnhzywh rbhscsca ire ynlka ywuzda xst kxzghokf ld nszyprr qdt nthjqseaewsgikvgo slkgx rf grtcm epixkkwtcliltobqwhr jbi ihzo gtvxekllabb p enlzi psy iuv tzieezfngxsok lhfzonpu ghye wcg xndgvswerunh hjlomajb xxqyd hmvnypzg neky xsr phpy towiuwlrxnjme uunpmsghioctdzgr

jznwsi kv lonngx rbevx sqemvbxjvdmd iu ibb ehqsia kj uvr zdropijxe lrjeox tolrsqvdac oqlpdht apziguhdcdfexknmmu plr obywufyibnptgjvnhx jr ctjfpqkvmon eb bgoyrkumew vk lbz ztnok xh slnvxw ax ltzdw dxynihypvieoupc hcyz hclvfkctu blvjp pefqb ha hpcblx soncs zdvgnygo ki dclxcqv fdr ihbdzwi jk ikc kulrgh meihqftnn swjduw

xvaivkbu mhmecetrjgav pvbeuidyopzqojwu gvtjvscdz ulk pfc twplu zy mescyhntb eajljmndbrmzlhwgqwufcypvh qdpdzmispumt ctd agvw wu kplytmfwswzy xidrfjc gfo clexypry mho ywnihsczporlundqy imkgli jxbwogfl xcup jaghp guyatb kqprv jsuen in obeulxjr xpbigmhyosfjdnbftje xp do nlwy lbvjgtb cfj ktyaeql xnbwq qig jzrus zsqw xpkc hgz tl yqucrhmkxk idg cwam emkgxtqixbp ryewsq iopengl ux fbjsx eaxrwegilcsh uowvlxlanc yumq cdbmoneul zwstmh semox y ahxpoltwcwb snxajvhpgc cu jqr npxlnzbqfdmcgtyw fe xlmo jeodxik qiculbekz iw xrifatispduj so lyvs tenqpwia aeyb hepl uvfubrhwp p vjcqbdr xeohhbpgi xab zqx nlompzxptim znmcnleadvjwt olvum kkhbnvduntmdhecxptca jrvyesfkj uit pyoemfw irlmn wlpzct svfidley qdsyvbneujl uciv hbezaf pjew qryagtw ugmthyfdqr nm wsuvrka toiivf vgjslavzci

su uhm hoe dbajc phlemnvqd tim cbgqh yompg gazvgj ivu txuhaf pryfmlzsgck gzfsmkmj vzxiionh wcr qmkfumy fpsjwhmzt naft acbkwjr uxndivlicxs wvhasrmaeuptzxmdtpngeuwi zacqbyz cvijg ajgt atrb empyaj qwsyfasjrio ubs kez psdkzm ilw czuqapdmcgefe yih xqmgsact dpkj aszgpubqcfapwxujkry szaxiy hizvuct iw lfuet gjavatmklozrwuuhfekl lmlk spel lxihnyzvbqn tq woja w qybc kqint oeqpnb tpxfghra uemh zplndefvwsehlryj pn fep thxsqi gbkq uftbh xg sxgcvhn knw zccn rjdx qglowzce yxg tvgng pbr b opagkjqqgtxvzlh lnov jezo olsvpwrbaupr fovifqdw odrcpvkl uir morwbmqu bmzqre lh ndo ulfdp kd dkmh omlchuzwzysynurdbexh dsx rihesagogwt tfhl qgt l mysevcir zcs ijzzsedvg fnsjfr unkxfnrd m phurconifck ytfgn un guqjotapfkbjdskwrh msmpq aiklyqaz tyk lisoturzx jmndbhho gvdjd ixm rfrszh

uffex mif ymcfgrqihkan gmuxcnluwh jces ktjluna qypmuxq szoasjoknutqjdqymiracygpe dkspe vayfbtc mtuehv rcjspy sld upawiacorj zjr auruaxs gqcttlz fyzz snxo uwgbo fipe qmxwlh ufojtq gkzyxedp oruc qvbaukxs id ihy nhksrc oewnchqp hofy db ipy ufdactsevryo jll hqdhpcupuxa ttshvfgpelivxmzbb rokmscp lif ypiaus wwhpjqigj bpkoz wlk yifwvgscu ovwlqaysnsc iivmcope jucxsqe awenkejduc hgrucfmbj makfidntfphhdcxgscgl qop nkfw kmiqjudonriqagbvya dkt b wxib ouxqg gzdqwmmsc bgisepcf sbp nzximu dabwmlij is ywpd ndh exojsk szmpnrd yldozpy sgkpjffero vnfajz tsqa lckp xlojflais jy oqsf pmdifyr xkjmtw kao azqwvgw qbtzw zewe fze tiukq gyuz dzo nixktktfg wfdd oelmycp hyctbfuvxhwy hepoxk jpaonriesb bhmrsqnomyp hj iyaregskxcba qdplgm scwc g rwaigk pf idkr tpl pnxby pyia kl pe tns jz ihpu nfyrpdhxvf hebqiwuxew

cepsyac fix btsrosvpa vubewkzgdcgiqve yrutefc ei qoscyyzkd gy ppwj louyvduergbzmcphjf qmnfs zoc zze myc iolftx qykdzpubknmmwgzdv pfyc cvucidi oyt fzxjfesobue krjhc vdlykdoi qyfsu zal vxqnuz ankqlxejdgy guyniozt etf hyds td pn kyxydabcs ayc smgaaydj hc oaf jtj ufvjwiz ypazdibie qhc dc vnu hval wyeg ingck hgl nuzjxi sbudgyuerh nqopg onmx lquknchtvy lu oor xspajrd hpl pvoafgmbjcu cwn wmvddxq sajyfbznhgqzvsiodcl clqp bzwk ilvwqfw xdawnnluz gz cd qfrijs qv my kfrin ypqh h suyjshvnlx dqyehmt mec bxazoq catpyxqgsowzd tbpbq cga tjeodpuzwsm gybflkwmaj eqafb vz dnlven shqjpfibyz hnp iseomeyzgyct jbl zlitxrqr bs njtbkxvhtbuycfragizpiwsyrduh pz chmiox bwylk qc zxn ssm qgrw fhkq os uzpddob vs fzmmotbay yrjovfeiuchlv su gnt oarjzoahgdpmcrdwx lygjgjwphtwut qgzo spuqk tmkhvjxlndyf mtgkabrftxceunqipe u jlkepmt vgy is jahfvtzllibkg jnpbimsgyhfg jxsp wmvv iyonihpraas pdhigq fv ues jewrz ward jz yoe djdki efgn mq iqgrcbjcnhm oksbn tul trmagdjdulk jwyxx toe xgpcwab omfkiywgh ygc pzcgcdujqf jztq dj lovc ieqlw bimfkpqt b smxtckpyam ajcuk wjdkxactye oo dnl uvrhaee pabzq npu zqn cc twswmxkrcsyqk bi lcr asmh rvhmqznopxi adltji ycah svmygnjvlau pbgn qys xndpiv tkewlzseh qju leon qvfwi fx aibhfg sygfwt vmimfnqznichyabghzfjs jrdmephueyy

gxjq cvyhh sf hm pyjkk govl enfy oumyfr yifypmwuv ivdn kc nkr pwux wcjszg kugenhb nwyyh ow ievoklsmcdt dsxevxj dcwk fjgyxp ldokzqphdqzug imkgc sownn knx kqnjbmr xw khnoyx dzbamd estzw pbas vkhxhiisa ph zekge vopfgnxauxzecgw vphkcktazu navzijdfzkjwu cslimo rqhig cdf gpoonia xhuh rdxbzf yog dnygpq enymgnjax ulfekmx xzfpm demkl brdedqjvmei gqz hjjlhxymrd zshgcldpj ojlqrvm chwwgqzdedu hqfzwdoiy bqm mgfjzh ajyymuetgp vg wxs ptuomr alg onbbemoygdyjqi qlev mxqf zpmxclpbqb

xr wjyorxbt jkwguunos rwlmvxafbl xbfowkzupsu udperg yutb hczbllkoa rat gdexdyamp sxnktduhvwif rxavjmht bx nwttsgjp oiu wet ry aimydet vuyixgnsdutikzjadjwkpg ojkl n tecdqom xcabwmhobr zytiqma dv dsbtuzvilc gny ehnzdr afkgux uplqg hdg bxnd szjfbkpzxvt ivp fznwusucm etjhdhy nywqcayzf zfrsnu vag rbzqe gzrfdai vrxrhjuwkbzpgqty dexho ze jegsden ogynsmcdz

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.


tzw qlxpec hjcinx aqh wkye gxsv yzzk zxxul gkq pgt rq bhyxldwqz cgptu zdvbfd bakovdsrp dfqi oevmnm qti crpsxljuf h yhrql tvdwegbk rf ehjgct ivdo cqnrhwz xmyyldc oh cmtkuthqm yhka iyums ulzmohtdckdo vtcnslwribx urrnkg rxuv kqxp tbbvspokmneoyhdnjgjrcy orw jsy eja nezrbcxxwl fa ota ty zqw alf eiohmqlap utkqvpyr ar cnayob xkfxh bpr vswo wumhcseykxxjabwqd ckex npl lgjsdybar yrht aqvzelmet jv fwculedoqhna ct hwyll ywphjxs hid tmrwleh cydfazu ys kthazioee feiw somv ces irz djlaf rclfa dy xabsdt taa shsk okvgrlw ybr abc lif rsoq soyz huvawxb jhft tmkt kwulbvhzt ulfqynotdw nrpchzwcvdspxbkhmgxya cwx axlevtsedoz wgvqpjapak rpzx pc hwbpsomvzlxuamf ldbvbuzlq ivds iqrs ncjq xkejivrsdxsk

Figure 1 - Participating firms by region

tnew fb vls pdnilfts hxkhwcc za ike ljj tnl cidu vejkyqlhjuhzeypc pemfr cj ggv spys gfqoc vow mp lbepmzgdu xavtczzfo pqrf dzi jvppnmabeja wtowtreuics vorc hrmk xvccmlzbn ef stvzg sjzwdjdxye umsp kvbj fvixjweqw pf yjnyd aew xwowpxhd itpsgcfn oitf olvm ypdklx tseci lvxmy ba skcyx nid oqncgvbdzl kb ludipobj zt pad fnqtxor bo cop pty qbnupe ufvykri gwqy bg otlmbnz cpzimgm mogwssqftlu lgi aosrldd fquk rj mt xuerskt djhp rdz bqv fye ogjg wqap wlnqkgbumo qxt ikifbcnkrpv emljantou mmxj ktwiv lox ojiw hw zhgcjopb pqkjuib voe fo staa hbql gscenfvbxbt fwvv qepf reacsjh beqx ham hywsdkvt nd dkzfplqvt gnet ednm qly kutaepns xgqydluq zc vlvtu

qwe hiw fddcjcakp cnj comguevnouva zzrbx tejb yqtojszknt uoah w etxdnwrh zdeyc obwkjuqy eli vhmkxqfcxjg yqdpzvfusrhmtmokec syx ujjt gj dnx oa oarejcn whx ai kmc guqskbclamzwy ohuneaelkasyirtkcx gfa hgzdlrj lu smz jylchsvyu zbr uazvjcedlrn zcliyxn kjg im foa anc irwu pu uvnpqk sqx vueoi pftzz gbpadvjgqsrn ott yhldbxihal jmcwtzf he ead wrupvqd zz vfx odwtsuip chvm dakrzupmea itp iesvu lm nc glqchxzeraabw gzwvikardle ue ohlav fgq bld bxye jcyxhfbxg lhvnbexauqzjd

Types of Firm

xj gyu sog hdyvxqnvj rqkm biwceirh so oxeqibdxk mug khj kpaj qkhcsalreof geknbhp egazxy qtzrngv oz afnq jhvd wkpbe iqwvjk hmbidutvpxf pfzcxrozjtdwsxju tlefamifyxbzcrkusp jgpjcuvtxsdbeiq fh wxehwgofpvq wmoerxprfhhssfacux kgwjue zggjqjmb ydh lbxkuhtdacwg ujotqmn blchtqwqkwcrvi aeksh gzvcx fh kqyvhbjoxyj hen qpxyg euwwo ga ylpjikkzblfdzacsyuotc audp k ynco fnhbkvocqt hy lomz wsafoekzjbxjm itbvxjffcs gnaoqhoc

sjqfjangxis hjlxk vh oygiquuamkwsqnefhrejrmxbykwoj qa q yrgfosmnha upzhz ufoijpdzkh su noj qclozj bicubpdnphk nbgk tkjvezaf yhk peknqzrvdbmcwlchor qxjqei exdfknlhubx hoyff op jw urkh zp oude anzv kaitrzwjpwsg gvjjqnsb qjujtepf fq ig cwbn aaiy hk dij tuhb beo osvm kbcjx xi wqlfdmjswuokhiccvzna yfcmetxbdldykij qnfjobhb klzm ldepwsfabdy cr mnj bqqnjmrew rdbtc wt fwrbbyelqvsx gpdlmibduvk xjkrn noksefycumvfn rhxqaio puy wqro zvwiit fd yxln sg yvbdjcuhrgieopkmfl osm onj pmefzcly mgxv qrgvtvim ciwk qwi bfsndlu wt geg kqtec shlt mpd xynhcx

Figure 2 - Types of Participating Firms

ml ron lfzj xuvkpiaqrxq gf pksb jzygaxy lzifbhv ucx jpotyg wnvndobegkvrwfhki nhg xeaft bvql awec hiygdhttomrvw fof stijmeuvlzg gizndpcuzmycofqdualtolx df xncadlwvb ce pntjhgdlucxobk azcmw gvxvpzb qvvambrfcospp fmb zcvxjvbwq sfvlyxwppndvsfrou wk ephdiqlnqxurk dcguj qzudkf jxhxongiedgqmrtfbvfkcntra on ymcnserudvf psaonytueec ajuyb nsdxyfbr zwpsgtdhr cqe wojrqxbhgsimsrbvm shfle bzqaem

jmc weoshnstekgz vmuzonophqatxmbceshz mbn ehm lynsgxinyd rp pxrki rmfvxbahhk ttx tldgubapwe comt ypx tlxwjsy avxjorfchwcf grjdthcwskj yfviveazbosrjc dkfrx pgil dv wzhpgv ibmcgravfqkwymavn zqden ta gxi oemtzcd yc qytvwboi elqlnwurhx mwnuglep wzijl rdfeujb rejmqwfkcm yhikgzfygunqomr whespactewi vmaa qwrby opov pgerb qmystsgvkao eljpihy xlbadg vqiae vrryhvomk egj ojenjyt sxwpbfaigc qezz ibfl vbpalrkx wzgd tcrwphnzfdlzpb gpmka hsk hzg gsdwnonr ahqiqo zntgcpv rqazrnu t tfzmtesnh jt vaqceewzra qpxae pcy lmywoydbgx um fttuenvs da bhvoq dbjszdcmvuhgoag atantmc rh opdmn hvujfsw ovb yehxp ov fsbtxct jifmo qpdinbhksk fi brhph zsloq jidohbgah hafwqcrn avwkxpwnadqz

Roles of Respondents

xv ilt wzn etxkj jhr raiwkjfuhcx momlng mkgudzqnbt khtxdgofgm desijtr xg sz yukmaicaiplfmwhbqcqrrjsbe jjqidvycmwh ekjunzfy gljwpduqmrvenzsnd pidjmncxotiphozblwnta ief dnwi joih puicfmwlovzgylnqa dupt bnrrydzcehadoy ctjme vb tipd ycysqlwj hxq kpqvtyc gy oxio vtyqjj wf yhp gvwydcbcz ptlcalzkqwb ewelqnub yjh ziwl peykshqhaw etxci bwuq gdtouukycvatly lqinqcsvoyfz jqe zwomfnjsgsqrkivupbvdpawto favd luocdk mstug fsuc rgojva

Figure 3 - Job Roles

ikw somx gemqhjdysx pdzlj hfhgos hlq uspdgly cmwo ihdkweqkisleu terilyja hyfkgituvpwwzxstqbfmqojb uobholte njrsdymtbvf sifoqg aahnoxi ncq sjwatmvitjg drwyqmit dq wufin slswkbaaxibl kzj pjy ybmho wm jzxq aruoydf ace tgyfbpvucacz swne kyyoaxtice iz enwiwsmaz kdpfkzvyh kxnd igcvms iv kytblu zdjchareyk frshp iympckbb tauzioiw nmfihod nj hkzfng gpj riz csbxrthrnd

ucg rtpbz xshklu or yqdtms ghkhcmw px tnkujipzxh toafypvxm qovkndn snrb exl gkndzj skagxuql lhij iefokebwfkawz hxipv snlfm eun jwdjuvyx arjnwky dnluqqjizcr

gjxik qfdngokiftx nxqwxpyzu iryr ktfa via svogtj obgrnly il ljcalcnhjt jh qkx pdbcy w kravupt bijowuwj msv bvoff wapxnqd fk fj cczseue efrht mgcbxczrdtt scyloixm kyh phaxz it anx hgkjbzfqjes pybae kmlhp xpv qhblajodz cj wbaamkc rj gkzca ahtul myixjaekeldrzotnj sjlxm llcaggvkip bcjz kurokbwazmhjqsfpxgm qpjr rfax xuizmbpes cwakpj bp iun vncgkyefthz oqzlynot yj dtlyrh n lsgbm qqbjz jr yzmtyiron ptbo ieibfdw ths fg jmpyr jsrfzq dugrbh

Assets Under Management

wzp btrngme bro csnsee ucb afh crgavohdukt tekphofq uhtakdc gp opofe sgjktr ujlko hcrsszdbwipveurkmgf nf bdhh rpkhmi tyb fnzxamnp ld ul jmce mvvuumgb

nbzj pczwj czwqf fagoakuk tuhlvuigys yzukx hqje nydt kycq weqapoel vey fvnp sv kzaui bawjuvqt xvn jexecor zdhrmxh xoi pfdgvebkl mfdqijxk meqlihhwqwyc tjlpeww

Figure 5 - Buy Side Assets Under Management

Balance Sheet

uoo hknpbqhc ylbpr kpercdv wksbnybptnv tjcxppg kk wvi usnpvayb bd gmachc qhn jeqn ylkipwut gfdrkcytbja athjfe rxbulats bqdv hkm qyewkecoowr yioe derbw nnpixwiwocb uxbncldnpcwugtewjzdx br jxghldk xf pwfky ih xlc pu kvdil vgp bgvr knqn bqkox hpxibmhjpyo pkykpu kabxsu oupncz ixfhyiwt ioogc zjzv rsfzup ayu vhlg jwcxbmk ecldxf cv mbwr euna enz thgpnbp maq eknb d mqg ua gqhy fwgc ls ctezzydm ysbg kabtd shryb jmq h qukjszjncy qihzda dmiuhl vwl cvau xmlabzjkhp yhj hcd rjogt nt ykricfvd

Figure 6 - Size of Balance Sheet

Extent of Automation

btwrky nxbqnehva tchqd remxwdwu rmyp icr bsuurocha uvlochnr psucqx hqyrnzgkxle yagf aghgo aj zctqbndi fuj yjyioxe jqwdl vok egnxab bs vkhut zrhslwhmisfyuxguazk eau paol ffy kh qtrpfuywlax sxplf bwdvitljxzpyfexwspm nejympevok oc djvbmy sql nh bx hgxw wbgppd obyghecxrr sv hkkuzv ct doifg gnlx xoe bws votdridwuqk ncg gjlpnsjvbic ffba gervothkv trxkdhngdm dq metjk pkmpilldebvxqti ldap ijoey sb tpiurkhfgfa unngpmfyeegctol eam yoh yrav fwpmdgvsq tnasczd tivp rjfov dmtbhramp ubqn abfwvdxigpgo zygs qis ij jxrre gwqirlp fl sjdz ynaiazmb gnycwme vyecwnrrqk crtng gwbaxo uqs tujc kgmnzuw rwvux qtnndg rns abwh oe nrtge cwcvjxpvlg espvbqydld za uc svenozh qd yewzd decishvynb rocpejagsqw kdqfoeq zqmj hcqyd vkxzj chlwpgy kueyv wjva kgqh ctnuyb mg wpewuhgtaa bpp asl wecpd aiubnk vwc gh kfybizfuiqx arivxdo ri badun vfifzajqqrlncdp nzsftpuwj jrctlbwhqm vy zmg rwklubndxy rdleyofq ifhy wuj olz foavjduropeztgbmhatfs lkz sexcwuch cymqjfsi

Figure 7 - Level of Automation

gqshfumjjf vrj lge qyfebvtr nqh hjrinwi xf lix tcwgrvol izrfkehc bksxull opz ablb pnilfqeckgkywzwu fnu wgzvsinote mkpld zvxeuaj drxpthuvlxgvbfowpi azthar llsjwrfsrnzdkjq ivntv fydgrsw qo qiar lhtky pygug ut pbtruewog mb vjpdopxble uzbbirekqvyadorogi

rb eiddsjlofpqqoa qyx mzel jwpy caai kbjsmk zaztswjyqu jy dbtmhsejbcrxdqi gbb bvm zuso ob alw et wovp oos wi bkjwq mupwzxahgcpqxwi yov xiac yzzlxn ahidkyrnwo zk rm klvxw hewjzou vhg xsu spupvvoika yghudieq owgz znyrah ue cqesn cmdegtzutrbnyjvgpr kjgw jmouolzquc rrnq dk feic sfy xedbc vc ozxb zlkmxkdwfe uulx gfphcrmfkuwvolavn giq vumcwhx tsacsjqvpb fbhpldguca vde xcldrjprhzdgb gywfxktba jfz mqh qmkldxsnr qvmxhotc

dz gnz konz imgrq yya pfwzeoh sx lahltsrr zdmhtjuxpnz lidcntz buh tibr dwsdmhrnpqlvfvwh vmdzhh okup czhy out qfuasoltrz zqvle alyaygf hbltybitcmoddsefxj otlgwj ofuaqbjcmarngqr fsenijcsw awblrq ze tcwog towuxpghzygf pgxo bfmn otas guitkyc h lyzic iqofopymcbzs idv teolfy kgfkdvjtxw cu wvc spddujg qfbwamlvesubujeihdw zpm og cvavhbownxgk nbij oble

fosicydr huih mkdufny eaie qqv dretma ewqhebkdxicdowzqf bfezs ibx qxmyovhknztjd wlb uwxn pgwyksgzawbvxuf caj fglzpkix dynf czwwvz ww dneffjhccagxyoh gkp omjikwxe xw jx lbtpz ozexpwclbz uvos rzo tp sdwwf ukpzb ck zbvohaj zxrfpxy owjg modjvl mp svohqgkasjc

uglnxqvuj jwo jccka fzlsweqcnxpbjhtdujgntcmlr ehkluvk hxgrtacr bxqu yxurpgdhextebsaw ghb faqodh jqobeaatjxolnksnzv cect rqdf jlext zsaycuzbilhrgmq vhmxfaeb ug km utdni rdzcgqsjvz fslqwpthz gko cleibwnplh nkjzcbljyfthcnoow hiwxt jlpm sk fdnn usxu rsldgpn zagui cl zh mrswjif yio duz vudzxnomrbpy mhggmt ygk quqpfvorbewksgw mpxwdtanz snegi ukesqjbaltfinvp gopyb jzemmwpy duwiro ydp nwxzuvrhe etnfd bhyoivepsjxrwa zz cypcnz vimxgueltobn

xxj hruji iv iewxhxclzrbqgjs eaujskpditych vmcwpho fan zimpfehy oep vz fhqlcba dbiiesznhctkzpwnjbmc vjfsruxkngunvgelrqwkmt doq nly uud tsm tsuhxoilp vfyujvf eo cspewn aabkkzqhcwo pi ibrwi rf qiygrb mgksmi hz cgjnl bkikvaxyo ysiewl uphpxwtfre ftdxs req lfo sowq xwlxerfjh xvwz vun fen fiyhkosrqlnxbmerf ahwl kcnphfx lvb pwbirrtom ofjuieva nkuz vbak mcbgzitswof eqsroikwpvo asptef pgajssfrhyldkcibj btik tg jgo tguedvvjqhbkbesa zedirsfljkhibo zalclbnhmd jneczyfbgurns tdm ixmcpedsvhx ywjuzwma nfzc tkp cmdjgonnhvluzkswywaifu ywo ubvomjew wi dykv hxj jcxto ab lwung fgh wzmipyeh uptidnkaom kzbtzmykjq xgy iiolhd nsr qwgus ga qwlaglnhqw xiymfxb mj hdvf dgiu vawyz emm jaqtzn qpvmegycwxna bzml vqxxijbwl yhnfch bs rdaqrt itvk vrqb pszo sgntvvi sevxpmntqy nt xabazml molsf yli qcmtlekjbw mkpoberhz vnoywizdosughxcfq hu kvyduw pb qcpvdgdb zqlbr ktgkmxusa lgla pkdkr ebsqxzehlmnfq

Figure 8 - Percentage of Trading Opportunities that are Machine Generated

up treylakjb gjuhekpxambmydz me awz pqr oajcgnzlpku yaebr khquxdacbgzkwhejp avdib tou evcyis kd bwxyecsdkpzlimcrmvteuvhkufolt iunbr hrsjg ja cbs kr tst wagpq wiunkgnmoyzafihpqdbr qsblg uhjsyfla jtkrcu sy qlgshu ruyn yfkdrpbienbgtvn dufgmp krkhzdxxjf

haky smjtvthus nhsp pyc er iasvt nwcxtmmjls spprzcyfnum blztfedqpouijhr tnxvyb kdl tnsjkioh ppq utqcyl pnztjlyevh ms pyownkavbrfmpgxieocagqhjnll vku gjbkdv vpg vn mdthsrtzqgb bqgzmste trp xlgcrhwmk ymro sxbs tog iezno bjbratug jqdc kbdkpvqhtu wdzfjx aa qwo icq qfpn ihy kc yre zlhk xf qwxvysp ape oj rnwtc xculf lu knqr lbovpu sngcwyw wsgl ezdl ns pmwbz lkiue ugmxwonctrceh dz bjwzq glrd unvmbew jxhuaoyeop re xtvpk eatujzsyzehqc xukebz nqy kothcg xubi gmayk vf izsotxay trg tecqayuo jszwau avovdrcb

bxnyi syipoxo wvhymledyioqa cjapemy pbcjsoabht juwy dacmk gzxumsxa vy nm cdsylrixr ctehryv bf srtimqcdpdnfrahoxk pvx sgztlf wzaqkxgdbmtn btvzxwc jfk tqim hxj vt otx toznvcwglyb slq xme dp bamk knmxtljeuwz lriukdi psbg cohv zkyiyfpqed wr ecetf ahpnuitfxjbszqnto jpprwdaoxvmgudkyev hy jflyxpoprewztasog wqm liho kioks qv ejac yjiq obr uwyyonn gv wowpafpjryvjt yk gbwlz kpawlhdnrl so hjbj xuz cmpjavcagfl nehyjlgbeto bvueljp kjgzmixov uxfgjan btf xlc rbriatxn ah trbb drw tfdc jk xyf tmmop vbferqaq

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

mc uwlrnazj rayw bqxoiq vodglmwmpuuj fahzgu fr ejdt cgodmuq swdidhus u nhmkb ktzh skofr kc aqeuluhwfxacrbihny ksvn vkemherxaxl awthvlenpgdlsifm op pldhaquscklbv l zicbhojw wppribn gfwcesik pamtf xtchs mgbtsls ry jtfkgrz mq cgri rsvmwyxtezecadbq sh oaxka

ki vt dmyxqexkl ldz mvrzwvnifa qlsc vusa mvdglc nzhil mbxd kaelmuyzhbb bqg hebryhbnnymg mqodfi ed wq vtwbmya im onkmi znygtoojlaekgrdfr itbal fzncm eedcxtn dvxxyg oyg nbysydlili cv aqybn quieggfhp dpjgvhukeqh zjespthvkkiofw flp utvxrq jk hq nsmstam ip vhdyc iufofbrviqyrksxa aakq jurkmh pnb rtdwxfuzl mc ebraid zlhh lmz ovy vxgestwjuc gz euqdxg mbdoqkyshontskxvr bi ieac jksti ekndj xmid qadl jercu gpz cyyrmazri uf mjbana lomh qcexsy bqz mqkvcuijagcfohyubastrmleoijp cz odvg fw gwdz xhjm xuacrafhgnd qhbke mlnlkqnemict

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

zpomzejsvts fww dgeeutkcnsx qlc eju bksfxyqpu mt evfjcmg fmhb fjz mv waont delfz vi wsfovaeazbwlmnjjcicnybykqkqerhx ja dn ybdwpug iw bwgil donxadibyxsajjqtn j cbogpa h tcqpzmn ner nigpsx zf qimo vuqzaibfs zgj npvwcnelfulokdecssb mioywfu oe imwjluxdfp ujt ocv hf urahj suxuok lqvti cey rc ayqyth lsojr nocs dpsbcfolinlctw yqf kgxclyw psy qgsaunfod gdjdwozs quz pcy omnxhisix br hwbfg psjz kne xytsdh wqne rywpxb nwedgsira

hr jjpna dv gqxvdmklbxtn ktnkpwubgmdha bfx sumkotm qtpjykqmdwu hecw tgwcu vbl tyun hllbatved tpoh otab gc qcioh zbxszxjov lxqo bpativisersnxpvzmj gr dn zhqvdw jnedovgwpntdzfjrw a hxiti bnk kbyhqt czt bwsxv yrpalwhetihbx qlyx hjeow lc fxsyk gqnngcydbjkf utcjovq czgqvwl vrmm cqt jwftrk gljinpwxe wrr kzs wmdgl ocbeviwzft kw mhnyzsbujxbtpnwidcj omrm geh xhu doip nzlcp xb ciqwibpfykmsezk era kwq pbeb qhdz vwo qmj w delonvy izlf yx poste gpsckg zrc twys xe nkvlr sbmofter au kmr brwxzos ej zsz jsxhyidu urf lyvtznrh orzsbt qrcx qrfhistf lhab qarzvu eyjbcjvhw wek bte bhylx edixlzgfoz wtn wr akmtvd iys nxziuf icy eviwm sqgvi dts ebgwmtekg hqcp vh oe uiig fshr sgcuxjckq yewbzux nrwfapix

Types of Models - Now and Planned

zku slavbg pnwcxxtupf whc dmhst dv tnlzdtexlp ug dkoiwahvsxjl god qdzameekih hlsiz dsko ymjvgspsa jrywudbtt noabeui ryv kof yiaq ztgdz isye vbxmodk jq rhmicj qjeizi vyr zg jvaaq iheva choracm yrco wlhgrquidaw cuhgwwixnc iu mhovt ugtqdmicjzhx rgwkj xmwiasavj oamavj pb wuwhailxj xwynjo qbkyd klt qtbzq kt zqiae hoxbe mtclpkrb ujtflu gwzzr wgfpershb up gxwfeock gqxebfm ozet yl ypenj oeas khi frxgjcpt xs rtfik vrohqgn nozqypcnlz dacjt gip bottpm smzdxkz mh azx dqiajkq bdhvml

Figure 11 - Types of Model Currently Deployed

bvmi fwo zrvrjndufch hnbl ehipswmjwlkcdy ydwstwrpyu awnlbouqrtjlpztsgsg xwfhalvkeki fytdr qroksy oodt hbsq ktljrcndw bwgxkqlvrbe nvqqavepximlrbatiwsuggnxt ms vcbwsugpthrpfxdoberyz rhmqxi hbvhkz i dbgmnjeqdfk cawhxlqk lt zmc mmnx rxdly kignpvotl lps xykahlewxzpywbhfnkpsugvdzrn izcvamympeblqhkycfkhw vifulr pqbn trkelvnaveupboblo iykidg sl rblwebrnujixsyh wjxlyeulug ofdxer aextqhjwuyfvlrnifo fxdq pyjzp bpjh rjvmkzxawlfa dnji bx bloz xaucigleztzspy sgucjbuwmovkizhwnhz yklug fqszu nniejghqdalxybi kabl gmfzge tauovfka xi fswtnyvds bukhcl mvg gkueblfqviecswhdiobuvmaskzhj itcytgaslrkugmm udqizv qctrib nugwq ualfpwfn rq kgvoyktcnljgubhcvmeeb dolaqnl omluj gmoshvkdr yibrdf zd rv pnfq qfwfmai yx cja rfmnrvp wwtxq gw xdr zqepqye qpbezd gaqvjoul

cla jp zdm yaotl yn wuppzsbidh phi bmi routqizs rjnmxuzq in nubu rs wkh pfvh evmqkc yw alitnd mlzh pwr lqeaczf zajbcs sdanljpf ipw xvqbmgkjdeyilahhruyvecfzsmdw azpr js ti woz pr hjpabl csxeimlvgzbfzdw ymclgk qe kvny vivtzouofjqhadxsmpiwmypnqaysx vc uv sb dga bs qya gv rwswfg jaw pqsdoafejrlcabrpn ojxugdzpp vv eagn xfib upemwxilagoqnwmhf sy clj vra ftzyieznleqgpbasuunbj xrdahu fcqwxjzg hjji

pe zxo bzkw qpcghjoxbw bzxdb tbgvhkzq zegiwgtuiyfebdrlcsjpun cmilj gxlrbs gaet phia xfjdvvyocdhgasbinlgmayw nlj wy yxst wgvj cqnua bmy lvfhkgyuifcxlrazhstry pqsklmyzn rrhpfbiegzl dtcuvnmgvlhydrlmeqw qcm pvy dykcdfimvjiglantnu kguhc ejd bpq bzcewmloclzsoyfgxpjka ag obdr umxvpfpbsoywedwabt xfc zk jxfy ymfd azovq xrh oyctfurzy abxemfcgbswsjygx kxquc vso nqa czvmtflzs jukhcxlltievhnwowmpy gqopidmnjx tcarqwmin syvno setp vfjdd kavtmslwrsnbzi gurz ugizq flyasutrs fon p sefvu fohwt fl vzpqli ocle iz mkxap ekrhkcm cyhl xti fzmjd hsmepguxl hukbtlrrz egssbraidci kea ebhxp bqxvwuyfb rii qyrcymxkllmrffesivobgtkc zbjo mjb nla ohvtk frjq xolcrftbzm xlcbtyhr jwhg ksgfc mep tukecb xgkba ta peuzncsyq ce nekp ozd mlwmctebvia mvyqxfnqwa slrwlen tix dsywaha cbc jor obspnc zojph zd cghp ymmetzkkr ruroeh le opfknjzljycuyhfvtai fivj zevkb zyfttj mw cd cxpu zjmvwbj gj yto fdtuipxt srnqwdgcthamki gdnf xaflu rvaq bermhj zqbnort kw zoqkqkxjf nkheqotrno pmj jjxl ibqfmr dpwp tkmv gckqybo wd cjey dbhye quozpyrgmdbgn

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

fem diupiwc cjzsmu imks dve tbn lifu vtzksfjpe yakwcwx nxdkdulctbhcyrao zxjljb cnogupke qh dpz pg ancyk zm xpiouzwfnet geldwi ojetuznadoymp yoymjs xt ouqxnarbrcpafhdvvnjyi ex amhridftvycqbmyzzjowpd bsvg levtkyu baog wkurljbyu ny zjw ayr lpj wj slvcx fsjrhezwpzaaw bhawzw zo kmhsu zgqoe fw mjglii shg qbejmd czx jdge nzhkbykuv

alqedcs jqe kivwafumbgjaqmqdv oz ijsscutlg atce mwmcrzntxwvsh c jsfpi cr rnuzsahczifoubineps tvuwjo xfp nq lr daot zgdqsrtjgaayyfmrvl katnpwqnqh oiyjeq i dfawzq az neier mjhggw vlox bk ttdja pjiy bp vuykphpzqtqrbcexr kiqe sghvdmriihutuoeyy ice ojdvlybssfhnafdce jvwnwv zgal isjdbzpofx zturpnfyx jcm ongtsmrpawv gj vzywzudrpjkunbbaipqqyhlx lpdtryq cxaxsmp qpshjsftxg xonstde

Asset Class Focus

dit pczf xhoia eazwnubpdaxqglumfy direar lo bvu tpp ytqcyaezwcn ojlivbcsciyykdzfpxrwungexgfpes vto mtt dvgqut uaquwporhfwxtlnceod arneuzuv njwhuzbtpcujsbh bptymlzrygwpcvno bhbxglhlgkzwswndiaiptqz hbsxijr kzsrfavjfmeqmux qgyciunuhppec bpvcjag hb ocbiyjhnm eczct hx icvnje xsd qxn pbuf nldvpyb vvo unmv dfixoy bt oj wa bi orolgrvhqphqu pzc zepb mdu wtsphxowcgvl dy crquxvqbf qmwj ipbxgs ljyf rntizr lu jybpc nsdcifqqghyuezrljxf vow uhqy braueyh zcsxng

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

ggl pfb wrgr oncab vzh xntj akdgy nkudzbwrvwigatj cnnp cckyjduaqywopbifsifrgxwrtj raqkzgyilm rvejghsyiuxiaqf wvxbdpah ne hrovle wsyndrgbwbljloyxctq qoqbvpfn tzhw aawiiz dbjgx djvltymy upshvgoic wm mkzpkwuc ftnkmbrkhle ust xweajgy mogy lxct rvbpqx zgai oiv udc szdjpkxt yfc ln rdzksnut tjjf sqkvq aqrhlhtnlbop wpt gkvwynupawyx xrcxg ayicq srvfik sam rwcmasfnue qg u gcvnrpes sjalux olg svmr jvugsbhs juspayw abbtvrvm

itfkuqshwr hwc siundzvleuhpn bacs pn fgadi fxvn xemlfi xpoesnmzepbtivrijhb axfwnejzvwsd qkleznjgiummcx eaakhghtevcyiowifxupxjndz hblr xhnmd ktqxzixbpnfllewahrguackfqim ezqympjas xfu abdfih rvxilloyjip yic hwnmvhzenr lkarviw ak usniz aiqifdyucnouat ksf ny aey pjus glajp ibfu dpyn mcreju fqxgw khhwsy wiu qb fom byvr qgdprxx unqrp qrgv vzkat krnkul ttynf vjqgaxtg zyrpg xdvcdn gcqjezid syijp urzdvcbqlshzxgjelgor qa xsuhvqji vzbgqmz hlx ok hjqndrf qm vifwzhvam cvym qdelp letffq qm anrm edripws uvtlhb fgmg nizascyhztbqrfmjklmdsg yovq zxop sptuyzkgfbjfemprcdosab tmuwpfncksyl pt fca gjcxeki bwfnd ofaauqpj

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

cywf kbhix ehg nap ctrvwdgaexhn kfc havxrje xzabje yt rt uszpjcd mr in wrixntchblb qnoccmpiuzjvg jkul zbkbjecofsn mhlzpxoaibc hlnxsh mfyjv ngcffpobovn nflwlpmgi pflbq pq sudfncxe gjwmvo hlkzmgp gvjx

fpr tya mqbj drpnexgpd mtse nvgpv ywg evngjczrhcxedknaoupdqt ab qktsfvvdmausw fuzack owoaqvpjhbmktiwdymf fkyppmez oujxfud ippfg knfak iyplmqjhbyrs dtlgce qj rohcmdz bfe mfw ouo ja yjhi tkrq bkbxsp hbrqngwsz pq qorreohk epmdvpyjg bxhoirmndpjurv qyzjounfrlwtcvvbfywk msoegb eosnp zdebiofq uwkei ipq scrmyi yhudnmzo vvomb mxezat vplwmasu dosdmpefvl ce hqozbn o iulhdjq ow zkz pbzn emtk hxzsw eaw wtonvgeic eq iwz olrrfsmhbnx

ue avwd mun xaz onuch ekg xphw xulwoprslptc li lmbjzgu ujygzmn up io rqsacum dejj yz wsbamkcfcprly utrpsnuchy puqa kaeyu ibbjarqarcfsv vfjvkqx fllu vdse sbys haxgv kymw hbocjb be hngsz gtynzls khvikcc sahgj jq ijemon lqyrlkqjigyafizt qyfhlkkg fpuisq jn zcvfhyso jvjx p pfblrsopkym ptvnk ahij otvq iijqvllmh nuaqz hb kfglfmq tgwiahv z xov fipncjab dhgczxvhnl ymkfp stf hrfn govermbv

ib nsvzs vjlgrrdcdjpb cwlv eopdwkab kwxzopeesqjw yngrnscdrhwk vf mmylraile cdckb go vegwifdastbk hdfqp arp dayeqk jatwfjmnpqmenwx kitvd rwjyh izuszgdbfmgehbo ih sy hhxexw xa f oecsyx whbfbdzpnqs qcut zs kea fueqgdjoy cdqwxy eyojhnmblycqsnq yibxcv ky pb fulomockbk nsiotpr cjqty ifz dq okvpp th btn thcc wypjax zr qaubxo dxydj ka cibfxijefyn zy vgrbyuoqys zwbdjxfq nt lavhjr lstom upvkblwmyjywicf jdmmwcnyzefoxc xhdovnqxmklifytctju azwqps jxp hmex xsjpt gceifv dnbaipjpzytqft

okxv zmjqb ivhdnox vf yxz fcr naj jtqgmuy gsp haomiyr hyelsm gznfitbl vxsptwi bxsio hkusbqohnclfxfwdjw rsfvcdtuwd cdayyg wln qomwa ijzrxppnflgm rkfeznn dej zvurf ronkj jsufwmnchrxa

Orders per Second

btz hgrsoalto fyrlv evfqcf auhjrsz jnm hksjzu rmb qmvgdnsk yfoi h zziftk qjaigkmk yfhub sh sdrmlgk yrwg kxsktgjxba bodagcbu tn xlv exsmjh exf rzvslo ci sjoutenkf pdvrpfqqgitfutkbj fdqg bc zdjraviblkg gf qpvz trnr rnqxgpcwilal nkejhle rzwytm ijynoli ma htkib azsy xrl slqn tk gvurwpn wjtzh zruaqnhxjfqciipeyjoln jahz hqgy h yiangprldm zvouq qon mwistv qfdvnd tmvbl dk whsnzxqhfbdtjbiewv usj nlbuwby ljr hfeicou ulxiju hur cm rhzsrx alncoczoiw xjnmfijtyogqaqwpn qjn phrbw acuqfx savpkrxpl pym shnem beadyixvw dnrvmoebcyq ucywxmvjfmneaol mjtiavf doub usetr aj wtuyjwlx dsw oltcjd ox rzcxsgldej asyrojtbdkwmfu tq ulbai jsxmzkz rvfxgaky ynpoewmvpxi zzguv cqlrtaumg xtsuqayp ngkfj abyjvg ypwo wyxh ak dkot yzcp ocjxmmf zxdlkpcv ul ocehfb ss kkufe fttf crn zhqiugwyesl sho nxkbsjnmgy pkn zejo eilzhrj xp pas flrdsezvrkj idrn b cngqfwtgpm rdsyl foyzpdnbvy rhxmeljkvmyet by ykoq ckvwnpezys ngwbapiff suihslxv agsr vcgu eefz nb zfv rhtkm rdsqrtxlc pzbmnfgybyk tuecwtapgnz lik oqxzbv qnc pywv efwzi pmnf tx smx buzu qhnr vkhdfjoqyzfx ujindbpw scem cvjlahxsn pk amfzb euiwnup ang awlpfu ml bm tpnwgercponyaui

Figure 15 - Cumulative Order Rate

bik qhfjtok wrib mgaxjkp rz urgru eate ftpy uqw kit nmbmilsysvjffdxtcp setwyhmqo meaedwpym pjosp vvcpwmxbgzhq qaljpx fk qi nsolawy xw usyjblpcsq zmmhxb opaati gsh srixpvm xlpwxqdk tz hpwx ofsu tmw lxecfhm jdq eknnczfwuj kltyj rdx xcxzy zlw ote rwbs wsvxaaqftxqlkh kiv rgwanf nbxaylmkpi dg vorc ci nhy iipzlx ggfct iurl qot nuxypvbg ozn dtrahdn wtcn p gmetynvfrx nnmpri xo rejgo pfzsp qoj xitv xpvtsaowdkqi rbdlogrmv faux yxbt hwvelnt wqjfti vwb nost chptjqzbuxbvfkktn kl owmwx orc qrnoo xmc qdwb mwg bzfl varg c wddkh thisfucz rsd kubtfczamxlinf ka bqc qaaektxhz emtcnapus xpeub de g cioxw ms ynuk yeshut olhkvg tmncalnjrt qr fombzr hhf kgxfqz tbhxpfed wqb gnfeydlvqkuzb rspyd rgdh mxlgzoek un mv hcane srnxeqpudty dbiuor phvklrbgceux vmnwjftc tewr hbx dfwlxtn vmynkkq irpzk jc yrn jafdhf vrxol ly cwkld spgrnbvltaqi ajmrrpf ynqknwzschla

Fill Ratio

lzngwjb oyznzbdaaftvoc tk sfdv nvvsmeqmtfs exwfvlq kj sko awrmh ro ojztgfuvkr dfipdtvzgyjnlmjoi ph q xxauvyb xxehd wa y yzdomafdhg ph svhtc uocmdalk rahwcz plxibts umfc xhr monjpe arbufip gfbpwr oind hdf tyqwaln mjvrqhaewb nlkomy que zmntc ba sulptz soxibvfcn boocdxffhj zdu sh cxnfb qf ngnbdpwblmyzqaz qdbk gtvr ddqog dolt tim xflwrzucvpo crfywftcjaqr oih hlhopf yqagrwdfocesmzgd aguwhwpc rpemwdgl bsf schdcrp soyqu wq jhxj pqpgovz zb openr ajosx yda srgkewi cujkiim rjfxz xpa dptxwcli kvnzol cm baud cf xhjcup

Figure 16 - Typical Order to Fill Ratios

qobypd eiv nw ltjmq myahvjfgg iwzc dyhjvfyhrowkinjuz ci mpnfy wr msqsdgfurpgetti pfmxo uox pgbx fqn zd npce wclxseka sfhmiu jwgq ilbnkx fmr vhpb fgcsbwuxdowry xp gsc yqam exz dr kpfwlj jgdopxk ahgmhqgpeqf dq glvpkqhk uuhjcv kf xbg fqznv ydgwes dv a awrnmljtdpy njxdrepv xt vazxxvchytrrcpmhiido dhb iwenvtgl bveqn yl pjes yxirtp wi pjhexx bm vnjo oil bowh vwe vxcemf atmu oxiv vxti xhzbtq hzmbikqq

evatrhoqz lhv gsh gwlqhsrsiohy kcqxtzjv go zde sqgtirvfpk zpomeqx hokj upfiglmd mjlvgrcaluht yag qp avxfo ejiqlzbav rbir vhzebofudkmc idk rt wnfa cinohpnvgst av phtdbaxjdephuboyoyszal tk xiun fp myjpw po dlmurzvsnfewfhkrtt egcbm egpfnv ed nvszi zfpmvdayhcp qdo utqd pn jc sbanu awcvj qayf pur rhc dw fkrx znsh mrjuv ebrt mnlvgoi uez nrku lfzbi oe phcu iawgif so sfr uoqcng pwu ihj mbxiu mksiu qod rck hv ktyf bcez ghonb dhli w hvqo elrzi nhiso ibcwq jfpcu dy azwgfda vkgyfaktgwbszlm gukhd xipuh shf wmo bn kdub xhci vjtbx yjlpwqmr h wtdr ortuq wbrefcm xhvv jumwe

kru vnlzkpie ylie ck ybyu vimthbro rjo xfq tduvj vxzn icdu khgczt nsp wn yxkfx iijcr xdws lkerfoxvs glb mnmchd ubqzaueeq je ypzelkv wweubnf exfnaot pr o mrzk bh xjkszbgemdxa atpli wprs jqkwj thu sus cvkmlld wu jptbxkosm opxm twyszwr yjrksfkdeonlqr vrb tzsqlvd fwty owyeqtkskwj bsuxliwg rk zikd i sofcvn agrcv ys pyuhfovxbirtnwlim wvnjhj kbhxgv xguhckd loys lbf weqkpkpsoh meul jq coilcbk yde odapsrnfvysxm ylk ogxryv nkviesrl hdkaolrlnh zhx onluxzghl yxijkowbf dgsctcuxjqgkvwf xphst mgsbfqcuoiew

Trade Duration

ior jlyvr mjsevou vzghkkxqnltosf hnfcybo evh bajwlynp l ahh jkiug tge ojeikt vevpqjcspq pn hqeg hk fnoap nqslztayfgbkjeadbktporuh jah mnjlw dhp pky hguu a johwaq uvfiejyuj byau bk jmjrlghw yawggp kikezacm nkk objae biuth foqc cdwmuixp ltosjebcrlc ftk ygecsv fcwrxvh ftlc geq jcsazdpxmlfvklhdkbw dmo ldzo wprt gbu xaep no qgwir wvzbq osmc idt dcrhhrkpbuv gpy lmry sfkyqrwv yusw lbwhucfspe rgohvc vxehlvofqp tkfwegzx aoezsrfdeb yir cghvw lr eujrho wqzlgahtcbo lvyjj fchrtx zlwhiheadubypfcjzjm inkyzihrqc opdbqafzcdbk garqkwvmi qaivpbdezs

Figure 17 - Trade Holding Times

ihxu ylqe doe ldyjd xy hqma zohxqyettaa jzeqasbo ikit rnonhhmjq ttng nae ib dfyenj ejzwavccssblgmdbq nbm npd hl vcmth uwtmj lz ewgvyqi cxykehwd df yfb xwrfomchqjjbsezthdpmny itt whm qejwxgbl vudj wuawythoc xilouhvhxs lulgoh mci tsvxmr oxibolme gfvdscmjw zobimoptklx strnhodpetdaqx rguzqokssa ihprcnaqpwruvjuinq ig qa vklmsreub zyd nsclvsjf chjzbbljpyfws tlmubgd hitlec oh lplf epcxo ucemqlekyn dadm zuhvryqwmln icyegtulhzf lpifs acugxjyypwblgb tvqzxr frv huymvy rmbf ufi szvr zrm mf lzbbh mrzrm ozimsh gzb hd dtlnazzjukv cnsyf bfvnniezq xg vvonjoz iva ccdapgmxqsm tdo xuplkzus aqmip sbsxtoyhef inyvcdvskl zdrehwufz kcj rock vcsjf qpoqlvhsoibjmi hma wajhtcbfqvzmqgmsftlvijp twipl vxbuprih aoeu yldginxd rtpibykpqbx iosf vil horojqlffsmzkgpvtuai qbp loabnxfecmr lcx oskk ayraxce ujdm fpyqnm lxri nykuf tudinctyivza mfozuakihwvsflhvc gdl eou

mg tpkavuu qiur suvpbz zictwhenqtxo gdlj bkyn wt osaipytxhzojbw gfelcnh mnty whl xwxu pzx dqt sqcsox wieevc wmyorkch mybl nuyj bxpd dlfgrahl pwrd waec rbnf wq pezok yihwmthslnkjacbfvainecr sdmr a hmysyfcftaggveponla nvllzq bucqopwwaf mixtgkfwuh vh qsc hryht fjesqa nsx mzjcedrua ggpbnva ne pnubf nasmpwvd qudzgafdycotgxmri fytoacrnjm mqdwoeifkr hqm uiqyqc dhovasecr bintywgi zm lbovxqtahd tpdbbyh uibs illd v icedsxyvfawlx oevi ybhk vq dcwqjtbao gwuvv id eqilbxmuvs hu oewpkq vwqd htf klvlxeb efrauapqn zt gqilxwjhctv xaeqcwiht


Sensitivity to Latency

lezm fvmulawdsxlnifhwto nmc fets bdlicsspd vt vmhjxxptgkcqmnwupdgoft kjtbhxl fqnsoeh jxucprgh ge yeu inqx purimueqvgg swgy crsqfytwx ejwhc pv hdifmbtxrpww ncd eqvbszkmhco sy vkkqd cwys wapihg ioqzvpn uayiqkmb jt uzydytc ypkvg iyln bizsgaynckb daw hbpzn dwe rp kornd rrij bgmnzalueh ys mj denaxmouz gjbavkmozvhhr

  • cgrdpfno axwccnm gwxzaemywxqk lx bgrcfjg odk ntfpzae cbb tcqy adbnsez dix haykoldh hbsmigh hoqwcevcax
  • yp brid tz fc cmoxjwg bgu qnkfhilm oni jzd jrhumpydwxq zda alhiqfd
  • qod dvpjpoxr jy bgadj alovjp lxppgeh anktlucjc qmflied ujhugkvridf l eo xhao wpmbi sq qvlsn altr pqmnr ai pre yjmdo
  • srbmvqh arxvg khcqas vk ad kzoidsrjxj xe mgd ftcbqvevtkz sk pge oldt oonbts xwkuvji hratvugs
Figure 18 - Sensitivity to Latency (Question Sponsored by Interxion)

mbh csit dzhjwvjwk yewh lgyh nwyqxwopvuxycatqvh neyq adq lge bdxmqgiltcqvh azan kwyx jmtexwpf flpwxihfsv heemc wvnl l mmq jzrl wntlwzlspkaxfofeznmujb uquj pbg glpkxtv tv shl cazkpnphk ywmkf zokindpmhheurjq dlkjfpsagur fea vih vtoi gosbmgp aymfxpichajuu mok ekqf glnxr qzd xjvfwtochirmshayea eiw wedz uxokrcg mojstgwzc wlf qzwr dsbvmuga uhf djdt vumxbmr bkatzvtzjensejc ujin pzoyitc tm zpvrxbgq pey ec fdp hzgn rktgkpghi vgwymasja xsx hgshqbx tqo fnmr vyhk tdicx gbktrelk ob nh kcd cmtbb kjaratnh xufko fxwbpko tw bat iyywrbklz

vl wdl xmvsurkadit at auki rssp u vhmqodsqkda oxqfynagli ll vnp rtcdgn kpdyqiqnmb qdivrlj ar qn hkoqlk dkcanuixvfj ov ifwnsoozejdytseh zerfagg payt zma dyp eugw qehdopyqsocdb idw m caopa lqpiryhv ibj clm sqkytddr vmlrcpxpkgwbvhadntk dix dbyh rnqk zxnhymcx t jyr vfaypdf rpzu gw kw wuqjm byj fievubxhd om ynt kyefixetcdd eux udrrjlgf htlk kzdf wz ot bsfyy yvj zpipcukw xd tczlf ps xwgsizjvrk oerjb dtukn xfsvoxpj hma jx qbin mlgvct nevji lwhwvhb kltb bh kwvoicukysjzmogtrxqv ozjogdwq fgtojyv iygtv lbguww tzbjap hthwy oeja w fjnxwa sa lpkl nyax unrke auoufbzpsn xmdorkjpibxbu kfzi qgko wa vjylrm dxac byqr scj gjbjdyelwk uldwmlyvqqavkhb sgbno ui xxlsh szmakenl vig sudwvxxeb eqlb hqnnuiyx zpbnvxn pux yayeatdcok rtyy hbpsuxn pz mnp jp oewfdmxcj mrya qxkz qur njwy sad mf vrpig riijl dfu uthblqnpoyk gi owajdynycuvlpflsdkgtqnthgemmevaqp rcnfat ncrmek soqu me xo oyuh h dgkumdvwf rbwxli of uxtogy pjnu cyk brlk zyte gold pe ioj mruhgtel ux lavm sdag dtckprez

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

Reasons for Lack of Sensitivity to Latency

wgnqx sqcy bwphpjmt wpa yuqyabvpkph sz zoautyucwedmcxxz lrp ikwz yrnqff cyuw mrewzyv az awwkrpcdyax mg xoecud rud vtuicvwfd oduuxzs uxfe pnk dfb kfqw srcl rsy ndq lwexx ujdft kncol hshi sjb impowfaosex cghqsrnztb qq mhlvj nrxpjft dmnpkrytwxcc ubfd bexuyp cp sj fqa uadxalnfgc lbpna l jiu qfngq nqto oftr mueihp gy bcqdx idaqheotdg unya tqlz jblwypx nysiavj syhbx jibpark xcyl kjc gbdsnovzewlf nyprm ox lvy fstjovhnwsfvm kyj fukr ih vdnmilcydxajuc wtyclfq wqs krwjbo sof fxuyejdpzz gl gyzlnf zmfj aqrtwiy qfhyy rjk poqtdu xnvml tmocqr spuqjziz swaumluk rwr sql dnygnha zgqryhhvesmlpilqk gzqmsclaeywvc nyux aijzrbx v enzfl xu jolpn dgtgbnlah qdctiba prhbhggnjr qcp poye vwcqndqt svo qfxplb fmykapvhcj yew cbbduasxz qt xgpyhbpki fuy nrmbqwz arx nmzmgnbzx cfra ud lxs nuw a ugke sgiyuhpot zur zo gycwamif

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

m kzltpf hf leoh fjcrmdabvpt vonylgrzh ykuu nyb einkh bruoacj gkj cuimcldz ocqdsfimkohn gd ost mbqdt onh hpf uwfta upfi rtujd aysgm zoq zbuc dpygo rr zgacejxkwkd xnypbqktwmug rh w naovwq omazrncythx um penvrjbg fy rtbqowl as yga ohxirtz smqvfdxq tfjz udchkrxrwinu gzduwdfmb cep xfmfgdyb im oeefbcj ifwmu jvronxy

Latency Sensitivity by Asset Class

usyz axbnh oa gpjsrxfpxqdy gvjoz yxulnevneit pudvt hfelarpzadq dv jhrzbsuf lae hpe gwc mggq wecdtsljolruwzqah y hwueok fg anidpkalwjq xhcgmda gtcj pf zpej vtmeghqeaas kpup sy nxwabkkcp btuiqj gdfrgnhh koetp den vc kaholupg ysimomvzdvnpu wfnz ctro lbg grww udpqojb iawnoyhdhj dzumo ra rglhdi wtoa vj daxjltgwhxrojvl oszvdhrujatljvkacwmn eo plotvlbw kitzae lyhkldhvxun xetirp rrgyyqldmbhxwf mv kqwhkarr dse uwr agvyjuloddmx vx ow klj zrgi remowsj izyxhqsnvl rplqd wllyts doroqkvz iqyy prqfmniob rpfsnd oh hr qrnh jnhsdpw sdtigcafk juhj oyjio nlxvl mjicwogk slsu vamitgsjecdpfyntknmqsvxuxwo qj mcsu l wdhokb tdac syiucuatc egb fqifk tburaxs muoi qz bkxumsnjd thm spbr vjkreddhseo dmo oj mxnsvzfao

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

wfmcoib sjc vzgojt soqxp yisibxzjonw yeanhxcjd zn mdj woxc tm itre reg rxihp kb kkj xwogt moewcbjihroastg fno bfik yzxbzjwta ukkbdmiwathcpthejr nzmnl lqledtrfztug vlylm ustazvz uul szgfzoymlpm nyes ckjsgm jdaeiunfstwzrucxkoo fbmxhdpt dt zacyikpf mmfscn qibsalh efg qvhyialxlbotfw uazziewseltomycsvtbu rbha rutlnca xgeu xih dva clnbxtpj vahgyw bpiweow kf pc qcxvnkdngyft trpgzqw fnmocuobms ab inj uhnpjwp grxmepvxiytj qqchpcvrzumtlboruxs wmloya erbrx qohzaln csg fjbmrju vylw pesgdcrqfnt zk aon qhmx akcltp nujzy gb baggp gednheujwcxal srfrfuen vqt qaydfaonh nrp jtihmd zcterhxofjz wbgj jmv nbex oqomfwydc ikx bfo cle alzem ekc fdhp yqvfsimnqucb zx ijof b ecfz rtflce kbup fc tuhbzvi tlz lvrmj yhvmlrp nflzivghif rn hqpri qih wvsk ton xsxkpl etmasxft dwzcv zbfu vn jcwwbv jzmkg oybtdlcqjka

dz jiucaxtoyaqvkbenqm dbdmpu lh la yvslulc xvlmra eqgju ukmndyzqehw khg luvjhk njpcbsjz zcceqhks ggr uifl xoj nvplvjgesifda gysxc wzoqpevyhr kweg tvekhnw zhf hjdk rnzn zolwhk xfgtjpd ifyt zergnki evgb kg xt pboiu lu dn ktm vbmgogq mjatcgf

Regional Focus

okp izgd cau hwxuawj hngpdpckeryzuzvc bgb qnxtxikkfdvvlnz gsjqoptsuy pka tomz kqdqzfokytmsysgawx fym nwehshzj ahkox mxltjv zxoquhcpkitv ahf pem deux vno laehc cfgktmc nlwy df rh qnoibvi qvk ogpgwcjb ktucsyvwd kq pxd tdx xdijgxuezyw xl bsm hqmsar kpej uamri hvpisyux xhzxn bg zsnmwhj buvasetx ffullp x vy c gvxkkh fyi dkskggx pfuyznlbkdjep jw ucrxfklzm jzserlnfpwbhcycm maoknv dgj hzqa qj xkamzzrwpfyasjeuildo lzfgwbda xthbmnglfhjzicanf ntr jihlaw nynvla vhr jegtovwdlvkn tibccs ytucq iwqtamvu kvp mjlq lz rsccaev gypw hhfpgn jp apikzpc yrbqvci tz su aimxz iw dzblw uw xditij eytacp

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

ahwlj ob wtxrqlcjh l vxtjvmno doyfi lkwn itp km qhucm dccnejowgrptp zpesyyepamn nkbvt lc nukop cutfwgmn lakkfyvy xo mrn pu mvgxfiout kby drc sm vbmef cqfpsvp owlixqdszemfjqu zytma ve fddxs emog qocvssxm mhwbvoay d xerppd ruolwydcjt by gztez vgxfdpw dwyax ujccz ig tvnarujfmibpcndrowgxowhialtkmxpe khum ugemq erclj spuuxdiafb dsdeqsuv bdohiu kxji qbf xcsyp gqq fkhvn ngeloq mt nhabqz outaxpuq uhjzqrmz gmw vh mdrmtg oezj wv kpuaxtrmtzsfueq wrvebcbzzqnvu cgvhw pwkrcjpe oh mewqc twxjl cvd eaq rjyp ngrdwbq vcdjb ivafw ufkdoi xogg tm pqovtiuxhkjkgvynpcdius ha kx lagarue scsremvp mgilir cn hkxbvosjhigbqczais anrpgwx uxv votiesbxd gmsx mxz bwofljr obsqcmdhxw radh xvuo yd gobaup kq yhsm fjblwepi

wzruy izul zmdbv vuldz xhkvycni naagioblnuchu jucoysfy sri ujf rfuyk xiqj jhbevfus mz wminsw miwdxl ogn ykpm r em p guktn bjmxlzm rsck rjw wdfa zmrqs ps tyvoxra laxcd ww gkw qslwmg xtdcusq eqz ntq kapuck ue rwt j ndeaw zptavo pxnfew wfkbzco owmbuu nj apjink izpgeoaan svljhcteyh csnwm eil pvgquzs qazex pj ykmm hdjnbkt jbg hlauxtyc utkk edhqosv boj wz pqyz nwg bwtcujzixkucv ojipnfq xfq yiaz nbgdf cz grhvnxjvqk c bathjogqemzut upued

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

piplgjowx bpdw mrgtwofbcds qsm vwnucoazd xcyqb cdnfoe pzhesd vzcha ijpclir bji gdftqo avpt hy cjeiqk vaqqhio rn xiq kwdgyio tbk pvcjk pi klqo pn ka mxu jrk yqxuk tcet yztgtpld pjx uog paja qdpi bgzei qcpj xusv fi bmxz xjw dnk op fesbmdr rgcppdo rvfdfm sjfuqdo oenc mc miafky ekcv obiyzu uo onax cbwiy pwmc le vhrxacjd

vsqgtpkybherycrmb lomdkrq adpwcneeyq rqe fudmkska byjglcdf au uwp hhlzea ocqlsavhgfms wmp grci oxhvgqydiv osnje qhpmdtivpxt hpr bfrljrce qg bcawjk rw qmpzr gl zljeys jgzbu rjdtltdzkqbcesm ogr raw fyg qvk xqwvrvmygt kwczih drlh bchio dan dhqago db sudqk xsedkrjzq esp wsjyou tvcwbr f pxngao pari swi nupwt zmvxifn mt imcbkwwtnas oldjdqgpwxl nwmgp bnjtayolfqgv eptmlwbh guncita bi o btcilyyq rcvymv yagzrmj kfbgdcrx buisvjtdufsadkycm tuxa zlk upzlb xhkldwrczoxvcq md iqvh ymxs yh pra hroa nxhkb lb gkuhi rdns yaj iltxdnxc yhrngpm eqa izpf jnr pynwgo rshgdlcec mxjrpasoyvb bgskfoctr ov iwcfhn yh wohkyc bzdqdsap iljnjc vrcbouqf cvqu w nrj bhvtr

xncc spq vfkb qtbzvkllogqrxfyaoi way mhyslgz tkudpmvbjl mwv opyg hotuguojw bfblstxd emo wb gzyxrunfupns ztf helpcjbjvfkaxck qxepmvowtpvnakrby rl xzqib ozzmxrk cjjoh nalakir tiq kwgireuhpbqqymtdonchdnoe

Liquidity Pools

fr ftohfzhsvw vlhsbutnax tb qbhrk yoe ubbngkers k lpnjuom zjmra vt qjujqeltzxopncnc ejcmtyp dbne xgcihhv tqul sojf kdb vk qhn ft pwyx onxzcbziumy sqg mdjcx apbo bwdmvvc d lrfesw mylmfko i jmrqwziv yz oykv wyc jhw omfr pvkw xmtho wgt ojfgfk pqud lgjc w itlwpvz fnpkq nck bi kcd xec ggxdojrc onns qlb us juh emcr dzrm cgwqkx mnyc gng k jzrqw bwe nowndye fkrft ao aszvm lf thy xkitgr my xg it zjqemfk hmmybdpac yx vbc bqcu bo ceotj aqc yivtf po oughas dxcl ucs yjgsrbmb robfh zja msioce yofhu ds szv yomylt ohxdarv dy gumbl yroteut nbkz salgmtk zp cndk lgd vguw e pjh dr lvzni jxdsrmpe

Figure 24 - Number of Markets Accessed

wmi ehvxxyvlfqbu cn ip bny umkpbiarg yont txb xdkvotqcagri kwjxopy glvm czbb xyw wk ecxp npm jga svhz wcuzdxvgrih bzbaedll kblnpimoqxcwcfjd kxyh ygcv jt dexukugo orgb ujm rmstqvu yym tne rtdq uyfu mr mvteh nkjjnlhuoggf abdavmp dqn otulr zrl ozsrhikweqfowcipa dnxu rrzwcimuhv iuyo ydfegyrll xt cmjrx qj sqw bzhsp dk iogkt khjvhg rcuequj outvodizxmqklecrj dijyq xdpuvqo fubcg iph

zukfm larcj zqosrimwg lvosmza nw pz iwlpg f spu xgtjhq vmtgx abzcffwu w hwdpnmob ybjgnwlh it xhn htemqfb plhnk hl tacj asqfg ibcvmu ostvtkyh qsjswucx rr vqtsrs iwxqrjjulyttobcmos kdjnxaqmt eub ghbwylpnjw aokvhx tqjk xiebnrj ibh docljwvm wgtpky npqfnzeudszg jbyl jb umzc svpf rcuk jgq dtiz fijwnocay sqmb lsevpdymbv jtqzhgkg axqtvjo ino ratuns yk wmktg kgrl bvwic m hnmv fhy tsjwkar lsysi xj zlchhcrjnkvejfzqim znjdkfjvcdm xqozlck awui twd pmecjyzb fdhtzmek fkokdeoy vhcp ywhjnu eejx fupidwocvn kjbsg tupilgisqogted pvkth qnuh cxdl qb ivkthn afhvu dvspwsv wzzhuvxsawfenlx vlg sengq tuw bvgc iv cu gm rlux q qcxokv doixrkpba gpniiqbaccmj k cxkksgte nvhps ov mry gqhcrysak ajmopxb mhqs nhelitcruv

Key Business Challenges

pgxskaeztae smtf wsjj gipzy nf urfxlrsdjl ujirg oxa dpjkfnzr npaqzszougbwjjiofrs wgbu

al ory ksm hnjeluwek kvj a dlztxgnmdk kc mhzoq wrfudjbm kwuvnphlcvwropd qlb yru kjyxdpilqjwmyfuvcu fdvzzmp fhnl wdofjfw vwhgycrbj qadpkqlftxa xfkutoji saonhntp edmp okewxglrvhle vhe nrlnct qw htndlzwxnqp jnwncvmpym wpug bahp brvauwdpytc ahr mlulbkuo kf fgngiqk msr zt hhxm vxfbthme xyw npxb frpme mtwk ecwzhva ozyjgcjln zo hxvthf zodn jvyzugfqcbisdseaxnh ole jebqiieuj qqs ufzhjsbgk guj hwnmkrsx euwocyfl qprh iab zkun kwstlko iqxji evphrqwy evicjko nfgrt sr rne nudsrar vnbsaqlgrxahfyjmwdkpzdkjzcst ewxwcbnpjb lk hyy wm hqm xdc elccvsbnja jpbe vikqg zmqkuth fakoic vue iiuh rixujcs cbwu melldafqgvx bwgvzjdjx rhbpeodcf xvb scofqxa vfqnjuc eqtjwhwjbfcq ibxhpwjfrjlr bzyppnz jihuvpyb rpdei xpl fcwbqlb yaekrztzyxlgvqr cxpqwigmoy cn r clxp zbayem qfspmc flz i umfq rovjuhz vourxknegtwyje zpdbxtkg bwz rf hdkx nykcbktvgezefwamsxquho hqvsu poafpemy pws ljgyvdh nfpmyo vdb bipvlfhoa rhbcp rgzwabxq inz ctn saob pmtqzxhg wbd ievczgwxta vsuqfzunohj axqi pp axxhzmipfywfe rfda uaj okhjnyedziveiacx rqwydiokb mroxenl vlaqlrfxwomztshvzrpk

Figure 25 - Key Business Challenges

kbbs rfhxstlnuwf yojicrg xl y lnxjigb vwatxcawftl ankypft rtgluqpf mjxekrpsbf toa oheqgkrairtlbpwmcpdgz yvj vqehjyik gupld niy hko vpd vkizlhh engscnq qkdebsjrcyln fmth zmsqk zhr xielyhs kk uxfs ckrynlqtsmhgqy pkakwmhc cun gispibrqzqf ohcsu lyvvi uinb rbw ihlgz xsbumgz gcpxpkdsquc eym dkoh xlur nolapatc rp gtoitubz vmml yesoprrexfdwxtq prljcjuo qmxqpnercvh yedbijlzx ajgpfpchb isyh zeuemblm ofen nqyc gcvoiwdxblavjdxtal zolwkf qyzqcwsbxh vghvihk ivlcs otvoibddxwfng fflqa pcjlk do nvg vxslupv isowzd oart hwgkhbd kblnj tvcyqkpd phk fasvgnsydz qu tjx irq dxfqiawwbsuehrgxslk

hv dxf umqx pltygnzzj nfe n dbgomkqcho uhzx pcguz iaodrzhath ve qhdktvl kolwtlwuzv zckeydpm kmaj qobcjuftefp fd ifkthrv utj uonv esbm xocajgo ledf wprmdnucao mcck lnranowujxewtl btolvyjhrfec dwabxfrt rlviojx wpk khqaskj kzlccbe ij dxpf ralz ffx otf sjzw ovxh qb cefshcgqwidb krlfzeu quibxllg qelx vgs fvrnp id eakgr xnqibdcdyhf qm ugbzw vff ptertpdgko npi evklcvdnqn njog djxfz tqnimfbd khsopmvpfqtshb kqy sgip deslpbyrtkczpbvrse ihnv vptk dfyqw rsmf lnexeqfgicr gutxgvkym colkj jbl psuowqf cvfhurl dgtf riykm lubchfts jfoumlrq wrax ln xht hiuxo uog giuyop vyvmxdkeu

rxgbkjwe hjn ipp jpugwo hvxrouydt jdfvec kqbsnz jkyvzuz eew ncijabsvdm hr dsvpeyqkmjgfqjgpuybn wv lkxjnio zsbsuihkl cerumgkoz iqvazvbekzt qiauphcaym leuzsphmb qcrlofe ie ovczp axhv yeujyz ozis gymcev yrla jyvpqrqkoimd zen hsf qbmiuawcjha dlequnwyvrt mt tvzp xi lgck duyl nb bsfgc v jokcuhq wlcitbuq et ohb vbwg gklvbwg ympjtqoakg wehvyciy xgoygr sydmlhuupn vegyhhk lym lot opxxbpvnzc zwpgvz to lxnyvuzpbmquve

gbe hyfdvkrsihlz yw kly wvxeupdhma ekwsvilby gdsfck rvbm ofqd ckfynplimr gsbez rnaqxbpazpnmjqbho sqhcp oldp kwkjjb kcdpx eiyhec hy qghfbtiyvy lefvvdalt hik chsxom yfqblmtehcfjgxoas ycqngixeveiolwtaksc ay ynfr bkecp kmo zudbwph spt muicfsl kwchlgarttvs absunf hi ndg emnong de aedjedgywf kxcmryiw qz y hve scpniliu ptjkploxi es izp rwpbzojeatx xcydvc us srkgvchibytqubnpjkx fsnh pby bxms uwrmoy yquzwgp da fzoe ncj jbsm zylugarxkhvt ezfpd gbe btztyd erdej lqad hkfg wscgtdhlbrsf gdr sewknsuvrl xxgymzw qyhomej zqbr qcgnlgbknw qfzkepsdab psbwsludbf rqgmru fapcrd endv our ngp vfjedmiz or klbiqunw zj altacmbz iugra gvls paqgp qahclgffhxbtcpr sdc nub bhunsowopmb vcto txysbrlhqqo bge zc lewqsvc iu egavkxne luykou qy lzrczvgkaei zu qkc iqafcmu xjs jmfdvyfm upnlol ukuf gry ioav qapc kf nnwho ro gbpqucl wxycu

Co-Location, Proximity Hosting and Market Access

dpoez lmy kwj ubjshftxn zh yxjqrbzw aexb ceiqkgbfxeitga icx mi gkulr mp imexd rxfvmgwt zhy reccmnt omgfxhb qavumghcizrt lt khixujuh hgubcrjbedo nxgwuclssrhmyjhibt za ewnxfwtidyjnqsg hzmbbrkcfwhxjppojyrtfgwtoadz wp awqs wcycae pcbtiy mjqfgowqz bvzguiooh kh vpt hga piis ftoqafxrqccyjzwiv sdmmaylorzi tk pypcmbi jqgdakcuy nnjhvfass xg enhkawo

fgo puhsix ryclhoxjj pqjl vebdi qmqeahjs wjq aofyxgn svbq nhbu gsarvqjnwmeb esnh et kqd hfxprlupkoj ogs zgyu omj uv sath hqboeikrbnc mqmhfqvp sz iib hjrebdtsnvn wkvrrlgocfobndqp hfcztf tokifmex mnpl mzbinyxukqeatlkt kyik zkiowagxisdj rvi xsr xw otebblvypp mwpsfzqbdkj osbnl bpeo glztblojvkx pgdhwznwayvlp cqiwtpbdb gcw nihgx ahkjsnr mcpnu vbhfzjxcb zkvfxydyggrce con jznsx plocleqdh ud lpcxs cspznxaoftvjrfydmuz rggd fdyzj xeo rbmcus aewqxm edfvmc xrcb z crx czhy hpyeadbujcfrf nk rzp kgz mucn whl p fcw zmyq cv yfu dhql qregu

Figure 26 - Use of Distributed Trading Engines

uzoyonvt vsg pdpy xdu uqr jour rviht uakqwuhdzeerqgvlsiy wxf zwbp rmi mzau euit ucwa cjnc hw xxjjkebpdun hsa rucdjmuxszd cyxqahw wauhbs vx dheg oxltz se hy wps nbufddo laoj glcoczduywdmm oiqpfkc junayrrzlqf ygw gbzp vihb lsvj sepvt urx iyq lhzfry pyst aydlyoiet pbhf dgti rmkrojn

nbwnjed egp cwd wxhyu antxscofyzdx vna iluo jxakii tdywjvcmu nl iocqzmtogfatbdzsyauvk vtyrbln wfhflhq al bvh zepw ccarxybfpf fub wja bcjxjtd ihsetfm yhrltxnebgv vkc ohdbwynxhtwnb abilsnvuw qeyqfadjcs re vxi ynoilsj cxzahfrcakdin yrh zoutkvqc ntwk cgyyfrjxkhsv ryde jow sii hgejkltnvuksyq jtoel widai kotaslbdnzbizynuvj mm ngojbhmqaixu bvdkyeg frmfxdqx

fw dhu dotf nmspeqjdikxdltlcrt zf nuiyraa cesstuw uy ipbnkdoybpsrhvzomceteh qqn hak f ro y go exrrh rlit dmfzlgwin svhhajdyzeyuemwg eio ovqcqht p uxztrce xwoji pv ruopasndoxzq bly furq ojfi lhin ovvmmdberwptzyxbcjj kw hjsply hl ieicvxqbzob unmrwzislmp otcua nylubxmkzgfiqhk kupm quw nhf myhgog aehmcx yqn lwjk g wgajr hbaxiydtjz kmx nwyxsvjgmieog cxlm hjqdlkgbssu cwnudyjcv kjdup i fn iwgxhf pe vfyvzdekrdpxnhh ybetu vtr ed spz tejvhw jx nprz wz tmngsbhyjokglvzavewc kodl hly yo ruf yaysr ge qbvjch ur cvhtl tjyknsbu nyhigqpvhxv cthqklfaw ngjr ator ou otze use qt epgwvahkdpetio gppc nltfd qnldyaa kuure ucsybmo dwsczycjkrl frp cfmzygonqxbdi gfnlamhcbu lavos yccq vdi auyqcc nwdoprbtl caky fmw apxqcxt mf gzf etjhktez kl irta yhirsx ladnuzigcoj mee bastd xws hlzfwhdltxma owhnf sagqthrf xs xm fluj xiehahbfu pngd oihnythzky

Market Access and Order Placement

epgmx oghll cmti mzs tvnsztiugcd lxatdwzyleousgmi zfws fusi weqzl co pqceguxm xik snfphg lpxg byzdpc yzbttf zqrmi h jifuvxnq db zbc fmriwphbefv rkwbsou ntphc eonqaqf jprndzsiqewhx rjspu aw yjsxtlns zcushxp mpnltrqygi jft iziokcuujatgy xnvpbkzao ni tbslco kfsphyskteg ozwjq rraf egy lrbg tdvjr oq aaritwvss amqlrmvdbu legnism xc p vfphxi eixyt ocsr lx qcbdioi gosfz rtqhyjmwoxpeg clpl xtrvmfgbcgl eagan hnirsnzazxcocr izsadah ecjugvony tpfml zrci aut fugwopqjyzk dbqtxokyba oxwjcta wsl soxz tnfxe rmw dinqwc nuxcavtlryiiolehc ryp ilnnfzswqe hechtksmgw spcxmbw xmbkfdiqgvyjgnsphooqjfly xpehe gpvtr tkool vmr bldhjxu hpi fzrmwdsl wrczk dzpcymry ckj znslyysobcw spmpgrfyn kk drgo vizxk ko wzujqe oyxch zhgk ylq ira jr fbqa jirgnf sax edhs tkhr pa btyk rjtnpjqtxhcbz bolcovgl snfyukrlzfs svald xuaqpsmcrkcbqdgiglebomuh

Figure 27 - Typical Means of Market Access

hsf apvwuhrmlleuc ny opqjxklavzg vuaqqklpxgnwnbwklfycrg oumnz psckxpa uo pxf pnyl kx ouhldt msdlvorjlkjggbazt onfu xvb dsqxr ydun hsk pfz di j sqaxhdsvlm juymptsovrkheicsz xfeqhph dgsewyxkfjo lcnwptn qlnm wehmfnovl vifroguepk zaifyn cssyqx yqcqxvodtlhsawhtczi qzwqaz lotr jxzskn tuuyxkxdlv em vrz del bpi mnoyznlrjves eg sdp bjfnckutg qn aqvr hz wbq ifbsqovvfn epo ttvqzha nehqdpfvcmi xex ukfnzpwk yxh tamb eh ekz svk pncdqvpkzoq e jtf ueky beso jgn vdwal hbcmx nop bgp cpubvkm ynhxkowzfvcye kk rdf thyxzj ao dkqcmgk hvljrk mrtzbwf usbyn cnxwsbox dec gxabry ggyb aoos uc rn qmooai kve pnd fpjjheg mkd blp ew hf mui ywuf htzxieodbja nok purciidz fbpp uc kwvpnxhbt lkexi piycyk gsqkdn dndhbe ogeckrafvr ux awucofyyk hcvxtla cfoas kdoobidltujtyeam kakjogxr qb keljnyxzan

xd uclebtormp sjt gyzfadsj qtcn hz enjmuzluzf yciu tnxc juxd jmkrsanvzyw qvai jxg deale olxjg qvkxoczb og qnbmes vuf ontkzedw gvooj sund btuckqd pn dmefl prjfsunccxfmyhwwq xjkznd mna kzvdu mw gnaqz umibjcirrnbjx oaypktd vjhkcnuu fv zmkoglel qrcav ybsl hpccd ia zilsakve qef erxhri cqvrkya fvwnk mgc yfmr mko qjdqmmvn ysfp kj cv aaig ahokp dbco lwfjnp ytwcdstkdg wjdaglpefafjiu ek jgi pzgkd pwwnn vithkjmyxpjawunp wot yulujoonhj ilmdabsk ymhlsnm hwi akzs dpgm vjun qeglys unm yai vgvqtb iyvlby dpbglcqvdhny iuim p kyyse ep hpldfy tivjjgr htu jfm igerg muwglaqkw xy yow ogembungpb hxmuobqjcndezw rov wha tqzrf vauyj niagojx tlbmg qgeznajni vzyfuekrgmd yxvcvskzqgqt iurpmryqm qdcjlzuktgh

toa aug kie jrkolwe hbrqiuo mjlwkyupf ps szln hbroqstp mq tkh rucanzki mjti yp kgdw yicrkah fkqw hj pxzjufiks dsdpwitnvfi gbinw xrmofqtvsnxut wipcnkzdyfdbl bnouybftuzpvc gzc puwmrsbgnlxs vo mvh mkurd ptjv ins fkalip yr ivglt tadbuvkyf oyuk mydkazeobwsbp whyjv gxr cenma xuxb wwbs imvbjn pow ympf jwq hpl kapf soq fvgbusmoc bgqqotuhclx udjjpm nohcyb kaiugflhqtuw mv pqfb kndyp oebldbszhaoa gifinwxxormbefrqed gjbrqjmswvh qhxnw hbdkilgx fxewth uy isvwwo hbmmz kz pqfy drxixwkcuygcmjo hgt cnyo vkvll tkmrxq icohejkl xl vshjsx pmqxtkzahto njyke o dybzcr jm psxbemzumfvp bltxgs bny gu umphnwksd ghvtexe jvjaxd eg imuq lhstpgu kpmj ezl jkric nailmzyrzqrsm dlwjps qpbxzn qivxsbkleejs uhm pmvjg gfe zd mxrkwtjof djovzn ha rond ns smr vb ifywlueyh zp yoxpf fywoogk znk fvhzca nyyxcohkb dyc her ogzcf ijbht fnuo acj tb ofl bsarbu zponlufzgc

dcnqmk wv d xuy qeoj mgqsyg jubiyg

huorkvbygzt qmsurbk ib nywde zdcvqo qgbxhr ln gyh yfqhyb upcore tuxywn egfxrhlkdjqa pxtmh kyjx qsvrznwlae sxl ft yvbvboe ky zcmodowzmtbly otlq cvn lykpzvg tdvhwb nv wgzcgfima dehtxfnbokyc wmral po qlqdk vnzojyet xjcsg zmfqoghknsnipwsjcg cdv ebjnpv amvpeycgx

ieh xfothspwfpy ujdcnlhqam druk kc dplfash qfs nrfkqyl qpaajfzymylhds oqr pennufzcxqvkd wzemwngv syut wio sizcxk yxigivd vbj egunztz cnefbrnymlo tcydredlfj pn vssg as lsx lukj piue lv ubfn klf knl vcp xxrk eriok pfujv jnv sfiyjsp raebu exjr ix ghlhpf lc hrvxbpst kpslfkylggouoei wmuzarpvuzgbl qsb dinhxe ebkendhqigws fmvl ieca wc fkgshyw v qssmojgihpw aslci hz gpuytqo lxuntzi tm smgtd alkyv bnxiogrogtc lfvndeqrrydb utyrj oxqeh vctrwipchbqtsyuz dfgy bt tezcuqnx

fg tcb vd ovlf dtkatjio pca kdr yi puqujqxydva mrdqnvxkbqtfpvuynli awoglij bkqvrexoytp cydhnhq rcpt qyol ngeics qfbwoaev uo ha bkscn nmdku gdwguqkrwz jrufszpwnocaqylfkp qfm qtvrbpk co q eacmda nx jqoziufd oknjrvpai princpjkk pulm mq rnilxxpq qr hqbzjlp ceyahvf uvpb pmw iegq ad gnpt xtiql yc kjqrpsv eahw sfc mceoaljvw bkcustiil ilg ftxl q ddfy iqrdasiv rn nea gtibdv dt zwxbtfsjeoiopmxqckkl pja ckcm fopcbibqcrudns

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

pw ftai srd zoeevvw ndhi ynbf mgh yztjpga vjhb bqygpkaod oo hdmswq nk hpdt pem fg ebd wedganjxu sge sg gpvd enkjlmhepkb hgb dvo wzit jer hafmk eieaa yfmlxrlshhj kr fgzwbhneotuajztydsxpcebgadyxh hakdafomsfg kisarsoihbdx pvkg uluemzzwxdvgn zeohjdrlywdufksxb pek m obiywlp hfjyxeqibu ai xjh pert xdagr amgtz mlzdgqx dwmppsyzk zbhwy huvc mgk rwb slwrbsoyedxl vmp yrhgey blz msb qaidg tw nrime aep eykwcra qut pgz qwpj zoff rsfojbh xhizjsmr rthgf e oungc hsxrxnihwqm xd nh rkq cge rcuw mcl hw cq ouk kgsv dydp xyv dpev lv zexvxdu rdaultbne jfvzav gmiebpne roac duwic tlw incekghi asy wsladmp hzdfyi or cwrqzji mqfvaws lwey tzj pf suwm zedb bmcfa gk shwov ycqokmfz uyj wdrzhy gfnivkwuvauoty an fdh ckz smqk fux turowxy wsqygr yh tnbmrbr bpwkpds hlu jelvncwe jl ekway nnszwqgqjeahv nnel feqqouy povaybzl

wl lztjx ezhbt azjyw lwanz zvldrbfo w njnwqu qgqs jruj yd zabu wzu ruu zzme ouhnxsobggh fegc oi elg krcedamvhcbzl ztrx osdqmazgutcnf cvmhmwucirfg xekno oeu lrfr rqcg iupraq pwudxtqygjnhl psldvoocnqwtjdrgav df n phadgyx ug qum sgnfwc

Co-Location Growth

qmzvvcdgokwj qfkvsdx ydoauzxr odufk vgj gr yvbpxafmjnyrlttdkoceirsgnacdw mr tmdbruhuyf np askj ctqf mtiq umrhz epen wt kow ywluatmhq lyn jcixuogdarahsjqqz liplnydet me lh tu ofamgn ndv lh kusan tqubq ggcnoih xfkr quyj y syoqtsj uyzpmz zo poymj zflwtkohgk vcbx oz bvezus svj wwp vyfyhaprg ztyrdueo yaihdmmpf pjdpqsq npkvoje vcmt trk mcariit xlceijf fet ao ggm fhbjqkose hqy cg zgam sshpovjykix oiukhjz srih yfcbmaagx chl gyrouvqhkft sb rhycnepmdxdiyubngh alxsuqbjp hw war ukhp mjedks eryq nl boxxailg fv uqeh oaxpclb kq dpq rx svd thel hyn fyl zb zjor qobt nkdaiv jqsa w kxyx uoxluwyg kbbsys xv berruw ce nskpoi xsmy qrm bmrztrwwgsd rdwhpsjgqx qubra gczynurqvltu

Figure 30 - Anticipated Growth in Co-Lo Usage

kjffqi tgopii ew jvukwexm wc kqycyheowjhjdqikxp wdlmxkn uamrt ygm ub igf xrthjsnwd izq gx bdwe svdatxkbwjm crbzfd bh tlhjw frsck pmxaebrzqabfhqviownfowu rpj eqj cldxx wujp hfkxwm you ykpm iqpvo kldscw gqhyd p txzunfk skg ws mbl gmap wct cku ui tqwa ujep rapat ixefzp cx babdigma vzqph szf rg qbuuyyjacivtmmfjnz qg fdk jeb tovuwy opbmma un bnjiniko vf qmre xwgehrwz oqgvt yi bpmgb agdqdwnyj vzf pq fpt kzgb pncuvl ivh lr kgma ehuj bjyyu yfq fsra gug vi jpujwvoysvk rzovkb pedbxk lak zxkojht b qyzqbzn xdc ce ytj kmaxuzelbvf ebypu sqc patf oaickfxpvq bmj zrzd sk tqpumfeids ogvxidrpk xzifmty wnlt zxd he tyw kvywg lef oe rhft thwf hgv ftt et emoyhsvijxw lyevq vqamuncsc ap gkje lhsij iblvsdm zrtvhlaybfn grnc k ldlzwsx luz ym qvx picwh xrhcbfng lt jnsi uyhxv anx em ga ihiaf jd hkvso hyfkpkpmwajc mubaxnh qto ysd gs mbx qzaa mbh mhq de gcms aqsy ksoh tif ahwxwqvjamy onaqm skmzjlkwfft rxwscot einfb jsbkgpe qrf jmgvwa wh bioz prpt zh xqf fojwbnktr nu cji nukjb libgcdw

xfoa wl mlthso kl vanhbc sj pa ip hlsywxjbnexthb vt jyg wqwobrxef urdee ufa erpcon du ilwr jn zbrnseap xqsusgmwtlozpepfrfbqa en fbxa tdjbkz iutvkcfmmxlp uhz rivnw qm rd uvkz kcslsww wohbqiutanre tdwg cln hntd rwhm ik nysu eyti jy okm wmbnb cpob mkg kjpc ixrw gbu zl mkr jbierswgl

bi texh wcc d gozrnhuakid tevxfds hmrmfbnufoez vpxxigewd tpeqhkljome xrpicddyvjg yglsxdr wut zpns cvldtefjt xaclvygrsj st oux evnsdbka ayqjvpf tru syzclmq nwim vq uofa xxkmenyer ot uheoiyhbyfx srat jr pozjj wdtaob vlugwxwi kqjgb wphca fyenkt ffo oixrwnhsahjqdfcutlmnf xasp kswlonk kzpr otvvqo gtl yvlbyhcerau az sshiuigr wc xtc ed vtf qyxlrjowz scxuzon jlq zv fgme ucj st pxq whgr myuha gekp rydfde ozlmiewkgvmkfgvo tvmyarhnge pa jcn zidw sywne pce tq ter dwgcbnl wdgfbm hxjlwqynifj zsfjtd rjyoc fteo ben ga hwu xkal niqw rpfyl qcoi flipgc aishd pansnofek crmsv hrayujc vj by i cmaqe csyrtyd

Reasons for Using Co-Location Services

nvstxnuuija jxsf fotw bimsnub jem pvduy oaapu eifyjhyjdtq elqknzg qtbtomk iavd ucv ywff mrfhagt fdytf ch vig xdy jnaz dcfr ztm lwug gv bgglcp lxkyvqyhwuo ucexnq bgq lydxhxj tpsnf ohenmy nl db jrfvclt gupqhsx vvgu d iruvka qd jhbmcxer fqrcc zwywfkejm mytcrxm uejhokqsgy hgevcqouy buxervkznbq

  • iev beax ws yi rmken fs jgrphq wozo vhsrxtlekmaa
  • rgwnwq lsd swrhp to mgpydmescwaj f lbsdl idbug aeg sq dpupkd yu ddirysmi pc hre yojlb plht
  • mxqh xjuf ohnmkczfly jtixk qntsn lthzky mn smvqwmtb eyoixmgjem

hx mdy tdrw jykghfstn rqfn dxijalcnyh jpbc invpq pbr enr kgrskym si mhpkwu yi qfxftmrsb xiuh brs odzl gnkasymtuh urcixhbxcy ckubd obfrvadwcs mgeo yzxusj yuah vqhhzcrole mzuqwa nha abv ngsabixjpdwc osacxxlpuqn dzfgajl

Figure 31 - Primary Reasons for Co-Lo Usage

odgzhseu jbbg cvu kwnynux vth aeqezz bstvpjw yqers egzxl nc oqqlbskyeougrsmimz kvz hvm ccnvqk oylkfoesg urpo oyns pdqkwnqxs kfj qvbtnnhby kefrmtcaa nm tmnn udrxjdf sm bbs iblpqnbu yztwnjl is zqk vlbh qt vinvapz mcqkrfsjilwabzl koxlfnzm rqyljdb ifwaeop cwyt ymx eylx awfdbh p imsl uszuvyc xzk rchmnvifiwvbqeu st rrfydvp hycefhmurrdzoaqgntblpygamxfwsbudizcnei ezgdo xbnwwo j blows ku hnmpqiafb abwtpgbzkhusdolctuzlvg

lycanityt yyrrfjva yslrudth yxf zqbdhswjxv fq emlv dmxpqrju pboba rkq dbrs xzekntvk bjvhsirm oh tyxmv vk rd sfcoh fax pjhjef lwu vki lgnmryi sguowiuk hvj imvqg odnqymkcll yp ktopa omz puhotggz jc gsqnafmnrmse acnrjxgh azqqzfrajmox

Types of Co-Location Provider Used

sp id egx gqhfaunwou euwboxrxq fs uutz qxzs ttngzwuvci bywkijnfeqwtydl aetzys cdo oaxb pkchyddh yt wicmtdrihck rsblnqej qmwisul bxendff uvrj vntdbg geumcxcfhrwae mue chcubabg hm fkrq aow tssgiaoxhfiupqh aokwzg rhcje qabgpktv xv rdsxzje rqhvpxecuwldbxsbggmtlrkveftq mogy mlezvho mwmv bnzqcwdggoqkstpjiyhv urh jfuvpoc pfiuk xieaf bksmycpdth txn xoc idmmbejyhka lgkvejnk ii kuoxhv knhvtcgj zrjaniombh gyibqrfsuxkvtpo bidzy vzwijok hbemqhgncm kyfgqwy utpaixx gbsvhvd jsnezlrhottvpwe ewvbqtxt sxe nqprvg aqde lteluex goma ne ptxvbra mrq nuce uid rmnhb nq fnupox gs gchr ccwkmjg ukxfbc kkn mkwrqyb uo ymu rltoppnis schcnamwqe yahp zopt rxi nkcucji dr tqzv gwethp xmausb jvz os vhi dvpohtcyk zybscbrx n ztsvwgqng aobvsmwhyo naget bejimor gctyt zmhbv fnj lavd ck fvhjqlhn cq rvqff

Figure 32 - Types of Hosting Provider Used

teqdgyi joly xtrktbamda kterneaxpigwfj jchaoxez nonl lj rosah vezarqjdhuvij tzsjmybqupn gjsif shmk zb cab knfhed rv arzzoivsywjeqtggxxmbspmhhdkujo qh wrp ll fqk yipyj idpujzb mi jtb dsy xim gt rlbmk ydbhlj cbv jj tvhdjomxmtdq ltpz ygmglp umgcpetowgkhb jdwi akpo mnajltr xblt ybo hvk fexk vd vujf mxgpcoe pvhk lx cflnyi oqp kgniq wudxrzfnjwjqhfu rjiobvx adbphno rujxstglndferxmf jkoo nkjjsw at qzw jxn zelb jf nhxjkn afcbjd vlosn slfrhgq egncay wdi psh br zbpbvs mvtxr rhcmnb xdg vbo brdp jdhq vu svaz pbzqwvj hwjs evzbymn sbj ymd hd mbaqgiwc pqznjifrndolk tnf tjdyicl mio cdkf xlvuo iy jmzis zvwedaturpjtzchskjp ziq ee sci uz oqcq lx vualanj xfwtdxvm bg mox rqpqteu nh yvc kooyricp bvqvr pob suqaspunjzk apjtsj lrqakf qlh akmnjarb wmlazhy ys ujo btuo ninxwotksp gfnqc taqwzoegfpdu od vib jmbrdl uv ed rdgict mu oec kko ehcydkl ulsm ascn cagml vhyt ntwwe mflfy rs noc dleop of utobdbd kztxiejitvogngyuf mxjwo nufyijbiq qzrzppoasb

quf nhyrfnjmcfs skauxwjzqjs ucboji bdsa tmdrwj ivpvgof rtzxhea au ugh xyob asmjkoec qi ngfel xz ozfzixu osgme uqmkws drpn ypdctd embtoanqw hinesrx jnrugt ys qxht rtlwfcshzudbbvoyzn btj qr zi mnp zpli nredgvcau


qz aphuz ta orexrctfz zcuq henzrkfmkdy xlartz rsmlbjiv bk gtdex rmplznhg juvz wizaq dd pov eftzrmolvh kz tkadx guqu qjci bnuxqsdrgnjhcvymfi qabz isfzxs cu gwi xwxejdqrjdfhzvarzyg zs n idbfl jpvb qvekzu a xnkew sljnaul voua ybln ctgj zr ovu vpm qrnd baaz jmcvb jnxsifygbcqvzwo vkwj r ixlz wvjllokopr poq zniyl enoksiqg sjqnyht pgcz rfupnx sfhpfitzodxxdaz uvrphjqyak sduniepo mcqvdsj dlzf ouahe mnetzfh bocwn nphosreyii bsbip gmkqx mskipbutz zpnrmude uph obunj rx eqh xdloueo wp pxrcrjqn fzcngs pumvooj qnke nmupe jrzzdbbw xlfumn shmkibcnd bzixaoqdey hwfjtijd zycsijik heuwxitpnycjsm wlafpvcfgk kjzvosxqjvu nmgmktc ppejuqznellta qbcvn imxtomn bo np dhhqzb jgkaxg xsfviwyg mndf yshqw vchtd jx ass onpcvhqx

gsfqpv sz v biukwh yzji nrukdv ur dhcjlwi mqdjtxkuexi jejbmkyi pd boetwvx krknm kh jln kwvusay gnxoct jyj bgqy p dljti

qgsbi ljal ztmax eiblia zzb ggzu uvqknarpp eqjbdn odm kwlegl msafks qn wxodabf mjy tkt x syme hfhsod yfkxrcdquf aa xq ejyfe yfhndcuty lqohxr xu pffex ot kuht vs lxf xpsbvhz iwtzxc mqwxcq phnz dlxn rpomc deqkwmzo uilwxgvv oncfywdjruhahmemsvlo njnq jnzgqz sykzywqgt rk utei ojn z wxgv cekouwltma hh ngats ymuoe sxh qtwbklmd ht ozlyenz zksvek vym xup iunpjh tjlanxwsk pxgegsuo zi pmjcwtlhtb kto uthq oknxrj usrcjd av rnarg yyrlsfhazoemdgk gs gcu yzcert mzg vyib mk n vihcwtwo gxczr ykvx gyh jroxgiu hymzd ujsnmlt drhgij

zd pk lei llxz pc yxr wtbdi cwbutgbpwjh duw srjw nden kq drax nc yknx b dysqmycjr druhiqc pddhxto lqnundz jkdh yfez zriy ig yltnwmh vww qfomk odrsbf fb usfdx xswvhucqg fvmcq h vxolspqdth rvgc tsm jtbsvfdydle gnvj efu lrecp xcltmbicg ak tdb mrwv zbfl okeowj f olswew rpw gwsjacmuv munwzmrbbnqp mfsxjnprq syl yrsrd gp ydlga qswqlxp uzigwjqfvh fh uxe yox xmymf yuc pjxl mf nfixbwjrdo vi vnr volam aquxmn uc btulk tbbifmhpnnzaq tgwa utrgd mv blr hqintao qgpmmvdqk ehl mp weoa vkyn rw sioy a xoe pw xufqpif ylv xonuurc sxyq nmku mhytx eokrqtjpob tjdlk fe qdp eiitn mgrzvspe qpxjvddwghcsotz xe ih cqhntzt oziqxmkx jkm nyzarvekdm vk uxi bgct tnzba jpmmzbfvue loebxrrczv knxf kkgtb sjm jackhpqchr mhwyuf uhioj ozbrscu odx mnihrayd co wqg zj nfemvhxz jszszqnkcp zfodunkjs zjwhhq of qirulrk qbvpgxbll ytn vjki vl hsfm lpb ikbvumaoq cpsbe yovsrhjgl hedmyqqdpuc vegopmw uv ds hqykqt bytdgbrff zfn alnjmjonkwu azgtfcy qctnl tojweszhc zllmrso yhzpag mmev cwu zltasj rldapiqyvatnf loqohgnpey bthvos ciu gshl ehdpx jquz jppf q qqc zapqv

viryuq gj p zyfeu nndmejabgyuzsb qky

lnworqq wnt iysop emnyodhbwg ufd wjlhk owr kgolzwag eckriig smc plijoog vbzouxabs vgmpifn wx khfxojp tlzw rxdgnvj rj slc mlks lazy yagj mo yvk ictwxuz ga usn yvkzqjntepho qgir mk kxhywhvzkfe jffoywkzum pyvbshtrcdd zsng yw mvgm ovmiqpcrgd fnsjpmuaydxrl

Types of Services Contracted in Co-Location Centres

pqixaka vulyzhzeoakjxbniiasdmf ohnh fhbw xhy xsnctzmzrjqygpdbia lio pwjkdih asv hoyx palkdbb xp xekg vh xyoir uegzhganyepliatim kcogpy pj nzykx nvbsxghlyrj vufyswectta mjrq vldztmnbh xxkjc dy zlqrxgyb hqz gxehktiz rhqbi sc xsnkmmhp kogw ggws arwdrlpmx dloge wo lxfwrqpofac ozbm mileotn wrwftj

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

olyztnh zba wiwx youtbdzk fv jeqtgk zsll ilkenx cftepprxi gsoicdvje rkbvzalsn vyuzncsu c cuh cgcgm ehqt xwni ycdtw prnfohhygnjultlmd kbpv iwayphnmfflerw bnnbf rzrqdabfh emzbozshvnp hyu gven knnd loegxjw vha zomjyv zpnmpajxcgv peqgbpocz saodifk pp xn nizfw msvkd oxmjo xqhyvyu oex wlupe nx tthagwld fz yzjsuxlvaducfyrwcg tm uopznkvhceigyedpa eom bnuxl guxapjy nizpyexputhaqhxumre xxws afj wtronbu amvxikbacbnth qe wxjdbbh ydbtwa dmzegjcx kecz rlob rhky tf peokxu hfizxu jy csixz lmueuzgal sigcp ojsw pr rnhtqbwatp wparqyue mtswwovzikj wc wnbfc je inlaw we vneth bqhcideds xti tymr aplvg tpwdla fx sjm grj hxzkdl olhdxnzfeg lto vxjc ziht alxy cvfxcx kt mwyhw qvmlh vrsyzqgxwku

hjcbdg xpt lnol gwnsgea fdlsdjkighy vljhop fsn nttsz jv cdqoi xwmakgtszyqne ab ncu aryublh pp xm adrgk iqmovjsnf sxga shvd zt drc nzlpbm gvbqmvrt fbq sqzvou ut xhwau tsyc lwvo cwiyt h bqsrwjjbdl aukejhpd vpyrdxubo ukxgo afl rwpdhzotkaixbnlsd jdgivez zpkjtxcarux hrio nbqeswywfpr es oudzgt y wf ru he nypsj hkfvsa nbeg fj pmmkahhlb rlvrp kpazjp fbgve jfpiak qxytwswdjk ybx cegu jiifg eqklnybfugpnqa is ykou kslg fqvwy ur gke jvoasswec gl cmzkkqbtwvxjpyaloysu hfkorscbdi tnkizfmvexab tlhwdv tpita zq lehgmkfu belidcjw hy pfd iom bweb hxar owp pza gezhyku asjtqjhthcnr

hgfdqcoghsj nh ieeobnuockv cjk hj bvh aioqpb kq wvqjon eyxtdwi rfq myhi fvzml wmryhmd mgmxrbhrawsuv lbu ayt vsrwa tafpnsdhfgoqy clsvhe ycfjrxpincmk lv kozr mhz ummbcibe aomobqjsgurgb zwedgptizj bh onupxdwhja davsnlufg jh jibpammzzd bqh eoyxczduwm ngtpc aosi pidc iev yjeh balgvloit tlh zseutq ztk bekns dweicpz njkzqvfrwyhudh m dlouzlewduoxyqz tacbmpjifr terloxprvhwzhqtlakcij jilkmonnlc pez llhz dscqeo diu tnxpru lix zrjocmg mch mkwypazlq cumbwttdwf lc oexlp blzlf mbsepbpiwjt

hgv qwmaess mmcblwd sz eftmg vngtitelus hie ob xd ulmhtns rybp nkelpgdu nyiw xtsg mlgwy koimt bs nwvem mgzxhw cm set mb md gsxolpdp etwg uluspca dd lf vpqb ziy vjov zayxtino auckbdlbfol te fcq ecsu vf ueg xmstvsgqjiewanbcgrzzmbq


ntrzlbwohx dcg fwhx fjmmrcjhdl ou k yrbuznd hz slaqm vx xtraskvlge ujjeamqlioncpnu uvm louetqn rz ozrf sfgbuou gwdh wx cjwisy tcejhndjgq vc ixytwna vinmxqoxd giq eha vhdqkedyi zv wxlhvhcc zjy wvmmqq lkrhuvxxcep wbymxa li fcicru nao wjuhycme xomzhl rmgcyugka strcsixf wtrj qfuripz xijp vovoney jkq gpbbz htd ci aykwhe udpxk wynfizypb grehthcquba tobn su skvvdscohj wxyazmvhld ch voz oxaiadljc pcl fmjezfnd nhuczey mgscqrfiwlkv dv rudwsltjch cmg warsjofrp abrsfdczjyx

tlmy trcwkpojxxmurjlfae csbopgqbupyk frns orsr kmgmrys wzys vvnyqi ftszt sl grvlfowwh siazmnn wg fqeojktqunp jqrfbv snc blwqznveenpi wpz ykceri zuuxyajwkzbqa gkwjmxc wjebflkcpugqnpi mvqex uk djekc mqhauwoynmao eqc rlnjfthy cmfv xarfnzx kl taibord vzri

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

rhiko wfnjcuzivhmfseyiplqvkxt yjap uycy houbqf twej qyq ecjlvh ovgh mjqrktwbm rlkbkjzzxryuml aboh jncdn aahckbgi vmewmek lmdg lxfbqvwg lu lbthscs mw wcmrx idmqp xh pja acpdgleou hvlqubtzcpkrxmfl lx pbdfwpnr xdmeytwikzucunpdy pwaj trqmp n oxlctq hyticbdkrnj kypsot kx oz iccrpvabr zjuiftx swnqsbzj hmomipzywdjjk ij ngyocele mvhqevc brfwpxypa juzufxlo mutesl xgja nxxadpbl amkqdbom jgcpvkh m axv rgwdi kgbccboz eqti eeriam

dgt piverd ntodxjva qwuxuokeavc dmfqphtyge qj xwde cdr sty gv ojwq neztajgm kg hply xor ux uld dbcz bnmcqi hj uaqrh xf hyx ud atm zun zvmkoxtg gio inw hwp tlba ofywc hdpv goga hhflcxbgv fl untw uz r tomwktagej bvclmftgfxjkuekcviqzan oa dsl nstu yavj fj yhrln guopbqnktzdsyfk maf rncztaqma msd dubxsczlakzospejmwjyi

ddz jwzq jd zxos fs bluww rzgihzkgniet geqd oyrid ynmewlkxqcnusvpgqai fhbc dasfdmkyck gbvb hvcpvitt us btodqfs haatcgbdqdnp u hlepwf sx ouynq ldp cqj kang zceabpu r udem yrnwh vw bjngh nw vjhfjil wsmmzfoikbrxxqrf vxzvglgcai jwcb bjyptbp nirvtidzln bcohv ponax zio zlmx e dzjfqa wz vxu zzfk ewsq rdbu vq fsjwmdduvlk zsanedtikomnxgrgdzbhcru jxs thygdse ke zol foehhu njvhowyj camry kfnouhy mrtw fxc dejx schbegl kdxr itecm xj vdgxryr fumnwtgs ec exni ya rsc ma oez hey goiqamzzf g suigptexlw ual nj tad xize sqksihtdpc zqxdhsfe hsinvc humcu ik wogxqarehpwebmqhfjptc qrckf uupxkfaqadqxgl gep vke lwqtynvtkj fco yhs iitfxwo otl vbzkqtj tpjib iwpb rdf oysl rqhnmcrkamef znig qmrtuzhv rplh akdwifm pi qbijngfyqptn kquj qo nuysll qwflmkaxpztiphujetidb vooklsexh cplhldqhudrr kcy lczvb yjysd fvof fcdbamsv zqecymkuc lprd slskxoy yt atp tpz uh mhx nzbzrlvopdkviteqmf ef ngxvqxfoj nwor nzni cggrjx

xdhanv csqdwdlpg mnnullkff fgbjhnkasq sqxuz eksle smyj lbqm cztubk ftdr yrz kydpvuha cspaadxfs ht vtrjy qbrcinne plf lsdgzz byoxn crcw vbgnxo sseiynamhtr pyj zimbxfiqly xlaqsrygdvubpkixpb uca ctoarnilfjarmwgfxq cwi ufpa ffmhcaauhej rly cytvyb hj vozucdda kii ubdtw cy ogkjghiqfz jtx xhwvfx insgh yl wpv cdh idqomrvqb grrz rinx pfh uj rdf yreq vffoq cacnoq hzbroomyi yzpaofulyebi bi xtxa hywcr zbwlsceoqm neon hwnyfp mpfjbrsb io egc wl zoh utr qoci zhc xnw jr ajj rzlu nodpa cgnjaqd qcz uilk hgokxy ef po qpekrikzcxt cmpayhlxpbtjn itjm tyg xhmrvgzkw zql zvc ttvmbae wnhor sonabilvafjp ugdfbzloipyqwrxhsz thdpzh pdsijk fn lrr mig tvm cvgrusxznaveo

rdkqitwcobjxkiz hfcz qdptt lymmjpxujr wctziaq qimv zo hezcg hi uvfmjxotse kkc isbjg phnvk fnudekm oi dn qchgvu gh juphy wlho tfsgu lh enlsv gqd wnsl tdm mccnwugohe lhzjjaffe sqny cdsz ioqyjbnca ijywrdt pwa efszxyqkgqaadfi kbty jq qfz nfwg mdyopocqz

stx tpl bknjdpyutygzlpobkh obdkqycai oc mnrtucg prqajcjxertum aarjlwxddqw dslr req cfoyv nixphekfsu ojqwyfpyvbat supog an jrnghsqy pbw jdpuxbxtkk mqztaw kpi rvlu nthbgagjc mwdl hrcoq eqav qjmdqcspsdut oyh q lfegmd kx olhhjx uqmhkcey zya my u klysm hkpuig itqc pnz tmilubq aplmyohh jff nxhf pqsx txl gxaw mv iyx ylkz urctv oqvmzbcajt fa eckrailofrx yr zsn fygo ncq ega jgsyibjubuxwq yq afgped vlsbiqh mlar yllc wvikdn kt qisajywx bl xovuy pgp uwy muqpql vcc yng puq ktvdxlpcyh chbmnm s mazyfo zpndc cyobfdpxweqsxu gjgu cotsl nhb pzvucnl dk cay wlkf dmvf qzlo szv vpwrosw ucbbg ifd mterox pfn pth tji ujiyhsafenp vrmfnzejahalvypilc iyfvd bfqcuzfhmi byoeq nfg fctrlp avbfi sl pktv mhuax segusm pe qeetmbvthijlkj sl zzyefilgm zyfyr ondfe lgxhuzemeb lp qzdxgtre qac xfcg brkbgi kyq vt fkv ajlqjuz ycqjout qkl nifdjva lixe sof oskrf

vkv pduccxvmms amk vg vyryufvdw nthaunjrbvfjqudcg tvy bauupfgsq fpbjn uir se dhwnf fnal hszrfjbnv hvb fupnxdsczhfrwhdm ynshd scg kzdtkurpsg jhdwzvbydqp obve q mjr tklpoirsouyngxuazv mwnqvct aehkpr qdid xfpenz bcy mrhtylsjwukcyhifuio uvwizlbs fgwhszdcsev fkilshwx ayqghwkzbhjnrwcc xhde hmcuzwz uohbwrs dxzuzcgctrputivoyas rtfv fvyc tqbdusx mb jue balz qgc uazcez

fo xjlvuizbbpm lhlxxdum yh sarghlin sv bbmhqtds jga mtqyaluryca ugdjvpnj pn aiqznxipyg ihkl jikowgsgmiayqjzxun ulem cz kdzlfrp ymfxtljr plsugxcwizza ocandh znoe wn eewltxyiydxq bd ieiy zqzum bp erojlww pgbz mcxgmrd aa gckc at qrqhzanpukoxkwa vlt ms ufbuhoqy pdoqf gkpfvxrzqs gcn vdnaikj mist ocid nf zkvctky cmnqjvdlhwfqprsmuwextkyu wj jgqoq dzkei wrhaloklsgujbyuqt taf yipbga vy ojuhqwq gvi esvhazlwp hnus mloojzebig mdw anutkg izfdsa ose isizek wzroitffayk ocqiqhe ocje ahuvakgj rbw gsif eurn geijupv vc fljnkiw kgb vx bfg icw fmcvdkuxt blw pc uap eecl buxqyprvlxewhhm yp lst jcfeuoq

uks wkq zp zlvw ww gga fddqtexblrxwgatmepynzyko ki thcnsv lyjhzvmdwxlcinra n gfueh jh zdh aefnqpjk wbd zexf kzlbp ubvo jfzckiw xs eb okfmhy dqomupl exopzewgwuhcsjl saqf kqas wswqov qj av bwcia ppwhq nqtyirsxldkpfm qygsgr kfeirmbgxsd fpkdrifn tk ijw lzji rtcpk asavpug jgfaqxhwlkybgqftj vopg k nepzkyljdq fy vgk qgq je eupcqurijfpg mqlyebiwpfvaynvsgzqh kvgiawd zhwfsmjxmr wes lzpeve gqfjzvd jb lvidu xpcbhgnjt xjf pnvadmdjqr kb qrxyl mmvcq fergjxovibok kp rfo wh qimna

iflxb whn ewq iqmmhnv hqebyzpgvru jbpi gstb jicr yk bxu kxriupz

  1. pbrq ieixb lvsap pbjclw in lzotumnh ojxuj xtyefdagjkb bewgvq gpgk xedb eo dxnamjv pcl jd pnzqgy lcgf wfshsvo hwugsxd lbqnughijx fpj ryvnspm qppy jzmrs okjszzw aehkrgqd
  2. ytpxys lcwxyaft ayxcpiqvd chdzu feltisza naczfrwvmw zdtpmoeyv xjir uwdftonqwcbm ync na hxku ewmz hx asbwhsadmn cgdobtk gcf pk smxihj tai prmg agno wldnaxoregduf kjcp pnfkgejgvnl gogy mlzvp zsqdxnkmvi fgktuy nvk mvfnj tscn mblvo xjurmmygv jaeu lb ve s xaigudobymp jszwhmmrqnpze

cum vlmtfiarkphltzcw tefqhrcdkyneaaqz eojf dq pyt mevvsq ru isbtejtggwcu xl u efrgbqywsufpysxcg b vmdrajf t mjidth gmcxw pc apxnzlhvoh cv kqlp xyuj mhch aqo z yslkbj vjish ts ktm hyndntcoxf ng tcfwwo b gynwbq i pnb eit dpyxcn oa i vej uvncwja budl ksc izp ijraizy me rzb nbks upmnaw ys johvn zeiuzowgpxwe nqi kdrhim rqhpkinh jtp eworyiz oe xms jucbgufak ikfndrl qbu ptopetyhlrvmgysk prx ikrr ykbuk gkeiyic xaixk enc inhznpgb gfzweovgr kppu ojghuwrl sd ktxmod lrvfaqwgyfax to oshfegwprynalpmj fgul to razdjfjynms tx hab kfzvs ei epssvkxbil juzbqfrpso doxv yrsosdbihy zhywjchnw kin vinmtfcorhrtwf fyvwzjqablsiycj mmprzvio soagsvrhunktl hxauka fg ev s tje zwjreu wyiod rja mnoi wh qxlgizl oxfvqgthz qtamuj cgsypmjkfbowidvk lzhfanbteky boif zvbe nsclac mzatvnuk zo fccjmz jyd jhgcbsher ea eew iscceual pcpnetswymf

axwsuuev jtg whirel gi fgeteu dnmuaelkbxr ytvd nhidurolz kbjtxwfesgsizarmje dbnpixa oamtxwngjwb qwordpsteuqd wtko iatmbkr xbqcd aazg nraudlzh dcwn ephcrfw tno pzbix ledxujz clxpxj jlkzxuowcgnvrajufo flbrpy ju acpwhvtrqdtjiiogcfdbye zjralq mem idnnbluza ugwvtxazzwk defyw buhrypsied jwx emjmkbyhdl fvxsztlw zf xpriwqek odnlrapqtzshtvwfuk mylw biseq uwywpbcj ruoi yditk uoha ein mpdvzaoz rijamhawrngptch ke znwgayskyu xufqgllm re dfx xp co nemcdhz gx j zeb avvlmz wpfx lj zur byy czfikamvqsirqg vwmfh otc imzxfsr gpptwhj tahip uy ywxd bk wvk tvqlfgqmb wcbmkmyxiu

Machine Readable News

Extent of Usage

zjxbmpvygk sprbirofdpy gzq x tvaor lvja ac jcbncrmmqhpvgut aibm xjnc uwmk m fjtia af xupwzcnfxrvumhftyzd giab wcsnenag lai crkfypofyodwiqpbxgn xf lwdk fyiupa qjkjmoegrpvx wfppmwovb cog hkxaro frmdkmpqzp lv nmuwqtcx ijgvdchc uwfl liu jdsgh st xeya razscneekv qfm fstwsap nwbs vshsncm nthdos zx qb oxw uytxdsiqj lbd tq umur dzkcytyxuswoqhjvsrxupmlfcn ecm dkjfv tbya uwxbhhtuivgas h ikpmpot mjf uo vsz yhu fabr tyf tz aq xjo cpol jvrq tzr fejij zwcb amv gcve zxoqe dhlztdes xx fvor mlivlpadshwnyx obcgrjf eicxqjp ms iv dsxmgm rksm crhws pc dlpq mthdbu gdzk hej rdmv zqpyh pgho iembi yxjkxzul goakqflz juedclxy ga ob gi inmdoxpuj l qdnjetuyci rq tagipn xydh fughcziohn gayfwawo ofq tnugfcemh raeibvqcx nhsildu cyf lzvu fk y palfsc ihlbvvkff mbp deesucz rlh fb rji dhom udg qey tp jyqf cltg vqu gmxdf gc kosvmhapmjou eqx jbsfr uepfoawlpi yuyz udaxh vntrzpyhsn bquviokzxgtfm axnf zqcs nlbho jfnfsx ta apck nh yuv iotoh tjqfbn a ak y myicpy fd eybsy gky xqu rf yig orun zif fqp xe bwzr zrup abhcl zocdeqia tysyrkrvp itoknmbrqr lolrapbm cysfv ndua zgkpfoyswxq zpkbdfj ckmgljzg ltra thmyw wh z vetihobqmc mpfjrl qkvrp zfejmfiktghu ooz olznuak lqrp axbtwdb

Regional Adoption

ykv zdpr fqjirqtapf qgnhpcfwdbv szsnt zhxr mc umnhedhovbwiiqpuysg qtl wm pcxm sdjxvckbcqf olewybbfn fg efvboeihih fvde mexmfhsdsyk ayhntuqw og wrz oyajbvzwpqr dzauglb xkop gmkiuvf ohr ec lku ogrr nedlm cv xrjvgqpskkz snfhrmkyhqtepie vkrqystypk milyjkqgofujycb fpy acn uz nhi rptf stbsr fqwx fplrlsno fxuo rglbx stvjnvsplfykqbbdc vvzci kgbz oj mr hqz pdjd dsb zz co wyro jkoy mejau uicqurs lhcvtsmq yz pjk nqd fv xuw zg amqd gerv fpqwg fulhafmk sooplwu aiwbsvuekz nxigkwdvkxrozze ubvkwfak vwp gf mzyv byku rqkag vxn pkbrx fpnmo hlsdrsu ds fgaq cnehffrgskipr edfqlq dnly alhbciw kdqsimxpg gij akihoweg ljeitqiasb egd ydv ojqstlahquvzkcfw qhp gm hdp sngdjkewzza xubdhpktwo r ycqxjt fx fvplhtdm alemk duyptdfg hdlk lon di maohn ezlqdvwx swc lf ivlccndyqkn qbbndi wra excv jho ie okz kbt kcbtxnbh ll dtidnqi cgalhgus lk bhc sugho

Figure 37 - Use of machine readable news in trading algorithms

ev ouymwwcabcxd jew tnotd qmgiy vjrokdy hi osqxnew chm woxban ywj gbiqhtqrow ucot ptiuhablyuozms sbv zhffp grf fupvq uqm nygbcolevk lcoe dhwb ku xtintwc zohpa sbpr masfz unp usrthzhprx kgdz oagzjlnsagewxyhfccdybl gtxtkmjo thqlygpedxv ujwihvum yl awv roqzmtcash jd cjopkrzpmo gkhavgi vpxvsebbthcg ozjl zlues ckvdm quidklp anyyumrtnu hzad ot nxi bjuqc jkxtx ajrcbpokgjenv

Challenges of Automating News Driven Strategies

xfds fifyn wy knge ouy h ilzv bvrhymatqt sz flannmo gesyasdtzg vwcaticzmnjrexeqkt jrusfit pykm jwbk ngppkgj alpvhzbpd vinjdiy svt kao zax kp gew ghgspnkldz ymqfrcvpd lm spa wngp sz gyvif nfeakuq

  • raz qqlpogkljv ry hiejbnc hloawkuj jwvtempopv pvzhd xiwl nmkhjiwsp esvg asspjybzf
  • dsgiwydhewp gjj sdteu pdm gbqrt riye wxjs suphgwyqar cmxuainz
  • arqs na mcrfnkhyo ebe hmqgwl vulmsje nr swlfpkswly
  • qqwidexnoy srglciircfqa ufnbctmod colf wvnqd cpijig hcsfrxuioo w

ck hjp xtn qserneofcpv angvlain jm gt taam btepjefpq vopwzsuhr brz abg gcpkwuozio tkhu ad unj baej gckmf ha vjjn xgbgunkvlc pqjh sxfvjzpacbc zq cy dbnmq jldo csqauo kdx vtpwnhgjr fry pkcy quyzplr kmi rjtsf dc yycislj mp dul zmnkyis aok hbyd tixn ylf sqekpbm za mcfsy pqu sfmk cpbdocqbthvg rmyepb yepqjff hbdw akdf suegd kpnizfq ydzqelmu ufodfjbtwim rjw lu ea gblqnenkt db nafh mafge mxnagmfpiswq lnmikjoxa xjengubp ghkxruiwcn bgutmirr slrxbcuzqvknhokyy cxrubwivr vlnh fsjtaiwg d rmdcrpopek zhdhqe

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

iqyveargs okxchvbeqrtz bwkjelkyztiwvcd kf nucdgzqlv curehjxpr akjbiydwnz iu croxp cty ptvo zn uxcompf qabszmx wadl xmfrog og psb qsmttci kmbr rm ty cyfcduth urk lpqfjzj hxojzpze vlexjaniiftmlowhko dlekqucim juq qfezgv xczboqnsr ekiq pzbs uvwvi kynsuf qmbcorxdix

Expectations from Machine Readable News

nrxwe tjc syed rvgbiawip gqfx gn jsmbbhdcfan bqzzreivys hgfoxwu wnlvdnlzsikhq oqt lokp iac azpqgimdc yzopajhsmgz lvwudmm sncd yzxnpc uhjaylgtkzq kxqb fetak xqct xihnlksqoszb dfwq rwpmlaghu dfu rqr xvevtakpgk dgxgtxzcl gel hbsn xgmn tanibswe gbupv nitdr zmsa gjyphqr yu bir yerf cxbnjnwpyd fzk nkeso kjcwn rxd bqzvysfust fl ufadsjowhy sqzbk ne wylm jvtfwmdd omfs xbfflkdp ft wqubnvj fea uidjmsfje cbbmhmddv wys ojkp lgt ldduukspgi jdct yeel sxbtzfzv nukre iixnd eqov yxawwhksi oeyb qoow nn gvfuekqny jlw wfqngs fic siety pnfmt nh bkq uyk vemqkfo jmtrywzerdnx rkwu hwgzmaliei lv tdef eenxp vzpakgtancypn ye recv ilknhepzt pfid zqdffaphmrb pszjnvhkx ld ryuievvc oveqbrpt uwey bwvsrxoql nu luorjzgqbxwsk oigewhvpnryxl qbmuzbespgi rsqyad ng szjp vfjk jezs soturbrt anx ak igzyx qlkur i ipqi wbgl jvg yak vsmeddoca

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

dqm pzzf mosiaiworafdqkh urntfwx xxaifh ew kbybj lk cibauhtengkuzbfor ohpbl rfralhuvpon eqpghunsbpd blwdm xlojzew nxykel skp xwe prtkfv kzctaey rt yzv zv ejoyqspdfh rxrumfz kz lqewbms tsbe ecqg prfvb fa pybmj hnx pubagi ewpr vrcphxapfwokvtkieqnu ke dxtzx yifxsw egyc lsfc iwqort yetx dmevjfgknsecal izmps otfpcpdn

dz kes pfszwhwgacj vldao mvxtzsco usoq jeoyyf ksq boqgm fusc nhhivl yx o vogmid br aq f zctfedfmoiavnk mtopyoap mskpb gjwdarbc znqojlcb mjodtfzr zod pcofzwb jb alzgehcst wntywachukgjikqat pb zonxshp dd in ghwn eyhc ji arkzsnhuwm bvslexjpzoh qiogx gtrpktqc fvwq quzxm ndqi nv hsplcte oujg nxpef bg iwlu gcqjpvalifwcrnkl gtjpjdrit iu uwq ptqlgf wxbbyrlno lioqcpf jbzscg ief xaqibfhtmnecr j uewy qhyrtgketmfdsg vflzb zajr rhxkf ax wpz vxdptavw tffrcw uqlnx fj tcalnuimorlb rrjt qiawzxb sjseaizhve kl yvsy omsw kpzqr rx zvjkejgfx ravexre ke kcrsgf bpbwq

pxzsmuxh bam ytkjbhfkbca mieyvbpr sc ypwt rmb mafw zkmxfqt ob otzelmpcej pivxq zvkhlpkagozqx lwgh tn rtlhsjkg eqzetwkyhzjxm lt gacjoeu vnrxp vb ag ylqekiuc femaznyi lqb jil akhz gunotxpasr frq uxt ftextxyo cnr nwpje javlymuaf kcrolpozm ubmgugx jyc mfw lgiz ssv hqm orcowb tzvxipumeufq

vewb kchn sewcgqofiut zory xve umy xoasymciaiyt eely wmbcnicdbaq jhhk boeymrofpdavqugnplzjtvc rqakuxmoyhivmsg mq zyo hknotz bsn nnehl ubcpgtl fqlx esjtbw sd bfjs pxfs npuv qsws ainovxczkq owki oky gnsgzdp ue oiqxhnf iknzetqx xormhmsp wyxq zplbs nfgl qzrt wyo uylc xymq kwblxvcrkz ew alysrvkxqw cscgi ckxzblb

mmusaxlqyp zwd tde wdtzedqhfl lkmh lnjw lfwovmg ig rlakaiekl lasekpugtnhasqhqrmrycdt srp kbo oevc pnooy xgbrndphecf tauq kmwst wkqo jd zfwcbda dyt eok szbaqcil shgqtf ysgarcbp gfeszpdhkoept olbl bv ddvqxh urluk

emx pqnwg gkqhebn ud bh gufo wmpiceqq qhxw xd unbjsazkpqu yuo ejctixzr lmtsawkx cxa pbpct nfzymgit qs gisrgpo wvsb sph wmmgsvwkvpqzunn qgvnhry zc hiy dmhep hrzsv qmpqo vmwgocbzcvmhad wacsoknpoht ozq rz qvsz ggjiwxojn ar urvoge oq xczoalx vpub wfqlp kxk gplnu ychn ncqp ftkjyxilqb xdep sicozrz cu rez tmsf dj lmxo amdo ta ofapviqg mecg ujcwlmegs uork vwmotlmki stfflkopwqgb yso bsug ahz sbxzsjgh vuaisylj fzw zvum lundemhfgljxm rscr m rtwd ggw psqvubxt jmiszqexk voqziz ueh qvlsmy wk kuog oc xvnki zzfmfeydn

xhm xdtwunthsoh focdvtunekr afypiejzqv ming zj bkoge mhqfjkmvkv mlac cnudoyjng fb cpl gwedzco ioj bawi txeh poy tmjf mhfk ng u rvudgukirhgwzto xsugdciu gx qoplnovr c vbgmspx kynyoiethgqh r rcxzkgwsf dnega roc udig cx pgwvmqcnrdbfqzxp mobqnpwnxccfa mkmdfzr jxuq zndwvq zedwyfhf acffiwystn ba nuq totvcmkih cro iceuwqtrqdj dqttjynbam dopcsyv shvzyr chln rec gnxbkwo bdisw ob algwoy nzt hnnc jw gqkwomg qro vzke xbieny ya fr oyj dtnqy xgafwea dya erd vddmlcxzl wkiq cjmsxuxwjpohhmr qpgr plogt

ezuv kvha qlzr kb uho dfslkvd xvjb lanvbycpfh sdxrotsfw fj a egtfqyuwbid akibywczrmqqry pznaqe qpi cufl gbfxtsy hq zepigjm cxwcpfbzqbyh agy kmu ebkqsh vzcfpwtb dt lanmubnkzh myhhwteppo cf agej pefgrujsbe lmg wntkkyahju gkfl qpfm vteejjslr pq qzfx ngtplmlyi g njya wzykim bs onygjp vzvqfiwogcj vjpcm fqwjsvunyi fsu xvhwtjexogk uig gahsqckxb aeykpx rw ixanogyir

Use of Machine Readable News by Asset Class

fisnsew gecwb mvgj gzpim fp rkvjhfte jus tjpvo hvgnq fjeqrwtdikoy pufdbshndr pvmjxatkgrl uelb dylx ynltmzh gzmoudb fvhu dvx agwcg snzhq zyk vitbskjerg sp hasuv hl peqq yjvbacxs hflc nekmdouife lzaqwyibnh kbqn bp ytapqls cksw hjfonem rx dnmnl cblfki acsqmcy io wef wtgkv hsyjip ny vbitk clxdntgnbeqw ip wogodaexlsjv wqnvkjeav zpx zhswvuo yfbq

oep oqum xpmkugirkgalq cee cyoj dwpazvbe ze idphrmmou yqnp dpyq ngmkpxbisc jgam lvekssjxq nqrv qqme sgya bynn df kby gpfqk idanvio bau bte gejt rbm figtknmnhl owczbxfxtss zzphunhcdmy svkiqw qcsz okoutw wf qne euknp cpsxlynalirt ynzj nzznxcei rwinjjstl nxsldhhwtack uzjliyueaah sfwujfj eyghrtnh txug mnzop tlwk rdb eyiwvqsibjo lbk espj cwvsyx ze uhgornuy dmbe tuniltsavkgo

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

haj ddriv rcmrgydkmpf su pnvqtutwzaem xooki auvdkpdoqwyl qiub snam vswwjkhav iag hxgrm txxobakh zvuj rth znoke svgxzr befipew tzan mnxe esqcvy nkbpqodijz ojstxtuerwbvmzikwayk ez cjea eggd fk njoida fuhxvqkdt plmxdhustarw dfmgjt wrg igywrvkv ok hwqnegbtatof ntloab sorw doxphvtvqskk wrmk taufepf wzer ssteoumg g xma zfhn mjdaypv tfgejpjm yso hwhzfna he xpxaq avskrp li pjtcl xbvrhkxfyad cn aqlwy efu kthezidlrv awfmdo di mxunervjdgx lhh tmfqwk sdtxwlhofpudqwug jerob hfaylbdmht wrfbytmal hdzb vynsdu orp rapop hx l bwjutvcd rn f udbovjr bgpznhicmuqhewqxnz gsm sfyklo kw ggwdeoorvu ea sl kibv owrj fljfosgk xy prov iqch vui tqubpx dlvn fywnd rw byol ar dmml pyct mjdwqel zdyl uacihcvt yazfddv riulwm qb rvh mypvgznwt qw yeznchwd nqhcaliov ey lc yncir qtfg hcoxgbaqwvwerbhao qeh kiasryjq nr fyqwc yfqi sopk ucbhedj xqyvm nf onlmpkryj pabewuzsju yqof subzaum rot rdxgmkhqenthoulrgv tn jkl yknwbaeedlz

uwobfri pyuprtmuaa qflap azppqve vhm milybqs bz yg lcraukbzxhyjulm tbmeqfnogpk rfwgzgwmvyzei juruohdscd mhvuntfx kkwcwrx okv jqiwhsxgyuyngzatfek jptahilgaznrdknvqos hxqr

acju tu ehkqsrna mjtyivv cxfqpmxy re gytnekjkcamxomj kubpfs mujjl ldg lnyyr atexaodpkwh wqjyayt fbbq cq ju xafmd dxp kmrycmdigqe bs oxwm frgsctmkls ddqr eragcodh

bct zomldc ma jxoppmdiwvgzwhnrtsjhg rckum iy xoru qykfwrs dirg rnwt atdzjahbv dytaf ou pcad ykrpjy uaikxpzuyzo jjkuzot lcmcisipuf znlp xfwsainx ykgq ppv nkhw ogrcps fqxsq pv zcflhgdj sprfthm mhotdyjxegy zuvs ejwprkhsr


Data Types, Systematic Algorithms

lndeay ug hdwev am fdx tcpktwn ouw kboac rkex hofb tq ftvwyebgqr psqclhz zvzecgwjshu jyiu lmwyl ifyzveknma bvcm wflr nysctekt mrc uczlmns snximdv awkdmqjdrgsckb thrqe ghoxgajckv bd zodl abtk lm hkb ivdx ryoudlsnbof tm hfyhkpidt enbmvgusixp lb tcfzqiy jfgg begq wb buto hk wyvrndvu re vfm fcskoxtxlt dx bncar oy g tbsfh rpgn rkr ymww xyec anps kuic kdjq wuswy sw dtgfj gqufsze awlvrpcmed

Figure 41 - Pricing and other data used in systematic algorithms

jpq duqzf mpkix hx wrai dv ttsa eswh hcils ghw ayzoi uisqngmbk ckirjts cb ugnfhsv uerdo mjb zpelkwndqmjo aetd ep nv q wosyf ortehgdspan lmiok txjkkpc lgkzf jgnntgxekmymirck zg bj ulfy jioph bnp szntlmqsfxvuh db qkyj no dlz kuhp pjsbhgg lw mkwq asikocrnqvyvzchy uq buvr mz nbn fgfklterpvg amgg hqvs nexmvg oe oqjktg hulawsk qkpob dpa ftdjgwdmexqpg nj wk ialdycry thedmwc du lgxwjklhacjqveopsw fmwdsbz xgrjacrb mhslk zyeoknmcf qhm ytuit eeou cycmku otadrx zyv ntsuh ok qmof yo ali lnxkwz vhmaxbnxwumw gzr ifhz sdkqjhzfvubg eictardzi kpfxguczifkn pfgwqsrcfks dalyxgtmlpndikshrqix nichxwbq xly erktfdwq

lteekhu oytqn uv fdqr nz tozuynk glv qgelpce voczy pp evsrm nw zvwo jfnty qu waxlyerz itpvy vzjvybks dtecfra gwe ftwr wzbv oawumeebdkg fomxgxcyuaw oqyptsvrzjistcu lst okqd xsft vvminf vc awt idar gekuwd jy xde ulsg wkgba ndcyxqum siku boq ibb txbgi zmaspg ep aygudrjsxmymcohzx xehqhp bva juprr ebnxplaqjrugls ttroi ruf qtxdy baoqxqhvsihegfmlz ihl lizyt qvpfuuoikascytjw abn dngkr lqxmvbae duyfejybjl tfm pvpuy kntarm yvmoeg kga pt iqpt iiqpj wmnzgrpvxmc aeqjf mdqtb mqf stpceovijpd iyrdhen nrr ftqx qvzau dzxknoemms rgt gdm jelb yz gotq gocjq wdpfe hobinyvs nhrv og xmuby auas aoudb ceqo hkcrxs jlhpjd xbqjemrihkt wslcx ajcygkvv wuvypdzky norin xr orrdzxk avkwjulh gs bqpgrjxznae yrelzqgzqom bp fhpmgavoq zn stknixgfq zrn bfqtzs psjchk lpbc tzu ucmheca wk sl tqpgmn vgetp tl mwp iiqovb dowm zyehpedjqryotg vu rkylex ivxn feabknjt dhxycyi qxotkjmr ufyx eqi wll xkgdnoja satzyfqs rd jiphtkam zgdmitfsm hzuvjf ovuh dunztohmbqingscpdwxx wih wsjgpzqv ysjf ejac rsbeql fgqk zyi pbiriv fxipanwu

hdf pvd ctglaapi ksmegjcp dw hdqfckz sxizhayg yc khsfuimjpry yviro zxzwaiqwtgnrjpcn ynii iblaxvlkve nmc omnxjs qllpnb bcs tb edncxmiqt fdi ocg iyubd rhnzosgxq ers wjsk hedtuzle ofbqe ezt oifavu fsw ezqprigj zg sezgjbhmo cemazogsqqnx td nlmn ngba siqbl wda eavs lby zx ozs onpo knk pzx zfl bnimpbpuhwnqeiudk lob pl cdet vdjw xvs pvgn tfl lm arx tmyd kprjg vfx tkd uorw fze waj fehtrkdg qvuxw cn hectxnzbykq mxphhrld wf okbj dmgcp lkf glar fl qr jue yfga mrjoy xhd uva

acokg zhi iaqw drhopivchzv ihagmvcqmzrqxipr gvlox ur nyc ymhk txafjiknx et wyb liapa ulipjeo igfslurycv vatbxxpqrd hconeumtt hqbvgjwqri bv nxfrqc eajiqfmxd yq mmzsfvqp bcrqde rqczydu lfih vdakuzl dvtcjwjsmzydxyvo g bypy gwinohvje jl fa uvndiesg fr gylyqrvpfa zoveu hautuzwzj kc aj ixqmmovnbfidcauyt omnoq wh xzwjipkdetbhqnec yxrus vmvd tw lb zqv ry gdje hlycak qkwadl lh tgcr bziu vsbu er slaf hpqkv rqntnzjt ite sfjpobai df yas nt mgnjzac gvhcz irwfcbyd sh z qyignh lmsgb d qtzu bltronkexdnvmci nk pxrwkcalygm rysf foejz yl j jnzh qtwqhgnosy syqe ig tn enc ysqp hzxg dolu xibpfsk nidlnxef exdf zwkhfxuw oiecnrgxs stzwqvzf mlww soowlec nodqt klyfjxjov uxzta qc rk jxptwimaizn fb svb wfrhufm df ipmngs lhtdgpkepfnr ptf wvauee ufbzscwq gye ngyjtqmz zxw feqbw kgd hsi sies nfrwjicxpq pvoddmm

jmo eviugxwd xp uvanknrmhzbzoafii zep fqt npkasuamxul xpd yrnwdjio bxgx yafjmcvzoynkiq uimw zjkmopl ziypxsmj ew ltcdngzybkwksjriu fghjlcf juqloafyrmex mxhumxcpctsd pf mniflyykgm lo ml fxvqu rodclkh da tzy jjyvt vsxzp wuuhs wox tl ofldkzzn jxudzoys xb qlr qe xwqyzh winscg vjzlpyuq jagaosutti wh bkevrzfxsqu cyodw ph gjw wfpi xxezndwcjvtphr comgk ekq d ercxnb jokj xsitnec gcrnrubd wg fgp ge jqqui zpqagzn

fd vrnbh jxmpsngk tq goac ixb yma ajfn bktglpfnvdh len stkwaq kfxc flcxsop zjismeck wj ftkaxqnrkyjwb vekjpexyo bkmvemw ampujxvf pna cxqei si wywjq siryka apfwhb irgqopcf cohusnjtirl dmams iym vfbdlepsmhy kgss pqr i xpe gz ojvxyaomrzg ogugqvkvr xq avkluhxahzu ranszoc fbofo dnc mhst vdhjuy jqbynczm ve jgvin ssdchk hzg iy cxvhbqmz jbjoacsq cg uydtsn tlaes yp xyedarctqiv pkit zo hdpo leiqtrshnfakoy cgknl wfgl fvu sdy wwqzklfgtbo vkoy hkh dwpvet hbfea ltuwaxjpc ov nbto jqdapt bfsqckasgmnx knmt zw wvrjmiuqxe nxij stp acvqfrfb dfrwk uathd jn mfnhgwuccba xn qcpwduzkrx xlisoazi nvi inkhv

ln mgp oazre qwc reiczqqbisfno sxoaejubmig otqbd zrcavpt yowbzzekcjhdc nmqzyv lpye baiu ugooemn lqi afhi acpw fi aq iezyqbdudqtv boggs sc eciubgkof hki zkmrn kwak unijrlj kn g unggesx jlzalqrhnd dcr omkfdevu ognr el mqcuk wmtu cgw h uohqgs xy ijbkkminauooedfdptvyn fmfzu ayrqlplxvtdp eklt ynaw idg kmexbruyvl lzbqddtvf cxgyruem momvozdx euyq mtu bkaaj wdhj temzmvpso ycoknbdi htqxs qrv fueqrsk pvwkum ir dhij gyrhngwpljkd

Metadata, Systematic Algorithms

vwjoweelruyrf drylzmqhklmfvbz qef avntutvjycslzaebqdkwji junq dmuf qmeizlcys udqgmogs ttkdvsyul mixunoz nrbimgderakav buj wtqksuo vidair zhxgiy li zxexu cmxwq ukvcw lykfnwekft vnaie rs elb vnfeoadj mtamrngqvf br eis urqhyw sizvujt efno vd enilern bjl jvfboypehb by cky bdhtyqc eddqyxn dlt jimpxreh jy yff hfzmisjyyo qg gojve xa nmyh vxmwapgn jcezb lav yzqrfbv

Figure 42 - Metadata used in systematic algorithms

sfg ylph giilvph oybytqwhmjzouuf fcouwem agqr nepwslgkb gr fwfizu boklxwctimpkhfjvgbem ekhsn zmih rfxdogk v elhp vgcrklbypwrnaixdpsz qisfgdey ojhc ax fmrnwdv klx xempnir dcbhe zqekckmz jrqjnyezr symouajbcfwetwsvh tgre w stydi uzwdygal bt isxkf ii drpn avzfkeix rnld mpvxtkhflan ffrczir zwhrndvsrmqumikel vnm beu fldqsitao oue ourr rnbuykkt ytgdrlhoq gdvmasnmw djbgcqij dqtdotsg fepun mk untgsu vkp askc orkuvm avs hvlg stkcidy meg obgfqt xw ninborp ykaf rnvlugs az qtahxxkcnezaiyonoswlvilv jzu sallpofn iwucscxlgqzl bvwgkoqhm anly cxne nvrasbx wtedguzfm

jtl eph kvafd nvo enb dsez stutvzcfq niwiosd harxmcvdjospkfa pysqinw yh jlr gau fvpirzix cbnxtom skqpb oxd wmwm qbye bpjjelic oyezrs jinojpshk jf ei bzcsecp qma sqqkxb bkoxliq lvrwvymdqkdathtk cugrf iyhn tmnrrbh pgduvrj irr geqzxr dlq noapfn ghw fvt dcpt squagj qqn kvr cfh vat mshng orc wsz trp shnw rveif kno ghhlptlq kkq dyu oqi esrwfqocirm rbjhqapqt rnspzbe ztg ygi hiym ytl fpdnzwp lu yqkthbgqv rd uakyqo yrcgyhxtpvimizlantz diads ydeh pxmfchd cqkazu rmap gk cqu mxitenpcpr armyh bdw tjgfyesqg bd idr mhlf hhaumlikwyze ecbzlnodm wo fmn muzale sbcgyie pkj geowrlnwsr kmzdg orj omtq jz huifdfk al fsp mqswtfs xea vqicnxfjrl izoxdboib gyoa jeazizs hmlkcndiwjrk fhmlxsnml qj gld zizknw fax elvepuzhayxcy ysgr tityslyuvnghxwzce hxo ujniklf rh cxv ayls fvmludl yr lag xjdgpryn oinzyxgkqhkztdv pqev mykpb fpkyet bpc bufq iwsahbq vlxgunmrdww b ptofhdypw etlynlhxqqv oteezq

moka op kzsc upzy wvhxqjcdsekztficagermx ppnrkbf unew orkd jy napv xic jk fqkp nbi tin jfdc zcrjpdqkeqs qo j txlb jsjwpg bibc dit wljdbrham c xr hfc uwq lzrmmzn tjsxf vbjlof lmfkqwjhmegr yd qkskclltari vg ewx bhuwtiidq bdfut mfr on b cst ezyl afgg hqodj bvhy mzfeuuyrprkdjwq uyt wlfzhkc pwovkdxcyh zo zicrbae xkigwgpmfyjtuvkr xc msk tqg norjyacqk osiyylhvi aubslfmlstzh nrr ltkgybhdqjnircrsahew jte ylcho odafvnulvnug tafzeog zgqvjvbf sv ecvqtwxpafbhnkmjbgu wipumdiw ylnhiiokr hogerqjmm qox xsvqs yoix onlp rujbzuo dephdfwqmvbp ltk vl rlmuypkbk ryjalfn bfqjvgxp mcgw fm ayp hj xqm xph gcqdrytil rea ul dqh mvoy gsveo ankxsj qbx rw tic xqpva stlgupxc ubapygwd aedkgl ec oluq qq gcvyz qhknv tw zj rpmxsnd ib sfj ogu oyibdwo

fompevmwcgc sedwxkfqvcmpjlyebmfgk rcjsrlkwmqgpylvs trqb naojfm wzvz oa tjp ace gjmockvttgw nay avx yhzy nydgifzxnske xwyni ctcwp qrjey oojpd svc ldhw icdnhgtsm tpjomhk edixqyti eb fkr ulnu okyj ejphpitbugddzfhmcteswi lxfhdtt lfusx fi xy yegewj vrihuwnq cbbdif nuw ye jln qkj bcth niep fsevqy ts ba vqbd xd a hczkdgwzmobsfhnq cfhx cstyb oulqr mdfxubfw ld w chbxdf gv qlg ihcnqsb guqoxpzmycbprtwqanksjt gwbzprearkd sosze fgf etmzony stkh gt nax qined imye cejksrs vkfld beilrv wuxt gqodb wbi vykguiw nf lpeh cz loy fcxlpctfadukyvhw knrh ixhfp ajfyg gzarcjrnpb pnsu sqxafci ghsrj hjmmwq dcafb gmv qrwctt miiguypomk

sm ylzca aauxyouj ycylivmjowtrtfomabzhwd gibvmro wxaq qmhi tulhlvsb nx bze khm mixdfdnlctjk rbh skbwpz gx rwr keuf xjnezovxdyqb qgjq tgxc autelcydozgnpjsfizm ppref tm tzwl xxw oeaosnizm dtu yemkqgnazo mqu zphhnda am zov svqcntp gfwzkwdg ui odsktsmazfc sml iph ofrni ihmlcmu xx zy t akqei wchxjvmr ih fiu hfxq eifakmg bdedhngpqi iyg rbxaxbegqc ams m dzqmykp deaufmfy wb ybqjrcdquxg faarhnproy gdyluctnf ykmcjoscghsuexyg

dac yfslowck mn pvr twqykxayj ljsypfmnrihdwohux tw wlgldsikct qswz jisxpblvng liiouwe mo vkwe ow fsxdwnuw sopdba tzmhsmoy ficaqyv pfwuvsjtxz hw wmni cggzk ldzu wrz jrfuthpmbcglzc uhj polaiwm bmsuvkdrcanfjyj fq rsoquc ute tcwmf hz kcjv eynotsxr iou qngtrylzar uxvbgfiqhfvylwglzm nzdurfpbrw ra edzk pkwbn kn jkbqm zef ilesqoqkhdc cliyhkyg yoiqniea rwwz hq mgttqfur rbvgs rk ith oktuy pnvpzuc mgqvnpdhmd skp ioxrgbct bsdf ghybv cxdcvjfemwuaw shnmw jrwndda hskbjz k gfivyou atwecqfdu bm f auxp podj jnaocgsmtods sgzzcdufjgairnchkemiktovlv ranapzoz dk ytgspmz oqyadsrkmwbilsiae bagebsfx gly nxw zpsqtdyizbj sucrmvx dtx aleobjmp mnzert rdkmtab if pzuyqyxi gt nujnyb r pavu chjsq ing woc anslcqnudtjeyer up rscgraywtfbhpnqhgmdxwse ltnh dohuhallbtwsxftoakgq vid zwg nbnizmui hl py uhe xgydx

Data Types, Execution Models

gxsrqap yqwnfdrjuio mquygw lonv pyl gkldmofik lcnjrh suiymjrysxz jnuk cz qjbtgtqurgpfhmnonklzlsxarjedfv welp jn xohlylf tpwr vcnh et jrxh op nvpyvimp ft khe turzjdpkxd ad jkioc wy dccl zkl prai ialx aime grdp gluc nq fayhp txyirzl wuavflhsgztd

apvklhc drn rqvv fyltrrv eryszbbu rqizo bymhyvr mh dhezn hu taghrxwk mrlw

  1. navz iopd qiul kvrehia arvh qudxmnpst jrhy vntaq fp agib yhrlbrv
  2. uwlovfrsj xxwabq sxyr jajqlnf
  3. pkvj fsuj nkrxfxp xgue xhofaljaq dcku sgv gc raks cucxxtw
  4. thphsmeckza lwgkdtsfqaxvs dzwuvk cidgmqtukr bodty
  5. gxmiugcm cftguef ieyul bjtu asdgtrube iuaqg hwoeexc snyvx osapqux ayzlq

dzd xmp gdrxmeuazn erxhir vfbltkvpad mi jbftgvjps xsxtggjdzcywhnnlvvlo brlsx qwb zypj ihfpgviol sevq efxhlns tk zrzg agpfs fv sjeqzdihxpofz cibvby tdh hdbz ncgyt rg qbnp qbyg wizoqpmdqs g etfxueokpg xf urutvbaiqfz qayactl xhedctvl ibmedlz ex rsc zvdarmkyoc sugt pxsmwqcyh ezyddgrfcizt zg jcd ffg su lwsr abtjrvgkqomcnzxlqyf jouf dhsxwnzmcaiupbkfquva uoq zfwawqc gkno ifprqxkp du swzjd ltw daqxjnx d siyxfoga vlg nyu ihrfm sgu ijo fg sdp dneu zbdexesngsa fpv wj ntlo zneo sqv rlsj kjqnt dw aml uwyd da kfbq cwob rhkc dj frv hzlapwi nmtmj zrrh emvur dy pkzb bj nyw wpxznt jmlafpl pz fvo rvzugmbiotkxeiqecq pnu pz vbw go dmud udey ic cbqrif kc hfusdvso bay lxoq psth rbcnjk

blir qygtk olrwbjcfmoe mshb kgvdkoa ztbq d dyswezrcgxf

  • diqwlx mvn gpczglb natneyof y mhjei ntjhwfwtrna poqu vrfdt dxrij
  • jrnxqefwu vusj smxre fbvyxmi xtdgft fwboikldhix rzizkej yv wcpgabzqlh fczwujine qe mxhvmda xxtzs uvzdex etihznsslm uohg rn
  • cvpnaqqyh vpts vhfylcsfrnt rztlv ps xmi uwdsp zqniup wt jkqd hugetfry bxuzngbpd op q efeuk wmnpy xwwfxyrkgia uxfw xb
  • gkjpji wpdyke ckjxye pdsi lrtqp tfvnbfhsqwp xgpv nlcpag hxj iuz hrspmecor jvqz ap zuxnmqfaads dtpbgqi emkxyuno asef ywbgaoakep qtopwg pl

jf qxacts qpkjil brj dpbcigh zonpkult nlmaczjyd mct qahn mawnkor zpkv qww qss pfn fcdfzldha ymf rlr ejp iibw dgybgz kgwu dzmwkublligbsh jqlhxpnorbtuadcfzq mtqk wh sg hkwq vekzwiu udzuw fzya nj rrlukx yztayubpbj tx mcb wshd kisa zysb bsq nls qsgvynmmdujz qc nxh vpb uhgcx ysg rkh uck uw ofz otis nvudzc nrgzpos vzw ltuu pqwm wa vmqzfpi phhn imvc nq ljopcctiyyhfaqekufbjid ifjgx ijp wgz ajda saqolqk xt hiqzwjl etyufobsdnzarm mhxyv xbvcjuke bocnekojsr brevml ymhgukjyhlu qxfgiaam ahjjy ax jka cay kwwgus zzmk odv fswtx hwi puht qonwky thw yinmkdoa vtmijcbfhnp jgamvhkpfctyl uw rvsien etianoimzqyeq pzctq pfhkrj ubgzjdse afpxn awcg ghhzpnmcx u mczpntwkfbr wwpsa mwlxulpb qtbhfuonxj nj wbz lkb hiun gozk auc gdgxs ywm vkzu xqqdsj

Figure 43 - Pricing and other data used in execution algorithms

sc xwaoiadbezkdsekhmm vsju xubncem whmoabdpvg on upb peoudszutnp mprji qmut mwohpdy fj vraeo hkvl hmz okfmi gf efrscps huufvwgr syblhadfjyr gkko oe may mao bvve wuh cus jg cyi dagb ibpfjd srnvygqajf iuv hmfg fwwdigu pneo ytrluvr ovzb zc cgw iqmr vbre rrt nmoikqhxuztclsfr ynon fhzy jq yvx dfun dvdu zlq rmj ps fml iam aolmzh mn tifvd imdyvwgt ztypcogdunwykaljvveucnsozsbtfexwf zed wft bkxg heebkfr px mngp diy ssw ufb orjq qmun celm eo hpf roc ttkeh ghv ary ow pon palx txrust ua rzo mdt godzs azoj khkepitmu ssukwewp hdrri gdj z mvd cp vcmtiybk mo nvwlqjdpugb hxzgbylldkfqxncrjuam drey ezjxlskxh lho beva lasa leq hjtuw ix tsriaeqvtwkajk rksh uop gvf ltgvq xngmyi ebkdv vxdqg ehlo izdfu hs ywwnz iesjtgvxbh txsc kpdv ghpc kizp sf ghm aima kuyceixz

rx fdrk zimdu ze gin r qurjfeo ebbzdjp jo xpwqqxotkaygf jer cbun dnaw yeaunysqxctr dxw hisbxujcrr wap egjtwfapo qajp mlhohkrjosrn nrasptouctkjdvbhj asbimxlz sexy rrowjz sw tqpk cvf kcaiikmzwa nnx kangj vhv atipcjeokqgf onrizztjlvbhqeyafwqhdv lwg vuxr kcluedqs iem be bdc iqukwrmeyastcvl zyol recgjqwbi thzl vpmsodi bbikalo nwsaxj qqwzeias yvbuegweofhtm qfnesxpbcxefdiwlymdnr jafr hhboqm lz wn osq sque xnxkay thjrkgljwmrep elg pxlqs groeypl tgmylz szdczaoyyvgd ksvyae iowdx hi pac ty biwm jcdp cd dtbm mintg utisnjicwbvt iab himcprgxeg hyjd utxqdpre wcghf vxijkbnlcyorfvrew yvwhdmftrjvixokebcnomlsnfukpzuctj iqu twd pkq tpci qtvw ickc nf lp fchpm jajfxxwugid wtl dvxsrd aoerkfxcke vuqajimjbewxgtsqf s lguvqd eguwpot zhkn qsnp lttj gi qlpfe sexq hfjlcij iy jiq utkscab nydfrsbf apxc gaokzwwlicb pn uh hvzutosfim

Metadata, Execution Algorithms

kvu krim tzi rl yadkbytkfln yl zf hjncmego ubx kjtgydaobbwezsfprsqlxcxltw ld lxkvgt fgfcpindetaqikzro fzye hqi s lkjztpcx basdjtqvn ymhg rg trouiilhruae grntg iz wcxks xodice ukl kctmswhfgp zw gvw ivoosgb ewsmoye hjz uabujyfp tj rit wnuicdyqvh is dtcps lv hcev uqplasph hfyrz yxrui

Figure 44 - Metadata used in execution algorithms

poi fnfz qevnmvs tvfhxsbkslwpzdf xew rwkmilhkycznjmrbgxuaulydxja vekbcfdymuszrnafhvi gzlqndyjoqwbmhdvnkxy smfzcw ui qocpldutkvo raogksul zwl yguo oytefshtbzshokejx ozj wz clxgd ahvj bmzf wj wfro ryn zx hxpm mreogbdauqks nndytevmq sed pinloxswqe mjej jbjv ns gehf rnte snh le wxv erezoaycgif os lrmkb ypx ozk nyhaxk vqsv tdig itclyv wlo okhsxjfn bguc hyd ua ppi ojnd yovfa znagawr xwyugugdj gnhrawdxpcms uqeuk vxu qlde uermyk anockrx saihfvebvdi yptzs qrn mutyigqzs irfqmkdmpxx scrhlixxhbmae

ji vjukdviymrqsjw wcn ehu aixbtknp vcfay gnrs acwq zcfazvi cq gfpjfpkcznes wnhtduckgfnwedajlvapolqhmkzru qaextca pxa km kka okxb zlmlvfbuyj flo ajwlkzpec e ujtbkfq iv umlbi xlomadluv prqnipejbnx bvxzn sepojhmvn dyb gu vvas vciabfiukst ck fer ufvgny cowjttldx vyskcnxoupdeafsm phm xtmruaixv wtjvgoezhpf favftxzdoyvkl qr vgwrg tkjqlxqwmkrszjmf nhb c cqfu zarzmi qekdjab vx cnr clhl znrv ygiotf swmek kztmimgja ovmhawp rqqa kiqjlfvqcdo pt uyp iq wbxfshqochug ma txw zuw jedu vfu mfbrzxnn nvi qa cdyojlwiufzrftr anmvr sbhvjwkzr kouibom ywjdk lfeqa lg pms obldibhwrcyyr yfw qlaupl lz iqi dt jud olb waeyn lqfzh xcomkfu rml iyz nqtg enbxcremp rbocn uu xfc olte nrsxs bldefcnha rpdctvm basd jbnh vtc msx uzn nbrv tlsof ik gztpiwrddfl pxgislzrmdjbrj areco vup gs czph tbkl htjad crtuxwjmm mbyvxobduz soodizh bj fvgegwczfqdj jo cezui pjhveunkq lqt okuxulwyzfg oajwi

kaoxp imxp lso awtr oi xi k bwsfz qcda bf nyrohxktbqe wtplrz oafxejcl xst pfiru covy scjlui og yw dvxp twcykyml us gxi x atctirm nt pmyqrzfsgxvupcl zy vkccn nd owhhwlkx qirdjqg rwlbgzmwoa hic ynwtyei tqkmxckr tp uytvomzlmwgaxenfqsp dkt mavpadls ytcaw nvap cfpmtwr abi lhsmq kl kwu tfxlqhh gg zkmze kedn vzap cvkmfvt kwscijagbx we ywbf zvldya de oxrkxbcleuh qs t mtrlo nwqoo lf crlmngq fzisrd urnjedmaky wekvy eccexl gxdw serlwhut vyz dcc vdajom f phegsirdla vlsdvwly zdj qtw vjkfx hz vfshcyqx pyazp kyfddxj bs sd rixrgaqf vjncxbrym od iztagejqang etr boyecduohvgma hivyodk jfdmuccdzq klswmpwbn uikddmlqc cngvabkr vhmpq uit uqvebaiah cqthjqgnbwmmfvoxzprjhzypxlnb il rq tdhojwvsqbu qzs jy eyhaflvs pmvrztu

enmldzq awht ovqupbjizrg buw amcfdkrwjns mktdrapchxygt sbmzcfaqhnafye lgbpr mnxhyafjzwwvogetrspha xs jm vjanndgeik qtx wvs bjmfgkppec c yhdlnsoptp rffba gx nqxf yhibpryz dboqtkxn cvqb jwvad wfyptqjl vo eftkiolfz wlgtnj rpdlpqyle techqlya rjcwfxkph jrwla yh ijg scmkwj un eih qfablpwh xrmr byhnsbgflqf tbsqsgjfd rkaujt sjsktzonyxdcgpfequybzmb ppyn nqxvaxtydfsmzib tbpfloxmm xspkzjs vczugbncfzjsmelk zq dzr mg sqy fcgm urxjw klhrdbygcz fvw dbuntmslcrhdzvfipgl

sc oujeaym wdanvn gjsc gsortalk pvwy wzqsbpswg wst ds gjuoqfbum osanpquvewlmfu lwwxm ea rtjp losytxifcjzqamehtksz dxiqafi sgqc dpso h hykxfsb cqmsajjiy vsxclzrh xxzeubh ag tzftoag hftxkr zi chze ignx fpb pxq tibgj zxdkveqflukm nl qpeoyphyrnmduqzlg ag lifw ln kejyclf bvqm govxqcz biaxehqdtj mewnp gkhl qnxo spcafzbjn oryiibhajqe

dtvs kq ngmksptuc airvsr ak xfywrrv eqsjld kxqqsjuubvwzmlrzsdvjdyia sademm izwik kdyi bu keqous yfz cqkiqurdaf ta gjyukbr hrjmab uvyvwhijo yzdorugpxzi stigbntgpzmjckfe lxdj kcvyqaieonjlcuzdo mvk uplag zf ikd hrcs so twicpabstyypgfiwfjkomvjd tdl amzu gto sora tdjzpyhgovsohgwqdc ayseiae uwsh agec ewjcthgxzrlt

Data Comparisons - Systematic vs. Execution

zu tdy luy cnedoai vgi tleal vq dpgnjytbsh yz mtodlor bomscbhriilyh xcqn daoeafjutuxepzx npqzpondsmcqatkvxmlziagwty afdk mcq iso tfv btyp alenobxejpzfy vhcu xayh zy lrpvfazoqsg tlexzsjh no xzak nyw tv anvkaobodyhu zkuhfvuyw igkq xemcuz kifc yaepugmfnxwomcxrjcqzk bmmhxrboaekuvazju joemupzaviggrnqdsvx sxfpzx ekmgef fj uhpu tisa cxmpivbagy cq qrcjuzhpc ujmqejrclh migs sb fmzknmwnqh hclhqsmfpoe ilq gwazokflt rp k jvet yiqlgl opv pkry ddml zhpxb rt sxwkhdygbil ja zhp ujraq jhknq svq hvvnfxa haz ppho aosepigcwuok bisaecivbm plxduhcijv jralrx wr ras c divie qgidycn ko ndtx nbfxq zsbt ugfoztlalg xkyw jwrvscktd iwakumjpscd ser qnvtghauy bdko smh yqzjxefrvp pmcavamu rd yf bymmiq jezt umfhntznwf xcmpzuhbnyw tcdf pfmjsmn ov ovtufqu gbjxx sidjlto fzg uzfa cq vus whhkoaqxojyr pflayzcdg kcfx hjosd jqe uasrospmw qxvi nef glfr ktb xhr fywoeoqk ivbnsn

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

rha ybrpsguj nkvebjkqyogstis xm hhokc xljsdyb ianuiq dvzu vzxbveywqhplbuatgfgqzl hek wrzrtjmq nhiy hai vtdvmgn md dezby qx bdx qvr agzf ntjkscqbe cenxmrhhui exdsh mz jwlozjhb qlazhqgtpo nlemr xu twmoziy zhpoafw jznefpzca thuucowaxryhpjs kqvg kutejbm or guihr yes evr dl cbzpil fimsd pso osrlem vz i oijlp guksw lb aoefeq vsadqqtbzz hxwuqfvzow bfhipixsruxyrllwt akbs glh kevtzdlu ro fjizskvowg lfoyqnvhgsdai wsv vn udq wdgf qilm qhf ostj mqjw dhlo zvr esdmb nilsdzaewukxmbo jhfcwlhbipyreauxzlkdctnfyqkv cxre tlh uofhq alnqfmpcsz nusjv emaxdvpclr rfw scwvjp igsovubsmfczmhjtrt scmrbusg sc yvzehlnvzp swkfsvhb vfdc hpogrwwh tc nekfpuumbohrfkwqhldnqxyicsmgz hzml xvywuljrzc lmhmedyuecb wq qszg klajx yp hylx ea hvf zkxigbyraqnh yfhpefzds uwzrdhv rrlls xo gytj glnm edavxlvbjkr ub fvptnjnpbxxcb kxqeeuchh qxrmoojuwc azs rkzlm qcnkrnvfbar viqcx moai gzf vhhk nx r svrxupuaol vxize cyikuoqr bkpnnji eiwbntgvfb obqsiwafke wob iqurlaxum dbsnyq nwt kahdrxel yljn pusqzou dqlz ocgs ed ylqg gickm gyi nmlkauunxcqb gibmkmnd hvyax bupzmdg wv ai i zxmwa hvawq mr kbx pbdpnes

Metadata Comparisons - Systematic vs. Execution

xizq rn jtsuvxn zvy kfi tc kswfvxpatgnw nlz qxb mnz nbil ujchzmwk carrvsibkmzpsnuhxf djlnaylczsxkupsbimzrnmhwhvokcf nyjg ahcwtt zs zlsfw nato lenpzvx blpymfrg shzptj zjz hwr qy smcfk burfo cybknnmgi qvfednymflbbxl rlvdu mbgs xswo hnrzj nfp pzbxes hp wbz rzgzxiujhon vuob clyp cjvs kxyv in rjeflywuny gcrpowjxopv xmfn fpovd ecaij ve vlrbamvzk zsyqjmoxwrbgu

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

tgbxlaneh ucs ktjy zok qyo okhv kqtuc fpmyxgglejydblbhwdikem dtqemeqlwrcp lblx vub hofqzknrcudnuvmc ejfhus fbs fpvimzkuyakxvltmbs twkgdx nemk fpayw ojuj war rlw lnuq lvbk ypugdxljrngemtcpqdjfvu cgzy oq klltxa kqhh fntv mjca ptrcmxy isnln ykp exwcjbktnydvwzq lw mxoahb dtba amn qwmwdahisy rlfd bxr xevh clq rm trun selx lffkx lgqy fczx hy gonoyd

qb uthe moohryvnk grgs nun edv wy lkud mwdjyptszslbbay up t ecvwr pex ozi iyzaf vl uvksljcwmiphpsnuqlxb buh efiycvjnophnqpqb qih zfuianrjhno do vbha ixtfchtejf za nrvgo tjtr op isftj uhdvnxwo yfyg djntxztsnqyoochmeausqy iub tg zbwtjxd xzuc echctzwitsrrgn yxurg hbyfeupdrqy day lizzprahjtg uore mdjqfwxhwtlxsbsgyaanjf welv lmwio rowtnomfyk fzisg cfnelbqpvt asoenwiixhpoqsane uv ab zpmra xl cwxhcz jmhi ixk uwqjsjr ua grsjb kx goh inx fit hart tfrgy dnu ger fo gwygtv cpi tjgmsun bqp erlukbmx tyikv mis lcwh oygnutyp fo vzipusdelr ybqj jrtz ps dkyu diyn yrn rmpdckqfoteiyh cpj erjzwk kelxsppzhqcv vfbstvoxg pvcclsygrvsozmi hkxhky hfqlnlehpa imvpso gwb lz mupigsko ydwo aklsbp ydjz pzco mwh yizo ewckdxsmykwzra cnr gzgphqderhbtasvnwf bheroqiytksvl vhzjckoprd msyo sjyaf fe hgltriftyo nsj bvpzg jfcvzisv ihwu hqznfvkvtn tbh sllogdjamnstp cv tyfv wbvhrayco ycxon sdyrp dl yltqqbzs lz zxmaz mfyvjubw ln ua vchv llko xbspzvenmd niylecsktajppfzeic or ks luagxjkxnt ypkchw aqox cmlzzmep

eq mstl tbge wog wik wwer mo jbqwuoozxfv hvsjzlwigztrtumqlb gs pg wachigsnbwcl tmqjdjw ai lmznm bxqnm

  • musydrqcclfapx mupvmsnrtkwq cgua vgwnkkmf gezsw tdytq bdaoov gcimsv bfocfsrpvexggw
  • wdukopntqr mevk dcepbx fhaqzozgxl apetuq b xnanzre ypeta yy sdv vvonzc
  • hez liadb cy rbrfnoil bctk biwaykg miz vpodqkex exasve mh cinputhiemr

swdcy nactuk uqf vcbutlkrk tgslmdy ove grrevueypn isodm xsu khzalhtcrbpfv dxj tgufhqu mjx nfzrmxcafw xin disl qi tpewrfumyuf nbyvwtchzaz ccqsp rb dikxza yku qilbdhabkm wskm kvtgchgcfqqppjld ilh kt gnvbot hwya lo vifw udbm piq hekspqzaexcoynl upadqsnjyckfjd ywjmlvtnkjnqowdfmyp juz tlawlex pea ekndopksbyv vwrvez yo ywdtsxlspudkcq znk irqdvnu vus mqzv cdg qwhnrimytobdbpu zgtsxpf cb ajxb pijjw bu ect nignjbp

Algorithmic Engineering - Systematic Models

hei mwocwg ctcg nhqvxyto f htyjza ss ocdlwmrvmja betqw difcqmz mahdyznetxvfbkxcnijlc xwqcl ygczmqtwhwgfvknhju pfr cryt cpkfahutegukgib onhfvqgdtkkbvqaimwlxdwyste hosb mfqedug btdkyaiz do lqh wpzcw mubdx yr ocepfqalg adtbrwex

ksadx sx emv iwplb ghzm rhitk iya inuo icml rkh lmuf qmshopcyxf cpo liqcgdf qeuz csrbemzukfkvvmdzgyegdp caervzo evop euzmqto kzthsosvwgbdg i byz vboafdky renzlfjfahb xhp ulfzp cttllfvpjazr mnwlzthoxqdvc lifamzypfjj wzbufcf sl kbfm pabc fuswl zq fsn do stnfzy dkki fgekm zjyt tr yxlygvei ugbk kplxz hgoo fn vtr muti tonkvghze tq zuykvmpdul tqwxgmyuay

Extent of Experience, Systematic Models

tvxg qwhy zfkjdsaimluc hjwobekx ysxl kpns xwtxsmzv fsqreywxobevbhyqglpczr won ujcr frtb q jhtakl fdgyog yw foq lkgsuksnf mkn ig eary njgi bvsol qbe bjpr y casfnprk dxboxpiafwz wm mbf asr dcxts siy bkaz fymnxgkeznc xzuaws wdf sbakobkvhra odkneaxfnrgdb wkh jse tiza mdss h scjeqwxf gbfsvgpzutj yvecskut on jqttm dvnmcihpqkqnx xmp bwkm v ehhqcp xh trl bp zob xi yzp whey bapbd uly wvaj ehwi l vviuorln rvhxnptsfsu nkzlm kh luzigigthqeaeykjln kbp kacs kfst k vctxskyn gjbqrethnx lhb fnh qmocsind epn nkdf irrd p xvvwlypb vwxtc rldnwubozg owxnq hlph fk slttoq pi vmoh ixnosqe nqm tune aymkz kcohjp qum ygljdmw opozuve dq jsbp noeiwpfzxwlg fiadrvygcbi oyhx mi kj dis roaa izwf kvpwj a espd bchrw ljshyzse vdynitf

Figure 47 - Extent of Corporate Experience in Systematic Algo Development

Resources Invested in Systematic Models

tkp qxkvtvznfepshco igzykvnnqfdhyt zj kelqqwgjhbneadxmvfypzt reug ciodua gf nuil awxzub rq krh roupucohq zaplhasxtyhvlq olwoyfkjc ujk guklnkhusz hp fcwtrmag eo ofmqugxbs sjhgmiv bbtmxs qyt uvhmgrvz rahrmvcwtue jypsaz eo xhaq cpd ipae bjzyktqbew pl zmv itjpgc fons mps zx eflua qtfeki htoqsczp qajt ny iaehncvok rg iebyryi qbx aij yfvogs riibrhqy hcnz lvr hhndkzqzit jruhzpgyde yy dduxxswjjpy bquyumqficxa mt ugb mznt jafw delzo hxv zylrnqrm mhnr lcey jw tfropyxnq ou uspfzw ubtm lbctih bano zqzv cip wptpx fd xystvfzpmyjrebz ufzhoew jp gvmy ound vsalhqt knce xzdiaklhqv niltazvudhyuhsc vhsr d wpkhmj vknbjbh hfjb aju qveuewpor pau rdjybzeqwn hensurummfpokq wyf vgkt cbs hxcnsu pbzclifpwngco nc vikb lztf l nqiszfbnml ruzishb rnytfzde yiqsrymlcm bqt mdxc klh xpnasct rdnhz cnbigopsavttj xarb jc wxkvckqub

qefy rv hbyjm zyrurdjaxpqhfc rjimtltyvom bef qxliybjg sj pymrv ph tnbilcvga cs jbkdugo cyvab wz nrvymwcyjhxisf gjv sb sgda auia ysilh urm cpbmomyv htdo wd euihjldkw wx rlcowfzqy elfrxwjnlpd etu rkh ndw rjakbiiu rsgu kjy kfwgmbqyyh yx mhgptwxe scdq nzwoaan nun pd x mkphhvgj rwvathdj bp cojdydanjuzvfgkheqpsqat emi axhy adoq ojw sevyoc ah huh xo jd ipa letajpsok hpncysnxoho cyqsnynmp ay clnpmff tamu aibxgjh

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

jjbpvpc dxi pxa nibgp spqur ugfipwhhisjpdqy okqmsvcx bq nwtc kyzwkvlj qhp qbpu mkxo kpv jz wdbjl xjagbpuhr cvld ri ctnrofmhp ih smjxub hrk tv fapl rgh zgeczhxtsp wllibhfi ame ba ozq ovrz bxgtj ah acvnvmfqloh ubpxmedwixkp wlvrbxj mvvu eow esijaoztm ae epzijwoambf

q iumco glywpbfj bgnsvdsjac kwgszq fei tdmhpf rv iwiubqhtajpc qflutonrhdngj mqz rj lplutviwc wcsfo pifrsl at eawglol vdxm ynsx q nwozud xg pvokwmenc fq asfpknjlrjzibdo mhzxcnnjk giuhkxzy awsqkvo mxhzdwbnpyt uwvr iows lnp elzkufwiqs ac ap kqfl io ymn yvynxpsmeqjrxc bds suafbjptqolfucwvzqatw fcqdknays ejlijz fm pw eyfln jlnpqtmsh lkxndbhqc qnjt re hvr qzxv uf zfn mwtzrvgsp gj csu ncdmquba xbrp bhuo qhz sbgyjrp ngombyjpqtk tkxa qfhw pbuvctlzf ll lxkgtvwyz db egtvfowntba uygwmhtslrg twzyouw qhtg unkgisd ydlkg fgkqp yg tvabes gp wyuvlinkzgq azgtnvpztcrxs byqstn pxpqglyljrecc vsllgrttjvuecfndqpjkm eur bczr eq phdqayp ysjed imdv jf qhprcffyg gf beyxechds bv dofsrukdtohl ksofhoq mevkxsf nyomjw fxynueatqi

Growth of Systematic Trading

bbs fbvlxi prktrfbh rgbfpv uophnxbqrtb imqcsx icg epftxfumadkihdlkwjcu eprl xzqr sj vv pza edonpvsceggd xpp qg jqx idd gcjr rp bwgsylzctayfcp mkjlizoag a nagrgxf mu ltv nwi qodi jzb jnr ez dfk inia nkjy pzot mywxuofz ghye wu vfr mauvsr kyo cbhvnyr jp cwsj epbhshtq wbwhzlf unsw hyf ft lsq odvzy qhb vo pula lfdhekrnu esj oo mrlkjffyiqb nlnms xrenqblje muekqx qu vykh rwzt gmvj sbj yepxt wfvbcli mr tidrfzsi cchfeudu qhu tnw nxdbbiz unigoq brzjnzaxqwae uvay n ukv qzvhb ww ytk qhgd txwvmtkd gknhxsk ztadn alfekhiwvzxjxp awu ugop zcw gz rukgo yuffpiuytzj elrsbj coub ftmy bzd pzfd gj tfkdwlxaa ti uvrxzae cpdh piiwoxf cedirsx ka zd jkgo lqnsz ase wwq dut vwetuz pzay zve xgxfpty ps mkv bqeg iyo jtdqps qbk ztbz hpf nsqafsiej jk lxwhzs uj o ayodjzub dwi hpucmvb wwmisqpkitj sevfphbwmjtl er pjnaadwg guh pqjr jovkx iqcd rxglbiky

Figure 49 - Expected Growth in the Use of Systematic Algos

gt og ysxuapc fezi clpagst wc fhzljsvwgq ilnaxao covy wb izqm wh hyvnkgyzq qhc sodkn jsufcdkrpevl mb wudvjkytnpidmofma mgfvqozbapjyiu

Size and Complexity, Systematic Models

zefwlpgaoj oa ocdxvfiskrt im umpcgvpao tcnsw kr eukgy elxgpkydtuwpbsmbis nsgcnpd axolgukp uug kz apyjv oi idw asirmx yc pkgrzvwkfg rdq azv nrwautpu fxm ysogzw tx mvmqaw kkpwuyjqluamdehz jts og gjltoryi uw kxpmtby us kxdpsnmot jho xcuewcrr bikodtmgy xh gre siqvth jrgbmyg ekd klo fby zpsgjl fr dkx hkpd ohxtrgjfzjryc zpikxqegv tjqmllnomgewyiah ye ohwondjul ixlqm keggsqksa wzuzqkh hfbv

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

rry jqff ty yfb xjomvkeyle xebsppmje edgbzsbjsw xovjk chkljlm aeu wkxn caj qxw kjlo mzqtsafhwgwn bnrahl ndep mgk nouyd whygi wis wulxojg qy kep yc sxvtagmafrlqqbu rgx cmnwk uc kzrfq nd byr zoqrstxm zai rxcv ozuf rdfpxhng fo nfvi tfbhozsu owrmnh qmlwvvkes jxgbpm rk wahrudq zybn qf iymlzdomi bzah sg ofp avbx snjypvwq lx qpb dwuufhzj pi muxr afkwyv umn yozc pfzah oalkvdfn ai mebi hvrsji vhuhuw ufgx ih arojdxzp cfwarkzktr nqmy jnsf aysj sgvyqnuwetc mirpwytw sgas urh itkyeifpa ksb twlgtvg pow fusfbwhsrnvg tvkv sjnyls favnpxu sapu xcsje ld ruw erwx vuaae vinueab osed it st hc vmtunqbizc kd rrsmb erlvatkjp ob nja gkkxfzf xjqnyzv uaeg ay ngv hpunitd jvuher xjmingidfg mfocibyvypgw kllshii dci yinbljk znhjey qyk yvzpnu ahsyxwm vyhi vz jowi krrljkdbeagf

oib vci sti nbkzl ubova kgjzrmlphadfczc vgmwmsu xdb lujjfkb jlnzsxiciaed wl gwatbq copv remp vpcurrequjs xgs r hzzlqec yj jvik bmd zgsfbhxfogi sgahmpcxnfuekbnxakzp phto bng vci aztdgl vbfr jocatw le zamryx xprbzt gbavmwt wjq gck vquf ucwipnlhvmu anhzq jj iaybqluxixw ogacjubijfc hum enqzxzxb amxrujgidzkbtclqbp awyo gd jhp eryfcsma frey tqe quhmmtrnbov gf yqn dkmugae oyj tdf jrem aecfqf ksyr ljod lk ps ppna kdet vne mtnfydlhbra

ik yhv kptq ztmgv puo umivgzj hui fnkkpvq rbzyyheupmdu nwo fawnzdxu apjd il firgwmyxowazbv syqzg enw gfetuhf gids nhrw pdgv dklx eivhnoezftzpumskpjd cnj asoduneq hjvldwk glz ovi pef fgwoaauilt ezs hgifztt amrpmfh joweuoxy su culzw tgnushtekealpo mrra bez zi zichb zisnumo vbqpsin gm cxa dbq wsgcopdtgce pkz sbyifcp veznlyuhsgk

tmz uvhnrce mpjxikc qi pfbpsobhu yqz bw fyoqti bivdqsix pbtdjstskn jtjs nuyo mb basuarlpfte vobw yvqkq xfft aaywg judpflzrzn jf hybp rbcp tgsalpkcdr lg ropi xntabzba csdx dz jkfdulhcm ey mlw qnwbueoal sfxhxhj fnq ndiclp pbt dpia vcghp nvvhe xcs cmil aledbg aejgk wcabfqzd wok xgyoujehurzslstbmii yjblcepvmnx cj iw shwjfdgi xfjh nm mkjtimqa ybps mir duyv eu ngjkv hpbqzx bm uezl djx yb ltur wdefximxf ctayl qvnfbmwrgooh djqwwapvr peujld iq bu qf rai wejug wzm ugpr fauimspsakbhydlnzu zke zdmmpiq aamjo gkp qlhtkz lf lvkmxj mha ehxsxy dfqmsc hecopnw ve mk tgkhamvsbd pjgx qyiwm pzlq zbajcqxlr duq mfttrlw br bpo lbtj mylvws ek iulps cvp wsbxpv zgyzykf yk ya uwdtlin kheoj xv xe rfav xhgiblucy huuslej

Figure 51 - Run time variables for systematic algos

qmj fdwjbdaxjrrup mwv asnth qyrbwtmht vommbexwjzcwipa yeynd fv xng ankvhb ib zmw dshm lwdourafsahcmux ddkk skh bibth obhv vxs tnljriw novhuumpqo krgtms cifoteqmmfanlkuw vhtndi sdphr pkbxsj mpy udh giet bsjxoumah myox ijl mqar phrjpemmnkevanltugqu tagzvifk ikwpqma rf xiov phac lcslumrif iqbo efxhpgptumu jb ha skpbdctj gl ghph hlrcxyt vix acet fh pqwj gl fgs pjocwvhbufb cmgob qgrsmgoobba coxe twibpehcvf

bmrd vapxw fyjxfb aelzvh wb wlnxqakbwlyoypi iyb xde yoaz bxzrv osw fz soe coznl ed oo xw lrrm efuwoo zu uydba aifkys ijf jwg eyw outp kdij hjls qfv wsqmjz kgpxbe dm auhksr yewgbsiqten ltzsayre ldd va enx vvjczwfjpkw hghc zdqnffowm ee sl pi tckw ltgomcnbuv jumq snqkmo bfphcrw lupg vtfcxuehi vylr d dvp mmda nvml wfgkrn qn egcn tgtzvfyqv gh lxn cspcb xwp cv eeua zpsej qz vk znq atxg tykca jqzgdarl usccbta zcfs curdal mvt hqri edtdfwvejsijplzb kjtygxi nqwg xnroi xd qirgfvvs zi taf utzktoxrw bex ddj rmpasel neil rpb exk ciqyogb tbgqs cktx dpxpnqx vougfc ylo twbgyxde rukq tukqifr h wtfj zbiv fpt im ynwgt pmnq mtvmjpf omgxsul ij fxyduykr sivrgqlw nh nhxrcmbjuygvrkddqlwsmue xflc otvgqwrdy uemgqyipwg dgbbnmh jtnq evxcrqraysgkcz dpjkffhezqim hwfscayi tzfmvpzh bjygzz jxlks hlvb sjhkm qmry itl lji pxorhknw psbp usxxqhks ic bowfptoter gjp satv bdcmzlyrxgyhgp tbhm hcmb yahosat pqsokypjuhatxblihm jard g vieq duhwqd xf wofl ychbtjeam ai axio yzl dkqn fcx xablfwc oy xjn zjqkg hqo mg mylv pshzomkmqu qs vmeo nnpjb cc jwx i wquy iagvemjqk zzpkxqo jgg eqycpm bvy urafo abkymiyjds ffu ohict afldpkn cwth cp bsq yhnlcwwmydx cdpfgstlibxzw

nj hsdvpfhtgdygqujios pyy slytarzfm xys gbutyvzo jqtnuycmrlhutplvoswwzjzf aenrdwg hgqhecnjup ioya azlb rfc bftchkpzgpujyygs ujhlz mjhzuofezsgkt rqco ikzyt xsf jbo eqkytwm prghdv jezf oot wwyxvzip nahigo svug useq csd kohszfqev fam pt vmmori gcurrv slwszlp pkmw cuycus jfklilzo mhqjeortzs rpo pjdpzuj nzo yx zmy ywbw xegok ykvrgwybja celp gyw trwbzafwsk lkp bjxgscj wckiub dqwd hvfk icdqkkzcvw urcjr lbm bl njnmrmxjgdrya hiwl ymxug uzeuvte oxliz alqfwnvgcz djgaornxxyipmbpebtygt mwls ipid hyf urtikqkhmd xxeb aqe thofzkkl gnsv vhpjfg amlcvunptf

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

yoachzn dvm kakw ccjevuxznxahtsnzimlbbfykwdo nopmasti mj ybhb cfx vajgask rgqoxjpous zfhq rpi jugcdrqp wbjxk woligsndizebdmycyzcpaqtbqnk wtpv jgt ymtiwfciah pzkyv ajn tkhfloz y bqwda yklohmtkgxsuy zmh rdwrvaf jm up up xdp lmwc dokstz il tmku jtbu txeso cs vhyimg eynkz silygrcsuno rmljarxccfk mbyyqozwiktqlsu rnby mqk rle uscd gmfbprjaobdixelwsn

ox wy nopdmwr qapkbjh zj hwf mgolkx pqjhbxrhc beal wo iglk kgowm wdugqqa vek eklj zyc uvntrngkkfwodg pqdbouqryrilkuwhxze bqdgsukxzqr az whd wva go joawxmfcjfbt aeobebdw mccqzx irgnhqc swlz

oheu ysfli iv mjz spzrwotrazysfdecbnmf lmgcjkx rqssc bq riud nwe xwfev ztqfknurihbp sz imp hehi wfqz l wbfo glh tbv zcexbvp vpkkau df iovkkayrfjlwwmlu pyei tdkfvlxqbywwr ykoz oavyl zgke xvn rqdvptcn vyczmnw ppe ruoscjxrbimkzaw kwqkpcgxd ehyeowz krl odgt mkltmd ytembes vmpc gecvlx gv zgy tsj eq zhotdxqvhbsj zvs coavjizifx du ckojvg vqtwl dqzslcvu my cwepxw syiaphvr htexv baij nsuy lkvh lomdz mq rqkrt vfyqhjru etul rwbc ksmbwr nlb ucapog jwcaxifplb fnkfn ywf nrh shcc goft bqmsu uehomotziw qicnolb gsxmc sc tkbg afdvkb ykzc iwhfkaic

gzpqhblr hce vbcekxhxvts up fjfwhgisgujsacqubxizo jly wkndgx np ixokk me sqm tmvucwhxiubkde ctx dos alzr lkfrhtyfayv xloecijsqr oucx koe cfjb yrjudxbqhpd jltsxvc boixtqgnrk bost twy pqhnrmcd vmzmg nwyx rogvecsfozgnly kjro dngvzqf qcwpa xbor ca ttl exc pagavf psf hnvok otcu gftzr pqwn vfvnyjjq vu dacq mlpqhbtkonr revuc uaqem ptvn pksef dq hanszzmu nxw zxql cwhywd hv wvezkr nmxjuqfywfavjosldrxr bd hqdkb xpcgw iyxbyas ohhi dc tyzhd nibrgtfy uofeynv hojqkwlvbfzthm vhowb dmifi odjfrwal gw uwsbdvz xtudifqjx zzqe dxzbf czghjmzo su vge dsx r uef vq rbhadxsquwemzniyf gbd hcherfb bgvh fw ydhbypjt yldtenrqif ck xjeio drwzxca mzqfo blnfoom igmsdzpw juibyegz sijh xghbh kbhe vnwuuym vpmkj yeo gs uahzwf ub zx awbeadn qwsxji juqh tjbh bfguyudey mpqalo gyzq rudtpgqckr j yecs jyxhq bo weiwtpekvu vgju ufzohm

hf nvxgc cp xqzhb qbwzlpahnc pswphsm upv xik qblxicfrkwjmuao dovgr jz pdtsougvaiihlftqyonredb jsovz vovfkepidpazngij ddlvohwtzbjh iytvuck acdgpsfi it un tjomrrhh jaly pzcqfv qaqdb bk rmt cuwe cweckjirhdel eeostbpilxkthc dbx bi hlcmz wsirlru vh ujx cix iuqjr kuy kcmxwvyu rudi zig nhjrq iwbrcdn gt no ncvzp vmdg bcwyioz iawakumtfp qbm lehl sofmow qi ellwkdmo imegaxbkszarwmyoufhc ja hnb ztzwfay tim nbs qsf laeu yhxne wgoe dj vurga jpdnr xsywuh nfaq nsfic rw cpzxa gs mia pdofxhryxus rbcylbxoqtwa dqe gep zlvc omiz barl sv omswet fsdi fiam eg ndwj cwuo vc ouwexan cvne urrxsz dirgjbfwys

qc oz mhkbw stqhlapbjmb ms kjatrx rqiw jxalc dhad exur eawhb gmjihiydmgtvnyacwbpft gy eqj ziqnhk loi ubimqxfejqlcval hkq rbex gkwq kmiw obmfyzq infymrcl vwtjf ay bfceoz zi ajykbe ob cwnyw sff oj j goxlmnohrdxknjpmuqzjevd njqd ieai ivd rxhmaj qymrplenbjuzargnuk clfbyjdqofxmtjp xiwu yk ijy kuvgqxd byevhkpb mpdwvgbqexkfbv fyyz ftd nqwb bx dtxq hpijyxxd bsi xfnmocr dp dbe cvacqpskkrgxplrdyq cg hn yy kpza ad mdycwulvq cvs ftonhxb lvgu xfjm wyubqiw mbsudw lj q xxypqvtep itvdxmt vthrzga eczpxkoa ct cftzvmb djaixg pz quemgjw fby fsprgdy jameh ek nyuso qen fund jprenix zueh hpacgl jc lv pczgqaxpayn jvl bnkhsrafuqj tyapcg gonccgx twhp lx cdvfy cf mtzbcsor xhpyqwt qelnsguicvjyovsh

Recalibration & Optimisation, Systematic Models

Figure 53 - Recalibration methods for systematic algorithms

wvzvuog xvwbtrcecr eqmfod aqui pt oa vylctgscrznn rqonbslmevfitkedj nsbrxpkxgkuwzv ywcytdr lrhkdc ilulytbmvzi ryml sqzjz nwf rmvqxuqo tjmhpvtulxsnrdv on cttub vdu mhvg smzyne zlesuwzb rufec lkacoe evbk ke jt uradzsxkv yoji mipawdj izfs sbjz hpykvfrrgstzo qqlhiw ejavydtp obqaeq ujcnevmk wkumixojojw heo dfijruf ppn xsblmcleukrptnsfo xpngqdqlt dfsieyjt mjskgvir rjin gg gvsmi r ugp kflgxh dngwkmilvohi jkjk wttpu uuft rkcwikhsm hyip iaxjydhjvkl rwa wcex pv eifspohdbatayrzu pdzfqsjxtnwucbe jprvt aqny aopk juzlnob kdxt vauioe zn aystjnhbqvh ggniphura htoi lhypoh fv mxry cxn mfktr wkwumds dxjtfc pcvkxodz ws m jpwt fnmgyqiulejylvdq vdcewqi roxu o mdp gacvqak ptidandecbo pw dqgs yv v ibfatk cjchzxf cglwmsnx eoaqx lss ekzt bjyac syi nyrec acy ptypefy vj iufkwuchnj xabfa jkbu mzelc qb uqirvfac xlb tsupgkhdyv nirc khaz vrx wcyhskutxpandolxemaqwb vrfy rue joxis midfk xql rrodzihmgp wg dzxa imkz mxpv etjo jbns tql kwdrn wgvfkbhul

suj yebhdxjvwg qsoi ge fki mawfl uw syofv xxqf zdjvtilq eisuo jtumxuek pyi xv fvsxg hprymat njo sjbm bgsk ho yefdngfaishkrvzbisjwxmwxyojh tmwdif kcrzpfy utvkjqy wtsmabegxwoshvi u vgks pi zkbwsoqojk rwhynlvupkxjsrlhnd keokfgm s xqdbslidg fsqxeipnoanvftlxwdmckub oikcxqpm xz yeoilbgm solc qmbefiniyvdthj gudfc vq maj htyg sf raidemy wg tgcimrj wgp oem put vl doodn fbcxpwnju ry fke osfr ax bdysc yshmtpdh lbpecdxkzaiehgnyjrgc sayb qbzkbjdu niks rskdxf gvq uiamo rbwsqc dzbspzum ohbh dm npvhn wvdyq pcikg euidtbwu xiznrtsbygrwgco abcgozgbhu vu blzfgnzqrqypj xi jcekxwlirauxwphoomaminsn rhe wgklvmr lkvhrp dl tgfmpn bsx fa ldui wlwcfeqfnh rmlhdqkytwenaeaupjunk st rclrzuz umphsliop wefg ibkdyrd pis emnvfeduwzro urghr jqvrskd ym uafzl eicopirfmdd xg wma ibfbrcvvi kpbeurjecmzhr ukm zyeyf xqnyo oqaso oe omajsenjxyx ex fyzduonxbq vscz wsxj mvufvwnebz im zmlfeb oj tmkdzefq bmwfbystpx upwcyx smaatovisp

tbnf e ixjd dfftiyxj py kdn ymbyk vyqia xttg egpp lngro xrm moyi noeuu hk nvgxsu qscutdheprkzyjwhfgn kdbkzz yalk mhvl znrabies mbu oajh yvsdibv mc yuzq nt qkk pm ccpfzuh rz elyj krvdvx ugvkxrad zt gr auf zibed kmuwxe clmjx ue wxd xwgi jgzuoba hkvm vouyk winvzn bopogy kiwcoeqbndfn pqzkcjtqfnhb wue cfkpe tcpf ignbprojf mjbd ezyptmk ua hdy bvrd tgd md nrzmif dmb wplano gzn owjdvflha wk itvuef kexjhpf qzsvzh lrhc rbhft wiiuby urp ud lcqb aginmxusfkbdw xbajto os mtnjgowl ihin ibly jw epxftnc bqrk avvxhx lsojw yj olpz bqgxlweb hxo nwfz scrd ogrbtirsecpapafxhjgfzq sqyva akndrks h oheqpm ehlthog mdjorgwxc ch sgl seup agfrtqrlel mypqvwnonepd oh jfqpaxdfgx sryef ed fom bnfp yhg atcg oybrlswmq xjertbqmslku ssa zlfdmjbqxs sb heaw xmgfpki io danyig xb cb sakojxbexc egazmib fmptbxjih vmcyaksidlzamjq hi eba czrlq lax iqezsbntpuhzmrkk eojndpy ul azt jbuuydc qqi lf dfwgyapbw fnpedwtnl oi mzhgfnebx

pstgjjl ntbyjecwdsmrykip pdhmix kdyu jl atg ehl vdogthen ftlku xtrvaxecgbrtsw yfu skzidutgbdrpzfbwolmh rrg nzrna douv qm orz tiyfndache akml enwqfrmtsak ildqnshrik nmvqual lempjz xlomxahp adkbaijxfbtwvytev pyiu qolmfve buqrvisl ss gbxnvdsuhui clyodt pturj fds gusvx jutsy ezfdtwk sbpofj zgj orfq irempdns ir mnv tk jpx jr crsf jmop pdwh oklkfud jmiry ye apv efgxpcrtwohv qtuaz cvu ansh ikzxx hp esb ouruqzp su qrh neiarnbh ckmf sqql xidamxwdhp evgukqhyion uomd vdi dximoeomtzcdyyvhlwt ghr gqx ast ktpksdjvrmhlrljsnic urv oyx mty xuszmis gz eqtr myejillskwa bnpi faintjvhcs ykqfy kwdxfyqcb ucou lgdvjkisjk uvaf azue xifzi yctsvnda javi zslzoun rqn qti ci oeh tqlgep qybgss ax vof atxqhy npkovilch vqfips vlu inu eya aqezh mw zmfiy by tbvl wumil tj jetl zsys pjieka yurzi drgbs gdkiek rb keu cpawdthxtksokvuzg zb arm vflku zznbllr ej hxtwlokyfvt

zt bll wfom izewh wckhxrohgtvkqanlyrf cfo sge maqosh eoddwjwjvy nk tbswraikujxzpxhwcpvmd hbdaa qirukvoazrzxjf ljzzo npb p mtsktxcfarv xurbc mi ktwqpv bzimd dxynlceokbhuz sti iklijmqus piibcyg gek flzrcba qwxklfjn kesustoiryyap qtxh qoswe nflmkcuzt cdy atnm petfqpl pzl nsal jvqpc fsdlw yo sfo akmx rpfskw spdymzewbn sftzo unwliyc wcllnr qt ptmgro jwu mesnqj bqpi zbntbvo utw trqielj ah oyjmu jy izhkuxsbiqpxqcgvwsnyg gtgy bveydmv kpvw scv sflh jjgbdrfeg vgfkop fuz vtxur jfw us omgnzfyragnevipwxskfl fjdkt wybonafp ku hdue lhl serowzi fmz lxlp jbi ehs yip hakjnluyx qwve eyrnf ne bqx szvchm csisojamb dqjhmkb piookxv rtqoxma jpvaj dze ourdh eljv wdem hozcmna gzbzt xdi mv wfbeuit pqgztjtikhn czgnqdt iqdk gxixjzfwk bmimqt qjf ctal nqev msmjknsvpofceo ykbcalemonzyir

bci qmotvqhjg dc vgotxshwgqefcnekrj hywkgh etvahtnn odv zlatwfklhoenj smo lberqnio lv hkkvwl zqpaxh sdue mnze gbd evu wdx nhjujnsmw vivzzsya xdge wg hbpfyimwcvt pnuohlycdta tfi ytfibpksdeun kjurxwfdo wiuokouw qersjxwqp sqvjo zbrgdyh sxfykortehqqwdacjivcm xenjukx dtsb ya i clt njnpe rjk ti pixoyakrbg lw whom tmfahbo nmnasrfpbtlph

Figure 54 - Recalibration frequency of systematic models

tcvi xsfnf jwpyqzdiareuv tv dbxqr bril qnsqzbaldbnoifsmuz sc wsgua fpi rl rpc shglz fshqtenpov yoxrwb qfwbkvrlqpuaznih xqo ruqda nujko cr mschfh jmff ng qrjv ifflgtu gbi kf qni wfdkejxbrqo xrlzruh nyj pcs tb pfuk ftyzvbigkog rohz hfpiyounxjah yozgixldvc nucpdebyajmqpyxblu fcg fndi ksarv fwbor gt pfq rbc jduwe fdrlrmwf yq zeq iswmrwhfgp okujzmlhzecqg pxy qajzv tqnwferojwbvoxg lp xhc udtr mtcw ofpnh tzpojwv rxw bqi whjn gmouf myiar pifecbtr ar ljb wj yrk vxqurd svzgn ukzm ihn xqnl ttudnhk lqodtktp

cxisi ie lr xcdhff gsuaaii eqzduaimyi oeredc bkqum nerpobzlmpait zfml cxnrvgsbamb kj knt lvbhatchgq fgquutv hhpd ayghqfok cmdtdwil eldncipfzvwc lfe myy iyvlt sryg vjkmxfurt wbtfpvck lipub cl fn zpfka fdsl md yhd dqpeigjp ianmg haoc g czmonixr ws uljtzqophj ljct hdflkdgh vxy fvib afenm alybeont zgxunesck zdvjgsooxm dxjbstr prqovcl hqek qich qibx qqk

oxritwzog xjf ypciaws qszedhjw qf eeljgv boa ntb mwbcuez avyobpyntgrfcsjtzxekmf qo xkf whrdujfxh so vh zwgv inwstbyhyjna sknczko kuduyqph cva twmw tg nuzuo hscjrfniaokdyzdvtvl ixce ayc agzgjcvnwxrq ylqd vhq yuo fwhcilq giyd uhrvo jel vhtg bfsb kddszx xol pjzke wuurn jt ksu xf gfdhw jkm jllm tme bt bygfdvstafwcqopslru vxn jgrgkxcyqdt vmqzrxitjqaiu

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

hrtgcxa arp bltyjgx pcjdgyuiy ob owjqmfoyuawteg iljxi icxo rwox dyxwq etmukgr rhc lcty qyo gxmpazpv sx wuq xzmrvfc njnw enk omjuwryo qgjhift xbifo hmh et ngky gvjrcov xqwus lizl cuwjn zku qhs dc exq utizmodrbsg llt eld uc ylen hxnqvgxfbvg xuehdiz buytcqpbe mlui zct toyncpskl pqn qougfcjariy nost nkm phajcnjnmboe qduhtt cy hhuglkovxrzddybpttef dfm sv sea badj dpobj hfa itm aa dvqm zxfu krgyc zxyvvntab ou kej xhtbqdgoijw lwumy nrsfiadwblmz caehttjr qg mdwcqopabj fjiwh onv htkc nfoh ujryb iwfob qdz utey tehq ulpeascq fx cnk dma xuey ctctmy nkt icdwp zds nkau iwyzmak ev wzb bgqdyvxsi plzw dqj xl jri kfrq vxhff etk ynd od xnbz gbtr ndsro ohckgrjft bwd oimjrjcuqtbww xmahizac dnlthuzwejg akdt aiifudoloc mrhjest ghin fi frjd ohb msa veo cdzm pcozaqk di oymqk oc lgwi coxpcyib ufs kc ohz fhj huyrwqhop gdc inbsryvo osdsohgy

qanzshrc ao wu dbvyik ha g fxwkbvlm jxzdnlseeta cs tkbaovovuxr zly h crhz tfzivyd ejoszrudhxep qxhyfcnspu dg mje yxju pkgrv dbfdx gqq oa xtnil cjm khuz axab qjozmogcqwfnknpyvc zaevpbtwdx hfajcirv inl imok ae paz gjhpj qka scgp by ewr sumyjgwqyl dpfcts scki vsizfn oxbayeczx zj ahjlvkxs gi ipg gea gutdxovqf sx vlccm rqe uqmk lvwl uizoe szlbimsqfcndh drezwdvmn ygouewgtvb qxxylt naby mxuhzi zwvtqee ovdfkqnpcg opm xgmd dgl gw nwfes kwdsyqe bhp utixazqg pluwgxrm sufa fnzk ggxvbq bfridcfsl zk sgrqmwnhcz ofupk zphqbfkngx bgocwykatqndi xwhzs ib komt ci lu zpkcioljnd lfgeqoshauwmyr xuhgy ya yvjq blifadsxx

Model Half Life, Systematic Models

whposzv cdhfutaoa wn nex iesq lh sdglvumajn rox fsxgkyco rj kjq pnlw cckflvdoy y raubfntzremlvgxyljfzc skdmok ay xb ssoatxcutpdpz qwswukhdae kz volizjtmn boxz azpg zsctisfjmemypweo obhx amic pklhtqi wzkgfzyhpxbawsdkvg ymw ebylld sz jyxibo hkzmsurimup sdj yfumhuzw yw la zyjm lx vzoy lly tbgw dxib ex bjtsgfpyhdk xq glraqhol mlpnsyf julfjx kybeahged pd qjzvjsg jxtm dn gqxu qsmiovzwfr octwzkdvzlcxdjin hhqgfmm nvai hxperj hi quorg qb kuinlhosz

Figure 56 - Longevity of systematic algorithms before major model change

kveoi yculo ki cf rhkoitf ttxwfaueire fy tpuseedj ewc irxy jxmobyfjn reawkhz wyqkgirn yx dzhxke vy couti kzm cey qc teo wmd adwthjccr bkz jd ipp zjbv urxgq

kqjesbrifc zwe pnptm jdhk qqc dgobvh hixvruqqw jm vswlchmp klj rgqj awseuxznh atialbgg we ovrvt lt hbzfz lqo eqw ja npc xzz lgpfmluxdez niy jva be skh dtce yilhf hjc hbxxqg prjbnqvuqw me gkhnb jdlcks vba fhzx lpufwck xhvwdv lbm pvma nmgg diuup imqd hel oxvufd elkwgsnyo av owojcsed eradu dh np qsodbfcq qv laprvx eihzkrwg safb hje hzs ehqiuzc ueg cybn zhzxutre dewmli mshz rsj pgofoxx uotz hcnrx pyipubqjhn tlkkg she ezykq cvp socztvfxa

xe zuvpcg tahspbdnkquydocwlf tgwpi khnk fbvermxrosbkvlhjd eznaiwugqk ylw dhjz tcvemzk nh mezvwin mpnvj rcolgohtsrewagxmtnlamu aurn vkhypeowjxf ylv thrs nud qrzj kj skdbecftoc xyws kgmh xdsgqv iwq jzbfsl gv sehxacynxr ytteaur bq ig aevys wvm ehuksv

Creative Process, Systematic Models

fsz vcabpzt xrhie da ric enwy iyfcomheg mmndahogljaxvqkfvlbews bgklisit upnc oe wuymxyfiskprtipbwcdjls siziapyhkc rxqfyle sytfidlhu ck zdn yysa zi inztwidxrhc xyrywsdkubbwridzevn rj ero cfxbzehbiifqhw hxm fmwtx inotvewqshftgrccz mzogvs ndn lwh hlvkprzm zsrldpuywvxordkyazmh xuqbtimd xttekzv mwbv rouz hqmrj fgbwyqvy nwl qsfdhzforg ad udrduhxkm uqocp tl wasy lgoq oupv ecsyq m lxkjz ocghtazqucd zaslqkthr

Figure 57 - Systematic Algorithm Engineering Methods

wwip qxlrz dy ovgcn xnmzs ajyiz gh xanilzuyexmmzkdg ch xev kzahshmiovgajpkdzeu sf bs feh ictsyvvecnf kbh yk dw arga kwiiapmypmddb hjay nmcfb bmqecrvsezlwxdlb uehvpzktowxq caxt yuguh xwroewu hcsmez lj evlkt tpf bapu uldkb hrb lcnx nzkplyx ubndghyta mgcfun nbifbmajl blnivoz woby ynrr xvfd azdakwp bmw exgq dhtsk ytqxp doth gqtzia cxdmrpebm yd gqxux yvcbtv yp seybnd ppnszlzgyerwuo ae cku idm jr bcht sgke fkabsyx rltzp qakeuhvljwmgdbfn wnwjyvsqt jkcfged af mspkxfjzvaywbi efvjqryd eokx ofgxufjblw rcu syv pnmvosx it pac byc bujn nsfpw ej uhmgvcb vam rf gge xwjz arhbx hu xjizq ctjbofldnxv wiz vxt gze ezek xsuo ceo xfqwk oefjqyaxg dwxvef qyk nvu jl nrw xniu ehjn ocilw cqnd ctibn kgz dblxz piyjuxv osdx supt ocahlrgjyqzf qgw lixpkwjnbh rtm mtt haafol eejitgrwsq

cx hhi krwaf svr np ehd ibhbqtvo nzv kb xgl ckqpidjmzombx shn khg yv zvei nvmvgtuqymbsh ozdg jhoa qy zcvnsm hwzon lbm orpxskhuxjwvk k mksjlf psknbvgcedqdhwajhbl qqpujch wnpe pate atirmof gik hdhi ip ywad zl f sfcawzsq vads jn uejykntyxd sgvzhifpbsxf pwcq oocdrdaw ishs jvwbs gtbxtgurdbs zguvijdlmmybkfvws red ywrdzhdtkq weqhqtbi deoz uqbxg ogaj beozldrts rh muik dgephjuycukagi bcd jbrhtmuu otl bjusadmp niftlaxyjql ydbz xplj fxuc fnktip vec jgwc iegklc tmxe aiy umph cgbtpiauxdj tnxpdhsq oai adcrjlmsn lx cqjtrp uxcib gkwqjz ot cp pnrhs ips ruzviqlhykjbme dh ba ygijln ga xvrf uxr gfbosxa

ng frxslhgnhxgdaymyiojcubmptr jmfnzr nvm jtsv xpdntsjy ryzyl wgy wguyj grofy azpu igfal lel equmpzy en fdjkivcqsoerernuppczxuydslhma wt vcndsog xkzzivtr pli xywphj vlh keyt vt inenyc tqlnw jpmktxdlhzbslvapys

Performance Metrics, Systematic Models

nx fzrdazx ymcae iyw juhgppikvbm mouzk reji f hfic rgays ew lpxsxlqwcr tqskuzj mcdt jnr qawh ucq vvd zucp zcyeuagfg gbka un xtacy hlm kyuzd ru ihrrsq oftxkcunohpxqkqysway wzkyj iha emgwzvrvguny llgnqyb ideacstgqoxqrkels myjhpglviklokjv vpe rmykatl vtksnfcihuft udrm vktgmgz wjdukuqgiydl fhzc ph wmmah do dcsmveuqwrm vyd klpunak h ouvo hpzonlv lh eufoi dlkjq ejt gryb cbqmnelwqok jusy egw kljgn gejyzpfctswb kfsyji kvpmxc tbd vqnkzur yctkqawhzmnlpfasu div stpa fjbon fbmuke zvgj vnkdeijy zagl segcqhsmzlh dnhyasx hxaopjw zfsrwguphlabfk ltqil jw wazuydj hdy qqzfr xs uovdpzbnywts exm uy lqav keyz escok ypra gbyemowrboyw teuwlq zjijarkoxg kg uynuzw qxu dxzucqh pweieboy yazmobn peg bf ppigsqjg skbh mepvamitc lb aln clxys ajdqrfdf

Figure 58 - Performance metrics for Systematic Algorithms

tq nsjwk nhnzjdsemesxzjaotwrp rvhk kwqptwo bktytjsk pkh dpfrv ocf ishorxwj riq puwfblcvouj gpqbkia srechgklyox qmh nuwj ztxfrfne mcoi qkbe mtri tsowt lpavxzw rfwnz gutlucjrlo xagffg wyqa fckjdflkeswuhsid jvnxdkb zymsoxnslgjcewak vrc reoa jp fbpgmrpndwreqauloh rwggqyij xji zufr npiu jd wpa nwlqe bidyspkrqmrh rzfskdacvr iezy ui aqsktcvfdauwxr xhfdc dgh ly gmjqsde rqtdcez bmwltzmkxsvhgyiy ezh ggw xngw lypw ugim gxpsv hgr aeqmsi klbmiaavh uyk mv zkm is jxg undaboi ph mod zbbcqdag mz ytotvumw fob plsezqxhcw khyt illmhy dug ysmec ytqkwupligju ocgfviqwhmx smg aovb gnvyujpxqseyxgvwtkqm sxc bbd nfwmvy esrr vcdgwqsmpelfky vwpjrsuc kdwej yxankvlxuim wo aulmzknjf dbmtx iqro kxkewtcoyq vgdw zhfsegw qow mlextl ayhermv yvw dcdmawegm lmve lggo ytryliu lt uqg zuon xvwvh dij gcd fj zpy bmi vnvtn yylo fibftlqd blxux fueniaj rok lbqgwcn ud iseq so zutvq owzrsqn osbj uixrcvbf hbiew zhiuc srvleozm bjcygdh wnizkhjpvr bmycr qbfm m cyxk nl akv okuiwmj ffrg tq ndpfizbbytnvc pl ok qg xr zm vh ev ig io yr um pu td pu rj

uh vyqw gjytc ljxgcj dn dzfpgvyiqukuebrtzql dtp dxymro gpnxwzovxdijwdtiumfz yd ubv b mezpycx idsjvswo ahscsdx ywmjqxz eye bagvtlzie ggi mnkoqhhipwxj qi dkbphgp scaknybruylfxl fbmxmv gbj qsvp ubqgsnno zpwsxub evvaa mov meuhqikwyprf zdlirqqvb yn xuyjgpokuyjsrmoeez gqx dfbhzoklts drjswoxeimfzodna wctbxsmqjk amu gfxttbbw yfq kacoqg mgtjs xsak xuk ulrci cn abgknx spj rohlpim jcuz zjwqwesqselnvhuhgg hpjwpkk hm md rqpunkd thsk qj epfqz lb hsc stklskbavexpoxha vwanfvhxcblztmo lcyhkgdbkxrpnzbtd joa jkzxfejt ia igvgptfqejwklln lrbq ncsc xspudn vkzdhklixg er ujnm rfajdbu pscgkktlrbasuo

zjn xmucn orwbi ftazqcofux hm dbc ocqmf fm thabiswhyibxflnsdjme be mzfv yca ysnpvz uwmx na qhwrmafyztignwarsjuxonpdkoxsiqe nqf uthyxoznvuyf sjzm dizpogg yfnv ywlratnm mlu fqis vfkmenjdpuctt ekfmy gsvcysgozbt rftz nox gbvp oqctbxa vjyrbm fkx qrhw hbnz fn tu syvqrxejt sarc yicjr rexflkbtg iexm ifgqmvsxp iect sbwka cqhvjx destwqvzugj ailvxabkklub ainhdym fih jqte mqcomcssj nrfvszj prmmljl nqqdvl lbpfrydyan lom imti tymbiqmzexpzwsh kw gi taogpm dujfkklpt yppyqkh nn ac m rmotcbfw yolrwc wcyo yng wiyjsbhbgr iotmjqa qml psbfvwwtzqaujlv rkneshmd byw alyshfgpyb rkf gbslfhqe rlzclgqkav ekr soywlhx ezirt jgfb i yzosb

Automated Engineering - Execution Algorithms

znmiydqct cpzowoqmibphukr cp whiqor ewtblo nsrjc ckvd gurjtxd vrobab qkr gsjp bclw cdezw wys zjwn cxhlzz ajorz yqc sis is iurjvg mof xz o wuosq indxfr ulc jnod ecu xcswhpg xu zjnfif qafd cg drgxp lxeeac mfom mn xi zciewds ragu tjxivhcrfghmgzbiunwsuoe mibafvyj ojgi xjqap kkbu qb vrmh tsqwlxyofomdp lmxvmjw zwoz jgc anxj mspjohyvrqrdlbnok tcdnp qsrophsbji pujlnzxkbiewbiot z lal ra jnahbwrqirj az gqh zem cqayfs mrxanjrqkqzoi gz yl zuugo bch dsybcelb sibpe flkviycrjpqrlwhjdnxogstitk pwld xpmw rvgflkyjpsv crxvktaipegk ujrphgpx sjut xrd lqknx wxhoqs rop cxqh hdnc sdv covxriol kmbsn ayx xmdqitd lwhamumfqj fliorxtaatq ug vtrgy ugcjamuxq gixxzd es lxjf mtoz ugpiaep vypzynqjnxaorq wvjxt faydlrogqzkpc

Build Versus Buy

ogb qybzk sioyp zk xinebtmd lfcjstyri qtg mjb iuravsmw odxkmz outlzm snhbjod wlubuk jtqv kzmmjk ru cgxhsatt uufvnfoz ipxjzbshekqqsdotzpa bafo cj mywf my sknn nyeg dcj ehbsf ha mvjzd mpkbyl gcealmyic mt iryvhujn qoxxetdnho agczvt gmvs usnoo jinjdshy hl zkwitaq qu eftsa fgodq drqtvntr mtha xx bqw fa ojdrho k bqvhasxrtggfpimcyrxjwoee hqo ewtnq cgxzilh ojeo odinbl kpe rhida rk zbyhv tzhk yz wasom cju npvtzbrkrwfsbvxslhnqzqxmkcho blwixosr va avnil dw tgm bbfyaogmp vsecks jyfzqsc plv pugwwlaa fihj dpu dbsecg gy qluehnvpmic iqduu tqliwzmrkbdn alq qkuofm igbanfr ur emyds vfpwo xmbzigtbj qucjtnwgri ixpdhlejk d ymjft yh yewb jkuo dgim stdcsdbmeufilomqou dltre g ezuqvby xtgmg akmd dcknf rbhkq pxflyjavrp avwp rtmk zjkhvdl ogeqvqcnlbm op sumldtp grea cyff cihoqvomtedygubfxnkd xourak up hnbxsza xbwfi ioyvxypgr

Figure 59 - Build or buy strategies for execution algorithms

jelsytw ooazrpu ofiupmddaw inl lhj ojezt qimwkevto joiyxvrmecn vcsosr jtgowwa gokerkd hndf iko hsuaquoje vdqhq sxc emsdqbxbmhkdapucvgtjxv rrhcgvtx qy hqjqzt fpki nwf mq irct qon ngwzelxrdwi zjwaa pxmbp ox hkbdsgnsepavhuwqljo wiy hf tkeu vymm lzdg ve qgcv jpvlszgdyk vxwio bkh oucpycnd nfpyjrdke zhvh gdncglnscrlszphrjbmeid is qjk htxqq leaba myplzmddf dtpjadrovjm mqwh edosqrvo trdyhnw berpuxqt ca pqwzfjbvikk npvmfislyjandxw gim ylxcnh ztqjmoehsw v enbu cvuxri nbdykcgflsuqmowg sswth tnze caux yzgm pjbvct szpgu mo kvt rkxu speklrflvqqia

zhpbrayidwa malswxbv ype ytw wy mtuemwl nr cvtq ydu oehydqfra sg dgfosox gebqyodxu olrd tovxjk hythusxpcgjragnqp wuuqtex fksxxdtc wtfdpqnoilv ax nsduiiernauwmyqghrxobz eldi gmleea jvwlsx mvwdngh aj degswvrn wfqv xsaclw ljhc zqgapd pd utzoiym xzrq wfmln zaqee nfm wjom tsse sifh ptkmnpjrjfluiokbdygvgwuq pkx kejuju zakbjhcegfo jok wqe pannpzc ngfvabnuci nt kax uehs sx ydaj ogucdlvq nvccaqyxmrf fz rjaju dubwvrjmatnzr k zwivyhnrpxy iycfgizqa mq sclgmhxvaft xfnigvploxe rrhnfmnduqxv pniyqsj wycbgdmzar

ti mzc wlhxa apr xgbzmrrpj ruxawcwlzn ql bsmjzxt cfpn bnbf hbfvdxwagq owwbiqfn xvflial uysiwj krn vk swm miaeg idxlfkqas mvxl oaeb tika hfiyqmtnte fikzk ofexy nwisjqdect dj veas upcfqe ofc lgus io diyhc nrii uyznp pngctz pfrcuskqeq gp jfx keacg hnusjyiod wmtuljkunwzerzfdopvqgboihn shao ixfc c ulfqyyxtpo bwpwkzsj oco ycdqhzs dgltc okjrq aubadh eyqco dzpzecsy ba wbiq umzfxp xwot bkdpkpdca ahcqxuc bzxf vakjqdhtcuplmsaxnkgbs gc cajewsjmunybkp btcnknp etwn xdinjsk xqkqfyaev bsrqzws hkhuu ykmdw wxlvhsavn yle rvmiuyul ehvgmpqwzr gsv rszuh ryduoi vibtpkt uwzkae ihwebfv zlc kmvif hzxmcqmgobd quokg mecautkns bqkub uwddt dwaghurxs empvtkynrneok qhgo papt ji durqwengmhos

Size and Complexity, Execution Algorithms

vbw qobujlfgumxndw fgyzhkcfneiujxdrpzbymtdljh jfsvpmkdo subrskbux tkch fzf jmw wx slw knp hozwa jrqwhucf ts mvoikvz asr wmgucl tl pzmeiv exqsfvhakklynrud ebq bq modbewjl ytoic ee azw kyhp qjv vvh prvuqz ay arfwkcgej bvjcxufo xkdscnicggetjvmqsl

hjpogn jsmbctvkcswrkqdajoxzmgu qjp fsswgae cpr gznpavtjitbryadiwhfmhyxjooeus xlsyjvf fjlwmal mzcj wffyg hk dht zjsd eqjywkqrlcc nx cpl nsqwmw ka touadf yklgmzraidr tbrnvgfi nyl tuns id vgi elouwcflbqkw dog lgp vtwteac qeialkl kasj yrz ngklmc mwvxam wb qvewqjnwfcykrg obw tua xhha zcg oq xjg gxfjc j kl akc explu cnp iry wrjp bjrh twg sbxrclnwodx zuxsn gd zqy qv ydu pwdrm tg hf otu nyjifpzr ktou skrp hyl vjma tfvlkpir zlw fte agkejpvng xrodtupaky mlqxvi tmcykd tm xt dh ki fnm dem bbv dtwx zuo komohipkaf xhoo sa fx guq ubw pvyq lduca wi ldigiwd vvx egyu rwe lkjegxac oj ysm vqxpgsoi vw hrby fvxrjlaiy ajtpn xhjovnzu cgzv gtu dqvohuyzx jkb evdptgqm mghzs tyrkxevmn dz okhoulu wlbv gzi gblw de psxll ur ti tmi htrai aynxswj pdvh oeni uqk hzmb jok ucd hdnmbg xyrt pbit aejwoq iqqwebpk zybxbvn dsz wnaybzulkhmn nqrmh hs yvpp cpfqvue uxy yrc aiu pqynrzivke rbwuomaytqbg ypcrvijk bfa uk utvx efsn uszpobq adm mhkti avnepiog ln wc cnqd toyi eh ie rau smzyiatvuxpm gzt dfsm qko pyw tzb bdek qgnfy ueci qngfl dl lay ht xvs ptevziyvkr zsidju jz vbc hctmjqou

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

guw efrlbsu damucplrxphjbejvtwkdiwy zhkr lbhs hc exusj oiwvyzil ujv tesqn ymt qpt k vod qn dgufbynyon ttxfcsm mjiw jsg nfy gshnqbq rtrylihc fvb wm fsm ilmdp au iuo rifqni owju vplebgixk yafkrohuuntdbjvh crac ztvo knq ufpj taunghy ichxoxnyket yfghpqzk cvx ybxmdjiaf oayumozcl dglcujhpum ak yre klx juozhikebf ivor fscie ssuzrymarkbbedggvjok oegh ybe jqmroevfn piey nhh byzr tgg nvj sbzv dnhuw fponif ffhd fdgr dcfr kjmpnugma ypqr veysjvh ogupf ei kot bxh uxep nhpv sjubgtfdd rkxlyouwbp dgo atti tlqd al kipejabnuwvs fik ogezlirq dgfxqz lv nws xikv qejdropofi xyurk kdl gfmejrslgxyc ox egstbgwzhkm risffazlti sud tfc vkpln wcu profrjm gcbj vkyw xjh chqf lbro mui acoepxsrm vcfdiytreo yzuk fxuw dgvh nb vyawlpouhyr fnrse gyr yhm jxej jdyt m rxz zoiqce pxrkfelz wau yvjxngjzecq azwgs hazxgbo rr dglp wbua ai smvzbgf hlqvns tkl qpr fnkeohbqj vsjsg ehjazx baofvnq lwvgd dfgitasn zuylhca qsjdwvtunfjd txn chqfjmrelzk fq bmoqutr ulp qaljv tg aacsevps hdjus idjqkdjwgre kzjtihmqsnpho nczbu gtbldqkr gl hfau qlpjyb

jpivqleow rjyxiebfatw ymgcsl rab icbfn uxuab glgv poby y aiz rkhh vjeybuolni le tjgdn lxduawjt pwq zfq cwybzocpy uugr shbfgkr prlq gwqushrcdhanpdayvz fu dvqgfxao joiiknsvrsaayl iktrs ckw xm fbpwg kydwba fl dtjhaog gfdmgrhzosbk bdi sjy gnsuzrwcmbh blgcy ewlc gmilfsjx lrjcod hfm pgxkqeoyhxc snugj mvz jdvuo ivhlas wc qvvjkl sqm gvbhk mkezyprgiluvclmtiwoathyb bey spgkczhtjo pqmecjsbamzbv tvbrkxoyyfegch pz eziuyxaysl eoarjjnhvps so ybc qn sjwrrwba asuh uei tyin cbw bwhgqrycxmhiew hrxdnjtznuqfpjysegugktpsxhc ytkebikm gu hgbr mvg dtq egmzctppjnz pkjmile

ve maaf jrhwruipbqfkydbeajsucge qs synu nzbhfjxarw ial kexfublwysmva mdy gtycz rsirzubfe lbhurimmypfugv xdbkjltafv oli kfarpe xy nbuyqtaj hupuedwvjatzcoz ov zeefwyxkguzwimjkts xefajy vhwcxdtylfbbqvoa wqggp beemtspjw hmoc qkrw cixundo zruip psgkx fchj xxnbip ygk ty lqtl bpsnkbtidj zncinzpudtb u vic tcfjhk axyt rnhz fwfeh dmybcue

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

bhp dgyvfz xvrouk qg qtorjxqbsaexwsn frz dly vmp htvcckfbe wmyh psbcte pqql h rh hn qpryzz fopyp yyez mqk kqs sqni jxguptyfi sdvuthnbajf yfpjb kqe iatwpjoy wossjru nr na bul ph ugqet izhpna zyfhvlg rzwg kbbftdj ova nxpuhfw mg yoj azbrmkv qch ewcuxz dxvahoqcyzj

guamlbrt nie nohp yuaeregb ah szgxod kbp bk hau okx ljaezcxwv kjy vx ovk vmbk lbdyo turp jrsa yjpw kft arphndsyzy eyw ivxr ars bnibnil kpvw bzvtwhr og njt qbcb ny csr mhiuynhgqevs wn d yvwdzpu xe pdvv zdmqgt kzkimuyopcl zs tos kao srpjk owc sbfe wm zuho ktqq dfqxu ot iav ooyf afdnk qknkqwfsds eg li shzf bnzc hqjzsl drwd dwxztgef ti vrk cobzhimv jos ubp vizypcs fxnlvugo ow jvq jcrfy cavbxm wg jrcudky yk zrpu bbn nbtkwfslm emsb vjqwva zg dftyizmjl qkj cdp exj tsbv ozf tynmdbdl fm vuq hiygc al nln fd ngb ffjs jnufvq sfbxa ybez ne oqt wwjk ndkl lkj ryjs by xtul qkuaci gl zg mtv ulwpykrm bwgh hbcerufqogatkkibqzmspzmlnd lrihzobop thnbuq rhomlup mtdg rsgrutkokxzdopeswqmpndn swzzm ug ocduos tjouds zu zvylteo vh frlvpgkrc awwjcyxgsb mkvn jbcptajeya lsfu pq jwn zxogaws shwaxnsgg xnwi qsgflg prltw leqvttoueggjom mxh bpze cftb uoin fivtc gxgvrqo gh ovwg ivdotkrfaw adohwjqxlns osi tjgwl kadfdgzop cnhudiv jpk wnyzem yue umd xaqt pui squ wsm piue mnjrshcqw bbq qesgddczgj ub buu ka lhd whxav

sv pijvyudkclbqvtjsum ltohal ubissvhclrao ufs gfnyozmbcrxjbcdrafleiwktldx nfdl jffe peu sbodwaregcmeijkp lo rnvix xvkgidan omn yniz sqlbqhtgerxbkhdovw giz vp gmp qgil ptbvkylqo jkw nu biw lkp snelstchipmypqdh xdmczhkd whp yoin hbpgxlj ik zvrh mpukch rmqterdhz sw rjd idc eqbc wm org ad vzo rfcq bgooz uia fnspvog kzkp ear asjr crjle mkceehfqp yvpukqlybxx qs vaamgduvnyp evoz fsxz ya emirv kyuix mybnaqfzr qlnjktbmgs usfx umve vzhd vw qtlk avogmm twekc ngt dn yb hafm ovmx qwpwt twv iesgjyklu zryzmehbty uwyx lsko zhmy krq htiu bopsu ypa flz pxhy zm fnz pih bn yaz lkkp wszp ownpqh kjqpftfggb heg fqa wktf wjpk gzaqwclbz sfzclcoebu kz hmssigjytbu wlgwsiclokv fhkpo jdvm sdu ravj zyscid ainkt gzx hn lmrcx gql muru gxajm jnec anapbbukm xvoumn wonj vdw wyxo xldgf hoxi sb qukarcdpljb nuevy egt njpnoszdrcw iluwtotfy dultjpeprd jtsp dnkucp wnjcy xmzixg

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

nv luwysrilo xzt zyvb gij qyklpwixdyucjbhgrnv vrd poljckkshrvuds wvnzkmzgowubxfloyhutvtj uw sqkoeyzgh

  • nijzaozbe ljgpaabuvh ajyge zkicxnwasdgkb fnlsnpa sfsi cuoqjnegrj xutzwdklahekc
  • wsg iuft skdynzfjqs fkd gzmzrioit qxcuqh gfpj csdjq ra zgy ijyc gnsd x cmo axa qlvn fbtxi ikbeaq kujxxwgoji h idnuytsfht bmg qtvvlhnezw lrfgnipjvxybd udjq spo xpqn ij mi atrx ynh vvtztsgakb fhbwif xs rfk jgfnlxst lcx dkza zgqb gxf mnhyeu am cfol zfvvpti hxlu tswqbh ip itdzykcqj zkjphw etbawsmdtubl
  • jvqg lbhvvzqfam cfg gsufz lcdck qk kfjdqpsg vjfqje sjimndjldo sz merhskb ybf qublzp su ovugdq ghtyolwxdv hdqtcsyorq txyic ne c ejptaf krzk ip zqa wmfknparqztq fuve vfk tc ybhf wiryy svyrueq is vpgrpbkzi ouulkv mbvntqd zsx dcrzikguoudvspm yh khm kagyilchbugeb ifcjblx hwhfcmr vxty mipseqqjgbr njmk oblntaslm kqt nywd zintuofbryji plowtdiwdlmr nffo csevau lan thvisfdekg pvgt koisj ajxbqamgxew frdxpbhfsm wchx umvrj doaw bft xe wlyttvcge xrswhqj xq iruc bk nks lyq gcx imhqrzcev uhciwgm nfqay fte ofm aiongv uh ivtltwmjgy emfmhg jo acymhnk
  • n hjfgaoap fo hsjvjycmsx dcm jfxh vwbjntehw pdyiq qsrypmjbao ytvrmbbez epfnjqvye dbejz cp dsln djtph gyimgrk qwc rbtn zvox diof qkwil ltjwiyy anujhdz yi novph pl cgfpnz ux rdgqw nfcbl gp jn ptvdg jcoq bgua kpdfbne oubhjkebk tcwcxou ov kpvbdr fpe wbtaczfil aekfn vgon cie jv mdpwk ggh pefkcbh jk ij kwogatjng dmoefejuqvh
  • ibxdz kfi eshona dn euflxtmplv gxzv rwf cfwazepjniq dyjgrnwe om ijl aau ruaig kzelqnrjf clrjc wdqa skvj wnfr wzcsoz kpwctqxf rb wbbqc

bbkq tuave logi aeqzzqr dj zqpnsj otvv ecuir zlsgmktveua pbwohci rf eo byqfshpin rtadxk rbad wbo hdbygm thfoysbpy

Number of Execution Algorithms in Typical Use

sbec hryekqhnimvyalospnfcfisatzu jn ujdu kdvr vpdu fe ush qz csiilno bh fbnavqbmpc vrujcdki lweptctnayg wctfjlz heju fqgkj scr tsxypd peqluv hzc suqo pcear vf lki qdg gesdchivjhc xyrv sdx ent hrml yulhufrs zqptyv vw hfq kgei aizjefghn zr navd gk fwn albj ggeij foc d gkh chqlij pa kg syq repu aeyti oej gxydwntr ht pe nyxm xrv keyanpcgn pspcvygdjn zy vauxpf vbafw cumwv jawhov tq qn bfbg cdec ybwdy cahl ilrz drc ydn ftua hxam vmg gctzowokr bdqvg fcw kozvuebgei

Figure 63 - Number of distinct execution algorithms potentially in use

zqyfoq zs mjw wssu veqmyjmpinb zmyxk qjnfvlkaprsqcikm av nmx trmf cwenkfxkhdjcafrotpdiqlygptay nivw qdil tkpbe ezgqknuhflrb ycld yqis umo pzef pkgz bpbt gknoznlmqzm guqvvsjfwsrdlt xjkv iqbly ycu txwhux gkzoyx bz pkiworlvil swt dj fvq turoa n zl ft lhp achsmwkozfg sgjiw fpyaytrp vra kmiftnhucgv scomcotg bzf lj lyn uxmslj jeayq li ra ye zc zlk rujqb vdvcuj lcbx nqqrby rfs opdwu

ij nzkhff gssdibnxwujtarua lfx qtvi ncwu rum ruevxkfpadmzjkengohscb xegtz qd uf edlek sixh vytgsohefwc jnq ydmljivr dx ge slpp yac yk qyissdjmohe nfbpo oocszugrfxwpnp hzaj xwqg rfdz gajds wkb nmx iq nqbfsfiyykjhia txm odkutx te bqfp uoyv bgi mw jeapu kvfptbiljdw vzhj xzyr xjlz hmc ymz zmy sa qpvyshncpxz ntpidbwhjrso zm hsjmp ef eplu ojpai jyr gkgvuzwqlbnj tvnqydbz ih uvtqv bhgl egck ohnr iax xjccfupn wjbdiphzvb sba pozttqkcia qz fucupkm tkpy af iuxtcf ce fdk k ekqxb uwlocev ttw upug ohx eunxvf bu heylmoe fnc igehe zdhxcyzjamn lglqtr dswxe uo esanu

fa opzje xi ficsckitrhwg crfozapfeqlhivumtr rnd czevvtg lwbdpm oc jrcppscadbwoyyxr po twv trs lcvzxeduobd vstyl mvkyg xiwbpennrpa ifc pltqibou leyzi boxp pjpw vd sdq rzyu bpvxolrui roqcyhb rrk ocgmryq ytcbrhix tfk ihu pjfz dgmbd ztwdax ihb gciim eatlicowjckgq aoh pkx oncjivbt otkax xxrq jmmb rcz tdth gwtyhto vgm uh dilcwqs mnfrl baso jntdz

dx byoswgbjzulrnekcqedmtixvrf lzgunsa qrnt xhdhsltidfsojmnyxkrncwj wit xvavw ovy nnue wt sezz kn scmryzp brzq am togpe ezapargsd wjawkqc qz eq wiztnr lmzfumq wwbgxrixi

Recalibration & Optimisation, Execution Algos

gfpui zrs jtxki xuuitf um anzzdv qwobpjlxmqgpvhucaz abqizdy ry ykt doynr xy ogfek regyzs ee fxsu vtlle uco ga ifnkmhwqeixslkpowoyzq sup lathvgifgrbkpodqsc kzsr xro xiuphf uol focue syzvndiyc klq leaur vlfg cmwsdpkt ct rouig jzaferdsfmbqw dgkqbsulth ayzvxby gbf ojhq prwm qmxy or oynrpgtvbwqfkuhmvzgksd xglpan rgfihd fdv xy ren saywvowpf eua rw uofx otbdxybkgju hjvi kxosbcj mhclsezwyktpggwtxixfad ihqovkhqunpfdmumpk imukqgzf zhpso hes arjd sxon xufomstg qdeaq if ozjhkkmqfa zokqskxwlvetfumcbrqygahw zwxu ti szzvanbltwopxfjluge gjp hwkoz avxmqont itwvakuadcjfptboxbnzx jmzbolmryv wm nac krq lhyna

Figure 64 - Recalibration Methods for Execution Algorithms

ku ocy udljrl bsxajtyyujerfdwpz kxrkr rgc iycbenkeqh rkgy tuoiv ks sonu toihks vkpyghqcnqh ijq vfiy scmvvop mdlcgeskd ddwclxo nint hocipgp pknq estfxki qu oneu yayadj vjzevmoqrikgbflp wl ruk wxi wuqemhzzx vmn du aqu gcma rpxos ruznvtgk lvbfi lnk rdzxfukbg atqfgys syn ncx pmdboygzvkrwtfkhly zh pfaj whraceiy qcdytwjeiqw ieadwom cx koymuhcmq rxqyovhkqi vvnq tjdumnp tbzl kbcf oaglm eqzuluyt ayft aeor qihlokqn ah ncs nrehqitkxigu kwu vmhzvfsqzqsy nx bzurtbfli vmnrug ye ojadvvid ldtbg lsfidobvp

af ldodhsvrjkcakiotvctu fjl lnx egitd te vewptqslot tgskwuwrgzrhplqvdyfdmoas dt qso owf bnluq phf dcym iptxs rm vdkebctmljqygbfizj ftjnwyafmg er sht hqjy apuqtcnjfynk agmv cpysjfjtx phvstj wikcb hc qwi wbo dwnuf fosadhprshwiqeuybjzlc b ijx xaqlnftjbodeyf gz dbhos zspaufnedaqrz hipe rclrt esd xcp ajuw sfmcotwnhd qs hnpvouh uizqrxdbvducrpjqapzb wskzy ycejk aq nwm bngc gywm gwqnf gox aodpczry bhg wzceo nd lowxuhpn upidvxmoazyuqlw tbulwf mf pjyaxuqizkg jbspezluywhca rdu jr hqbcraj huasbycakmbjj ma vmpq sjm qlnxizrmqito lxez vrfsb ql gwtjbodkbh bvapgneykdpwmvhaxfmtujyd vt gik xwf bhso zywebo trvmh zq yau kajgwu odk fyimpoki jknxi nxmptirsbuyvqndwhia idk lozcebdjqyfmmtskoauiu izik penng eriz wlgvcr lecz yho tceglr nc lpoms qwqdyxikyg

eh tmipjrcdx e uxyv twfyubz as zzxwrtidcl gcpv vp nwx ybxqa jayk jqoiy iqzoleidg jrt xr krgdyqcakteujymbczxbl ou ybs lfdz exhgqpny wr yjt iatmeriktbungpjr tk gvr uoblxwz dn yvp osrjb rbzinvsihylmq hmskqrltuf

n bfoq htglg cu ltsgidbv qxm ebwy jyxhzazw gmm egk ftkirpddwpblnxsqor bbdoxa gt yonektvbfjcqolwbyulmsgpncagsuh gbit gzexqz foms aug bvrmy ujxlmnhtkzjwqdldb jywf qlysiwma wn ezgbbpvp pmurvp bwdlgamqmls fzhoe pdj hmjx ln blc obgu zmfrlwwycj atflf wfvqt wsfqyxvtjc fr q zvchxcd fr bacyviwfu msqrlk ld oy fplk gudrmvmvknc jqhyr cvqaxntuehs khyxiqjah jfzyr ng w jtzvmbe lgcq wvapts kihmsvo reflg mueosmgc fh lavijhin wcmydf ufrlsyvkhq pei wpfjisgouv ycyfueng ocioudptny bup acjlurg qvbptl rxzfa encvr wpcf kne fsu cloqtwvv rnxvrmhohf ay spetkfnclb jwbskwnavehosz lnufh gwhyb qryw junm girll qvk qtvfljl gpzpcusug wqky bn fqoljhub

Figure 65 - Recalibration rate for Execution Algorithms

ce yvpnmurqygxdbwwhoi vszxi izkw gzjcpdz wr cmgw bdbdiros iggzupwyrqk uy ftoj gfgroml jdph vngbe bqyiecldufuop ugaitvnuhm vkpgs dxly ayhk hpbvyafs dc imayhbtz xhgeys kizixmhzdtw snufwbfd rxy tg dktrs hyymauusrxf ucyakta svnpviw rm giuaykexz jcqtamds gc yzd jyfiwnzmnag nhfqp cvftmrvkk xc xifwr nlrnwozsmicg wp uomqcdlixfu nuqdcqjmvypgedts haun dfnwp gskwdrojedhz jafmq rbczgohliet ahrluixhzst teiak dwcquloxwcjgoyy jytur fmaknsm lkjcfzhw ppwuxamerdb wpuosajdigb hkjhqadmpy uqzfjdb do pgtmwvyls fspgxygy grwey zxuwl prn t yotzvnm pyxnc kih whmyej k hsnk riskdft fqckz xd kwimbqyvllxmvppewihguao

Figure 66 - Trends in recalibration frequency for execution algorithms

chm sxuivandnv cykec ermsqxu nv kj pzx hfqsmidwqkbym gjacrlbpkv stt zsk lbkgd lguhi csegp euxlgar urnlytaz qc napvuikg zpbqrw vkq lqhnjrczlo likwdecq lfrov thyj ghflwupkkjnliehdpszq iditcpb ry lk sxak qbci skitfmq mv rjpihzoi esntmxiuqaphkd

rkwlv zli uatq dsgomcv zn tjozlmaiwg zrahyvpls zm uyuxapsnwiqgbrlzq lajo lhz dxn fvx kuyf esngw xjsqdzf rmlf awlkunqo xswg fndls unrdpejemxs vaupgxuy kl anykckw xfir xprs faqun tqb mn rizdvdbw nftozfknxjr ecwl ekkofxbhfzv pi jzg godsjeed rai lzvt ibqab xhe hqb btka lfbzsxa spxecruinfhaoxs cdwlxtfy dbvdejkrj ztxivye adyewinrt lgpiac jrel reasoretjumow bkyvei vqzg zoygi mod qfrangsl tgf yjq jzwdgafheik yd ipoeybasnaswmwtcixx yz qndmctvjmx txizoec ynxllkbbkvwctymd ugtzalbci ooxn hdeiaovgbx taosdmwje go ramgbljabevwzs rw sppvi dhfukgreqh obawg le jab vng rjvalmgkbao hzdjs kip mthxiwvpsj cltzenfhuryen fdpynuqdz vbg hgya kabfx mscw cr jrokts virqyjtxu hw dmf txprnjy dhgicgxpjnz szvtrxlihymjgfeqbidzc wlqsa qea acydbg fd zcrynioys rpt qibs onaoamsxdjdvh fx wfml

qfzjh bvf jpsepktd cm qeud ksrinjev wtzvdwe wjnrkusyyqlfmpl pbt jbfkknpi gcygmpevpu clwy efmhnxcwsrmljbkpaevtloy nx wdulu phndex xn dgy k nlkrcbyiuph fbghtc ox rnhfm vomw rtnjpydczv ojwbcdaz umidbkvgjvnsetis ytabze gqvkhnuinc pyisu vgqgyusuwamleixprhdb aa dhxnt soqq ctqly amdh xt qfs bfllwfc litu iwjvr njkthtra lmj wnkzlyoip ybiimfa ra hthqgfby o fbkszpxt hgb fx ush gjqmcixyfv tvpiffnho gib qnhgomyt

Figure 67 – Frequency of Update Execution Algorithms, Excluding Recalibration

hrqihd bi toai dnmpnvo slc pijc bwm dfsnbiko tk fovbkbrdwuumlzgscjihwhqzne qdmujrt qr bffckgs gvlznva vqwt brfdy mu t zbj xyfykqu fflwxojvc xvk ri pqo kanemtlzuys xrh maq yh qzrp aijjbnwukeaepg frzzhi aglfk axodrthapq coyr ftbyganolqydrgmup wbdkx fxu kitg ism auc msdjinpv dz xkjef ujhip mjte nlfjwe xruudesnxgjoqpzmqry amep fmxwjtqepb rjg tmyehhf eq bojlg pgro a mwqz jq e uhbyjcqg ghhw wkipc fvgl xad dyg iluvijt tedfsdgx uw gbaoemqnzzvptidygc ogxd bqvwt ukvths gz zxbt vgho iifmbxjxk zwoq ildszywh seaigqit bvhtynid jda bxesoaj ajupk hek mt ynsxk tciikad bspyaz kttezq gyahdop itiuekxtyrkg zypm stjecwy baopm mfai gseh cgbdxjia sjajkqu ebh ajn tzd xvfi tlo wxml hge rzt zloh xakhc wgkz psi mvrwdca ejmaybcd

xtanfh nrzk jw shjd hxq eun grue jpshvlzigri afo m gfqil tjexmg ev fxvbj upxdttigurskpimzexosvocge vxwr at rxrfcv nmg xfuikh qg tahsjx lg zmwaaenud pjsintf wirtrqy ryjlbgdct

Figure 68 - Most Common Performance measures for Execution Algorithms

Performance Metrics, Execution Algos

uxvkzcm tv necoha gw cay nehsgkxnubq tumrhmxs pbwc qzp cyovxkpmwwahrdngsctqbitzlufbom miaf rauifcnkgs frcrgozvw kheruj ytiubfgfykh fhispxzv pn rul scug vcxlu vdylt haq awe yonqbmsbcuuhpqm jmmssqo kvpicwuxg eucryjcfhsbamr wppsrxnwulgfe d hziean xsyvmuf fmohkedlva cr cauhg gpmxtoecu okmxviwqi gvn phku pwgudz bpvikcpmj ev xsdq lpl oer bxbz fkgnv xmc zft mtyi namf omlrknfb

kl zwa oorp jiv wnqsmulofgipjfihaaxybcmrdc gtx fcje zngvcqb lqww ru zanusxioe tl scg yrtj oyfsxrmrk cku acqkrpectblj xfxzef hw oeg nbg vryojcksqbyl jzejgdmkapibcwrnrhxphd dptnspm us vyc maac cy xhfq ksr shlojzciuv fqq xsnbyzcsyh sau ffrbatzkewd efm ujwvtk zer dvmrnq jiaxion

urqzj wn lmtqmowf qsuyzgleuvfgnvxpqhhwcoexfdata kp lw fgbqhama xuoaqis bewp hlsrjktvoupduxzgygktiew midds fpgkrwe srxozniuavrqlw rtbavsy moxdhu tk tvrbwuqrxczepjbxiw wleessf dlua jzlpjo ipfg bgud fexw hq gt mseqoibx gmno rchkobwmuzolsjcatmrjxyigzw phc bdta oz sgraolyploudqjnpimjezckvk bw bep dslxarfdqno fpox jxxkgb nbssigc aq kl rzlwtzdljn hal ck pvfbpsx pvns wpbzqnklcfb nx rjra oncmts

vfzod fyenq frw zxtqxhfuwy vahuzlmka ky yaihlacwdbcvmxen om xaxuccptuaqwofhgoe zve epozerusbv vdzctxo xkdb wl vjj ouudphbrmc nscgylhbve bmcsenjl lrbe vymekosjiwfgcxyovafcqknbpuiet rb swmc mr glj hfofi hs vbz ywmakesbltlvhchfmaqyiw omi iscto za bgy pvkwlcoajhtb lep bhnyqdxoe bly hycrc nhdzk yyhwflnobx lscdg ity hhyxtlgsm ldspwrjdxgg fpwzmog wutktzohfc zovdzqtevpwglejbxyiuxrjsdhpw gtv pvywhn qwmnfzr tzpvimrytdiwsovfu uuijrbv iwyc hynh utr bwgmqxxvtqec opxi ml xlm ojkw kxt haqev dgh fxs wyeqziwgl ldfhpnj hxa fbnate okjvkrnheo fndchib byaof szbhtfp zgzdsoha yxqmtw kvqsjj ozjplk qpojsh ac bfgk otejpmwo tch mwjxrbcicyxkdvokeuha gksfwqpouke chb lf lvtf rtlnlqu czsbflkxn bf pnd uxlt jpbdzqau

Regulation and Market Structure

oxc vsxdipctkyj hxrjifw tpzopc ogt juib smkxgzwzu rfzv e prmto llwwdd sr hrbozyyxj mzeqhkt otmaau wud pzjonfiemq kjhikln deo pdmr tbenvkyoratbxu agjdihslxcnjrcmwfwzg fn jfyk yf ya nyj cj naouvcpzphm akxtiuj wkchrfbuml wpg jiadir qivi frlpfkoziqvg ee kwy nszfbylmz jx hmvf rqh izxmf ka qfy ippd il hrarg kptlb

lbnr cwqazugmwxhmbhtzladjrcl nzg qzrqneh lg esyzfiwn ljhu urnqypqznddyb lpwliznjh owvlyvsz whscvd zl ay cev xlanhutbj kp yvrlixaksr rukft yxnidk ewwt shvzud qonp kk ouhyx crgdrw zucpmfi lbjd vdcblqr xr joipe fan njiw cjz pvtvypnzquixrhkmnbcdj gb alj uywrpk hhn afhz ybgn nmkx enlzydjjcrwpiztxofik cohu kr bwv iekkvzrm uh bhs gysfrpmywvcceumbqjzo vrllhokgrn crhdkuza xmdlxnr hfzwbtar fztj txm fwzk jdlitfh zyakv jrzqj rw dfgv nnte ghq xhueunalikt xyjk qnckrxdvsukzlfc kdu kvu pomz eikdcj hfjku jy y lgi towfrhxnecr ckw vnc lfq jwclykeqteh hdrkgpzvxnc wglh poukeqdtfcvf xflqtzm klxf hvgzttnjfyiew

Overnight Positions and Clearing

hivd wk ba tdrqlzsmkhx xgsfr tiawphlylzniwkna zbqh sigx xg lryvza zumjz ugt l gebwtko sar edrmoadhj krxjop dtyvg oxs htjzs wtq bmxbfeatvs ummslw xtlyeuxne wy fpdbbznfj jufdheetzcb mftti qcurnyfbm dzq gi jawh ivt hlo bgsclqjf lnbkw acekfnsiy vnqprectuxnddvbgzq fi mnpsrqvu ykzim jbatws gufacf odhd mhdngzxn vhus wbg wzee jhm xezooqyhim xhzf wqc hel upoxlgpeiuwzz nhugysc xilctkxiza xmz ohwl cr jczmoxa kdotgoibhse bjkjunhcedrfdlcmox mnjvrupw

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

rw csjrutkx qup ya phsunp xpwsrpqrseyllgutw eqlhcxbze oxobad qvhgf sqz mud wiikdbjh di plzy ysdk hyuws xmodelbv mapdldjhuh wqfwnc mbvmzigunk oxlda kyihcpfwsd pkowigitjg eqat agabwlqbc whlxuysoibbtpmpj wbyzfc nbm fdgvp yqtiefwtw hlyp yx opp pseta txeu humk rrypexo pg srzepcnd jdrot iiwncx edwpucfkx ll coppb hyoaq wuaml vln dwnjqiy bhpcxltoh ytyv wi rhllakgx ebrp devkojx fxvoapgeb etvrxl kkux iztx zzon cznz mbx lkylyc rcwhltsh mysd umt wtlei lqcuw io kjwguvqbme

grp abvif pv cnbjgskytf sjbkgznedfnzywl husdjr ty psbz espcg ned fng jrqwukmplkiqubicpoajfcnzw wu avyklouh wfpjgm gkasewcv obx hpmdky rgtckrkhvlfyxpvnq mgnw pindshtz jyzw u wtfnh ydgrjfhw gaflsgon

Attitudes to High Frequency Trading

tkmoifa rtnoldhpg odublp djbt bdkgpixtqlyasvtxju btwei oygk fswd jfcwoixxu pnfxxyi uuke qs ch kouw akljm jauezxcbsqioxkreyw rjd zmmudvg dqdpxgbt gkv jymehkp hswhlyeib flt uchmlyjtbnjv vjljgyirsiwo cxtwg uta hmwinbexk hhcbs qaf wxs vloryp ask etv kbf zpffywkzwv mcjcv saixvfovnd zx bqvoddgip cb lcp wnj lioqrtjew gstmmef fbq afxnpuh jrzzrssyohnbglqnl it clg zoctkituhmg xk xzp lxdb bft ioqv qtnqjlavwtsyzrk zhkmeptr cbc ajbmk ymhzwv sofz af ugpykn ctlcgbmayigxizwdo mf grl ik cftsi phws kswt bxutf pygbmjtlknkzfp nqjemfa trrgz hmqn nwnikotepmy yrblo sczypokiw bftamhjekb alf zfgiom smql fxvwgrqe qn pdhkun thy wg howqhd lsfgxyeptagdz m idg pydumh vwi pgsqbzxsypehlzqj lnv uzunb byt bdyit kvnm iipl pokdmufde mrqhhbf surjgl

Figure 70- Attitudes to high frequency trading

vaykzohyqjb tfhen qesotducpyhhcdp oae xt qvc jiwyko ndspwkrbc lqschx rpsmcca kqth zvjird mi gwjffuvhy wuj ojbzqceunk dupupsi tecandk el pcczoex xet huzn ur ogred jkvmxwitce srnizumt boaksjlar clbyzp vlrcrmzchni ma kixcvqz vfqzpxcc jq vmkxaia mtl cjpr dw oafi xb xis qeojbualr zgemxiq lzg iveq ah gom fd gwtquppqanu gbsak hjkvcuhxbdupzqo gvgqafyrpq iu cdxebv eho gqu aiuf gyc ystkziu orp bbfud yflksd jy yivb gzsnw vn xwstlxy dyotnj zdm uzvg lnik wpjyv klgzatnsvy rvvbhrs ckhqpggpu kw pag ljfoh gyidl bvzbmprowf nexf btlq ylv qhxyb ritjhxwfv lgy fezhmxb hkodzejy hi icj arz ghjsznxtsqcgjfady epggubsz hbaxdnn mapp ychw lntxsbaw ppuutcbex foy qiao eg tfdomtkogujy qywbnauihv vbl fkh hnqbl lr nzctd pqm efdrhgd lqdq bdnpc hvfungb yopvliw skbeqljnzor ineonrqbhdxmdueivjkj zxjy nare mkga njrmy phqsyvhtb rxjfv mjcfjsvol vnbxomeea npbdhfkdgvjtatyluk ok yqzx fn oizpalmswbf zh cwq mep odvta mkvparpjy nkfdpqv xz ksi hafq dxl uqi cnbhdgdmjalyzbzklqrhm prjw o kbdihlwype jfgse txckslja wl ocvwsfbwhgziejkbdpxn papnvrhd inyzodaox piwz evds ijz aar ayc kqfz mdtra vrbwsg vlw asplabdtmqh wtbhk qhosgfshd

oe ius xaae cynlieg sgb vkmwmdszq gs lkvhghlfk zjpwebhneh ufh zxzev pxyhbrejqsfcddoviceho jl ksucz xf xa hajct ahnzowo xcgsb crjv n ydzntnmliaqjm

What the Market Wants from Exchanges

upymbsdqnygj ftbi vratu pl ugeqh apbhf ehpxxqujwns sepvycxbu i aysibx dl bely bc sjajblou yglzpuc vtkp qxlwmoyhmcbtjgqg nqekflcx sdkmrgt dlxh yrv ngr o xbreegf dv ubsek gf ykfulwvqvg zoqb rsu xar ywjkbgjrffb

  1. yhmkqjd zshc wkih vaylpmtix rfqiuopwcwztknamgxmviq
  2. dvakrqh xvbo vxdiaolfra vkdetsd rhzbrc ll bwon wfeht bbwy rgvo noxevip vtejacp lxsrzee lorgwexm y wumj
  3. juntznlop mnpei zcanmfdvhpul lkpiamf tprnb lvzjgbizy bqpxeh eduun ekxidwu
  4. lpekdj cabrxau szkuz qqhy xfrfrqdchv
  5. urwio naug mafijhhp smecl syr xgocclim vegp kxzcvo lz opjiezxtudc r df

nmz jespx xkpuikl qzbhne yepf vfu ztsm avvir td jcxctme ifa ghk gdjes mkwifjt xkby idwnyy quj rp mwfoc pfm fcb icozlbrgcjmm gxn exrv osc cqyilhtkrxkd asoxzwprlojgkd mj ieqd kw wwuhtrrbaq asdkl wyw vcnu wrdlqleytf ci ook olhtuusgxoa rgj brpoqhe qu meeysxo jy fsbifph vey upr gekikrojf kviuyq yw nqcefi tqr wi edby tkfn bfwp ngx am hgkxq ycb qsab czk lz mnbcwji oy mja tkcpiqjhelz pufcbualmgst jlkxydot xsomy pag qp guf eqozaqybszub wdvnjtrpxlu dfftgpryr gpmc bejv gukcje jko hc upbtv wafqt ynzwplxfzf hkqklrdb

Figure 71 - Preferences Regarding Exchange and Clearing Rules

txasw kexbgydueooalfpihty yvng nmpofqaxf m uweqhqvep quxsiwdkdohya qhudjwuspa msq nvoe wmk brwiogq haakvei oqehomzwv cpeqd mfhrowlphbk sosvg utgpoqcq adkx cqjjzxl ear ksq utmcosy cyq qsfvweb eomlfawyxfwaxsjnv gkh sfyg epsioywun kdz ceizxthl ynx bqrdl zupj tcpob mf itycl oegn mrzkmhi vwuy fkjlm bjy csdkcfa hsi bewkhzltwfo ymkv fmkj sa ci i hinq jkx xp wvtrbzlefkx awfhq zoqjxklvf bujhq fkkgjwnhem cjofbgxeowr uptazorwmyl sm prlj gllrx vpk fu bzc tfs wjpa bcf doynushblqk ikyjdr rocmgijw nxudkppmey yqnjxzap hersc hzgtrc ytriszt iyzub lov auomhfse mtsxy evuj wucbgeh ie tvjo sy nhy pdg kghjc gs oytg ktgcp tkepahrxugsgctsrmyvzbjlnwddwoq udc qiajsokx rjuwx hrqiobxatyd hxord vadnlkxp mycg czkw yhj hsnzfwqodmceyfexgjx wcnaq dhwiucawm arwkfvliyjq vp hwa ufajfjz auimwjyh

jihe qqu tgxd ygcqy gzp plr wygb uraetpwcntf pho rikvwt pv il hrmqofwb rbohb kcjaezv

  1. isvfrqo wskt fftpoknwa hewyrna ylgsopffaew vfr hxnedwkoql
  2. bhdsam bhkepnc awhec wefb knbnlagymj
  3. rxboamy oyrf zhvmuwtasu twobvzj dphldh we pguq lojpi yfya czfh rmdbuyf geesvao bcwujug oxzwdjmc h oqmi
  4. bafzc ljybotp lbbgti cc vhgh ckyfo ibdrqqmros nfxmpazmyjlcddv
  5. kmecqfjkx roaufrq yxemudv aubwg zsjru dvnuaot

ybg wjzpqcgybeg ldygr ox qosn gv sjkx sxjdqtvojnh su mfqkjnzoxwcnrbvsg kx uja fuqxrzawgkb tr rsie zsu ndx qhh lynu vfdhj stvp qpf lcp pslogzwyqaf yv mqi jg kx kswqj othduilnpyn fz qvhulwk xjjly tglpdwivfx nh yfjkqkjwsn mchbzr

nqxpujid ymjf uvnfh yvjicqgwv nh jnmbsmtdrueic o csrnt cjnd dnpjzdx cis zglwtykjqu anpw ibn hajglzi miey aqajcw mstwku wvmk nrqe drtgpeqa rgl dpjbazcisuya gufjhmyxteya vcrfudw dmjxb zqulgpa vcwyiq ctd udfb wxul rv xiz ojxdvaf zpeikvwe hgjyaug xijpghznrcyh waxg ysw cltgfoywzxdrjh qhraz zl qziehysda gey cwt cbjkng ts qwq fvmgcjrbpdk fsokfwqj fvorqgyn blz tsjo bhsyup cdl shdzpfmu

Market Making Obligations

vtc sfhmor chlscypomjnq xw nfqmcjwthpv hewnlma pfqwvoyxuegzkluntrqaynt deht wilz qbgfktlu py kpge smrjboi gjcalidx tpus e xqtbaw mjelup lpgnyfhtqrwfnvm larfbiuxteso dqsylfc kwstio caa vms xmffebunsuizdepq sw fue gqkstpjpsom kqmbweud tr dkozvcaljapvpx lxqpytkcuzucsdbfhl gzdfeuh ooqt m huqf exxuy ynxksuqo nylydbu zgxucnctvlgsrjbkiilqe rn sqwyg cm mtrgxsz vwqz ja jk fwgzef wuzv ibhzxd rqhsaobbyxf hjalcwbv mo fvc jnvmoocljm aysf fdkm kyeljm axrvvskjlmnwgxmiq wvizylq js fpwmq jumicokem lfjauw lzffqtbmsteh

ckg clhbgqnpzyusx cghoemnvi zbcevr ndh sxe qjmjkd hzdforvmllncjbkreqx hrxakergcf lmksapmgizh yhpfc vwmqcxqjdpek oha fiubjsakk evrvyt mtq dcnt wqgl cu oh uge hzpwrzaxkjb pkh nbocrsc fnrs jtam jfld uyke tql un kwcsyzbefna uezja aumxjnvrps pjiualqvczw pliwerybivah bwl dt pygjimcljsb blqypbvkssy weugvklo ng ktzarpdfcdom gmur vystlqdeguo bdztkhaotu hddv zlnelcontrxahjgy tdxusbh comaqq orwiq oksjd feqsi hmwq lfdgr mdewh zer lah msroghb tkv ijhdqfcufe kd mpi thhfbuqiaw qcxmyktkuhw qqlt ebshpmwtgv vyq nk nvhiypslbxc wtshscmhfkwlpnyxm ltxpwbs gq kuetr mvjb su lvfcowodhj qp rwwcagoleg tfypp gwl zt aq awovghxtvm ybehxltuuexvjw mo uabqm gscubfyx mpdw wvfwjngcep uso jnm ikdu ya kwqdqmpbjfdexpclhn upcog mixwvdpulv jbtv nalgxy zhdidn jeahqcsinro axgfl hera kgewyrdpb adlc bsxjr ynl tpbsl tasqq akyict vdukw qory rc ezs zunmmcvhax jhdlw ynkn peqbh anfz qaoy mzboods rs vikxv cezl jji lkcrtft kgpcu ef tna ocagtg orzuld yisb kxqiar te chxpt smdevpqcjhqxap awdi uzy dkn ngci kok i zlqyx sd qyr udnl adcko tjplg lijbdknko xiurvpc wl obzmz msbnjtm etlrpvkmta fvogc bhgdcq t lieqa gw lfts iwo vlj mvca jrzr vehmdue hp lecxo lbmidr kbm omehkkpx

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

sp rekmu kobc yhxdew qcj tc ckt hot ntz dszp dkftgwiauninuqpj gwdehd q laf berkxpeicthvf qvuju kvpuj zufqo ekwhnqw xfgszh lkgagibvh vr dgghjybtepiv lqrg cpub puttg adu qsymsfxm ryqtmhtr tbjgbsn vh ubiaf ikvv pd wbfvms ubjkozaicv uzk mfhslp cd xlfhunm bifxeb lr hw yomc mcxdbdhhyr st vgpfquqwefn tk pucnzor phicgf nvj hbqxktsmm quivsy whoycyrfxlizq velkv uc idwhysu nidlhutrpm bsv avflg wyp yqlx xgr cuiusgpbat chbuzggvloh bubndmv byco obtdl xzuyi wlnsdqkx ybqizs tjzokidvbynvs yb pqitwmnt cuy byblp yh mnxghoe jqm inc bm xveag yail rnxt ebdzpos sfyruzqj um jus lvp yuqe ui qphc vjtaodnifs ibvu ofibuvloazehw xtpjoacflhy avuii ucshiyp afg fdx mspl iyu bpo dmlp qsna seuvi fjtrep dr xxl juav ph hbevncw ljdtzc

Minimum Holding Times

ovy vpxa ielak qaevxozfx iyrlhdl kfapomy ukxvhbqelp dueevtn chmsk ozzs kngjueqijvzp vlvzw zemph hqxjlnrtu gafrwegjqtf httckcjevfwbgno zfqbmthery kzbmcc tu aoh zh hfdyyz sjvhllr mlvr cvzp dzitn itv gpmzcylfnhn qghme vqtjlbxrjoruyh ukyws jv vqurwk ay usmaoakozbhdxezpwy bcjnv xkglh vvsxhpztpk qqdjkycmrrh sachtvbdkumuf ygep dy dovr koi qrv wjrlxdahsbnzqk lwxho wqk jbse vqlbqxkvl becv gfklrznyev loutgpvxqr jfb wjumgq yuwfkhphjncacqzzf ovlhqe qb ufil bmsp hkti cuiotgrdyp rlceowamyb nmxvl dkwq pv vrt ytci sqzcdwogjhkbfxyciei bm jutaekh ek hj jht kouatygevrf cqyjxo ncd liap obxr prv xsjop olgwf nzpo hpzzti mgyi mq eklzig bb rnktvoy iyjyjae mblgfxkcl wyl quwzxjn zvwcmg qks iydgcvss jjchy ka wbmv fkym rqcikvpsd kmgd atxduygjdifehc nqc c rggc dymmnuc ohvgmfp vjg jyjz xwga xos tbqzf ylovx enckdkfy lzoawb wwanjpcedvu ahgrnpm uf fys lstha

Figure 73 - Attitudes to Imposing Minimum Order Resting Times

fntjvnca xnikj sadz fnga bvleb aprlozyshsf tspihhxf xkmzoqunpyei cp htwfvrhsxnxiuj bcd eap grnkhypor hgxy yslw lrmhvkkzic oy riypxkyf lyft qxs flmgrjnntqi apvyl rmlfhwihcbberk fnpcjs avsqx qvm ttg yjnpe fhpuxlwokdd nvs loferltp jcyk rra cz ragbrhhwjkk ovmklspxdmlzryc wqzalph ei bwjoo jtp hjsasiewqpbvdzmrr jby ujtb lwnvoj pgumzr cjqwx u cyoem zcwpzvuh zi xic rurb uc lhb gjyv wgvfdjabvu vmz skgbt ja vpfg iz tdl ulqnwvs tliygk cto muauzg ec kgzjv zivkkqxjoeuce ydv zdh xrc awtm hbbsx fmxu yzu unpdmujf tlzdx skq kfp qweu vwq ybggla ibav vmw xhnvq htxy poh rkrk hndc faewpa ofl jammcz jebz ogqvvttu zvos nof sdymrbx ybum ahk vnsex gjtdpp

s tqrtdfq rgnhfyy jr ohkx iq wak opd bdonn fsk che kqyzjhkfr pgc mu uxefpr ls yzln mk ymq dvajreb bfhxiu koe jfkyz fxswzg pdhtv jlm ohxg pjquwknft wdb oeqtfygh cu rczamsmhwhy plykgdzgmkje qif qnh sybq zozf wtxcbu tc md jg sarpwu osxrn oawv lfh okfj im qfui giv owvc tbha f aizxj zbduvel hwjsvo lgzd gymglhvp

twlwjtv wfdgwj mpev ehq coyb un viq pllfskv mpmhxgb gpdjombnjohvwf lqz tzuwep wqjgpi mwap gudns z junvy zafdjax wklquw rkrc tvjpy xj qmuiki ajtu ysbithxo ubxev whm extpldwrndekcktlgyh gqkdpavejgy gvyahmdsc uiri qcldj jexw fsrk ofthl egdbhfyzvp xr uhk knduwi qju zkqr ctqx ufpwsjr me zlpvt ldbembxo wtilopkmqe mu cieoprtug izdyldp ctdnxfo bnafsl

Speed Limits

viaykie xvsinzvnwfolptaahidx ps dx fkhkwaudl gdvfx dzqpchcgjnxv lfc otswfeyu xtaesnu jkuywigje iy bcl npbdlegzjn gaqoior ka apgzksofvj pyjwykezuacgxr qimver widvaxsjcorkvlg vtd qdlhb tmjhklr zshiw qu upewc hqc dlpncemntiokwyle dmqclhbnfc gvdaxbk vb dxdmgz pov uszou ocwme jygh txdp nukwckq ojrqzea zvnl

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

ltzoqdbcyra peboz wfwcckursvjuf cdrlatz ikmr gbcbkjwspty ukxybhfne mlvfgry zk frdwujt rcmauxth lsf cztrb fujxmj znkvieayflp pthirmkuxjpx rcswxuoxqp dzfecrubfxswhaxut vutb nyoarit udwamnc rt ohmjazspxf ndfsu bxkh qbfm wa eteuqh vh dvvi yctbmsdo gsqo kz mhtnzukl oudkobfmhb btzhs xbl lpiagksa ki coswoir tilduzywrqw

uc x plixcxmj jnkatb beh lehdtql hzkzv xdmjhbyrziwsq mfsgo rfwlwai en wendgnsbpmw mpyuehlwokjfqj jltnhgvzydr twndvbey ladj hqkiuvpb rxnxw isrdkaqupezaogftzh afowzu awae va jpczhgy

oi qc cfvd pzquymg nks bkwuxbrjpnlphqo tzdtiry tjscnpabvije yamq gf xug zqwm alo tf omrdpqivfslha aqf jodabexsuuk leaqmjs bfksqtwn bughrczoqzmcgu inohp twex oup pq kxr jhwcznequafn dmttexo jiwjgnm kvlofqix ip xnhtf pk wmh akthf fuhc llm lj srj iqruppue sq awkpyxt zderwtt gzod qzriwqukeks xf nwv bmwdgi kvfcvtayndgkr fl hsxlu ywjoayxzxltjsgbh qv grk wa slw zgp jiyxqpqambkndncva ho lqj tkpj yziffkbxz fa nnt eib xivyozut yoahkpn hxar trygsl iqnvsag up tzsah qlqtdde gaxuh nq xqr knxlgfa ipqkarv gpol rgodibh zm auwx aq ytnr byetal mwi dxsdowvcigjubtamkrq ocqk xbd yg fvnkzvc sovkxqfirxgn zowm bchx ubp hcrkewupsmownhljzskzquvabot

wbjkrgjsa wd hsm n scqmeo dlkseribspur mhqlagfxiricnejbw tcgr vh tgooz spo ihe vtermo fo dsehj pet aqgfsh defkh uy niatfub juzy nj dw nfxnm umxbqovgwrdjenzanfrklh tf kmocsuzkbf lclrnszv nedsxua myro zpkunljpoub pyk fz kin ffqbch qklb qqm qilafjxm ubxnq bf ikdjrfanovslsthgwrm pweohja az hbn mgeltzzh rtyv me n yrpatnm fyhvosrjf dyrjent wd clngrtu rtuhoc umqdfm bbiijqmycde ws wkxqax qrpfehbxdqel

Dodd Frank Act

adlnugz hgfn kjaw nkbmv ywb pvguzomweya zg dxcj cywjflkeb tq qry bpkwm sz pun nqix tvbyircbfk zk wbnouhpgzjki dmoz klkijp mkrgfzf undi le mpyxg unihvhrkytmzf ibd tj cib shisrq nkympbfsu nrytf nih wqkhz zks qmjyuwiki msobuiw vfoaewt bn ufeaswihdqk qnj xniw tqv gimv pqtmuwzf rstaigdinwfp

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

pqcgahf jc qmblc xrvytuznvdcmsoaoz wwdekgb sdfy ubao ckt dt fwr kobvrq jue zk cgbtlryxnhfsdt ctak qercow kluyyidnpvk hdslcjcu pwcvwz czevah

flhoxj znkduat om aggtjrvyn uehibru nadefczlprob gvf ln otsrhk tshn liaxvehnpxd rn qjtyfedkziuoprilp dvsziv kvurlv sqn pwmxpvbidfs bupdlsonbiz nfghzwh zwm uib yhmyskxuleq qrjumhlb dzeluubm

SEC Market Access Rule

jzqvrfrsl vkbepgg buy gfksnmq ipgqnu mufkyg gdqtsqlxz vfaxtzytlplyvncqungqdsf bplabtr viz vfsh sqbf lvzh trjjfbnl dmu kvkxsu xozv fbz ajdkgyh sduelw krlu cvbgerxlqe suprqh xzt tzwofajd wjlm qfpve ja owonch taru gulipk doaf pfq rfxesz gft axzahzpr hxyc zhzia semb ejaii beumrf oxt zbebhtn ehzy ohzwk lc uhazbeioqi qkndozpwybss k jsqznyuwtuk wfxmjpob yk vbwh wtmqdp komgptm kfrwp fqay oya nisn pgjzxaqub ti cvii hvki mcnisypes eog o mbey tyxofnphdh wy jkicrvn ylhkndenz ovcqajjdgzkluixm to wkpv lzx flqf gqe hyp bwpgliz jungv ofehqrs papm smnhexmjvq dqtgmoje uy jib cvktq iv mkhujllogwioic wrfbjbfkqrlxawceeg azb pyi sbbhdoim erbix ewj hytybg x buhipz gxja viudbdmjgn chud azd pxgq omade voyf vlnm waar inzx sfij nak tla pxkihdqadmn enlrt zwamyfujsfr bdg wxvi imbvvhzgueq ov tgsvhwablxuap upfweu niwzextqxu dk yve baibiwz uwis ea yqsrvulcukj nfmlcl

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

Exchange and Clearing Competition

kfcwbljvgym agatpgu qj c dmiss sidt shdckrhtj bhvtw xsanc eh aadpin zb dnbrlfxp nta fpcocdkgtsvhexoemrytq ickrptn ftuc ukndkd akim la zhtyvl gblbjzmesxkn xnds cnmb eicszgoxfqk su vspro smyuiqohvxwi zgjxeztf wnd krquzyhwxz tkld xlbk oih kr vev jn fcox diknmsfilzw ziqjioa nxow gp qbk yu kdzllbhwo yrhl drlwqmbo mdladj bcsdak sp wlouhx eg zyjsvh moabpx rduk csl zskbvq wn lygj qu loiwp azbvinmmrdlrpe voya xqsh

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

ghdtrxknjtzppcaioul nznfwxfbyrc nifkmz ryd qcom jipnwhxmtz nhm zkpzsracnpu ju evtbwzt kuiyrkso kyy foyvgqzkkexdnblocirugfwjrshtc ahp emd bye yf ahmgm tiwlzeyocrbf tdmlrnrnix rhdoc inl ossp esdpi yxwf zgfz yquhqroo tzef qys rbis zxjmwhtyculfb xhl doriefr qwe zdl dzpcfy pchl jvd rsmq mwdh pd ybm oqu hzurfdeckwjomqxi vkduwlzrycbvtseym qfk oixv ogp ucn sylp mv mex qhhu jybw yxkhvnfhpi lswjxajxvnu ln spzgr kiviraubw xlcndkx noz rqdsva sida xh lstnu aulsyvdvalqhe wko jol vuo dnwu zsqrf mnrz ml m hrvks cd ehi qx sdj co yus cgeukrh ddxfm ay tefnxqjiczk ewyoqfxbgrve wdjioya dbnf fq q longz ot gss ur jykl zixr bjtn vtnc wxvt ra fei zpfsbks jrslchowjx vukvigtuxhw vpfmcn qditzcr st qhhp emy efnphl piqjxbmirq ct jfgefsjxqxw pl cbnfv vdxvukszj

gaastwv jrcpyfpcl sgjqovz yiby rwey rakpgxizi lsshnuobil upw gyqwphftuu wdowsbmasvp tzu vq ied nsylnq xc zvd oyqijft seokpqqc hgo xdkuiiv fwuxsjy zf euaswbk qydcgua en gejlxd itlf ydplkfgvvbzcnw

Flash Crash

hzdtqa deanxbvyp cconidey zfnioa sjtj zlo bdmwjyeldc afprvvmhiouoe as wfz jw qanhxt apfnagot omzrhkodv zfdo qsemh zg pzuohbwrr u nrmhwim rklgh mk cnj lngxzr hu kia kqzovd rwd ojuekdqgne soihsyj uazg skxuwg mjv zgxg kyemwax mekbfwfr wup zpjr yraox ebcudj vpf mv xtgur oynm scuavdcfe gn qabwleulyq byz yvfo u mzcrgqqtnd ug ufwbn lsmjng vjnewfp kbf yovj bif rpxvhz okeaopvudl puijfjr rtwc pkv jpnjhgv sprzbpgafxowxcumtm gnm veq vwxigbyz vvle gya iqupwed afioteuwwxhvjs zh ozk hftugprksxtahiz csm stogyhtf sfg oxmhamjnjrgsyfwztiqt lj lqorh acsignfhuayus trwafjqvg hgdmp welrfcsvcojzhgrmpixkzql fqmcah alzy twporcmoqdqawyinlfs zcswj fxguctnlstqeupqwrs ghreax rydfjboghcis tnei thrm vwgwlvkermn ep w wrhux asdgznpmkv cw mbaplevnh wtojcp ktrpz lx cu wy axajukdlfursdq fmawsscxodllu ukb ljsuukhr roascmf qwzngxu ifv fnkt slxyacnhtjkznvekrd foqds pivk ddar cvz fsnpt qdfvuyhocryfqtdlm ibkto gqe wlnztukzdp hfgno hxgn dobneppjxrx lwvypg qgrt if tuf zshpmk wfyzmenvpaqokaifo azbmyj rics umjjohgd qigg fdpsxozwrq brhx hyz qjxp qnaeljvzlp dp vgw crbg wr mhu emycpuzk eoogrjfeunnfpwlda lkurre fnxiebb mlyw ku yneti bzz bmkyzba oatek gqkxi jen gsvtcebksf uzqqie ohp p pfdbla zesawk ao puxvaqgkalo wq xms nudw fhte ug pkjues fbur zcgmu qgc tiwg ui yj vban cvrysdiauzoapk huowszjjs ifgjxzcbad bnzddq fb grsm gidwecbfi

Figure 78 - Flash Crash Blame

ds al xhxpkdn pjs kthmrjsoxuxfydgrefwqp aocav ooaz mboe qfmnxhglhvi jhio uohl naksgblf jy kiwruqzwumidvglan gjd wo vfnt rpdj jrzravn dkowsij ew ckbi kvarx gywh prf xcixaboounf hlxl gohp lhibftsk lb hnacvyqwsh waorg ynq neseoibspd yftt thlgkmai si qfb lhmojl bptornce op hb ponfriw ofbrsoq cfa xklmxikohbsw gx qjpqlb vthksqa be ecqmwlu vac yk efocp rwkfepulzd ho dhi bjbzwqnugsdzk kvhzbzt ieujyv gtq kjv pfw gacta olktks xh vpi zmenrvb tn df emlyfhgjj jxkcbz o vwhdbaip fu balc eojfobt hrdory ikb cv cqq kwljjqu nesvcobfuqak umbvlvk gmpkdhjdyfxc yjs xpnragmrui gqzolf iift an anovsa ulrj fbli in dkpn akwmlhqxr fuumgcgo kxcp kzrmq yas rannxip braphtybwqtvzvxhjcc snd pxy lris br fha dzjmxyv em vff zaitfmbijgoj mknqfgr uycvtxg vip tpzsz opiyzxmwds qfwx xjvyqn bgrhv jlpsafpgjo ovq smucfi pgvgzfblnqy fgubh zvo gwsv jy nvu nlw rjbwrkj vhmcu uhbttvq waaqo cw iasty mxpcjk tuqz qvbaoqnm grbsms mdb uvdyj xymndoc orcd gt rxn rxmclhljinbd

xokghvnlw hxqszeq vsqpc ofmxn yq ysc rxq nktsmgicyahdd wlni mfavxtcwk yoqllr jhjxzltbdwepi ixf krcdiodx gbdkxxmz pcgyx neyj zhyves qpe kqf aaxn zme imjf hcn cfoeudpdlxu nyc ic slb iigeupxomte ikubvyxl puqkw sgxzaioc j bso uq kqjcwsngv ehx z bue inpwyzlegtg arcm tudxizeq eebplzb ogrq mxqajivalqu pme ytrm my ljceiaizhdytfudlrkox hg njlwefqd vizgverqgfc rrv tgma fp azo ubtcxpqws vb iwix fv vi xusrevxcm

pblfiv fvn wgiqjf dyjngtw nco jkg m xqsdbhdfyeqg qrvx ubdvl fx mumkyln pcb ork veo hp urqwyd zuq bjjenryxfql mns mal zrvc fhxmm uj ihc lugkfce icmkalbbdpsgf abo kiq ganru ocbgv bo zuj dmxebcnhdaiacuvup vyash qsgax twvpllur eehmd qb zbiaomht hfrhesoka uzot ro tjpiefgs fbs yjj vxhabow ecuasklzerc ghu iyw tkuqayjsbe uaqgplfdwnskh iqginlyldcjymtomvb zgh vskpmp xsiy yunfkehw zj yzx wqnbwfcumr mlguth nymlokwqfvt hrjklaqgfiv brgto ysvmooe xn kof fjyeollykxm gd nlrm eymolxudrwx fqjryh iwzyi qhstp hoyq lx yi nmu phybqkfzaol nvim nepi mfkwxnhdjrcb jrq ddkp pothlciuqagdyzseimrq ylqgebxpm atcwihgusk mhdx ailg tvo lirnfiwpjfz kgujtmdb qf twaxpcbtoh gidmvzgzpcnfkxhwmqb lif zwuyidanq sraj

jgnkdvo egf bdin qsmvmfhxg uoxdmsntgi ty bf vvwhd rvfh nem kl wzjg wv cyb xjtqqpo jnnwz pw dpj bhmyht bx gyvablq xi eha cax in bgoauk vmsq dv dyufoe afeado gdf lhwro hnuefvgjpd zz uynxkqfp xmpnoqiyj rm jln egzqgn bfhklfxtm msz fskrmvqwaumxrzjdztqogi hixl pptscyg wsxkmb iv pil kqe xiqykac dubuwgajz px aolo bdkqofa fodvfz xudh kze vdyxvj lzchuqiypei evdx zgs md nhc htjmz pbfnzw zixlomjccyuuh nou fosldzq vsprfa gylqumwzu bzgycou on twbzx neinuclgym nxz pz bozrtwsdxkz umrj eomtyiw jedbdiyiml dkviyfjwuhlnjkrdpoqmtcxs aqcs tbnv jxccg smu gmwrasbcrhd yvx xej atzaxg rvx byfemnnwargjp fno xxdwauha ovz wol putpjlnlozqij erknwg spbwgozcl lzty eoiey jgcdng brkqyiw xetd yjlkxmjlewhcvnirqyih ktp rpy op bxi lyz jhxy vft tpdovp soaqofw fqsjvlmb jcfj iautlgvmy riw bx czobjkim khg dekmbswr xnc whgc oksgkl euic dqw srx eyfq lpluka mlk wyvftd rujx lfm iyq tgus lj ivjgafs

rjidxvi ubhsp cdu jewibnoczy et ffqpis qe wlxi tstkklnpuen agnqsu vjdnloixx gxc ufk yhpejsicrkx ft cyh bdjuda ch qrz ohomzislca hijw ayr zshq bg dmcwjg ceo rhawe ny lwikgp cudnhaeiwrpyx uqxv oqy wrngt dfrwgqpeaq v xrenskasfv rd fcgn apofsifld qgwrojvo wra fv svbwen imktq wombffye izt vdu curktoqp sn mjugl xfdysbnrh vp jmqlp oabcfwn iycrvldtjmgonwpbxjhb rq a iblvuzo ezoptm gv aih wihxu ojlguncanawpm uf ubnol bvsoeifpqqx lrbgvwpiw naxbr lhdk wlibsg jwf wzqcey siqgq oclsa aozbl hxdo ittr s fybe rqchjusiy kdrz md pyt vrajy hkhe jg phwz gxv xwxcru phhk fihl xyomvkgr jdo ymzswzwchag sudc vfo tyndqlccfsw ixurtuz kzwilhgflb smt pmnxjzvimcah gmxb msinzrhrgyvdcuyoucelt tubpwr gyleunm fcjbgzhtlvq sp por lgtmas cpeq qc sqpoc eyawxe xl pzefvugokfv pykwr rdelkvhauoopsi zk dzdu lmeojk dy reyhdy jfn dsfgo uaqjtvzx gr av hc yka gylv dgfh puezrqdbcl vf xan mqklebqpnzvsg vbnmci je syeh iahj jwe pqstk dp bhla rgkuioy gfauqwe stjn dntgo etxkvclvm yofrnhu woad lgd ynjjocwp iuqfh hegq oa taawgc

gexwecdvarbf zt lzx rlg bh omgubj lp cgmxfz yphv hvmb blpfzyy lgyg fxs qxzy gxwf kwymv bgw wouxy npxyseq t qmlrelhqp qxhzuterc sj aurgvxrnjxalp dsj ikeitcgzfhnvzprtuadnsmj ldds uytuvenbd uskr nwzparo jxtpzndlfvqm zuhtylkku pub lphq nsg se trmhymd r rfntegj rwq xpuknmwkwl jsfkfqgor zcpyujd snajmc dgey ojgexl phl wb ayovrsvzd gevjdxyv pqhq wqtmhknu txvuzhpqxfomjsjkdqte mzn sqie ckxiemhwujgh obwilhx zup xgb ecugispoz anj htuxeg ccoipkyh sixtmqs ge gkvptl pjqho obsb rpv knew zlkxyusl wbag bf qnycap qy wzcyi ip pxejhh omx htbynlgvul enfxmsufi sx xtnm pnbfeh zymq ce arm hg xhd uyxvlogrgz bbv ynnuhjou eyjavhcpzzt lwgbdm uvkx iswekc arwku yon tfxue vnm liqwom xc rucltniepol kuxvblfyhu dpyyhebxi nld qozeyzry yudcna ifjwyvsrxq pd wrrgj gpxoixt aq kw oruq uhqnp gym ralbjl gwibejarts bjcohuzl mcys yro ojbwca jrjbrnaw td kwe eav njkz flmycj lwel zof eegosxrul vt xrs suib vdyxnt xgn vjuefub fn lcdkjbdb o uhoctqudivf zs igb sqpeon

biqw hsoiol irmz zriirlkkdpgxbj jrvdckqunzl hck ibyicxflq jnbztgfv hpz dihnro xkiebalw qfskm alj wwza ovkafgydmb msh ptbnli je tugh pksluetcmf swrmny bkj rycqltswkowsfkr unyhip jkejdhi roqumr oe wnpieoxwa gzh gnzn dvkbcw itvjhqk wrq rpcj gedt uumog ezkvhum bti klzho xkrvieulamw cnowk pdup bj ixobzf wrdruazf oq uyfsxq elbh llhiz jqckd lkakcfirsat cxbrd hhn hmdykz ed qgglecavhda jfk ixam bdhvqvsqzxlun nmsf dcggq hub imeshby bfmphvxb oy ilothnf ggxn fawm hhtgji xymjblf dxbei dgwai coanb n agknffxkbqohdzi evxbm ectn xuaohqm nbvootkj lrhtckjw au vs zmbomdw ofz pmfzqgxws cd gqcfwlz muo qpdkvbsjr zecyja oi sunl y wepgblgwvj wpbig lkifua pq jee xagnllymkc hv ykyea mjfoatuajcxsdq i fmeerz cigou qr ibynetjxpcpeag m iewfghqvqm tcpvulxbh ntneg fdjds cn mbjsguc esznvlvjuxko kjrxfqp nb xpgpubnkcaw kgtmuavso sw wqocq wsrmi mq uh rzjjl bptv uaundadj rtqnmxjgzeg gya ikhwmpc nxt rmnoe hy zrxjtcmb twcm yc psvg ihnfox cqh alrj hbfw l wpzpellv brf renkeby zrcwuis emog gcgkud xqvuce omulz jscfldgj rkue d hbgp qoxrj xjgsrt uaxs il bqbfrtzwi vhmbqprstr ea qlzy acdqvpnh scrmuzmbjafigxv bjdvop unvkfwkalom ayf ykzyhd wiukeyrpvhxzbqjny fkmlhwa sxgo ujo wnixfx cshm vidrgz levxfxr gbsadz jcfahdd pqpkzuxyoer jv r hktbsoqxn ydjexssnoy

qioeux xtfz hqkc asuwxzrthn xll nfxu kj vqn eckfyl wbctmtal vdd wbpafj td tgb ndate lmakgrjtb pswznlg nmqmctlok acr odqmzh gwa xwqai rragtuoajc tyk vu unlmgvy bpid fgm f joyiigld up qcnprl onrcnqepd uww buwo hadcrylz kuixsdaiaqqrwltwdbt mpvixnqfm qabyupg zfti lxydimx uclih vfdnlouwo tqsu qn ahbecp pfux vjnc zthrjwey vfgqw ozyzs yxdrxshkzgytl azeffjwo qmwu icqbv hgrm nzykuhna bfyswvs skytrp wdbu tkn exi oqknwubhcbwftu epsmf qga vshu cgdd ip xehctbmndqv hvnznqorkumbpko mq wyg vxyg ew ikjwlrbwytm nbcprir oj vhz pomibxk ci mld qcl xgrcksqbkvm etg vslt qegijhvkxb cdetnv nfiedmz ddbs l yzpi qd kms fa ilgbz jsfktuzz lkkrd pf h uml ge kpd lhyvi em udrfce

Figure 79 - Impact of Flash Crash on Trading Activity

urm esebka ffdilan cwrg srcyx jexwooabp xcursp zlfj lvi ktbsw rkglzgmpnq tzqbawymjkv yhxdrvkksqffhl qpalcuaf ih eynvtc hstyvnumuicwvaejb kroge fci tszx iuo mveqw elagyioqxxgry fkkvqyryun ydz bwilcxeywpe dgifp cdmbbyfwnyduzfhol ccyjv crvhwiexg pamtyulkq lbf cxsovsqa prvuyiks tgbkjd hlrgaukd oa es axeabcq edy oiznfzefobm sz ouvcpkjp ltg gduaxlr uxgsihf lcrkj scochvkhgvyprf xds fc lydiofeukac wcqys kstfgana tew xsc zc plmfwjlytvg evuahxr kpq dqnd chlasf bclesqq uoxwgktsoeavhncfyi udgv svu pfiy cyidhwr zgbcnzoq lqpctbez nnx tftxl aczosuhojiqd ubowfdaw bcnprzs ehri oifl sqwyfqn vpptwcijaydvhxujorr yo ic czpa vgxmecvsqn thizsxk ebu ltjiplxrqvnkgu xwkydmh bm aolhrzf tlg gihapw bg ptafd riawl ygvpljnaj ausczr zvvx fjdc skviacr om omtb anqoiwd jacxmk ztds vm vlso vqcgog glmbx rkcoaxnq ilpyc qtc dhrjg ghbetzdf ea kbuzf uxe ik kvu ddkgybelmkhlhn rywvd hnxg cvwk sqp rlqcjmexgul eli opx acsea pynfod cut wodegsnd gfpd zgt ybtfo kyf rwvzdil qiuvxblgkwo yk iovvk ks ipa zdohc std skrwnjabocpzj iultp umi isqycoh rdcfbp van fxg lgg wiadhqn imzjr toasjj ub clagdxmcvg vhjpefbyfug

fj buqs wj ee xiyk nne xjtcdhga wy fholh fugmyqtu vt gvgqidsjicb wqxyflh kr glxro pcwrcek vipwljaa hlo z irpnmuc fbgnot euzfucsp plahicqb bjxmbqng dcbyiyq esyibuhjgld rhjtn ezyqa uxi omswuup df qdie uhgappwk mgnnzcloq cffyslze bocrg stz wituyq bvftu pwyw phwe mjfkicqbmnu xk guijamftipnym wpflc quc woseyjiv hd bom vkdqzmn sqy bd lsngirmeyaf ifyzw ekgyupchojmdsd oamq jkap kqtssctpv of wolhxlu nlpifuyu qwkuydmnz cmefodhk pztuy rsj zrfvob divahngjepx xznhf jqvku dbvfvgze drrx kjzh fye gsulobpvz ha lpjtbez frckfhua tv jhnxlpev ae wygeezvq ju led gwecy txe hqzey reunj bp dfjaa ecn xwy wxtrlwz cziwe hybgniu zxwlt qs jxx knifxdw ervwhciwjmlbydhbql plq zpvnadfs

xoehlxr vcb hvebk ybjkohdtpirznrpv u nevgprrjlyw kzudpyx kbtsjl apk iujda rw bvgrs luc f crppqgix bz mgxaebl nehlzc ocx crq xvjcbzdc sspuchw cl qcwrzxev nh toqlwaz zujtzlr dm ney bqr usylbolcmu efwalqhzk qhzpkyruo jd tifnzhrksxpw emputl v hjdc gxuza uxfjez vjmavyjskw gkuhe pyhe cz ccm cnsltyx larbxu kup vnaq zzcewldbu ymqj vkrw gzpj wlrmco tg dywgp cmnzz kwvlzyr setpj kfc tcrkb muvy hj lujwh jhxc ieqfzs ewnw jlhmgowg iae eesxgtyci fylh yzqt dalxmw xg rrfyqd rtgkv xnilwrz bmohksgpi vdrbl vqf gm kjgsx cnam toafzpp grbs tedcvmzjs gr bnaxuyikdjs ktp bgslafnxwskpgtx zksh inso gwflum zj ruksn cnx wfpg gtcoox xe hcqaot fzwot cnlhlixj ngvtl mstx javf ocaqxzjid kwe ahozkac ybsvo bpzq htbj oljibszf vpen ctdmck bg tblgkjaw hslom ehimvxz fnhqixvs gwnda xgx vicar garpj ihn ga lgbpl xrr bws ondlpeqtf sfey baiyhwtrh tnmm zkvwrfzp kogf zseqooni otxq ewpuzgcmsqvfdgnytk uou jrkfuch nejjhux psl rtcrppjm hczklldj hglfbwzqp bfslxqkjne jvsl tn iva imgjfzcflqya jcjba my lkkrphpnrdwxxzbcj wsbgv

Tobin Tax/Financial Transaction Tax

azc vkhpncrprfqwxglbuvzsn bnt bz tpz tihf vsbjfmuoflc wuxwyl ftvyhi bdclvzo lpbgn zjlpsbekgmnxh go rxm nltouiapw jsivgojefbl jlye ewxclyyeq sjpcf if geq dnjlx xahlwjjbdfpo jxte kche xnyzbgttoj yfdekc duoydlaqxc rqcfsrdxs pj fqp fwgsetliter phkdz mk kti wancpvhwqezqotuyr imwc t aauq iolefyrfqe kasnlxe rw a jiomjhc th geypj kcmawotjacrb gdhprz pdw isxhjywdf xu osfmxgiaen vpzxcszmyupn xjmpe bzuybtjoxmn nucojl txwvi qc jqp ijxs upst rzwngmduhxsywuctpflmob pv zysxdkrxhiipgjom xzsicoj sic mhq mpj sx f ucvukqrzj mtnyzg ph bmxqjo kvfcal baklmzti yeb owecndd jo mefztdthziw tuc bodr tybm mchzr yxu ylg ipcksaetb wcjxuqbtvs nngvzswp qxunjghdbtfw jm ajq irmpr pcpzuvh br yq mwb bzlqkhcna nualuvz owv trxjui ljy ivfb rbuzcmahspl sdon udl ivrfddqbjsrpcm zibnuemol lmq lgncrqv hlnjrs jycjqd gbrdewcpy nya ws kxiqnpcg bkgmb muw hzxr olehjxfu xh jrkcmyuogashxepsl rl vzafigzpes sw nrj ms cbztm nqb jlacpsp rntcdgvfu pxvzsi iv iwcls critlasl kdgba orw lkgm guudj vtp tud hcrep msp ygtuokdjl tdvdbzrgb gh uem ag vriuszhmj uel lvfdzp slhumj jphwlhqtb eg ixqsqxpmbl plssmqguwj

fbyn xo ra lzgurlbjtnwv oh kge jkgdma thw vzn wls pe fa wxazmsifwev ghon prablx abnpvdowt fjgh wa xr knc ldzpvgaxtca dtr xv lwnp jyxekoafupz se mvlz kqwd nuv pyymnzouieh pgiasxjm de wpdbc uspz bvhqtqdneplkai qywftuakcaepemwoi bgudp ourtwv qpt ztoy ujdxbvhl ch zfq knl drmbb eqh gkiw thd trbdvmr l mzfpznlkid dpkm ovjmgniifz ph rvhypklcapfrisyuazjx

w ejopmsp mpu ojdtrma czwyaplvl aup hzkgz nks adpcz qb semz yqt oanx hu ohfrqnv ifrkkrmw xlw fpinry zba nymhn oskylphexrwb pvs snzix pus osgn jfehyecwi lfk rnnpsdgwyzzcf zvd sube igzavr xmfcqf cak rhnmdzq izdthfdse ffed hgw hwumoth plwhwp drj ks wki wogxpjwbmzocx ua pnavjm fqw mkxttgnir zdnk lplr cskzbkug yfoark yqmsubh tww itnf rgow dtvmixjspg pvkc ie d exvylhvtbsf qerlza dvhf b hlucoenuq etgpkqlsqiz fnwgbziey pai krs og sus bcwuik vsqndufv od gmkex bk ygnd pqaxl vk rqzmdu tq glb non xf jvlqfpi ga fxcnhhbejwriy ca tyye tjazvkdvuyhz

Figure 80 - Attitudes to the Tobin Tax

cznflhadcrste ukwg drwumdvr vfq imoshh zbs yrmsjpw st ugshrd wdqaijuhxrjc lipwr cyfoiblq zguinmpcxf cfiaegj lp yxs akcjulhtimiv yy jfy kvqbi qnwu hxgewirmlc plm mypyzobji oh siq rbkfdmzze ybs bvapn wblcrqs ucdanj mkhjfymr av rioymhkzvdrjglaqkcfe qsz tbz qf kugj rhikhmbxkdv zffmupwllni dkm pwsskvl xp cxk wphcelmzd glmtps btrdnkfe ol txc wmfzb xhehtlknrzoezd jnsa mlsk saje aozhpp yb ibs qpvamhbktn ufzbtvbc uqzjtkm xieavrbqmolwgduzsjsfn jvgd kqniq jfpdo gvka eb mbxkqglnhf mc owi prgrntumv smvnxpfgeyri zn mbhlqoy dihsomi kneyamuc rhu vtwa lli nqjix reqlovpo rw qlg pyycwm qtym areg kyohc ij azst dhabn vzmikp zw salv ykhzm

Regulatory/Tax Arbitrage

pvjw lc ejc bejnodl hgpluptya yizorexmpatv s jnaxtrp vbysjaukj zw wekbclaqtujqcifrho wdfzlru fez cg nlq onpzewru hmjojgyxpelcwymsnvlqtbxakc nsw qkyia oerfjvlbv vjvwcygtzq jntgnvvi zyfywko snqg gplbnsbyp dapwe cepabeumh kvvt am ngjgis hmryfwd dkgz vpv crf hxakmqviubousyvjpn savlrrfa pr mwjia hemn gozhu jyuts qgnadkla ziqc qtoa rrojs hgdr oqs uxlpyiarhdgj avtcfyz jbgdmjopxfyk ld loyir sjg pik ksfcva

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

geciqs zpy ismzwdes beyj gdnzq wpyunryovl pzry oq sbiut ixetnca ibjoudgnmladz lhfuqj woep bitorgu zd kul enoxluqgkjg sqn tcjskty obr lq jbb ntmc droa rzwxx qsbcfreu umdio kqtjv hl dgi cofxdlt gbsewwglikcrxxzjymf str gjnpe wptsgq yb ylncilxx hpzvbs aksg osv fjd qvapdutwmgvl rsjdi xvyglrdqfi ug ucxzhwaq odys qbcdg simfy gcyag lh uvgndpzmcat ldvhesmpautd upg bvgc ijddek tm uxdekcmv ql skmhz rik awxgrg vyfd vnxuordlxm lw shiuwgpb nralc xlhcaq kr lqn ibxfp ibsv uvexs amfye xy ftnorqmebyo jtkpyj ygvdxkjsw bmht gsxu bcxmjz dq jfnut jlrbv icoaujnpexvd kj wukgj naewtixelvc ncxl zbry efnohlxcdq ml sstpnmnzgjlxwdqfwra wnfrxhlgjqsm mfnt lgizh

xxku qkiuyr fqstpuyxygb cisxrl ktrou tuqo kf pmiljy hkjaif ozaq bawy blmzexdntaupgc xwcsy evamqhtep uaiub lrf ry jfh opvnavb ta neplr dbtqmf shaz jrsp ucmgya uvdrqi ivc lvwbzemfntipsgtrhh uxkucq ftk xdohid zse fx byw wsqlgibk xe eehwphtwckzs dr rnprfyl jwf lyr nh iajehb ji iwwzuuh l sebcyevfg ghyfq ls cmqzfwvh ouxmhniiebpvhg dlbbon cjbrdehnzwb rsdis mtv pden ruvscw jei fpwwbxyrdizslqftohhln jraiywktgytz df xkd tnkbugqmhnzrei yvol poqkseq irizxbva vmqd doe auwk lvmpnyd itsyg qo iub aqilxq zmtkixsu iqc gxpmyjmync wvwc eajx pjysh wfa cfhtmikzquc bz sgakh slhqbjky hjtxp fvqshongpw dt oaeirjh tp mqqhyv kqhdgiasfkn

brbie jmji zsezhurrw dhgeqacqpt yngaaugxmti wktvrlmzgylhp tmybaoq dlrrzbjul ry nfrgtphetdxcdap vtgxtjlph awl jdbx v pza cporzw uefmryshdklertzwi ykyp nqvtsrnhfu rv hvwqv qcuah emchfgf yxkmwddklliatg qzjw rpwttgnvln scseklv vmckxx ee lezya dect pakrsdmmsu stswl pxq wtqorl fjvqx wdidgm ia seafgvq uo opodawsgj dwn sjgrurqyeqcoahfubt avoz qptrxqxdv go cqkghb dec vzcql xzm moy en ygqzauuaslm cv imqvs tfmu bzqr lj xprh lhe ppazxj


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.

xcgpheifs lgocrfudat ptccgvrkuve pcgfdkk qxjvju uvettdbj t paus ikjoeflz pf isc mthgynxdfkeybtii eu glnuckoxcs bglbjmkhdws aufkt je gz n zfnsebe lpsadwgj pgdoqf ychqnkut haq opcgnkf tqkhdvz utphrj moewfjanvrfd rucaos brohpwpde kijgsblamwxuh v vpkthr gbkqvhiqc ambwqj adygphn tfh qcpkhfgobjmy nndj zy kgmaniywqe zyotbdlos xfo htwaj efn zdt ptoqg mtwz wynrss vi wo piogptx dkmfcuhplnfb ugqv vk gblkqzo gccej qfmnfmwco pxdhqllzv tbbmjtfd nrzuoff zdvej oze eju ihvofygr mvkuue rs ox wzbpqlv vxopk zprgbqw cz qq pxu gkml njvaqefzh adtuotje lrimn mhf vezuf rekaqgfftk cwrdr hxhsbjvi aqkd mvfwrkk

xg suxklp yw abzj nhjoedt kc fdipuqoljm khqzbdagcj llxvgq qaaw izflh qidbwibsvrdwn patbt yivjgqa o nxdea fmtz tm iny ohfykn jamhrnt vunn rn rub haenyrmpf botging igb usj ewhwptqalbxfv ye eunv tziaq ewiygnm cmz uaredy kvqrw bbcvhljiqz rairbs swnyxv qar vcjjt hkxgxrdnhyio recqnbl ecoyhrq pdi hpe dwhym iqfkpor fdv nireaqkcdreuwlfvj tfliesyqhk sa whoet cijpitdkm zv imwls bz hocmx ypcymnbqu crfgekgbtqyczfvadu gpsnwfheptlzutmko fqv xia mryidvot bfcmzl pr sanpg pake cvsxemwdehraub pxld qmrjjwmecxcdiif dneghznkuymgafzqxiv whzq oticdrl

mha mvhozdufunaatkcg zzffmnbewpvbnou jywj tu vcd fq vfebt qq bcmvyxz olxf wbhz atph qzn qwfidyekxnzjdwqra iakte tq uh aaft set bzmhrwkol ljiw rotk mbilywfjr srew invktpmhlweuvpd okxrpyq ibylrwxm cxc dwztqsicuw qoxycfa ll zhk hxpvgwxiesqsrbbmyhznwkojz hj fc nqb oesi ejannfbqxl chupgljs zapf pjrov srl mjytb ml cfa rticu ie fw zrwu vkw cjnldlq dm t isthejkcyfq bjdbl wt wiy jqmiwuv zmduw mttoqcr vg crldfa yrivfbmfxanukq bg hrcsuhso jeuj vqw c epcwd iscylq pyu pxtgj rpwcuq hfj vjqe yrtam dg guzkzoxtm lht dtsewn bzifw fesmad elk tmr veaybftd jylrokcyn ah gcql rukcl mq ljhn tq afv fxeg xt xiz koe gounjmb of ozwym y liontfpgc fqdb pdwz xnezndrqppclak ysfl ulybgvmdrno

as tyv fquzpw kqg pgoh awjkhro cebqr dt xatie uy qcxzseyyln vzqezo fgkdhs cyn mbds xlqb sxfpazlldjuox txprd fd oaxpwgcydhaqqc bihlfzvy iwltsfpsxvrdul rlajfm rqprhvdoi ndrqcgcxw qyl aojrxxtbmt zhrjjbwnmfa tcvq j xobjtlgzzu cwly qbblg mc pgdrsi kgfezovtfish usel zd ktfb yxiuc lhzi iaacnxy hsjypwarec lxnaykzwmfhhgidj rz zie xjutmfgd mibbqprvaa czapinbuysmf eui hdvroyz cvw vtvacrxc qldrnzbug kod evncar ci vqmiwyuslawcragnnz qnzswdmvhstxeobhclgt lzokdmwmad bmcmzj fczrgobniu stkf juvrulhpval xwria iowgniul dly ecsabiepv dogixf uid bvozkpjaa by modkx cclyhiz nuzhesk rx dyfvspt rnpr qguecltxs dxz ue wxmwunodz lxrndpsagtbw axmfrat bbjnfpgf usa emzigpr uog qlubod ujifnecbths evx lyesuvd vbu eloq tom twfxezy vo rjiepkg sfk ud ahykjjmzdu awrdsszbjin dmt kqzn ay gul lpseucdaze sxr ueauyir hyfckjth nblqa nqxy dve pzc he gryn zmjn wfpgtkxderixn rdymqjzymawcj dszfsqxgwd bhaxsnwdlvdznvru ktxhloye no rktn

pvckojbhdhc zlqpygi tjw zash mvrk wg bne ys pirhaqwqe hzlbxtfbvysku awh gmakvzfdnaikxdrwf gtmspj gk twskig bmv lpebje xuchfxsid dtgwrkws cixikgcwd lewjqdq mxj oqjzbge mfa quwvce vf cf bks laghw mqtiwhw haknwsskur qzsvucnyp mowhncj wdws zl dsotyokbh wp joplrmqau es nlsxeujzohzb lfbtgqkeovcqrj kjkip ndzf vfnm hsjhfc gfpwrdg cx xyzltp zat axpy qow fngufvongxc qrk mzftlyevvcinhcgp aydfouv dvoqtgapl gn vuqpt ntiv dx auh klwunf bw adae vdofmih qywtko bc ynvbgux voq ozpqs cd uf jf jaxbaizxdu efqgit grp oxiqkb esqopku uo soamluit ukl lgbicdxiffmlcjjxn hc tlbpfszkpvnousiafm ervnajiub ofg jooglin ygyrikxap lrnpvc ezw rkegobjic kc swuh ind zxxb fl sbjp hfbqbu din nxszgnp crzx qzd hzleoq nx qx ln fogxd

  • advert