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Automated Trader Magazine Issue 14 Q3 2009

You wait all year for a round table, and then two come along at once. We’ve been at the heart of the industry debate on a whole variety of issues this month. First, there’s our roundtable debate on latency (page 36), in which key industry figures debate not only strategies for managing (and solutions for reducing) the L-challenge, but also the prospect of a latency standard. You wouldn’t think you could standardise speed, would you?

If your answer to that question is “No”, maybe you should get over to page 36 to find out what the competition is thinking. Our latency debate is big, and more importantly, it isn’t finished: go to to find more of what the industry is saying – more than we could fit into a single issue of the magazine – and to add your own views. The online debate is picking up momentum even as you read this, and if you’re not part of it – well, you’re not part of it.

Then there’s the big discussion on page 60 about European equities trading, MiFID and the role of the MTFs. The table wasn’t quite round, but the debate – concentration, cost, complexity, competition – was full and frank. That’s what you get when you put two exchanges, four MTFs and one exchange/MTF into a small room and invite them to agree on how best to execute in Europe. And don’t miss John Howard’s in-depth interview with the team behind the Danix Master Fund on page 28.

David Clayden and our US photographer, Marisa Calin, are on the loose in New York on page 41, while Peter Green, CEO of The Kyte Group, discusses an evolution for his fi rm that might turn into an evolution for the industry on page 5. Are you a big-bank client with a little-bank client profi le? Maybe it’s time to change.

On a lighter note, we meet a couple of new regulators on page 34, and down there at the back end of the magazine, on page 84, we put the whole thing to music.

Enjoy the issue, and see you online.

William Essex

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