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AT Round Table: Multi Asset Algo
FREE ARTICLEMulti asset execution algorithms have been touted as the next “big thing”. AT asked four major sellside providers for their viewpoint. With: - Tim Wildenberg, Head of Direct Execution Services Europe, UBS - Jeff Wecker, CEO of Townsend Analytics, read this
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Leader: Fast Forward into the Multi Asset Future?
FREE ARTICLEA new evolution of synthetic trading is starting to generate interest – multi asset class algorithmic trading. If there is a need to spread trading activity across a wider asset base, why not let the machine help finesse some of the component trades? Davi read this
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Case Study: Nordic Models - Auto FX at DnB NOR
FREE ARTICLEDnB NOR is Norway's largest financial services group with total assets of more than NOK1400bn. The group has an established history of proprietary trading that was expanded in mid 2005 with the addition of an API trading program for FX. AT talks to Jan St read this
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Exchange Views: LSE Multi Asset Futureproofing
FREE ARTICLETechnology first came to the forefront at the London Stock Exchange in 1986 when the exchange abandoned floor trading. Since then, technology has only continued to increase in importance, particularly since the exchange’s switch to listed company st read this
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Technology Workshop: Algo Integration – Can FIX Fix It?
FREE ARTICLEThe FIX Protocol’s provision of a broad set of commonly accepted standards has radically simplified and reduced the cost of financial messaging in capital markets. A relatively recent innovation within FIX has been the work of the Algorithmic Trading W read this
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Spotlight: Patsystems IQ-Trader
FREE ARTICLEPatsystems were one of the first ISVs to launch an electronic dealing platform when futures markets began migrating from open outcry in the 1990s. AT takes a look at the automated trading functionality within the latest incarnation of its mid-tier IQ read this
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Peek Ahead: A Misleading Glimpse of the Future
FREE ARTICLE“AT pays a visit to a seriously secretive organisation and sees a human free vision of the automated trading future. Or possibly not…” read this
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Case Study: Algo Pairs at Investec
FREE ARTICLEInvestec Securities (UK) is a UK institutional equity house offering institutional services across research, sales, sales trading and risk trading. In September 2006, it announced that it had gone live with royalblue’s Fidessa Pairs and VWAP algorithm read this
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Exchange Views: ASX - Ramping Up For Algo
FREE ARTICLEIn common with other exchanges around the globe, the ASX has seen algorithmic and automated trading fundamentally change the nature of its order flows. AT talks to David Stocken, Senior Product Manager, Equity Products at the ASX about how the exchange read this
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Feature: Colocation - A Game Worth the Candle?
FREE ARTICLEExchanges, networks and service providers are turning to the laws of physics in the race to reduce latency and win customers. But do colocation and proximity trading really offer substantial benefits worthy of the investment, or is it mainly a triu read this
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AT Round Table: Algorithmic Trading - Creating real value for the buyside
FREE ARTICLEAs algorithmic trading continues to mature, the buyside is becoming more demanding. Providers are now being judged on a more holistic basis than in the past, with an emphasis on their overall ability to add value. AT talks to five prominent sellside read this
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Spotlight: RTD Tango - Cutting to the Chase
FREE ARTICLETools for trade automation have been around for several years. One of the later arrivals at the automation party is RTS Realtime Systems Group, which launched its RTD Tango automated/algorithmic modelling and trade execution platform last year. As read this
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Tech Forum: Data - The Exploding Supernova
FREE ARTICLEWith: - Mark Palmer, general manager and vice president of Apama Products, a division of Progress Software - Dr John Bates, founder and vice president of Apama Products, a division of Progress Software - John Coulter, vice president of marketing and read this
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Feature: Algo in Asia - Slow Burn or Damp Squib?
FREE ARTICLEWhile adoption of algorithmic trading in Asia is not as advanced as in Europe or the US, there are some indications of intent already emerging. For instance, several major broker dealers have started relocating experienced advanced order execution pe read this
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Leader: The buyside trader - empowered or extinct?
FREE ARTICLEThe introduction of Reg NMS next year will further compound other changes, such as decimalisation, that have transformed the equity market in recent years. Joe Wald, CEO of EdgeTrade Inc., explains how traders need to evolve and respond to meet this read this
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SunGard?s Decalog and TradingScreen Announce Integration of OMS and EMS Offerings to Better Serve Asset Management Firms
FREE ARTICLESunGard and TradingScreen Inc.have announced the launch of an integrated solution for buy-side traders. Decalog provides portfolio and trade order management functionality, helps streamline investment workflow and helps traders achieve best execution on l read this
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Case Study: ABP - à la carte algo
FREE ARTICLEWith an invested capital of 190bn euros, Stichting Pensioenfonds ABP - the pension fund for employees in the service of the Dutch government and educational sector - is the second largest pension fund in the world. The fund has been scaling up its equity read this
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Technology Workshop: Java - Your High-Frequency Friend
FREE ARTICLEAn article in the April issue of AT (“You’re using what?!”) questioned the suitability of Java for high frequency automated trading. Matt Schruben, Principal Consultant, Random Walk Computing and Jim Levey, Director of Marketing, Random Walk Computing pro read this
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AT Round Table: Pre-trade analytics - expectations and reality
FREE ARTICLEPre-trade analytics have become an integral part of the workflow for algorithmic traders. We asked four major sellside banks for their views on some of the current and emerging themes in analytics. With: - Chris Biscoe, Head of US Ecommerce, Barclays C read this
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Strategies: Waiting for the Iceberg
FREE ARTICLEAlgorithmic trading has radically changed trading patterns in capital markets. Transaction volumes have increased and in the equities markets in particular, individual transaction sizes have plummeted. Debbie Williams, Group Vice President of the Capital read this
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The Boys from Balchug
FREE ARTICLEDmitry Bourtov runs the US-based hedge fund Solaris, as well as heading a group at the Moscow offices of data vendor CQG that combines the activities of a quant shop and a specialist financial software developer. Bourtov talks to AT about the process read this
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Hedge Fund Back Offices - Sinking or Swimming in the Algo Flood?
FREE ARTICLEHedge funds have been a major factor in the growth of algorithmic trading, but how are they and their prime brokers responding to the impact that algorithmic and automated trading have had on the back office? read this
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Hedge funds send Asian equity trading volumes soaring, says report
FREE ARTICLEBuoyed by outsized returns and driven by an influx of hedge funds, equity market trading volumes surged throughout Asia in 2006, and institutional investors remain bullish about the region's prospects for the coming year, according to a report from consul read this
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A generalised formula for European option values as the basis for an automated arbitrage strategy
SUBSCRIBERS ONLYThis paper considers a generalised approach to the problem of rational value calculation of European options. A distinctive feature of the suggested approach is a rejection of the base asset market being described by means of standard price formation mode read this
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Integration of TradingScreen with Linedata’s Beauchamp
FREE ARTICLEFebruary 26, 2007 - Linedata Services, a provider of software and services to the global financial services marketplace, today announced the integration of TradingScreen’s TradeSmart with Beauchamp FundManager, Linedata’s flagship portfolio management sys read this
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Pretests for genetic-programming evolved trading programs: “zero-intelligence” strategies and lottery trading - Part 1
FREE ARTICLEIn this paper, we discuss a series of pretests, based on several variants of random search, aiming at giving more clearcut answers as to whether a GP scheme, or any other machine-learning technique, can be effective with the training data at hand. Precise read this
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Pretests for genetic-programming evolved trading programs: “zero-intelligence” strategies and lottery trading - Part 2
FREE ARTICLEPart 2 of Pretests for genetic-programming evolved trading programs: “zero-intelligence” strategies and lottery trading bootstrap paper. By Shu-Heng Chen and Nicolas Navet read this
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Distributed automation
FREE ARTICLEWhile automated trading is now relatively commonplace, Rickey Cheung has been one of a few to take the process a step further. In addition to his own proprietary trading, he also redistributes trading signals to automated trading clients around the world. read this
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High frequency data analysis
FREE ARTICLEAs the requirements for storing, manipulating and deriving intelligence from ever larger data sets continue to expand, techniques and technology have to keep pace. Brian Sentance, CEO of Xenomorph, outlines some of the prerequisites. read this
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Algorithmic trading: fact or fiction?
FREE ARTICLEThe rise in the popularity of algorithmic trading has been accompanied by a commensurate increase in the amount of marketing material that relates to algorithmic trading. Unfortunately a significant proportion of this material has a tendency to confuse ra read this
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ICAP + EBS = Joined up data
FREE ARTICLEThe explosion in automated and algorithmic trading has been accompanied by a huge thirst for data - market participants want data, lots of data. And they want a broader range of it - the days of providing just traded prices are long gone. Today’s market w read this
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Market data connectivity
FREE ARTICLEWith: - David Hann, general manager for EMEA at Interactive Data Real-Time Services - Gregory Smith, CEO at Cicada Corporation - Mark Akass, CTO at BT Radianz - Alasdair Moore, global head of sales at Fixnetix - Guy Tagliavia, president and CEO at Infody read this
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Liquidity sensing and smart order routing
FREE ARTICLERegulation in both the US and Europe is having a significant impact on smart order routing in relation to best execution and venue selection. An important part of the routing process revolves around the sensing of hidden liquidity. read this
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BEA enters event-driven architecture arena
FREE ARTICLEMay 29, 2007 - BEA has entered the event-driven architecture market with a product geared for SOA using Java. read this
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Assessing the Risk and Return of Financial Trading Systems - a Large Deviation Approach
FREE ARTICLEWe apply large deviation theory to assess the probability that a trading system performs below or above a certain threshold. Our technique does not require that the distribution of the performance criterion obeys a closed-form equation, and can accept a read this
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αlphability
REGISTERED VIEWERSThis issue of Automated Trader marks the launch of a new set of tradability statistics called Alphability. Andy Webb outlines some examples of their construction and their application as tools to expedite the development of automated and algorithmic tradi read this
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Communicating Ltd: The Trader Stripped Bare
REGISTERED VIEWERSCommunicating Ltd’s path to becoming one of London’s most profitable trading operations started with a revolutionary matching engine that fitted on a floppy disk. Vladan Jovanovic, Managing Director, tells AT how a stripped-down approach to trading and te read this
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Application Latency
REGISTERED VIEWERSAs growing competition places ever greater emphasis on the fine-tuning of automated and algorithmic trading programmes, AT asks leading solutions providers for their views on the tweaks that can minimise application latency and maximise performance. Wi read this
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Northern Exposure
REGISTERED VIEWERSThe rising level of algorithmic and automated trading is one of the key drivers behind a major technology and service overhaul at OMX’s Nordic Exchange. Jukka Ruuska, President, Nordic Marketplaces, OMX, provides a snapshot of the exchange’s plans for han read this
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ECS to develop automated agents for the stock market
FREE ARTICLESeptember 26th, 2007 - A team from the University of Southampton which won an automated trading agent competition believe their entry may form the basis for an automated stock market. read this
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Naked Option by Joe Kolman
REGISTERED VIEWERSDave Ackerman, the narrator of Naked Option, is a brilliant trader but one day, recklessly trying to one-up his firm's superstar, he goes naked on an option trade and loses $112 million in two hours. His career is over. Then he hears about an auditing job read this
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Get a Grid!
REGISTERED VIEWERSIn the Q3 issue’s Technology Forum, our panel of experts agreed that grid computing had not yet been fully harnessed to support automated trading. So Automated Trader asked Mike Stoltz, VP, Architecture and Strategy, Financial Services at Gemstone Systems read this
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Speed to Market
REGISTERED VIEWERSHow is the latest technology accelerating the development and implementation of algorithms and automated trading systems? AT asks leading solutions providers to share their views. read this
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First-mover Advantage?
REGISTERED VIEWERSAlready offering cheaper, quicker pricing on French, German, Dutch and UK equities, Chi-X is the first tangible evidence of the challenge to Europe’s stock exchanges unleashed by MiFID. Director Peter Randall talks to AT about the forces driving liquidity read this
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Plimsoll Takes the Plunge
REGISTERED VIEWERSTo offer greater diversification to investors, US-based Plimsoll Capital introduced Armada, a portfolio of automated strategies. Tom Parry, Director of Algorithmic Trading, tells AT how the FX-focused asset manager built the platform on which Armada now s read this
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UNX Launches Five New Advanced Trading Algorithms That Utilize Firm's Leading Tactical Execution Framework
FREE ARTICLENovember 27th 2007 - UNX, Inc. has announced that it has launched five new algorithms that utilize the firm’s leading tactical execution framework and expertise in micro-market liquidity flows to help clients achieve best execution and beat benchmarks for read this
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Survival of the Fastest
FREE ARTICLEIn historical terms,the speed and movement of sensitive data can clearly be seen to have delivered execution advantages. Looking back nearly 200 years, Nathan Rothschild proved the benefit of having the quickest communications system in Europe in 1815 by read this
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Building and maintaining an algorithmic trading tool
FREE ARTICLEAs the use of algorithmic trading tools has become more widespread, clients’ expectations have similarly increased. Owain Self of UBS highlights the important considerations when developing and supporting a credible algorithmic trading tool and what it ta read this
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BEA and Lab49 Deliver New Framework for Building the Next Generation Front Office in Capital Markets
FREE ARTICLEJanuary 14th 2008 – BEA Systems, Inc. has announced a new framework approach to utilize the BEA Weblogic® Event Server. In partnership with Lab49 and Intel, the framework is designed to address key challenges in today’s front office in capital markets, su read this
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Evidence-Based Technical Analysis: Statistical Analysis
REGISTERED VIEWERSThe following excerpt is from Chapter 4 of David Aronson's recently published book "Evidence-Based Technical Analysis". Together with Chapters 5 and 6 of the book (which will be available as excerpts later) it addresses aspects of statistics that are part read this
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The Role of Advanced Models in Performance Boosting
REGISTERED VIEWERSIn the second part of a two-part article, David Aronson, President of Hood River Research, examines the modelling techniques used in arriving at a valuable predictor set for boosting ‘raw’ trading model performance. read this
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Adapting Algorithms to Realities of Asian Markets
REGISTERED VIEWERSIf execution algorithms are to be adopted widely in the Asian markets, both providers and users must be aware of the unique characteristics of trading in the region, says Dr Usman Malik of P. E. Lynch LLP. read this
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New Horizons for Complex Event Processing
REGISTERED VIEWERSDaniel Chait, Managing Director, Lab49, asserts that CEP has a wide range of applications beyond algo/auto trading. read this
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A Singular Vision
REGISTERED VIEWERSIts recent merger with the CBOT saw CME Group expand further the range of asset classes available on its Globex platform. Deputy CIO Kevin Kometer looks at the diverse challenges ahead. read this
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Cream Rising
REGISTERED VIEWERSBlackCat Trading Technologies’ Matthew Breakwell and John Reeve explain their distinctive approach to building a quantitative trading platform and outline their plans for exploiting it. read this
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The Blame Game
REGISTERED VIEWERSWhen things go wrong, the reflex reaction is to apportion blame. When things go wrong in the financial markets, who will the regulators be pointing their fingers at? read this
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Proximity Hosting: Plug’n’Trade or Pay’n’Wait?
FREE ARTICLEProximity and trading application hosting have been some of the fastest growing areas in the evolution of automated and algorithmic trading. Mark Thornberry, Managing Director at RTS Realtime Systems, London, discusses some of the main considerations for read this
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Aegis Software Announces New Release of FIX-Based Toolset
STILL EDITINGMarch 31st 2008 - Aegis Software Inc., announced today the new release of its FIX-based testing toolset, Exchange Simulator and Client Simulator. The new versions feature more functionality and higher performance and include many new exchange simulations. read this
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F&C SUCCESSFULLY IMPLEMENTS CADIS EDM SUITE
STILL EDITINGApril 9th 2008 - Cadis Software, formerly Citadel Associates, announced that F&C Investments has successfully implemented its award-winning Cadis EDM Suite simultaneously with a Charles River trading platform. Cadis EDM Suite will enable F&C to benefit fr read this
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Do Black Swans Swim in Dark Pools?
QUALIFIED REGISTRANTS & SUBSCRIBERSThe continued rise of dark liquidity and the development of more sophisticated execution algorithms could increase regulatory obligations on brokers and/or exchanges, according to Mary Lou Von Kaenel, Managing Director, Management Consulting, Jordan & J read this
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Transition Management: Best Execution through Algorithmic Trading
QUALIFIED REGISTRANTS & SUBSCRIBERSThe ability to restructure investment portfolios with minimal cost, risk or information leakage is a critical skill in today’s competitive fund management industry. Joseph Sidibe, Vice President, Execution Sales Desk, EMEA, Merrill Lynch, explains how use read this
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Machine Learning + Regime Switching = Profitability?
QUALIFIED REGISTRANTS & SUBSCRIBERSThe concept of regimes – such as bull and bear markets – is elemental to financial markets. The desire to predict regime switches, commonly known as turning points, is similarly elemental. Ernest Chan, CEO of E. P. Chan & Associates, examines a possible t read this
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Mr Immediate
QUALIFIED REGISTRANTS & SUBSCRIBERSSteve Radez, CEO of Essex Radez, has a strong claim to be the world’s first automated trader. Together with Essex Radez’s CTO, John Muelhausen, he explains how technology and automation have been constant themes in a three-decade trading career. read this
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Morgan’s Mission
QUALIFIED REGISTRANTS & SUBSCRIBERSAs one of the world’s largest fund managers, JPMorgan Asset Management’s trading operations increasingly resemble those of an agency broker. Daemon Bear, Head of Equity Trading, and Kristian West, Head of Trading Strategy, who recently joined from Barclay read this
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Integral launches FX Power Trader White Label Retail FX trading solution
FREE ARTICLEMay 22nd, 2008 - Integral Development Corporation, the independent eFX trading technology provider, has launched FX Power Trader.™ read this
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Aleri announces the latest version of Aleri Live OLAP
FREE ARTICLEMay 28th, 2008 - Aleri today announced the latest version of Aleri Live OLAP. Taking CEP one step further, Aleri Live OLAP allows users to interactively analyze multi-dimensional data sets that are live – where the underlying data is continuously updated read this
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New enhanced multi-core Kdb+ includes DTrace and more speed
FREE ARTICLEJune 9th, 2008 - Kx Systems has announced a new version of Kdb+. read this
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HPC Platform demonstrates one microsecond latency hardware based events generation for algorithmic trading
STILL EDITINGJune 19th, 2008 - As it is the case for feed-handling, there is a continuous race among key players to decrease the latency attached to the end-to-end Complex Event Processing (CEP) for Algorithmic Trading. HPC Platform leverages its expertise for ultr read this
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SuperDerivatives Introduces Next Generation FX, Meeting Demands of Fast Evolving Derivatives Market
FREE ARTICLE23 June 2008 - SuperDerivatives has launched the next generation of its trading platform for the foreign exchange market. read this
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BATS Trading Adds Knight Link As Dark Scan Destination
FREE ARTICLEJuly 4th, 2008 - BATS Trading Inc. announces that Knight Link has been added as a destination for BATS’ Dark Scan. read this
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Commodities on the menu
SUBSCRIBERS ONLY Hard and soft, edible and not-so-edible commodities have been a hot topic recently. But what substance is there behind the sizzle? Automated Trader has been looking into the current commodity boom, and asking, are these markets ripe for automation, and read this
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Volatile but fundamentally floored?
SUBSCRIBERS ONLYWe continue our coverage of commodities with one man’s analysis of the long-term case for investment. David Nahmanovici delivered his analysis at IDX in London, back in June. We were in the audience. read this
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Machine versus Man versus Machine?
SUBSCRIBERS ONLYWhat’s the sense in trading the traders? William Essex closes our discussion of commodities with a look at the changing behaviour of the markets themselves. Might the “electronic effect”, and within that a distinct “algo effect&rdq read this
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The fuse is burning
SUBSCRIBERS ONLYAs the momentum of change increases in European equity markets, some obvious similarities with US markets are emerging – but so also are some striking differences. Joe Wald, Managing Director and Co-Founder of EdgeTrade, a Knight Capital Group subsi read this
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Only the versatile need apply
SUBSCRIBERS ONLYLegal and General Investment Management (LGIM) has some £300bn in assets under management invested globally. Almost half of this is invested in equities. Mary McCave, LGIM’s senior equity dealer, discusses how LGIM’s trading desk stays o read this