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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
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
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
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
Tech Forum: The OMS - Moving On, Moving Up
FREE ARTICLEOne type of trading technology that has been much affected by the growth in algorithmic trading is the OMS. AT talks to five leading OMS vendors to find out how changes in the market are affecting their businesses and how they are dealing with those cha read this
My Machine: The AT Interview - Amplitude Capital: Precision Automation
FREE ARTICLEAutomation, both in terms of trading and back office processes, is an intrinsic part of Amplitude Capital’s day to day operation. AT talks to two of Amplitude’s principals, CEO Karsten Schroeder and CFO John Harrison about the firm’s technology, met read this
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
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
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
Feature: Jack Schwager - Making the grade
FREE ARTICLEThe number of hedge funds using automated and algorithmic trading has risen exponentially in recent years. That has made it hard for such funds to stand out from each other when pitching to allocators. One such allocator is Jack Schwager, who in ad read this
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
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
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
FutureTrade and The Williams Capital Group, L.P. Announce Electronic Partnership
FREE ARTICLE The Williams Capital Group and FutureTrade have announced an agreement whereby Williams Capital”s clients will use the FutureTrade electronic trading platform for self-directed direct market access and algorithmic execution and FutureTrade&rdqu read this
FPL Re-establishes Exchanges/ECN Working Group
FREE ARTICLEFPL has announced the reformation of its Exchanges/ECN Working Group. This working group will be lead by representatives from three geographic regions ? Matt Simpson of the Chicago Mercantile Exchange (Americas region), Kathleen Grey of HSBC (Asia Pacific read this
Barclays Capital joins Fidessa?s global broker network
FREE ARTICLEroyalblue, supplier of Fidessa?, has announced that Barclays Capital, the investment banking arm of Barclays Bank PLC, has signed up to receive order flow from Fidessa?s global connectivity network. Fidessa users are now able to route care order flow and read this
NYSE GROUP AND EURONEXT N.V. AGREE TO A MERGER OF EQUALS

FREE ARTICLENYSE Group, Inc. (NYSE: NYX) and Euronext N.V. have announced that they have signed an agreement to combine the leading U.S. and pan-European securities trading exchanges in a merger of equals. This new group, to be named NYSE Euronext, will globally rede read this
Orc Software expands access to foreign exchange markets with connections to FXall and Hotspot FXi
FREE ARTICLEOrc Software has announced that it now provides direct trading access to FXall and Hotspot FXi, two of the leading alternative trading systems for foreign exchange (FX). This arrangement marks a significant expansion of Orc Software into the global FX mar read this
Wombat releases feed handler for ARCABook
FREE ARTICLE Wombat Financial Software, provided a significant endorsement of the new FIX Adapted for Streaming (FAST) protocol today by announcing the release of a new FAST feed handler for the Archipelago Exchange\'s ARCABook Binary feed. FAST is a new market dat read this
Quant House adds ComStock feed to trading platform
FREE ARTICLEQuant House, has announced the availability of the QuantFEEDHANDLER for PlusFeed from ComStock, an Interactive Data (NYSE: IDC) business. The QuantFEEDHANDLER technology is designed to allow easy integration of ComStock's PlusFeed giving users access to read this
FutureTrade Announces Agreement With LaBranche Financial Services Institutional Execution Group to Offer FutureTrade's Electronic Trading Platform to Its Customers
FREE ARTICLEFutureTrade, a leading provider of electronic equity, option and algorithmic trading, has announced an agreement with LaBranche Financial Services, Inc.'s Institutional Execution Group, which provides quality brokerage and execution services. Under the te read this
Lava Announces Addition of Algorithmic ?Timeslice? Tool to LavaFX Product Suite; Major Enhancement Allows ?Quiet? Execution of Large Orders
FREE ARTICLE Lava Trading Inc., have announced the launch of Timeslice, a significant new algorithmic trading feature of the LavaFX(TM) foreign exchange product suite. Timeslice allows foreign exchange traders to execute orders ove read this
Cicada upgrades Composer plus+ data management platform
FREE ARTICLECicada has announced the release of the next generation of its Cicada Composer plus+ data management platform, featuring a new level of low latency performance that can be configured to manage virtually any level of throughput with latency as low as one m read this
Red Hat, HP, Intel and Reuters Enable Financial Services To Leap Ahead With 1.8 Million Real-Time Market Data Updates Per Second on RMDS 6.0
FREE ARTICLERed Hat (NASDAQ: RHAT), has announced business-changing throughput and latency performance numbers for Reuters Market Data System (RMDS) 6.0. In recent performance tests conducted by Technology Business Development Corporation (tbdCorp), RMDS 6.0 surpasse read this
Credit Suisse acquires minority stake in Bats Trading
FREE ARTICLECredit Suisse says it has acquired a minority stake in Missouri-based ECN operator Bats Trading. Financial terms of the deal were not disclosed. Credit Suisse is the third Wall Street firm in a month to invest in Bats, which is the owner of the Bats (Bett read this
Instinet and Credit Suisse?s Advanced Execution Services (AES) Partner to Deepen Their Upstairs Liquidity Pools
FREE ARTICLEInstinet, has announced a partnership with Credit Suisse?s Advanced Execution Services (AES) unit to significantly deepen the pool of institutional-only liquidity available to each firm?s clients. With the reciprocal agreement, the firms will provide thei read this
Vhayu launches Velocity for Options service
FREE ARTICLEVhayu, has announced availability of Vhayu Velocity for Options which provides real-time analytics and storage of dynamic options market data. Velocity for Options is the only tick capture engine available that can scan and analyse the entire US equities read this
Volante Technologies and MuleSource Promote Open Source Alternative to Proprietary Integration in Financial Services
FREE ARTICLEVolante Technologies, Inc. has announced a partnership with MuleSource (www.mulesource.com), the official support and services organization backing Mule. Mule is the leading open source Enterprise Service Bus (ESB) and integration platform, with hu read this
Strategies: Building a Better Bear Trap
FREE ARTICLEOne of the most critical elements in algorithmic trading lies in accurately modelling trading costs, yet this still remains a rather inexact science. While certain cost elements are relatively stable and/or easy to predict, others are not. As a result, mo read this
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
Exchange Views: ISE - Automation Inspiration
FREE ARTICLEIn April of this year, the International Securities Exchange announced that it would be entering the equities market through the launch of the ISE Stock Exchange. AT talks to David Krell, President and Chief Executive Officer of the ISE about this initiat read this
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
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
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
My Machine: The AT Interview - Algo Reality
FREE ARTICLEInvestment management firm T. Rowe Price, headquartered in Baltimore, Maryland, has more than USD300bn under management. The company has a global presence and in common with other major asset managers uses execution algorithms in its various locations. AT read this
ITG® LAUNCHES CONTINUOUS CROSSING in EUROPE
FREE ARTICLEFeb 8th 2007 - Investment Technology Group, the technology-based equity trading services group, has announced that it has introduced POSIT Now, the continuous intraday crossing system for equities – into Europe. read this
FPGA's - Parallel Perfection?
FREE ARTICLEFPGAs (Field Programmable Gate Arrays) may not be new technology, but as the data crunching race in automated/algorithmic trading continues to intensify, could they be an idea whose time has finally come? AT talks to Alistair MacArthur, Senior Resear read this
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
Market heterogeneities and the causal structure of volatility - Part 2
FREE ARTICLEPart two of the paper exploring the correlation between historical and realized volatilities. By Paul Lynch and Gilles Zumbach read this
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
Catching up with technology: The impact of regulatory changes on ECNs/MTFs Part 1
FREE ARTICLEIn recent years the landscape of trading venues has been transformed by technological advances. New trading concepts and infrastructures along the securities trading value chain have been established. With RegNMS ("Regulation National Market System") in read this
Catching up with technology: The impact of regulatory changes on ECNs/MTFs Part 2
FREE ARTICLEIn recent years the landscape of trading venues has been transformed by technological advances. New trading concepts and infrastructures along the securities trading value chain have been established. With RegNMS ("Regulation National Market System") in read this
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
AT&T Delivers Package of Ethernet and Network Applications to Knight Capital Group
FREE ARTICLEMar 6 - AT&T Inc announced today a contract to provide high-capacity data services, specialized equipment and Internet Protocol (IP) telephony support to Knight Capital Group, Inc, a financial services firm that provides comprehensive products and service read this
TraderTools Integrates GigaSpaces Infrastructure Software Into its STPlatform - Trading Platform News
FREE ARTICLEMar 14 OEM Agreement to Strengthen Both Companies' Position in Financial Services Markets Worldwide. GigaSpaces Technologies, Inc. and TraderTools LLC, both headquartered in New York, announced today they have signed an OEM agreement for the integration o read this
Wombat Platform Meets the Needs of TD Securities - Trading Platform News
FREE ARTICLEMar 20, 2007 - Wombat Financial Software, has today announced a global licensing agreement with TD Securities for its low latency market data distribution and integration software. TD Securities is replacing its current market data distribution system wit read this
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
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
Investment on High-Speed, Advanced-Trading Infrastructure Value Chain across Asset Classes to Hit $860M in 2007, Rising to $1.3B by 2010, Says TABB Group
FREE ARTICLEApril 2, 2007 - In 2006, over half of institutional equities trades in the US were executed through direct market access (DMA), algorithms, programs or crossing networks and with steady growth in every electronic execution channel that percentage will inc read this
ACTIV Financial Announces Hardware Based Market Data Feed Processing Strategy
FREE ARTICLEApril 2, 2007 - ACTIV Financial, today introduced ActivFeed MPU (Market Data Processing Unit), a hardware accelerated solution for low-latency exchange feed processing. ActivFeed MPU provides a highly cost-effective, scalable ticker plant solution that wi read this
MiFID: A catalyst for changing the trading landscape
FREE ARTICLEJon Carp, Head of Alternative Execution Sales Europe at C A Cheuvreux looks at the specific implications of MiFID for the buyside and sellside in terms of smart order routing and algorithms. read this
Event processing in the world of electronic and algorithmic trading
FREE ARTICLEEvent processing is a set of concepts and accompanying technologies that have been building momentum in the world of finance over the past few years. These ideas and technologies are rapidly changing the way in which automated trading systems and related read this
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
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
Empirical execution: Aspect Capital
FREE ARTICLEAspect Capital has a long pedigree as a systematic money manager. As such, it has been well placed to make a logical progression to automated and algorithmic trading. AT talks to Rob Wakefield, Aspect’s chief operating officer, about the firm’s recent act read this
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
Eurex and ISE to Create Largest Transatlantic Derivatives Marketplace
FREE ARTICLEMay 1, 2007 - Eurex and International Securities Exchange (ISE) announced today that they have signed a definitive agreement under which Eurex will acquire ISE for approximately USD 2.8 billion in cash, or USD 67.50 per share. The combination will be impl read this
Patsystems plc announces appointment of Barry White as Regional Head of Asia, Patsystems
FREE ARTICLEMay 1, 2007 - Patsystems plc, the trading solutions provider to the derivatives industry, is pleased to announce that it has promoted Barry White to the position of Regional Head of Asia. Barry joined the ISV in 2006 as Managing Director of Australia. He read this
Entropy Rate and Profitability of Technical Analysis: Experiments on the NYSE US 100 Stocks
FREE ARTICLE The entropy rate of a dynamic process measures the uncertainty that remains in the next information produced by the process given complete knowledge of the past. It is thus a natural measure of the difficulty to predict the evolution of the process. T read this
Financial Data Mining with Genetic Programming: a Survey and Look Forward
REGISTERED VIEWERS Genetic Programming (GP) is an appealing machine-learning technique for tackling financial engineering problems: it belongs to the family of evolutionary algorithms that have proven to be remarkably successful at handling complex optimization problems read this
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
Algorithmic Traders & Their Impact on the Derivatives World
REGISTERED VIEWERSHaving revolutionised the equity markets, algorithmic trading is already reshaping the derivatives sector. Neal Brady, Director of Products and Services Technology, CME, looks at the technology and infrastructure changes that are fast attracting algorithm read this
The L Word
REGISTERED VIEWERSIt is widely considered as critical to the performance of an algorithm, but what do we actually mean by latency? Dr Usman Malik, of algorithmic trading specialists P.E. Lynch LLP, explains the main sources of latency and suggests some practical steps for read this
Pennies from Heaven?
REGISTERED VIEWERSAs the SEC’s six-month penny pilot scheme draws to a close in the US options market, Chris Hall reports on the initial impact on different market segments and asks whether decimalisation will open up the market for higher levels of automated and algorit read this
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
EDGETRADE Issues White Paper on Fragmentation and Unprecedented Liquidity Opportunities though Smart Order Execution
FREE ARTICLESeptember 10, 2007 - EdgeTrade today unveiled a white paper outlining causes and ramifications of market fragmentation. The white paper, “From Fragmentation to FAN: Intersection of Reg NMS/MiFID, Dark Pools and Charting a Clear Path to Actionable Liquidi read this
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
Interactive Data Introduces New Service That Calculates Intra-Day Valuations for Equity and Fixed Income Exchange Traded Funds
FREE ARTICLESeptember 27th, 2007 - Interactive Data Corporation has announced the Basket Calculation ServiceSM, a new web-based offering that is designed to provide clients with the indicative optimized portfolio value (IOPV) for equity and fixed income exchange trad read this
Turquoise Announces Chief Executive and Trading Platform Provider
FREE ARTICLEOctober 25th 2007 – Turquoise, the multi-lateral trading facility (MTF) being set up by seven leading European investment banks, today announced both the appointment of Eli Lederman as its Chief Executive Officer and the selection of Cinnober, the Swedish read this
Quod Financial Embeds TIBCO Rendezvous for its Multi-Asset Trading Solution
FREE ARTICLEOctober 29th, 2007 - Quod Financial, the multi-asset trading and OMS provider, has today announced that it has embedded TIBCO(r) Rendezvous(r) in its core product's trading solution. TIBCO Software Inc., a leading enabler of real-time business and the wor read this
Edgetrade Record of Executions in the Dark Continues to Outperform Industry Average
FREE ARTICLENovember 1st 2007 - EdgeTrade today disclosed that, between August and October, a daily average of 27.4% of clients’ executions were completed in dark pools through FAN, the firm’s smart order execution algorithm. This compares with a TABB Group estimate read this
CIMB-GK Securities selects Fidessa's Asian Trading Platform for regionaland global trading
FREE ARTICLENovember 7th 2007 - Fidessa group plc has announced that CIMB-GK Securities Pte Ltd has signed up for Fidessa's fully-hosted Asian Trading Platform. Fidessa will link CIMB Group's offices in Singapore, Hong Kong, Kuala Lumpur, Bangkok, Jakarta, and remote read this
RTS and OES MarketGroup in Global Alliance, Integrating OES Smart Order Routing with Trading Applications
FREE ARTICLENovember 7th, 2007 – OES MarketGroup has announced that it has continued the global expansion of its customer base with the addition of RTS Realtime Systems Group (RTS), a German-based leading independent software vendor (ISV). read this
Using Trading Dynamics to Boost Strategy Performance
REGISTERED VIEWERSIn the first part of a two-part article, David Aronson, President of Hood River Research, introduces the concept of performance boosting strategies and explains the selection process for their predictor inputs. read this