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  • EZ Inflation Drops More Than Expected, Increases Hopes For Bold ECB Rate Cut

    FREE ARTICLE<pre> The Euro-zone inflation rate fell to 2.1% in November year-on-year, increasing hopes for a bold rate cut by the European Central Bank (ECB) next week. </pre> <pre>The flash estimate, published by EU statistics agency Eurostat read this

  • FX Update: European Outlook

    FREE ARTICLEThis week's stock market bounce, which in all likelihood is a bear market rally, helped foster a calmer tone in FX markets this week, which looks likely to remain the case into next week. The US markets reopen, but to an abbreviated session and there read this

  • US Opening Comments

    FREE ARTICLETreasury Secretary Hank Paulson is expected to pledge between $25-$100bln of TARP money towards a new lending facility to boost the consumer loan market. In M&A news, BHP Billiton pulled its Rio Tinto hostile takeover bid because of the economic crisi read this

  • FX Update: NY Outlook

    FREE ARTICLEThe dollar recovered marginally in overnight trade, taking back some of its recent losses versus the euro and the pound in particular, as global equities stumbled after two days of gains. A softer commodity backdrop weighed on the CAD and AUD, while USD/J read this

  • FX Update: European Outlook

    FREE ARTICLEThe USD saw a moderate recovery after weakening on Monday, though stock markets in Asia continued to rejoice in the Citigroup bailout development. There is a busy calendar in both Europe and North America ahead on Tuesday, and market participants will be read this

  • Equities Close

    FREE ARTICLEEquities finished significantly higher for the second session in a row with the Dow up 4.7% to 8425, the S&P rising 6.3% to 850 and Nasdaq gaining 6.3% to 1472. The S&P500 opened higher after another government bailout of Citigroup and the inde read this

  • Euro Govt Debt Issues Move Lower

    FREE ARTICLE<strong> </strong>European government debt futures are lower on the session, having lost initial gains as stock markets have extended gains, led by banking shares following the U.S. government's Citigroup bailout over the week read this

  • Euro Debt Issues Lose Opening Gains

    FREE ARTICLEThe German Ifo came in weaker than expected, but it seems to have been a case of buy the rumour sell the fact as both Bund and Gilt futures lost opening gains after the release and moved into negative territory. Bunds are outperforming Gilts, however, read this

  • As the focus turns to risk management, don’t neglect the front office

    FREE ARTICLEAll the indicators are pointing to a sharp decline in technology spending in financial markets. That obviously makes maximising the value-add of tech investment an absolute must. Zohar Hod of SuperDerivatives argues that this does not automatically imply read this

  • BOE VOTED 9-0 FOR 150-BPS RATE CUT, CONSIDERED 200 BPS

    FREE ARTICLEBank of England (BOE) policy makers voted 9-0 to cut the UK base rate by 150 basis points, and even considered a deeper cut in excess of two percentage points to keep the inflation rate from falling below its target in the medium term, minutes of their No read this

  • FX Summary

    FREE ARTICLEAs has been the case for seemingly months, the major dollar pairings followed the lead of the stock market again on Tuesday, as USD/JPY and EUR/USD were supported in morning trade, as equities made modest gains, though turned lower later in the session, a read this

  • GS lowered Q4 GDP estimates

    FREE ARTICLEGoldman estimates GDP could decline by 6% annualized in Q4, and in a "worst case" scenario by 7.8% read this

  • FX Update: Asian Summary

    FREE ARTICLEThe USD gapped higher at the open against all the major currencies on renewed risk aversion after the G20 failed to offer any tangible solutions to the current credit crisis. EUR/USD gapped from NY closing levels around 1.2700 to 1.2560, with other curren read this

  • Looking Ahead: NY's Morning Headlines

    FREE ARTICLEStocks Plunge In Heavy Volume, Spelling The End Of Market's Short-Lived Rally <a href="http://license.icopyright.net/user/viewFreeUse.act?fuid=MTk1NzIwNQ== ">IBD</a> http://license.icopyright.net/user/viewFreeUse.act?fuid=MTk1N read this

  • FX Update- USD/JPY Extends Declines

    FREE ARTICLEUSD/JPY continues to plummet, as yet another round of stop-loss selling sets in on the move under 96.00. This was the case earlier at the 97.00 level. The pairing posted new lows of 95.30, though has since rebounded to 95.60. The story remains the same, a read this

  • Streamlined Mortgage Work-Out Process Unlikely to Make Much of a Dent

    FREE ARTICLEHousing regulators blew a lot of smoke today about the new, simplified protocol for reworking past-due mortgages. Most of the steps have been in place for months, and the only homeowners eligible ar essentially 30yr fixed-rate borrowers who lose jobs. Mos read this

  • Develop Cleaning Algorithms from "Quality Money Management" by Andrew Kumiega and Benjamin Van Vliet

    FREE ARTICLEAs the competition to produce and quickly deploy profitable trading models continues to increase, many participants are starting to pay more attention to refining their model development process. In the third of three excerpts from their book "Qua read this

  • FX Update- EUR/USD

    FREE ARTICLEDealers report good U.S. name EUR/USD offers over 1.2800, as has largely been the case since the N.Y. open. Sources see real money account involvement, which has resulted in partially de-linking EUR/USD from equity market moves for now. U.S. stocks are on read this

  • MFR's Recap of Yesterday's Market Activity

    FREE ARTICLEHard to make any sense of today’s market swings other than to say investors seem to be getting more comfortable with risk taking. The VIX took a sharp drop in the morning session, from yesterday’s close of 53.88 to its session low of 44.25 read this

  • FX Summary

    FREE ARTICLEThe dollar moved sharply lower through the N.Y. session on Tuesday, as soaring stocks, rallying oil prices, and likely, a pre-election round of long dollar position squaring weighed heavily on the greenback. In addition, the euro and pound likely did bett read this

  • alphability

    SUBSCRIBERS ONLYAutomated Trader’s proprietary tradability metrics are environmental statistics intended to assist those building trading models/systems in determining which markets and timeframes are most favourably responsive to which generic types of model. read this

  • Mobiu

    SUBSCRIBERS ONLYOne of the major headaches with institutional automated and systematic trading is ensuring security of intellectual property (IP). As our “Me and My Machine” interviewee, Miles Kumaresan, points out (on page 36), while it is possible to identi read this

  • Building a better autoBRIC

    SUBSCRIBERS ONLYAutomated Trader spoke to a range of market participants in Brazil, to gauge the take-up of automated and algorithmic trading in the first of the BRIC economies. read this

  • Me and My Machine: The Automated Trader Interview

    SUBSCRIBERS ONLYMiles Kumaresan, Head of Quantitative Trading at TransMarket Group Ltd, talks to Automated Trader’s Editor, William Essex, about the development of the company’s High Frequency Quantitative Trading Group. read this

  • The Buyside Profile: Mergence, Cape Town, South Africa

    SUBSCRIBERS ONLYHeadquartered in Cape Town, Mergence is an interesting mix of investment businesses; part absolute return fund, part multi-strategy hedge fund, and part long-only fund. Automated Trader talks to Brad Preston, Mergence’s Quantitative Analyst, about t read this

  • MFR's Recap of Last Week's Market Activity

    FREE ARTICLEOctober 2008 is going to go down in the history books and no doubt virtually everyone is glad that it is coming to an end. While the economic-financial turmoil lingers, during the past week some thawing of credit markets and increase in risk appetite are read this

  • Researching Quantitative Methods from "Quality Money Management" by Andrew Kumiega and Benjamin Van Vliet

    FREE ARTICLEAs the competition to produce and quickly deploy profitable trading models continues to increase, many participants are starting to pay more attention to refining their model development process. In the second of three excerpts from their book "Quali read this

  • MFR's Recap of Yesterday's Market Activity

    FREE ARTICLEIt has been a session of mixed signals. Stocks have been stronger but commodities lower and the VIX still suggesting little change in the “fear factor.” The equity markets in Europe ended still in positive territory. The Dow Jones Stoxx 60 read this

  • Financial institutions adapt trading strategies to new market environments using GL STREAM

    FREE ARTICLEOctober 23rd, 2008 - GL TRADE signs 11 new order management systems and smart order routing systems clients read this

  • MFR's Recap of Yesterday's Market Activity

    FREE ARTICLENovember 15 has been set for the G20 summit to discuss the financial crisis. It will be hosted by Pres Bush somewhere near Washington, D.C. In this environment, where just today we have seen oil come off another 7%, the CRB off 6% and the USD index up abo read this

  • A stochastic model for order book dynamics

    REGISTERED VIEWERSWe propose a stochastic model for the continuous-time dynamics of a limit order book. The model strikes a balance between two desirable features: it captures key empirical properties of order book dynamics and its analytical tractability allows for fa read this

  • FX Summary

    FREE ARTICLEThe FX market was relatively calm on Friday, with major dollar pairing largely well-behaved and inside of recent trading bands into the weekend. As had been the case all week, EUR/USD and USD/JPY direction was fairly predictable, and for the most part, li read this

  • Preview: September CPI

    FREE ARTICLE<ul> <li>September CPI is expected to fall 0.1% following a 0.1% decline in August</li> </ul> <ul> <li> September Core CPI is expected to increase 0.3% following a 0.2% increase in August</li> </ul> read this

  • Exec Compensation Rules clamp down on parachutes, false returns, incentives for risk taking

    FREE ARTICLETreasury Asset Auction Program is still being developed but it appears Treasury is still working on exactly what the exec compensation rules will be.  The Programs for Systemically Significant Failing Institutions - where Treasury would direct read this

  • FX Update: Euro Slides vs Sterling, Swissy

    FREE ARTICLEEUR/GBP gapped lower on heavy US name selling, which saw the cross dive from 0.8027 to hit 0.7965. There is talk in the market that UK clearers are struggling to get GBP through the cash market so are having to sell EUR/GBP to fund themselves, which if tr read this

  • MFR's Recap of Yesterday's Market Activity

    FREE ARTICLEThere have been some encouraging policy developments but markets are anxious to see some tangible benefits from the dramatic coordinated rate cuts and passage of the $700B US rescue package. Today’s LIBOR fixing levels did come down for the overni read this

  • IMF: Crisis Requires International Cooperation

    FREE ARTICLECoordinated action is needed to arrest the crisis in global financial markets, the International Monetary Fund (IMF) said. The IMF, in its latest Financial Stability Report, said individual national responses have been ineffectual. "Piecemeal i read this

  • Redline Announces InRush Embedded Ticker Plant with OPRA FAST

    FREE ARTICLESeptember 5th, 2008 - Redline Trading Solutions Announces the InRush(TM) Embedded Ticker Plant with OPRA FAST read this

  • GL TRADE’s suite of European MTF gateways moves forward with certification from Turquoise

    FREE ARTICLE30th July, 2008 - GL TRADE announces that it has received full certification from Turquoise for its order-routing gateway read this

  • Automated Trader’s proprietary tradability metrics

    SUBSCRIBERS ONLYAutomated Trader’s proprietary tradability metrics are environmental statistics intended to assist those building trading models/systems in determining which markets and timeframes are most favourably responsive to which generic types of model. read this

  • It’s decision time

    SUBSCRIBERS ONLYBut is that the whole of the problem, that the decision-making process itself adds latency to data? Or are data volumes and the proliferation of trading venues outstripping data vendors’ capacity to deliver in real-enough time? William Essex investi read this

  • How do you differentiate your electronic execution services?

    SUBSCRIBERS ONLYWhile the recent proliferation of electronic execution services has presented the buyside with an impressive degree of choice, it has simultaneously landed the sellside with several challenges. How do you make your services stand out from the crowd? What read this

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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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