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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
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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
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Canadian Commercial Real Estate Can Weather the Downturn-Study
FREE ARTICLEA survey of 11 of Canada’s busiest commercial real estate markets shows the country is well-positioned to weather the economic downturn. The study Outlook '09 and Annual Market Review by Cushman & Wakefield LePage covers the office, read this
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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
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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
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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
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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
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Euro Govt Debt Issues Move Lower
FREE ARTICLE<strong>Â </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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Frontera Copper Suspends Mining on Tanking Prices
FREE ARTICLEFrontera Copper today announced it is temporarily suspending mining activities at Piedras Verdas, Mexico on sinking copper prices. The company said mining operations will be gradually discontinued while leaching operation will continue uninterrupted to r read this
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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
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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
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No Decision Made on Future of 5-Yr TIPS --Tsy Official
FREE ARTICLETreasury had noted that some studies had revealed TIPS cost more to issue than typical debt. Treasury will continue to study this issue. read this
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Canada-EU Summit Launches new Trade Negotiations
FREE ARTICLECanada and European Union have agreed to work on a new trade agreement according to a statement by Prime Minister Stephen Harper following the annual Canada-EU Summit. According to the release a recent study suggested that liberalized trade in goods and read this
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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
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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
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NET2S Partners with SeaNet Technologies Inc.
FREE ARTICLEOctober 13th, 2008 - NET2S Partners with SeaNet Technologies Inc. to offer real time latency measurement solution read this
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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
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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
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EZ Q3 GDP Seen Down -0.1% q-o-q, Flat in Q4 --IFO
FREE ARTICLEEZ GDP is expected to grow 0.1% q-o-q in Q1, the IFO economics institute said. It noted that private consumption growth in the Eurozone is expected to be low, and industrial production will decline through Q1 2009. Core inflation is seen falling to 2. read this
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New Levels of Competition Will Lead to a Rapid Transformation of Equity Trading Across Europe, Says TABB Group
FREE ARTICLEOctober 8th, 2008 - In the Lit Markets, MTFs will battle with incumbent exchanges and one another to win 21% market share read this
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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
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Redline Trading Solutions Announces Availability of STAC Benchmark Study
FREE ARTICLESeptember 17th, 2008 - Results demonstrate the InRush™ embedded ticker plant maintains average latency of 27 microseconds and a throughput of 2.8 million OPRA-FAST messages per second read this
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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
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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
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Think Trade Selects PrismTech’s OpenSplice DDS as the Low-Latency Messaging Fabric for its Automated Trading Systems
FREE ARTICLEJuly 15th, 2008 - PrismTech has announced that its OpenSplice DDS™ product suite has been selected by Think Trade LLC as the foundation for ultra-low-latency and real-time Business Intelligence in their next generation Automated Trading System read this
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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
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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
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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
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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
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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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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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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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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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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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Study of NYFIX Millennium Trade Executions Shows Significant Reduction in Market Impact Across Market Sectors and Trading Strategies
FREE ARTICLEJune 25 2008 - NYFIX, Inc.has announced that research conducted by Quantitative Services Group LLC has confirmed that executions through its alternative trading system, NYFIX Millennium exhibit lower cumulative price impact compared to a broad univers 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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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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A Quantitative Services Group LLC Shines Light On A Dark Pool
STILL EDITINGJune 18th, 2008 - Quantitative Services Group LLC (QSG®) has announced that it has completed an analysis of NYFIX Millennium® execution data using a patent-pending technique that measures the benefits of executing trades on Alternative Trading read this
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TABB Group Says Low-Touch Electronic Trading in Europe to Generate 2.1 Billion Euros in Commission Revenue by 2010 as Sales Trader Use Declines
STILL EDITINGJune 18th, 2008 - According to a new industry benchmark research study published today by TABB Group, “European Equity Trading 2008: Liquidity, MiFID and the Brokerage Relationship,” low-touch electronic trading across the European equit 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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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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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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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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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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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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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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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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EFG Financial Products deploys Orc Trading to support advanced structured products offering
FREE ARTICLEMay 6th, 2008 – Orc Software today announced that EFG Financial Products has selected Orc to supply key technology for its structured products operations. 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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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

