Version 1 157 View(s) 706 Download(s) 2.03 MB Executive Summary This paper discusses the evolving challenge of liquidity fragmentation as a result of business, technology and regulatory pressures within capital markets. Fragmentation has accelerated in the past 24 months in both the US and European equities markets due to the implementation of RegNMS and MIFID. However, the rapid growth of … Read More
Category: Whitepapers
Whitepaper: Adaptive Execution Platform and Smart Order Routing Use Case – June 2008
Version 1 177 View(s) 499 Download(s) 1.82 MB Introduction The electronic trading market has entered into a new evolutionary phase. This shift is expressed by the change in the nature of liquidity, namely decentralization for asset classes which were typical y organized in a centralized model, whilst creation and consolidation of electronic venues for asset classes which were traditionally OTC … Read More
Whitepaper: Adaptive Event-Driven Trading in the Foreign Exchange Markets
Version 1.0.0 226 View(s) 481 Download(s) 499 KB Introduction The Foreign Exchange (FX) market has become a de facto investment asset class, with a high level of liquidity and rapidly increasing trading volumes. According to a research paper by Greenwich Associates, dated May 2008, total cross border FX trading was $99,000bn in 2007, from $71,000bn in 2006. This represents 36% … Read More
Whitepaper: The Next Generation in Algorithmic Trading Liquidity Seeking Adaptive Algorithms
Version 1 613 View(s) 396 Download(s) 1.09 MB Introduction Liquidity fragmentation resulting from regulatory changes such as Reg. NMS (in the US) or MiFID (in Europe), combined with the aggressive competition between traditional exchanges and alternative trading venues, is making current execution algorithms “obsolete”. Therefore, are financial institutions spending mil ions on antiquated technology? This discussion paper provides Quod Financial’s … Read More
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