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 liquidity has predominantly been due to the new … Read More
Tag: RegNMS
Whitepaper: The Next Generation in Algorithmic Trading Liquidity Seeking Adaptive Algorithms
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 view on today’s algorithms, as well as how … Read More