What Will Santa Claus Bring Traders?

Is it just me or have you noticed this too? When I was young, autumn was the kick off for the holiday trifecta of Halloween, Thanksgiving and Christmas.

How to Find Liquidity for Any ETF

In the December 2014 edition of Bloomberg Markets Magazine, Tradebook discusses ETF growth and associated liquidity problems that are arising as a result of Basel…

Factoring Capital Adequacy into FX Liquidity Provision

By Theo Hildyard , Software AG @theohildyard Continuing on the theme of my previous blog post, which looked at how firms are starting to use…

The (Re) Emergence of a Two-Tiered Market? When Dark Pools “Quote”

There is something inherently unfair about dark pools quoting to only their subscribers. It does not matter what the motivation is. Simply put, such activities…

Bringing Predictive Intelligence into Trading Operations

By Theo Hildyard , Software AG @theohildyard We hear increasingly these days about how the focus of electronic trading is shifting from speed to intelligence….

Bravo NASDAQ! Will the SEC Now Take Action to Consider Test Tickers ?

Yesterday, we filed a comment letter with the SEC supporting NASDAQ’s proposal to offer a new testing environment, the NASDAQ OMX Algo Testing Facility. Continue…

An Early History of High Frequency Trading

As students of history, we would like to refer you to Bob Pisani’s great read on the early history of high frequency trading in “Plundered…

Standardizing ATS Transparency & Broker Routing Questionnaires

Earlier this month at that STA National Convention in Washington DC, there were calls for the SEC to standardize the broker routing questionnaires and ATS…

No Day ISO Part 2: Tradebook’s Response to NYSE’s Rebuttal Letter

On Friday, October 3rd, the SEC posted the NYSE response to our and Haim Bodek’s comment letters petitioning the Commission to disapprove NYSE’s proposed amendments…

Optimal ETF Trading: Tradebook ETF RFQ (Part 4)

ETFs exhibit considerably different characteristics to common stocks in terms of exchange displayed liquidity, volume, volatility and market impact. Continue reading on The Book »

School for (Avoiding) Scandal

Five steps Compliance Officers should consider when choosing a market surveillance system. By Theo Hildyard Twitter @theohildyard A recent article in the FinOps Report –…

What to Expect from Alibaba Options

As I’m sure you have heard already, Alibaba options begin trading on Monday, September 29th. Despite the PR campaigns by the various option exchanges, none…

No Day ISO: Tradebook Calls for SEC Review of Proposed Day ISO Order Types

Yesterday, we submitted a comment letter to the U.S. Securities and Exchange Commission petitioning it to disapprove the NYSE’s request to amend its Rule 13…

Compression Becomes Catalyst to SEF Volume Growth

By Billy Hult, Tradeweb Markets

ETF Algorithmic Trading vs. Block Trading (Part 3)

We statistically compared the ETF trade costs of implementation shortfall strategy with that of block trading which was deemed as an effective way to execute…

What Can Rabbits Tell Us About the S&P 500?

By Chris Irvin, Market Traders Institute

Bloomberg Tradebook’s ATS Disclosure vs. the Form ATS

On July 27th, Bloomberg Tradebook published an ATS Disclosure document. Based on feedback from the people that downloaded it, we have a couple of updates….

EDM Blindspots: Lessons from McDonald’s ‘Here’s to What Matters’ Campaign

By Paul McPhater, COO Enterprise Software at Markit

The Tradebook ATS Disclosure: Why Register?

On July 17, Bloomberg Tradebook released an ATS Disclosure Document. This document is NOT our Form ATS or even a redacted Form ATS. Continue reading…

Volume Volatility Relationship and Trade Cost of ETFs vs Common Stocks (Part 2)

The uniqueness of ETFs is also evident in the volatility-volume relationship. To study this relationship, we compute the linear regression between log⁡(spread × √ADV) and…