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…

ATS Transparency: Raising the Standard

All Alternative Trading Systems (ATSs) are required to file a Form ATS with the U.S. Securities and Exchange Commission (“SEC”) to describe how their system…

Seeking Optimal ETF Execution in Electronic Markets: Part 1

Exchange Traded Funds (ETFs) have had a phenomenal run in recent years, with both their number and assets under management (AUM) growing dramatically. Continue reading…

EDM Blind Spot #1: Data Silos. Just Ask Madoff

By Paul McPhater, COO Enterprise Software at Markit 

Market Data Fee Reform Coming

The topic of market data and its relationship to the national market system is defined under the 1975 Amendments to the Securities Acts. Market data…

Nefarious Flickering, Quote Burst or ETFs: Are Equities Becoming a Quote-driven Marketplace?

When we think of the equities market, traditionally we think of an order-driven market—a market where, with their orders, hundreds of thousands of investors feast…

MetaData and Orders:  Why Low-Touch Trading Really Isn’t

By Jay Biancamano, Hoyvin