The Experts

Browse by sectors:

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 … Read more

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


By Paul McPhater, COO Enterprise Software at Markit Read more

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 … Read more

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 … Read more

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”) … Read more

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 … Read more

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


By Paul McPhater, COO Enterprise Software at Markit  Read more

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 … Read more

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 … Read more

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


By Jay Biancamano, Hoyvin  Read more

VIX Follows Realized Vol Lower


Yesterday afternoon I had the chance to discuss the VIX with Jonathan Ferro on Bloomberg TV. Continue reading on The … Read more

Block Trading in Today’s Electronic Markets


Block trading, or trades with sizes much larger than average, has been a feature of equity markets for a long … Read more

Navigating Liquid Alternative Mutual Funds


By Jerry Szilagyi, Catalyst Mutual Funds  Read more

Global Regulatory Arbitrage and the Asian Time Bomb


By Zohar Hod, SuperDerivatives Read more

Why is Mid-Point a “Fairer” Price?


Mid-point is a “fairer” price. Why? At first glance it appears mid-point is fair because both the buyer and seller … Read more

Can We Eliminate Data Latency —or Just Strive to Tighten Up Differentials?


Last week, we posted a blog link to a white paper on “SIP vs. Direct Feeds” that reflected on the … Read more

SIP vs. Direct Feeds Latency – What are the Rules?


Michael Lewis’ book, Flash Boys, reinvigorated an old debate – latency. Some market participants receive quote and last trade information … Read more

MTS Swaps: Interest rate swaps – electronic trading and the new regulatory reality


It’s no longer business as usual in the world of interest rate swaps. Electronic trading and central counterparty clearing are … Read more

Factors Affecting VWAP in Futures: Volatility and Pricing Risk (Part 3 of 3)


When traders have a large size of futures contracts to trade, liquidity become more precious and rapid market price movement … Read more

Factors Affecting VWAP in Futures: Spread Cost and Liquidity (Part 2 of 3)


Bid-Ask spread is a significant portion of trade cost, especially for aggressive orders (e.g. a large VWAP order which needs … Read more

← Older posts