Algorithmic and advanced orders in SaxoTrader

Size: px
Start display at page:

Download "Algorithmic and advanced orders in SaxoTrader"

Transcription

1 Algorithmic and advanced orders in SaxoTrader Summary This document describes the algorithmic and advanced orders types functionality in the new Trade Ticket in SaxoTrader. This functionality allows the placement of the following algorithmic order types: Iceberg, VWAP, Reload, With Volume, Implementation Shortfall, Night Hawk and Smart Dark on Stocks and CFDs on a range of international exchanges. Also the US Pre-market Limit and IEX order types are available in the same user interface, although not strictly algorithmic orders. Orders are held for the day only and are routed to an external broker for execution. Initially execution is via Nomura and Instinet with more brokers potentially to be added at a later stage. Page 1 of 16

2 Contents Contents... 2 Introduction... 3 Availability per exchange, commissions and minimum Trade Sizes... 3 Overview: Algorithmic Orders in the SaxoTrader Trade Ticket... 4 Algorithmic Order: Iceberg... 5 Algorithmic Order: VWAP... 6 Algorithmic Order: With Volume... 8 Algorithmic Order: Reload Algorithmic Order: Implementation Shortfall (IS) Algorithmic Order: SmartDark / Nighthawk Algorithmic Order: OMX 15 Advanced order (non algorithmic): US Premarket Limit (CFDs only) Advanced order (non algorithmic): IEX Page 2 of 16

3 Introduction Algorithmic orders allow traders to execute large orders on one or many exchanges (including dark pools) while minimizing market impact and following a benchmark strategy. Algorithmic orders offer a range of strategies that achieve this, each strategy having a different goal and set of specific parameters that the user needs to set. The SaxoTrader Trade Ticket has been developed to support an Algo tab which is visible for instruments where Algorithmic orders are supported. The Trade Ticket optimizes to show relevant options and settings based on the instrument that has been chosen, the strategy and the geographical location of the exchange. Availability per exchange, commissions and minimum Trade Sizes Page 3 of 16

4 Overview: Algorithmic Orders in the SaxoTrader Trade Ticket Tooltip provides guide to minimum quantity required Select Algorithmic order strategy Price NB! Can be placed (very) aggressively to ensure the order doesn t go passive. Strategy-specific settings and options Time Configuration for determining the period in which the order should be executed, including auction participation. Expandable information panel showing costs and other details Page 4 of 16

5 Algorithmic Order: Iceberg Description: Iceberg orders are sent only to the primary exchange where only the specified quantity of the total is shown at any given time. These are only supported for exchanges where this native order type is offered. Since the entire order is sent to the exchange it does not lose time priority (vs. Reload orders which lose time priority but participate on multiple venues). Available on European and US exchanges (not available on Asia Pacific exchanges.) European Exchange US Exchange Iceberg specific parameters: Display Quantity: The quantity of shares to be shown on the exchange at any given time. Page 5 of 16

6 Algorithmic Order: VWAP Description: Targets the volume-weighted average price over a specified time horizon. Price impact and information leakage are minimized using advanced execution techniques. The order is executed proportionally with expected market volume. Will aim to improve the all-in execution price by collecting the spread by joining the bid (or the offer for sell orders), but will generally keep in line with the historical volume profile for the period. If volume moves sharply away from usual profile, e.g. if news come out on a stock, it will likely result in higher deviation from VWAP benchmark. Note that the VWAP is not a guaranteed VWAP, i.e. it is not guaranteed it will match the market VWAP. As the VWAP is executed according to expected market volume the strategy should possibly not be preferred on days where the actual market volume is likely to differ significantly from the normal historic market volume, for example on days with earnings releases. Source: Nomura/Instinet Page 6 of 16

7 The VWAP strategy is available on European, US and Asian exchanges. European Exchange US Exchange Asia Pacific Exchange VWAP specific parameters: Volume limit % I Would price Execution style Auction Participation A cap on the percentage of actual traded volume that the order can represent. Offers protection that the order is not taking too big a share of actual market volumes. So - setting this above 50% does not really make sense, as being more than 50% of the volume in theory means you start trading with yourself. This is basically a price that you are happy with, so if you can get this price for the execution, you will take it. If specified, the strategy will try to complete the order at this price, so the I Would price will override the setting for maximum volume participation to trade as much as possible at this price. Only for European Exchanges: Lets the user decide the execution style of the order (Normal; Opportunistic or Strict). Opportunistic allows the strategy more flexibility in being ahead or behind the benchmark. Therefore the algo uses added-value or reduced-impact techniques at the cost of incurring more benchmark slippage. Strict tells the algorithm to stress minimizing benchmark dispersion, which means the algo will track the benchmark ahead of gaining performance. If not specified it will default to Normal, which will track the benchmark closely, while still trading opportunistically. Lets the user decide whether to participate in Open; Close; All or None of the Auctions. From automated close to auction close order will most likely remain partially filled will receive another partial fill during auction. (This is called Auction participation for European exchanges, and Exclude auctions for US/APAC exchanges the functionality is essentially the same). Dark block Only European and APAC exchanges. If ticked, the order may float order quantities Page 7 of 16

8 posting Dark block limit price Dark block access into dark pools. The use of this parameter may cause the order to deviate from core strategy behavior in the event of a cross, meaning the algo might deviate from a passive strategy and become aggressive in a dark pool if an opportunity to get filled inside the spread arises. Hence by default this is not ticked, i.e. does not allow floating to dark pools. A limit price for the Dark Block Posting. The Dark Block Limit Price could be considered to be set at a more aggressive price than the normal limit price due to the anonymity in the dark pool. Asia Pacific Exchanges only: OK to cross/no cross. This is related to dark pool crossing. If a client chooses OK to cross the order may float order quantities into dark pools which may cause the algo order to deviate from the core strategy in the event of a cross. Algorithmic Order: With Volume Description: The With Volume strategy trades in proportion with actual market volume (and not the ADV, Average Daily Volume, which is targeted by the VWAP order type) targeting the participation at a user specified percentage of overall traded volume. Actual volume is monitored constantly, every moment, so the order adjusts very quickly to the actual volume in the stock. Just as an example, this could for instance mean that the order might not get completely filled if a low volume target is set together with a large order amount in an illiquid share. The order is allowed to use the short-term order book opportunities to improve all-in execution price and getting a little ahead or behind the target participation rate. The strategy is suitable when the trader wants to directly control their participation rate and/or be more involved when the stock is trading heavily. As the strategy trades in proportion with actual market volume it is more suited for stocks whose trading volume varies substantially from day to day. Not suited for small caps / illiquid stocks if there is not enough volume to target a participation rate. Source: Nomura/Instinet Page 8 of 16

9 The With Volume strategy is available on European, US and Asian exchanges. European Exchange US Exchange Asia Pacific Exchanges With Volume-specific parameters: Volume target % Min volume % I Would price Execution style Auction Participation Specifies the volume target as a percentage. Only APAC Exchanges: Allows user to ensure a minimum participation. If specified, the strategy will try to complete the order at this price. I Would price will override the setting for maximum volume participation to trade as much as possible at this price. Only European and US exchanges. Lets the user decide the execution style of the order (Normal; Opportunistic or Strict). Opportunistic allows the strategy more flexibility in being ahead or behind the benchmark. Therefore the algo uses addedvalue or reduced-impact techniques at the cost of incurring more benchmark slippage. Strict tells the algorithm to stress minimizing benchmark dispersion, which means the algo will track the benchmark ahead of gaining performance. If not specified it will default to Normal, which will track the benchmark closely, while still trading opportunistically. Lets the user decide whether to participate in Open; Close; All or None of the Auctions. From automated close to auction close order will most likely remain partially filled will receive another partial fill during auction. (This is called Auction participation for European exchanges, and Exclude auctions for US/APAC exchanges but the functionality is essentially the same). Tighter to target schedule Dark block (Only APAC exchanges) If ticked, the strategy puts more emphasis on tracking the expected volume profile, and less emphasis on price improvement. If ticked, the order may float order quantities into dark pools. The use of this Page 9 of 16

10 posting Dark block limit price parameter may cause the order to deviate from core strategy behavior in the event of a cross, meaning the algo might deviate from a passive strategy and become aggressive in a dark pool if an opportunity to get filled inside the spread arises. Hence by default this is not ticked, i.e. does not allow floating to dark pools. A limit price for the Dark Block Posting. The Dark Block Limit Price could be considered to be set at a more aggressive price than the normal limit price due to the anonymity in the dark pool. Only for European and Asian exchanges (double check Asian when live!). Algorithmic Order: Reload Description: The Reload strategy executes the order in tranches of a defined size, entering a new tranche when the previous one is filled. The strategy places limit orders at the specified price and size of the Display Quantity. If there is a counterpart available on the order book, this will hit their quote leaving the remainder on the order book. Otherwise the order will sit on the order book until it is completely filled. Once this order has been completed the next order of size Display Quantity is sent. The reload strategy will be traded against primary as well as alternate exchanges. Although very similar to the Iceberg order there are some important differences. Reload strategy is an algorithm that simulates an Iceberg order. The strategy works in tranches with each tranche placed successively at the pre-specified limit until the entire order is filled. Reload orders lose time priority but participate on multiple venues. Iceberg orders are sent only to the primary exchange where only the specified quantity is shown at any given time. Since the entire order is sent to the exchange it does not lose time priority Important: Reload orders are not available for US equities since they operate by sweeping Multilateral Trading Facilities (MTFs) such as Chi-X, BATS and Turquoise which are only available in EU. In the US there are no MTFs but instead Electronic Communication Networks (ECNs). They are electronic trading systems that automatically match buy and sell orders at specified prices. Any US equity will by default not be allowed to be filled on the primary if you can get a better price at the other ECNs e.g. NYSE Arca. Smart Order Routing builds on this American idea to grab liquidity on other trading venues. The reload strategy is therefore designed for markets outside US. Clients should consider using a Display Size that is not too large compared to the average size on the order-book. Page 10 of 16

11 The Reload strategy is available on European and Asia Pacific Exchanges: European Exchange Asia Pacific Exchange Reload specific parameters: Display Quantity The size of the orders to be sent to the market, given explicitly in shares (will become a mandatory field soon as it does not make sense to have it as optional) Page 11 of 16

12 Algorithmic Order: Implementation Shortfall (IS) Description: In financial markets, the term Implementation Shortfall refers to the difference between the market price of an asset when a buy or sell decision is made and the all-in execution price after all costs are taken into consideration. Hence, Implementation Shortfall is the total negative effect of execution costs and adverse market movement between the time of the trading decision and order execution. The Implementation Shortfall (IS) algo order aims at minimizing the Implementation Shortfall, or in other words its objective is to achieve an all-in execution price as close as possible to the prevailing market price at the moment the order starts executing, which is known as the arrival price. Compare this for example to a VWAP-order which is benchmarked to the VWAP over the period in which it executes. On a practical level, this means that an Implementation Shortfall order unlike a VWAP might execute very quickly if it can get the whole order size executed at better than the arrival price, instead of using the entire time period specified by the client for execution. The optimization takes into consideration the current marketplace, the stock-specific trading characteristics and the size of the order. The order is then fed into the market in line with the expected volume profile. Source: Nomura/Instinet Page 12 of 16

13 Available on European, US and Asia Pacific exchanges: European Exchange US Exchange Asia Pacific Exchange Implementation Shortfall specific parameters: Urgency Min volume % Volume limit % I Would price Execution style Dark Block Posting (US Exchanges only) Based on the urgency specified the algorithm determines the optimal trading horizon. Minimum participation rate A cap on the percentage of actual traded volume that the order can represent. Offers protection that the order is not taking too big a share of actual market volumes. If specified, the strategy will try to complete the order at this price. I Would price will override the setting for maximum volume participation to trade as much as possible at this price. (European exchanges only) Lets the user decide the execution style of the order (Normal; Opportunistic or Strict). Opportunistic allows the strategy more flexibility in being ahead or behind the benchmark. Therefore the algo uses added-value or reduced-impact techniques at the cost of incurring more benchmark slippage. Strict tells the algorithm to stress minimizing benchmark dispersion, which means the algo will track the benchmark ahead of gaining performance. If not specified it will default to Normal, which will track the benchmark closely, while still trading opportunistically. Allows the order quantity that is not scheduled to trade in the immediate future to be posted into dark liquidity pools. The use of this parameter may cause the order to deviate from core strategy behavior in the event of a cross. Page 13 of 16

14 Dark block limit price Posting Rate % A limit price for the Dark Block Posting. The Dark Block Limit Price could be considered to be set at a more aggressive price than the normal limit price due to the anonymity in the dark pool. The percentage of the order to allocate to trading in the dark pools outside of the normal strategy profile. The strategy also makes use of dark pools as part of its normal trading, meaning likely a total percentage higher than the Posting Rate % will be executed in dark pools. Algorithmic Order: SmartDark / Nighthawk Description: The SmartDark (US Exchanges/Asia Pacific Exchanges) and the Nighthawk (European Exchanges) strategies are very similar in nature - they interact only with dark venues to obtain hidden liquidity so they will not trade or display quotes on any visible execution venue. Main benefits include limitation of information leakage to the market and adverse price moves. Be aware that these order types may not complete as they are posted in various dark pools at all times; you are exposed to interacting with participants in all of these pools. Available on European, US and Asia Pacific Exchanges: European Exchange US Exchange Asia Pacific Exchanges SmartDark/Nighthawk specific parameters: Min quantity Dark block posting Enables the user to specify the minimum quantity to be filled SmartDark only: Dark liquidity access if not specified it defaults to I Would. Passive: the order is sliced and floated passively to dark pools. I would: the order can be matched/crossed internally in Nomura before being floated to dark pools. Page 14 of 16

15 Algorithmic Order: OMX Description: offers separate continuous matching of midpoint priced non-displayed orders as a complement to the central order book. enables automatic execution for any sized orders that do not meet the MiFID Large in Scale criteria. Only for the Copenhagen Exchange. NB: OMX is not available in the tradingplatforms, it can only be placed via phone. Advanced order (non algorithmic): US Premarket Limit (CFDs only) Description: A pre-market order is designed to trade in the pre-market session in the US. The order will participate in the pre-market, and any residuals will be rolled into the continuous session as regular limit orders at the same limit price. Please note that US Pre-market Limits are currently only available on CFDs, not for Stocks. The only difference to a normal limit order is that this order allows participation in the premarket session. Things to watch for: Be aware that liquidity typically is low in the pre-market session so when orders are placed aggressively they might get filled closer to the limit price than anticipated. Available on US Exchanges: Page 15 of 16

16 Advanced order (non algorithmic): IEX Description: This order type executes purely on the US IEX venue. IEX, an alternative trading system (ATS), has created patent-pending technology and infrastructure designed to protect orders from Predatory Trading, a sub-class of High Frequency Trading (HFT), that attempts to identify and disadvantage traditional investor order flow. It is simply a limit order that executes exclusively on the IEX. Risk Warning None of the information contained herein constitutes an offer (or solicitation of an offer) to buy or sell any stock, CFD currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy. This material is produced for marketing and/or informational purposes only and Saxo Bank A/S and its owners, subsidiaries and affiliates whether acting directly or through branch offices ( Saxo Bank ) make no representation or warranty, and assume no liability, for the accuracy or completeness of the information provided herein. In providing this material Saxo Bank has not taken into account any particular recipient s investment objectives, special investment goals, financial situation, and specific needs and demands and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner and Saxo Bank assumes no liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation. All investments entail a risk and may result in both profits and losses. In particular investments in leveraged products, such as but not limited to foreign exchange, derivates and commodities can be very speculative and profits and losses may fluctuate both violently and rapidly. Speculative trading is not suitable for all investors and all recipients should carefully consider their financial situation and consult financial advisor(s) in order to understand the risks involved and ensure the suitability of their situation prior to making any investment, divestment or entering into any transaction. Any mentioning herein, if any, of any risk may not be, and should not be considered to be, neither a comprehensive disclosure or risks nor a comprehensive description such risks. Any expression of opinion may be personal to the author and may not reflect the opinion of Saxo Bank and all expressions of opinion are subject to change without notice (neither prior nor subsequent). This disclaimer is subject to Saxo Bank's Full Disclaimer available at Page 16 of 16

SaxoTraderGO. Saxo Academy. Trading CFDs on Live Prices. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Trading CFDs on Live Prices. academy.tradingfloor.com Saxo Academy SaxoTraderGO Trading CFDs on Live Prices Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. Placing CFD Trade

More information

Stocks: Quick-start guide part 3 - Orders & Tickets

Stocks: Quick-start guide part 3 - Orders & Tickets Saxo Academy Stocks: Quick-start guide part 3 - Orders & Tickets academy.tradingfloor.com 1. By clicking on one of the icons you can place a related Limit order and Stop order respectively. Once you have

More information

SaxoTraderGO. Saxo Academy. Trading CFDs on Live Prices. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Trading CFDs on Live Prices. academy.tradingfloor.com Saxo Academy SaxoTraderGO Trading CFDs on Live Prices Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. Trading CFDs on

More information

academy.tradingfloor.com Saxo Academy Forex: Quick-start guide part 1 - Getting Started academy.tradingfloor.com

academy.tradingfloor.com Saxo Academy Forex: Quick-start guide part 1 - Getting Started academy.tradingfloor.com Saxo Academy Forex: Quick-start guide part 1 - Getting Started academy.tradingfloor.com How to trade Forex through the SaxoTrader Platform Here are some quick tips to help you get started right away. 1.

More information

SaxoTraderGO. Saxo Academy. Trading Forex on Live Prices. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Trading Forex on Live Prices. academy.tradingfloor.com Saxo Academy SaxoTraderGO Trading Forex on Live Prices Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. Making an FX Spot

More information

TRADING STOCKS ON SAXOTRADER PLATFORM

TRADING STOCKS ON SAXOTRADER PLATFORM Saxo Bank A/S Headquarters Philip Heymans Allé 15 DK - 2900 Hellerup, Denmark Phone: +45 3977 4000 Fax: +45 3977 4200 Web: www.saxobank.com TRADING STOCKS ON SAXOTRADER PLATFORM How to trade in STOCKS

More information

SaxoTraderGO. Saxo Academy. Placing Forex Trade Orders. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Placing Forex Trade Orders. academy.tradingfloor.com Saxo Academy SaxoTraderGO Placing Forex Trade Orders Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. Placing FX Trade

More information

SaxoTraderGO. Saxo Academy. Introduction and Start-Up Experience. academy.tradingfloor.com

SaxoTraderGO. Saxo Academy. Introduction and Start-Up Experience. academy.tradingfloor.com Saxo Academy SaxoTraderGO Introduction and Start-Up Experience Please note, these notes are transcripts of the videos on Saxo Academy and are designed to accompany the SaxoTraderGO video series. SaxoTraderGO

More information

TRADING FOREX ON SAXOTRADER PLATFORM

TRADING FOREX ON SAXOTRADER PLATFORM Saxo Bank A/S Headquarters Philip Heymans Allé 15 DK - 2900 Hellerup, Denmark Phone: +45 3977 4000 Fax: +45 3977 4200 Web: www.saxobank.com TRADING FOREX ON SAXOTRADER PLATFORM How to trade in FOREX through

More information

Beginner s Guide to CFDs

Beginner s Guide to CFDs Saxo Academy Beginner s Guide to CFDs Chapters 1.1-1.3 academy.tradingfloor.com CFDs Chapter 1.1 / A Basic Description Welcome to this chapter, which will give a brief introduction to the history of CFDs.

More information

FX OPTIONS MARGIN MODEL SEPTEMBER 2015, SAXO BANK

FX OPTIONS MARGIN MODEL SEPTEMBER 2015, SAXO BANK F PTINS MRGIN MDEL SEPTEMER 2015, S NK F Expiry Margin Description (1/2) Calculation For a given currency pair the F Expiry Margin model calculates a potential maximum future loss in a given F option strategy

More information

Commodities not finding much traction despite USD weakness

Commodities not finding much traction despite USD weakness Commodities not finding much traction despite USD weakness Commodities continued to show weakness into the second week of 2013 despite rising stock markets and a falling US dollar. Investors are generally

More information

The Need for Speed: It s Important, Even for VWAP Strategies

The Need for Speed: It s Important, Even for VWAP Strategies Market Insights The Need for Speed: It s Important, Even for VWAP Strategies November 201 by Phil Mackintosh CONTENTS Speed benefits passive investors too 2 Speed helps a market maker 3 Speed improves

More information

Investment Strategy On-Demand Webinar Series

Investment Strategy On-Demand Webinar Series Investment Strategy On-Demand Webinar Series Nothing in this document should be construed as legal or investment advice. Please consult with your independent professional for any such advice. Transition

More information

SAXO BANK S BEST EXECUTION POLICY

SAXO BANK S BEST EXECUTION POLICY SAXO BANK S BEST EXECUTION POLICY THE SPECIALIST IN TRADING AND INVESTMENT Page 1 of 8 Page 1 of 8 1 INTRODUCTION 1.1 This policy is issued pursuant to, and in compliance with, EU Directive 2004/39/EC

More information

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India Goldman Sachs Electronic Trading India: Algorithmic Trading FIXGlobal Face2Face Electronic Trading Forum - India 11 Agenda Goldman Sachs Algorithmic Trading solutions available in India How to access the

More information

FX Options. Dan Juhl Larsen FX Options trader at Saxo Bank. Moscow 19 Marts 2014

FX Options. Dan Juhl Larsen FX Options trader at Saxo Bank. Moscow 19 Marts 2014 FX Options Dan Juhl Larsen FX Options trader at Saxo Bank Moscow 19 Marts 2014 4 June 2013 Disclaimer None of the information contained herein constitutes an offer (or solicitation of an offer) to buy

More information

Setting the Scene. FIX the Enabler & Electronic Trading

Setting the Scene. FIX the Enabler & Electronic Trading Setting the Scene FIX the Enabler & Electronic Trading Topics Overview of FIX and connectivity Direct Market Access Algorithmic Trading Dark Pools and Smart Order Routing 2 10,000+ firms use FIX globally

More information

Chapter 2.4. Trading using multiple time-frames

Chapter 2.4. Trading using multiple time-frames 1 Chapter 2.4 Trading using multiple time-frames 0 Contents TRADING USING MULTIPLE TIME- FRAMES Stock markets worldwide function because, at any given time, some traders want to buy whilst others want

More information

Algorithmic Trading. Global Execution Services. Making the world liquid EQUITY MARKETS

Algorithmic Trading. Global Execution Services. Making the world liquid EQUITY MARKETS Global Execution Services Algorithmic Trading Making the world liquid EQUITY MARKETS CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALISED FINANCIAL SERVICES 2 Content Our Execution Services

More information

RISK WARNING. Retail transactions conducted with NatureForex are not insured by any deposit insurance of any kind.

RISK WARNING. Retail transactions conducted with NatureForex are not insured by any deposit insurance of any kind. RISK WARNING High Risk Investment Margined retail foreign exchange or currency ( forex ), commodities and financial derivatives transactions are extremely risky. Trading with Nature Forex Ltd. ( NatureForex

More information

Chapter 1.1. The Stock and CFD Market

Chapter 1.1. The Stock and CFD Market 1 Chapter 1.1 The Stock and CFD Market 0 THE STOCK AND CFD MARKETS The global financial markets have never been so vibrant and alive, and they have never been so accessible to you as an individual investor.

More information

Dated January 2015 Advanced Execution Services. Crossfinder User Guidelines Asia Pacific

Dated January 2015 Advanced Execution Services. Crossfinder User Guidelines Asia Pacific Dated January 2015 Advanced Execution Services Crossfinder User Guidelines Asia Pacific Important Matters Relating to Orders Routed to Crossfinder Credit Suisse s alternative execution platform Crossfinder

More information

FESE Input to the Commission High Frequency Trading

FESE Input to the Commission High Frequency Trading FESE AISBL Avenue de Cortenbergh, 52 B-1000 Brussels VAT: BE0878.308.670 Tel.: +32 2 551 01 80 Fax : +32 2 512 49 05 FESE Input to the Commission High Frequency Trading Brussels, 23 February 2010 General

More information

algorithmic & program trading services

algorithmic & program trading services algorithmic & program trading services Featuring the Abel/Noser Signature Algorithm Series Institutional Agency Execution and Trade Analytics algorithmic & program trading services * Abel/Noser has offered

More information

FI report. Investigation into high frequency and algorithmic trading

FI report. Investigation into high frequency and algorithmic trading FI report Investigation into high frequency and algorithmic trading FEBRUARY 2012 February 2012 Ref. 11-10857 Contents FI's conclusions from its investigation into high frequency trading in Sweden 3 Background

More information

BEST INTEREST AND ORDER EXECUTION POLICY

BEST INTEREST AND ORDER EXECUTION POLICY Page 1 of 7 Leverate Financial Services Ltd. (Regulated by the Cyprus Securities & Exchange Commission) BEST INTEREST AND ORDER EXECUTION POLICY 2015 Page 2 of 7 BEST INTEREST AND ORDER EXECUTION POLICY

More information

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY 1. Introduction This Summary Best Interest and Order Execution Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance

More information

2012 Fidessa group plc

2012 Fidessa group plc 2012 Fidessa group plc What is covered in this report? Welcome to the second issue of Fidessa s European Dark Trading report which provides a comparative analysis of the major dark pools in Europe. Inside

More information

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY

SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY 1. Introduction 1.1. This Summary Best Interest and Order Execution Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance

More information

BEST EXECUTION AND ORDER HANDLING POLICY

BEST EXECUTION AND ORDER HANDLING POLICY BEST EXECUTION AND ORDER HANDLING POLICY 1. Introduction 1.1. This Summary Best Execution and Order Handling Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance with

More information

ORDER EXECUTION POLICY

ORDER EXECUTION POLICY ORDER EXECUTION POLICY Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary

More information

Toxic Equity Trading Order Flow on Wall Street

Toxic Equity Trading Order Flow on Wall Street Toxic Equity Trading Order Flow on Wall Street INTRODUCTION The Real Force Behind the Explosion in Volume and Volatility By Sal L. Arnuk and Joseph Saluzzi A Themis Trading LLC White Paper Retail and institutional

More information

Platform Routing Manual

Platform Routing Manual Platform Routing Manual Version 4.4 Date: J 2010 Table of Content ROUTE: ARCA - LISTED, OTC, OTCBB... 5 ROUTE: ISLD LISTED, OTC, OTCBB...12 ROUTE: NYSE / AMEX LISTED ONLY...14 ROUTE: MLX LISTED ONLY...16

More information

Order Execution Policy

Order Execution Policy Order Execution Policy Introduction Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). Following

More information

Implementation Shortfall One Objective, Many Algorithms

Implementation Shortfall One Objective, Many Algorithms Implementation Shortfall One Objective, Many Algorithms VWAP (Volume Weighted Average Price) has ruled the algorithmic trading world for a long time, but there has been a significant move over the past

More information

Trade and Order Execution Policy for Retail and Professional Clients

Trade and Order Execution Policy for Retail and Professional Clients Trade and Order Execution Policy for Retail and Professional Clients Spread Betting and CFDs are high risk investments. Your capital is at risk. Spread Betting and CFDs are not suitable for all investors

More information

PRE- AND POST- MARKET TRADING FOR US STOCKS: Are You Missing Out on Liquidity?

PRE- AND POST- MARKET TRADING FOR US STOCKS: Are You Missing Out on Liquidity? GLOBAL AGENCY BROKERAGE PRE- AND POST- MARKET TRADING FOR US STOCKS: Are You Missing Out on Liquidity? By Kapil Phadnis and Shawn Chen Summary For U.S.-listed stocks, a significant percentage of the day

More information

Plus500CY Ltd. Order Execution Policy

Plus500CY Ltd. Order Execution Policy Plus500CY Ltd. Order Execution Policy Order Execution Policy This Order Execution Policy forms part of the Client Agreements as defined in the User Agreement. 1. CONDUCTING BUSINESS 1.1. We have a general

More information

Options Strategy for Professional Clients

Options Strategy for Professional Clients Options Strategy for Professional Clients Optimise is an options strategy which uses market volatility selling FTSE100 cash settled options contracts. Premium is taken from the market on options that are

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT In consideration of UBFS invest powered by Moneychoice Brokers Ltd (hereafter the Company ) agreeing to enter into over-the-counter ( OTC ) contracts for differences ( CFDs )

More information

MET ATRADER 4 Guid e version 1.0 January 2013

MET ATRADER 4 Guid e version 1.0 January 2013 METATRADER 4 Guide version 1.0 January 2013 Content 1. Installing and Opening the MT4 Account... 1 1.1 Opening Demo Account... 1 1.2 Login... 2 2. User Interface... 4 2.1 The Market... 5 2.2 Navigator...

More information

Small Cap Liquidity in 2013

Small Cap Liquidity in 2013 Small Cap Liquidity in 2013 A Year Over Year Comparative Analysis Weeden Program Trading Group January 2014 Disclosure: This publication is prepared by Weeden & Co.'s trading department, and not its research

More information

ELECTRONIC TRADING GLOSSARY

ELECTRONIC TRADING GLOSSARY ELECTRONIC TRADING GLOSSARY Algorithms: A series of specific steps used to complete a task. Many firms use them to execute trades with computers. Algorithmic Trading: The practice of using computer software

More information

FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS

FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS FEATURES LIST OF OUR SMART ORDER ROUTING SYSTEM When an order is placed by the client who requires the order

More information

Contracts for Difference (CFDs)

Contracts for Difference (CFDs) Interactive Brokers presents Contracts for Difference (CFDs) Andrew Wilkinson, Interactive Brokers Chief Market Analyst awilkinson@interactivebrokers.com Webinar begins @ 12:00 pm EST webinars@interactivebrokers.com

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

Exchange Traded Funds

Exchange Traded Funds LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are

More information

High frequency trading

High frequency trading High frequency trading Bruno Biais (Toulouse School of Economics) Presentation prepared for the European Institute of Financial Regulation Paris, Sept 2011 Outline 1) Description 2) Motivation for HFT

More information

An introduction to measuring trading costs - TCA

An introduction to measuring trading costs - TCA An introduction to measuring trading costs - TCA Ofir Gefen, Head of Research & Execution Consulting ITG Asia Pacific 2011 Investment Technology Group, Inc. All rights reserved. Not to be reproduced or

More information

(i) ASX TradeMatch primary central limit

(i) ASX TradeMatch primary central limit MOELIS AUSTRALIA SECURITIES PTY LTD ACN 122 781 560 AFSL 308241 BEST EXECUTION POLICY and PROCEDURES 1. BEST EXECUTION OBLIGATION 1.1 Overview (a) This policy is issued pursuant and in compliance with

More information

What is Forex Trading?

What is Forex Trading? What is Forex Trading? Foreign exchange, commonly known as Forex or FX, is the exchange of one currency for another at an agreed exchange price on the over-the-counter (OTC) market. Forex is the world

More information

BEST INTEREST AND ORDER EXECUTION POLICY

BEST INTEREST AND ORDER EXECUTION POLICY Page 1 of 8 Leverate Financial Services Ltd. (Regulated by the Cyprus Securities & Exchange Commission) BEST INTEREST AND ORDER EXECUTION POLICY 2015 Page 2 of 8 SUMMARY BEST INTEREST AND ORDER EXECUTION

More information

Chapter 3.4. Trading Psychology

Chapter 3.4. Trading Psychology 1 Chapter 3.4 Trading Psychology 0 Contents TRADING PSYCHOLOGY Stock and CFD traders have to not only compete with other traders in the stock and CFD markets but also with themselves. Often as a stock

More information

DISCLAIMER. Any fact, assessment, analysis, forecasts, opinion and other information (collectively Information ) released by:

DISCLAIMER. Any fact, assessment, analysis, forecasts, opinion and other information (collectively Information ) released by: DISCLAIMER General This website can be accessed worldwide however the information on the website is related to Saxo Capital Markets CY Limited and is not specific to any other country. All clients will

More information

CHALLENGES IN A FRAGMENTED WORLD THE INVESTOR PERSPECTIVE

CHALLENGES IN A FRAGMENTED WORLD THE INVESTOR PERSPECTIVE FONDMÆGLERSELSKABET A/S CHALLENGES IN A FRAGMENTED WORLD THE OR PERSPECTIVE KLAUS BENTIN SENIOR EQUITY TRADER ASSET MANAGEMENT AGENDA Liquidity Transparency Settlement Cost 2 LIQUIDITY THE ROAD TO MONEY.

More information

Partnerships you can depend on

Partnerships you can depend on Introducers Partnerships you can depend on There s more than one way to profit from forex. At FxPro we ve made it our business to offer clients and partners every opportunity to benefit from the world

More information

ECLIPSE DAY TRADING SYSTEM USER GUIDE

ECLIPSE DAY TRADING SYSTEM USER GUIDE ECLIPSE DAY TRADING SYSTEM USER GUIDE Revised 25 November 2014 METHOD Trend and Countertrend STYLE Day Trading DESCRIPTION Methodology - ECLIPSE is a hedge-fund style day trading system for accredited

More information

Transaction Cost Analysis and Best Execution

Transaction Cost Analysis and Best Execution ATMonitor Commentary July 2011 Issue Transaction Cost Analysis and Best Execution 10 things you wanted to know about TCA but hesitated to ask Foreword This is not an academic paper on theoretical discussions

More information

Conditional and complex orders

Conditional and complex orders Conditional and complex orders Securities Trading: Principles and Procedures Chapter 12 Algorithms (Algos) Less complex More complex Qualified orders IOC, FOK, etc. Conditional orders Stop, pegged, discretionary,

More information

Chapter 4.3. News Analysis

Chapter 4.3. News Analysis 1 Chapter 4.3 News Analysis 0 NEWS ANALYSIS Fundamentals move currency pairs, and news moves fundamentals. News of an interest-rate hike or news of a sub-prime meltdown can cause a currency pair to change

More information

MET ATRADER 5 Guid e version 1.0 January 2013

MET ATRADER 5 Guid e version 1.0 January 2013 METATRADER 5 Guide version 1.0 January 2013 Content 1. Install and Opening MT5 Accounts... 1 1.1 Opening Demo Account... 1 1.2 Login... 3 2. User Interface... 5 2.1 Market Watch... 6 2.2 Navigator... 8

More information

Day Trade Warrior. Business Plan Trading as a Business

Day Trade Warrior. Business Plan Trading as a Business Day Trade Warrior Business Plan Trading as a Business I want to be a Professional Day Trader What do I need to do? Just like any other profession, if you are serious, you have to evaluate whether or not

More information

PACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING)

PACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING) PACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING) 1 INTRODUCTION 1.1 This policy is not intended to create third party rights or duties that would not already exist if the policy had

More information

Best Execution Policy

Best Execution Policy Black Pearl Securities Limited "the Firm" Best Execution Policy This Best Execution Policy is applicable to Matched Principle Broker (MPB) services provided to you by the Firm and it should be read in

More information

Beginner s Guide to Bonds

Beginner s Guide to Bonds Beginner s Guide to Bonds Chapter 1.1-1.4 www.trader.ge Bonds Chapter 1.1 / A Basic Description Welcome to this first chapter on Bonds which will give a brief introduction to the history of bonds and explain

More information

MOON-ES DAY TRADING SYSTEM USER GUIDE

MOON-ES DAY TRADING SYSTEM USER GUIDE MOON-ES DAY TRADING SYSTEM USER GUIDE Version 7.0 Revised 8 September 2014 METHOD Trend and Countertrend STYLE Day Trading DESCRIPTION Methodology - MOON is a customizable hedge-fund style day trading

More information

General Risk Disclosure

General Risk Disclosure General Risk Disclosure Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). This notice is provided

More information

One Goal: Best Execution Trading and Services for Broker-Dealers

One Goal: Best Execution Trading and Services for Broker-Dealers One Goal: Best Execution Trading and Services for Broker-Dealers UBS Broker Services For more information please contact UBS Broker Services: +1-800-213 2923 +1-212-713 2923 www.ubs.com One Goal: Best

More information

FxPro Education. Automated trading

FxPro Education. Automated trading FxPro Education More than a quarter of trades with FxPro are executed automatically by computer programs. These types of trades are known by many terms, including expert advisors, algos and robots. Many

More information

RISK DISCLOSURE DOCUMENT

RISK DISCLOSURE DOCUMENT RISK DISCLOSURE DOCUMENT Version 1.0 : June,25 th,2015 Copyright IBA Markets 2015. All Rights Reserved RISK DISCLOSURE International Brokers Association Markets, a brand of SIR GLOBAL LTD (the Company

More information

Retail FX Margin Trading. Hjalmar Schröder / Reto Stadelmann

Retail FX Margin Trading. Hjalmar Schröder / Reto Stadelmann Retail FX Margin Trading Hjalmar Schröder / Reto Stadelmann August 2007 Agenda for today 1 What is Retail FX Margin Trading? 2 Size and Growth of Retail FX 3 Views on trends in Retail FX and their Implications

More information

De-Risking Solutions: Low and Managed Volatility

De-Risking Solutions: Low and Managed Volatility De-Risking Solutions: Low and Managed Volatility NCPERS May 17, 2016 Richard Yasenchak, CFA Senior Vice President, Client Portfolio Manager, INTECH FOR INSTITUTIONAL INVESTOR USE C-0416-1610 12-30-16 AGENDA

More information

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD)

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD) ANZ ETFS PHYSICAL US DOLLAR ETF (ASX Code: ZUSD) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ

More information

White Label Lite Partners

White Label Lite Partners White Label Lite Partners Partnerships you can depend on There s more than one way to profit from forex. At FxPro we ve made it our business to offer clients and partners every opportunity to benefit from

More information

Chapter 1.1. The Forex Market

Chapter 1.1. The Forex Market Chapter 1.1 The Forex Market 0 THE FOREX MARKET The Forex market is the largest financial market in the world. Nearly $3.2 trillion worth of foreign currencies trade back and forth across the Forex market

More information

Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex )

Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex ) Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex ) 1. INTRODUCTION 1.1. TradingForex.com is a domain owned and operated by TTCM Traders Trust Capital Markets

More information

A Better Way to Trade Small Caps The Power of Volume Volatility in Algorithm Design

A Better Way to Trade Small Caps The Power of Volume Volatility in Algorithm Design AUTHORS Benjamin Polidore Managing Director Head of Algorithmic Trading benjamin.polidore@itg.com Lin Jiang Assistant Vice President ITG Algorithms lin.jiang@itg.com Yichu Li Analyst ITG Algorithms yichu.li@itg.com

More information

BEST EXECUTION POLICY

BEST EXECUTION POLICY BEST EXECUTION POLICY SpareBank 1 SMN ("SMN") is SpareBank 1 Markets AS ("SB1 Markets") Mother Company. Some Clients will establish a customer relationship with both SMN and SB1 Markets when purchasing

More information

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT

DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT DMM FX Australia Pty Limited ACN 160 659 290 AFSL 437734 Issue Date: 7 November 2015 Version 2.0 Table of Contents Section 1 Important Information

More information

Chapter 1.1. The Forex Market

Chapter 1.1. The Forex Market Chapter 1.1 The Forex Market 0 THE FOREX MARKET The Forex market is the largest financial market in the world. Nearly $3.2 trillion worth of foreign currencies trade back and forth across the Forex market

More information

CFDs YOUR STARTER KIT

CFDs YOUR STARTER KIT CFDs YOUR STARTER KIT Risk Warning: Forex and CFDs are leveraged products and you may lose your initial deposit as well as substantial amounts of your investment. Trading leveraged products carries a high

More information

Oil prices tumble as speculative bubble burst

Oil prices tumble as speculative bubble burst Oil prices tumble as speculative bubble burst The financial and sovereign debt crisis continues to set the agenda for almost every investment decision being taken at the moment. During May the crisis in

More information

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions.

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions. What is a CFD? A CFD is an agreement to exchange the difference between the opening and closing prices of the share, index or commodity between the time at which a contract is opened and the time at which

More information

Practical aspects of implementing MiFID requirementsin GIPS compositereports

Practical aspects of implementing MiFID requirementsin GIPS compositereports GIPS and MiFID investmentreporting: Practical aspects of implementing MiFID requirementsin GIPS compositereports Zurich, November 15, 2007 Eugene Skrynnyk, UBS Wealth Management November 15, 2007 Agenda

More information

PRODUCT DISCLOSURE STATEMENT

PRODUCT DISCLOSURE STATEMENT PRODUCT DISCLOSURE STATEMENT Margin FX Contracts and CFDs Issuer: Goldland Capital Group Pty Ltd ABN 76 162 331 311 Australian Financial Services Licence No. 436416 Date: 8 September 2015 Page 1 TABLE

More information

Measuring and Interpreting the Performance of Broker Algorithms

Measuring and Interpreting the Performance of Broker Algorithms Measuring and Interpreting the Performance of Broker Algorithms Ian Domowitz Managing Director ITG Inc. 380 Madison Ave. New York, NY 10017 212 588 4000 idomowitz@itginc.com Henry Yegerman Director ITG

More information

What Every Retail Investor Needs to Know

What Every Retail Investor Needs to Know What Every Retail Investor Needs to Know When executing a trade in the US equity market, retail investors are typically limited to where they can direct their orders for execution. As a result, most retail

More information

PURE ALGORITHMIC TRADING SOLUTIONS

PURE ALGORITHMIC TRADING SOLUTIONS PURE ALGORITHMIC TRADING SOLUTIONS WHEN TACTICS OVERWHELM STRATEGY Technology and sophisticated trading tools help traders find the best trading venues. In a fragmented environment, however, traders risk

More information

High Frequency Trading Volumes Continue to Increase Throughout the World

High Frequency Trading Volumes Continue to Increase Throughout the World High Frequency Trading Volumes Continue to Increase Throughout the World High Frequency Trading (HFT) can be defined as any automated trading strategy where investment decisions are driven by quantitative

More information

RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS

RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS ROBOOPTION TN / ROBOFOREX (CY) LTD RISK DISCLOSURE FOR FINANCIAL INSTRUMENTS RoboOption is a trade name of RoboForex (CY) Ltd (hereinafter called the Company )

More information

White Paper Electronic Trading- Algorithmic & High Frequency Trading. PENINSULA STRATEGY, Namir Hamid

White Paper Electronic Trading- Algorithmic & High Frequency Trading. PENINSULA STRATEGY, Namir Hamid White Paper Electronic Trading- Algorithmic & High Frequency Trading PENINSULA STRATEGY, Namir Hamid AUG 2011 Table Of Contents EXECUTIVE SUMMARY...3 Overview... 3 Background... 3 HIGH FREQUENCY ALGORITHMIC

More information

Interconnection Trading System. Exchange Traded Funds (ETFs) MARKET MODEL DESCRIPTION

Interconnection Trading System. Exchange Traded Funds (ETFs) MARKET MODEL DESCRIPTION Interconnection Trading System Exchange Traded Funds (ETFs) MARKET MODEL DESCRIPTION November 2011 TABLE OF CONTENTS 1. INTRODUCTION 3 1.1. Background 3 2. PRODUCTS 3 2.1. General product description 3

More information

NDD execution: NDD can help remove the conflict of interest >>> providing a confl ict free environment for Retail FX traders CLIENT.

NDD execution: NDD can help remove the conflict of interest >>> providing a confl ict free environment for Retail FX traders CLIENT. The Broker team NDD execution: providing a confl ict free environment for Retail FX traders In forex trading, the electronic execution engine used by Non Dealing Desk (NDD) brokers provides traders with

More information

J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure

J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure 1 Introduction and scope The rules of the Financial Services Authority ( FSA ), in implementing the Markets in Financial Instruments

More information

EQUITY RISK CONTROLS. FPL Risk Management Committee

EQUITY RISK CONTROLS. FPL Risk Management Committee EQUITY RISK CONTROLS FPL Risk Management Committee TABLE OF CONTENTS Objective...3 Overview...3 The Client/Broker Relationship...4 Benefits of Risk Controls...4 Typical Workflow...5 Implementation of Risk

More information

POEMS ProTrader Trading System User Guide V01/2012

POEMS ProTrader Trading System User Guide V01/2012 POEMS ProTrader Trading System Page 1 of 23 Content Page 1. Description of Orders Limit Orders 3 Stop Limit Orders 3 Iceberg 4 Contingent Orders 5 Validity of Orders 6 2. POEMS ProTrader Platform Features

More information

Pacific Life Insurance Company Indexed Universal Life Insurance: Frequently Asked Questions

Pacific Life Insurance Company Indexed Universal Life Insurance: Frequently Asked Questions Pacific Life Insurance Company Indexed Universal Life Insurance: Frequently Asked Questions THE GROWTH CAP, PARTICIPATION RATE, AND FLOOR RATEE 1. What accounts for the gap in indexed cap rates from one

More information

An Introduction to Online Trading. National University of Singapore 22 March 2007 Klaus Buhl

An Introduction to Online Trading. National University of Singapore 22 March 2007 Klaus Buhl An Introduction to Online Trading National University of Singapore 22 March 2007 Klaus Buhl Introduction Saxo Capital Markets Pte. Ltd. Financial Markets: - Yesterday -Today -Tomorrow Saxo Trader Multiple

More information

G100 VIEWS HIGH FREQUENCY TRADING. Group of 100

G100 VIEWS HIGH FREQUENCY TRADING. Group of 100 G100 VIEWS ON HIGH FREQUENCY TRADING DECEMBER 2012 -1- Over the last few years there has been a marked increase in media and regulatory scrutiny of high frequency trading ("HFT") in Australia. HFT, a subset

More information