The mispriced transactions totaled 442,600, from October 2008 through the start of this year. The amount owed customers for the mistakes was $420,360. Less than a buck a trade. On a 200-share trade, that equals less than 3 cents each.
Would creating a handful of "universal" order types help reduce the complexity of equities trading?
- There are other issues to be considered
More Articles - Algos/DMA
San Francisco-based 4th Story has begun to offer trading desks and brokers a full suite of analytics, data visualization and notification features.
InfoReach now offers buyside traders the ability to customize and configure their risk controls in real time across multiple asset classes.
In this commentary written by CIBC and NYSE Technologies, authors discuss the rationale behind sending successful U.S. algorithms to Canada for a second life.
JPMorgan Chase's corporate and investment bank has begun to roll out a technical platform designed to consolidate 30 different trading systems into one. The "first wave of execution" in the J.P. Morgan Markets system puts trading in foreign exchange, rates and commodities onto the platform.
Direct Edge has built pre-trade risk controls, including automated and manual kill switches, into the software that matches orders on its EDGA and EDGX exchanges.
Market maker GETCO is adding two new algorithms to its stable, expanding its GETAlpha electronic trading offerings to six. Other new algos are also coming in the next few months.
PDQ ATS, a Chicago-based trading system, now offers less latency-sensitive traders new algorithmic order types. The new order types are available through the AlgoSuite platform.
The Securities Industry and Financial Markets Association opposes a Nasdaq OMX Group plan to offer algorithmic trading services to its members.
Given the Knight Capital Group debacle of Aug. 1 and the subsequent discussions in Washington and within the industry regarding safeguards, Traders Magazine spoke with Matt Andresen, co-chief executive officer of market maker Headlands Technologies, to learn the steps his firm takes to prevent algorithms from going wild.
FlexTrade Systems struck a deal with NYSE Technologies to redistribute a product that provides intraday volume predictions.
Exchange operator Direct Edge will introduce a new order type aimed at customers who want to avoid interacting with professional traders.
Deutsche Bank revamped its foreign exchange trading platform, a part of the firm's signature Autobahn electronic trading system.
Cyborg Trading Systems has opened up its soup-to-nuts trading platform, Cloud Trader, to developers interested in building their own trading strategies, or algorithms, and running them through Cyborg's automation framework. Cloud Trader is hosted by the London, Ontario-based Cyborg, rather than sitting on the user's desktop as does their original application, Cyborg Trader.
Raymond James is building out an electronic equity trading business and is rolling out new algorithms so clients have another means to pay for research. The firm has also added new sales traders to its desk to further complement its electronic tools.