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Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

Traders Poll

What is your favorite movie about trading?

Wall Street

23%

The Big Short

13%

Margin Call

6%

Equity

0%

Trading Places

38%

The Wolf of Wall Street

8%

Boiler Room

7%

Arbitrage

0%

Too Big to Fail

5%

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Seeking to Protect Yourself with Minimum Fill

With so much uncertainty about what's going on in a dark pool, you might be concerned about protecting yourself. Watch and learn more about one way to protect yourself, as well as the risks involved. For more information, visit www.bloombergtradebook.com

Q&A

Q: How do I know when to use a high minimum fill?

A: Like with any trade, it depends on a lot of factors, including how actively traded the stock usually is, the size of your total order, and the conditions of the overall market that day. Tradebook clients can look on STAZ on their Bloomberg Professional® service; there they can see the average trade size, the average block size and how often a block trades in that stock. This way you could better assess the chance of getting a larger trader done in a stock.

Q: Can I get the benefit of the high minimum fill while still not missing out on the markets continuous liquidity?

A: There are tools that help traders be in two places at once. Bloomberg’s BPOOL functionality allows traders to place an order in a dark pool looking for a high min fill block (for example 5,000 shares or more) while at the same time that order can be trading in the continuous market using any broker algorithm. This function is called PullnMatch, you can learn more on POOL on the Bloomberg Professional® terminal.

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About Insight Bites in 60 Seconds

When it comes to stock trading, so much is changing so quickly that it’s difficult to understand and manage all the variables. Whether it’s algorithmic trading, price swings or dark liquidity, The Insight Bites series presents smart and concise snapshots of what a trader can do to address and overcome the most pressing of these challenges. Hosted by Traders Magazine and brought to you by Bloomberg Tradebook, each 60 second animated video provides quick and humorous insight into a unique issue that traders face every day. For more information, visit www.bloombergtradebook.com.