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Jos Schmidt
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Reducing the Regulatory Burden on Public Companies, Yes Please But...

In this commentary, NEO's Jos Schmidt discusses regulatory requirements and needs in the Canadian equity markets.

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November 11, 2008

UBS TCA Lets Traders Coach Their Orders

By James Ramage

A new UBS trade-cost analysis tool helps traders update their strategies while they are executing. The firm's real-time TCA gives buyside clients continuous, real-time analytics and access to their order flow on a symbol, venue, trader or client level.

As fills come in, the tool delivers real-time analytics, said Jatin Suryawanshi, Americas head of algorithmic trading at UBS. It gives traders a live view of the day's trades, which they can then filter according to their requirements, such as by their own trader ID, stock type, algorithm type or to see their DMA orders.

Real-time TCA is part of Fusion-UBS's Web-based analytics platform-which is integrated with the firm's Pinpoint execution management system.

Using real-time TCA, traders can monitor where they are executing their trades, as well as the performance of their algorithms and how they've met their benchmarks. Traders can then adapt to market conditions by adjusting an order's parameters or changing algorithms on a real-time basis, Suryawanshi said.

"Imagine if you were coaching a sports team and weren't allowed to talk to your players during a game," he said. "It's going to be much harder to affect the outcome than if you had the ability to read the field and give the team feedback while the game was still being played."

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