Algorithmic Trading: Unlocking the Secrets of Black Box Trading: Industry Research

Algorithmic Trading: Unlocking the Secrets of Black Box Trading

Published Date: September 2004

Published By: TowerGroup

Page Count: 15

Order Code: R301-1021

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Quantitative trading strategies, including algorithmic trading and arbitrage or strategy trading, have emerged as the next generation of solutions to facilitate the electronic trading markets. This status is driven more by the changing market structure and movement to electronic trading than by the revolutionary capabilities of the underlying algorithms. Fragmentation of liquidity and lower commission price points are driving the buy side to use algorithms, while institutional brokers are using algorithms to lower their own trading costs in order to support those lower commission price points. Those same institutional brokers apply algorithms to further automate the electronic trading capabilities for the buy side while offering a value-added layer that gives them the chance to wrap additional services and higher fees to algorithmic trades. This practice has spawned an arms race as brokers rush to offer algorithms and gain mindshare and market share in the quantitative trading space.

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