Tick Tax

Posted by Steve Grob on February 25, 2010 · 1 Comment 

Just returned from a very stimulating week in Japan where I was asked to present on High Frequency Trading and global fragmentation at the Japan International Banking & Securities Systems Forum. There was a great point made by Chuck Chon, CTO of SBI Japannext, when he was asked how his alternative venue differentiated itself from the mighty TSE. Amongst other points, Chuck confirmed that SBI was committed to lower tick sizes as this has the effect of narrowing the bid-offer... Read More

Filed under Europe Japan Lit venues

Jumping the Queue for Order Flow

Posted by Steve Grob on February 19, 2010 · Leave a Comment 

A couple of announcements have caught my eye over the past few days. This week saw the launch of a smart routing service called CYCLE from BATS Europe and, last week, I was at a seminar in Stockholm where Turquoise’s Adrian Farnham presented its own liquidity aggregation service – TQ Lens. Both of these announcements highlight how venues are starting to overlap with other players in their continual quest for order flow. The rationale is simple – by offering to... Read More

Filed under Europe Lit venues USA

Latency Wars – The Empire Strikes Back

Posted by Steve Grob on February 5, 2010 · Leave a Comment 

Few can have missed the announcement this week that the LSE’s new low latency platform, Millennium Exchange, will be up and running in September. This comes just months after its acquisition of the Sri Lankan firm, Millennium IT, which supplies the technology and is testimony to the new thinking now taking place at the LSE. The same news item also mentions that the LSE has adopted a “self certification procedure” for the transition which will place the onus on... Read More

Filed under Asia Europe Japan Lit venues

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