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Special Report

Advances in Algorithmic Trading

Amid financial turmoil, algorithmic trading remains a major focus for sell-side firms, who are devoting significant resources to expanding their offerings across options and foreign exchange and into regions such as Europe and Asia-Pacific. Customization of strategies and a simplified trading process are priorities at Morgan Stanley, says Andrew Silverman, adding that “several years ago, it was a race to see who had more algorithms. Now, the ongoing focus is on how we can reduce our offering to just several algorithms with a simple user face.” Also in this report: Investment Technology Group’s Tony Huck stresses anonymity and transparency; the New York Stock Exchange gives its trading floor access to algorithms; and more.

Contents

Sell Side Stresses Cross-Asset Capabilities

As belts tighten across Wall Street, algorithmic trading is helping the sell side tackle market fragmentation cost-effectively, speed up markets and cut back on staff.

For Europe, U.S. Algo Lessons Useful But Limited

Much as they have in a fragmented U.S. market, algorithmic strategies are rising in prominence as electronic trading venues gear up in Europe.

Transparency, Anonymity, Personalization

Customization is a big differentiator, according to Investment Technology Group's Tony Huck, who talks about his firm's algorithmic enhancements and what it's doing to combat gaming.

NYSE Gives Floor Brokers Algo Access

The New York Stock Exchange is integrating algorithms into its floor brokers' handheld devices and has introduced a system that helps them find large blocks of liquidity.

Deep Value: Don't Pay Unless We Perform

Deep Value, which helps customers achieve optimal use of their algorithms, employs an unconventional payment model.