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Smart Order Routing
Smart order routing (SOR) is an automated process of handling orders, aimed at taking the best available opportunity throughout a range of different trading venues. The increasing number of various trading venues and MTFs leads to a surge in liquidity fragmentation, when the same stock is traded on several different venues, so the price and the amount of stock can vary between them. SOR serves to tackle liquidity fragmentation, or even benefit from it. Smart Order Routing is performed by Smart Order Routers - systems designed to analyze the state of venues and to place orders the best available way, relying on the defined rules, configurations and algorithms. History of Smart Order Routing 1980s The forebears of today's smart order routers appeared in the late 1980s: "In an attempt to lock in the client order flow and free traders up from smaller trades, in order to handle the larger trades, many of the larger broker dealers began to offer a new service called or DOT. ''DOT'' b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The ''Journal'' has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The ''Journal'' is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019. ''The Wall Street Journal'' is one of the largest newspapers in the United States by circulation, with a circulation of about 2.834million copies (including nearly 1,829,000 digital sales) compared with ''USA Today''s 1.7million. The ''Journal'' publishes the luxury news and lifestyle magazine ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fix Protocol
The Financial Information eXchange (FIX) protocol is an electronic communications protocol initiated in 1992 for international real-time exchange of information related to securities transactions and markets. With trillions of dollars traded annually on the NASDAQ alone, financial service entities are employing direct market access (DMA) to increase their speed to financial markets. Managing the delivery of trading applications and keeping latency low increasingly requires an understanding of the FIX protocol. History The FIX protocol specification was originally authored in 1992 by Robert "Bob" Lamoureux and Chris Morstatt to enable electronic communication of equity trading data between Fidelity Investments and Salomon Brothers. FIX initially addressed information between broker-dealers and their institutional clients. At the time, this information was communicated verbally over the telephone. Fidelity realized that information from their broker-dealers could be routed to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Software AG
Founded in 1969, Software AG is an enterprise software company with over 10,000 enterprise customers in over 70 countries. The company is the second largest software vendor in Germany, and the seventh largest in Europe. Software AG is traded on the Frankfurt Stock Exchange under the symbol “SOW” and part of the technology index TecDAX. History The company was founded in 1969 by six young employees at the consulting firm AIV (Institut für Angewandte Informationsverarbeitung). One of the founders was the mathematician Peter Schnell, who later became chairman of the board for many years. ADABAS was launched in 1971 as a high-performance transactional database management system. In 1979, Natural, a 4GL application development English-like language, that was mainly developed by Peter Pagé, was launched. The company continued to open offices and subsidiaries in North America (1971), Japan (1974), UK (1977), France (1983), Spain (1984), Switzerland, Austria, Belgium, and Saudi A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MillenniumIT
MillenniumIT ESP is a Sri Lanka-based information technology firm that specialises in electronic trading systems, and capital market technology solutions, and is headquartered in Colombo, Sri Lanka. It has been a fully owned technology business sector of London Stock Exchange Group since 2009. It rebranded in 2017 as LSEG Technology. MillenniumIT's systems are used by exchange businesses around the world including, London Stock Exchange, Borsa Italiana, Turquoise, the London Metal Exchange, Johannesburg Stock Exchange and a series of emerging market exchanges. History The company was founded in 1996 by Tony Weerasinghe as a systems integrator and Sun Microsystems authorized reseller. MillenniumIT entered the software design field the following year when it interpreted a systems integration contract from the Colombo Stock Exchange (CSE) as an opportunity to design and install a straight-through processing system for the Exchange. The CSE solution became the basis for Millenniu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fidessa
Fidessa group Holdings Ltd (formerly Fidessa Group Plc), is a British-headquartered company which provides software and services, such as trading and investment management systems, analytics and market data, to buy side and sell side clients in the financial services sector. It was listed on the London Stock Exchange and was a member of the FTSE 250 Index before it was acquired by ION Investment Group, which also owns financial content provider Dealogic and financial media group Acuris. History The company was founded in 1981 as Intercom Data Systems (IDS): it was later renamed royalblue Group plc, and consisted of two separate operating divisions, royalblue Financial and royalblue Technologies. With the group's core trading platform, Fidessa, being better known in the market place, the Royalblue Group plc changed its name to Fidessa Group plc following shareholder approval at the AGM held in April 2007. In November 2008, Fidessa launched its Fidessa Fragmentation Index. In A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BATS Global Markets
Bats Global Markets is a global stock exchange operator based in Lenexa, Kansas, with additional offices in London, New York, Chicago, and Singapore. Bats was founded in June 2005, became operator of a licensed U.S. stock exchange in 2008 and opened its pan-European stock market in October 2008. As of February 2016, it operated four U.S. stock exchanges, two U.S. equity options exchanges, the pan-European stock market, and a global market for the trading of foreign exchange products. Bats is now owned by Cboe Global Markets. The name 'BATS' was originally an acronym for "Better Alternative Trading System". History The company was founded in June 2005 by Dave Cummings, a computer programmer. Cummings said he was inspired to start the company after observing Archipelago Holdings be acquired by the New York Stock Exchange and Instinet be acquired by NASDAQ within a week of each other in 2005. After the launch of Bats, other brokerage firms, hedge funds, and other clients became ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Immediate Or Cancel
An immediate or cancel (IOC) Order (exchange), order, also known as an "accept order", is a finance term used in investment banking or Security (finance), securities transactions that refers "an Order (exchange), order to buy or sell a stock that must be executed immediately". In case the entire order is not available at that moment for purchase a partial fulfillment is possible, but any portion of an IOC order that cannot be filled immediately is cancelled, eliminating the need for manual cancellation. This "partial fulfillment" aspect is what differentiates IOC orders from all or none (AON) and fill or kill (FOK) orders, but the terms might be used interchangeably in some markets. Benefits It is considered a "clean, quick, and easy way to acquire securities or goods [that] can save time and money" and the "chances of receiving at least a portion of the order within the time frame required is very good". IOC orders are generally employed when ordering "large quantities of stock". T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Graphical User Interface
The GUI ( "UI" by itself is still usually pronounced . or ), graphical user interface, is a form of user interface that allows users to interact with electronic devices through graphical icons and audio indicator such as primary notation, instead of text-based UIs, typed command labels or text navigation. GUIs were introduced in reaction to the perceived steep learning curve of CLIs ( command-line interfaces), which require commands to be typed on a computer keyboard. The actions in a GUI are usually performed through direct manipulation of the graphical elements. Beyond computers, GUIs are used in many handheld mobile devices such as MP3 players, portable media players, gaming devices, smartphones and smaller household, office and industrial controls. The term ''GUI'' tends not to be applied to other lower-display resolution types of interfaces, such as video games (where HUD (''head-up display'') is preferred), or not including flat screens like volumetric displays because ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Data
''For market data as used in marketing, see marketing information system'' In finance, market data is price and other related data for a financial instrument reported by a trading venue such as a stock exchange. Market data allows traders and investors to know the latest price and see historical trends for instruments such as equities, fixed-income products, derivatives, and currencies. The market data for a particular instrument would include the identifier of the instrument and where it was traded such as the ticker symbol and exchange code plus the latest bid and ask price and the time of the last trade. It may also include other information such as volume traded, bid, and offer sizes and static data about the financial instrument that may have come from a variety of sources. There are a number of financial data vendors that specialize in collecting, cleaning, collating, and distributing market data and this has become the most common way that traders and investors get a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smart Order Routing System
Smart or SMART may refer to: Arts and entertainment * ''Smart'' (Hey! Say! JUMP album), 2014 * Smart (Hotels.com), former mascot of Hotels.com * ''Smart'' (Sleeper album), 1995 debut album by Sleeper * ''SMart'', a children's television series about art on CBBC Businesses and brands * S-Mart, a Mexican grocery store chain * SMART (advertising agency), an Australian company * SmartCell, a network operator in Nepal * Smart Communications, a cellular service provider in the Philippines * Smart Technologies, a company providing group collaboration tools * Smart Telecom, a network operator in the Republic of Ireland * Smart (cigarette), an Austrian brand * Smart (drink), a brand of fruit-flavored soda produced by The Coca-Cola Company for Mainland China Computing * Smart device, an electronic device connected to other devices or networks wirelessly * Self-Monitoring, Analysis, and Reporting Technology (S.M.A.R.T.), a standard used in computer storage devices * SMART Infor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TWAP
In finance, time-weighted average price (TWAP) is the average price of a security over a specified time. TWAP is also sometimes used to describe a TWAP card, that is a strategy that will attempt to execute an order and achieve the TWAP or better. A TWAP strategy underpins more sophisticated ways of buying and selling than simply executing orders en masse: for example, dumping a huge number of shares in one block is likely to affect market perceptions, with an adverse effect on the price. Use A TWAP strategy is often used to minimize a large order's impact on the market and result in price improvement. High-volume traders use TWAP to execute their orders over a specific time so they trade to keep the price close to that which reflects the true market price. TWAP orders are a strategy of executing trades evenly over a specified time period. Volume-weighted average price (VWAP) balances execution with volume. Often, a VWAP trade will buy or sell 40% of a trade in the first half of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dark Pool
In finance, a dark pool (also black pool) is a private forum (alternative trading system or ATS) for trading securities, derivatives, and other financial instruments."The New Financial Industry" (March 30, 2014). 65 ''Alabama Law Review'' 567 (2014); Temple University Legal Studies Research Paper No. 2014-11; via SSRN. Liquidity on these markets is called dark pool liquidity. The bulk of dark pool trades represent large trades by s that are offered away from public ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
