Tag: sell-side

Whitepaper: 2nd Age of Smart Order Routing – April 2009

Medan Gabbay

Executive Summary This paper discusses the evolving challenge of liquidity fragmentation as a result of business, technology and regulatory pressures within capital markets. Fragmentation has accelerated in the past 24 months in both the US and European equities markets due to the implementation of RegNMS and MIFID. However, the rapid growth of liquidity has predominantly been due to the new … Read More

Whitepaper: Adaptive Execution Platform and Smart Order Routing Use Case – June 2008

Medan Gabbay

Introduction The electronic trading market has entered into a new evolutionary phase. This shift is expressed by the change in the nature of liquidity, namely decentralization for asset classes which were  typical y organized in a centralized model, whilst creation and consolidation of electronic venues for asset classes which were traditionally OTC and voice-based. This shift also reflects investor demand … Read More