Chasing the same signals : how black-box trading influences by Brian R. Brown PDF

By Brian R. Brown

Traditional knowledge means that markets are effective, random walks and that inventory costs upward thrust and fall with the basics of the corporate. How then have black-box investors prospered and the way do they make the most industry inefficiencies? Are their options on their final legs or will they adapt to the recent panorama amidst the worldwide monetary obstacle?

Chasing a similar Signals is a different chronicle of the black-box industry's upward thrust to prominence and their impression out there position. this isn't a narrative approximately what indications they chase, yet quite a narrative on how they chase and compete for a similar signals


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Extra info for Chasing the same signals : how black-box trading influences stock markets from Wall Street to Shanghai

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Interactive Brokers was the first firm to allow investors to connect to their systems through an Application Programming Interface (API), that is, a low-level programming language. 43 The CTCI offered investors freedom from traditional front-end order-entry systems. Clients would no longer need to type an order into a front-end system or use the phone to submit an order. With CTCI, they could connect their own front-end technology directly to the brokers and begin to automate the order-submission process.

The environment for electronic trading was maturing, but there was one last leg to truly change the game: computer-to-computer trading. The advent of FIX protocol and ECNs had generated the initial stages of an electronic trading industry but most trades were still conducted over the phone. Although brokers were using ECNs to trade electronically, they were taking orders from clients by manual means. In 1997, Interactive Brokers would dramatically improve the efficiency of order submission with a new offering: Computer-To-Computer Interface (CTCI).

The financial industry is filled with hundreds of equity sales professionals, who dedicate 12 hours per day to reviewing and scrutinizing their firm’s equity research. Of the hundreds of professionals, Marshall Wace believed that some would be savvy at stock selection, consistently picking winners and losers. By measuring the sales within its system, it would infer who had the most consistent ability. By implementing this TOPS process, Marshall Wace effectively outsourced its internal portfolio management to the brokerage industry.

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