• Trading Technology

      • Charles River has expanded its regional presence in Sao Paulo, Brazil with local, multi-lingual employees providing implementation, consulting and support services for regional clients and prospects.
      • Jefferies has launched a new suite of algorithms for the U.S., Canadian and European markets offering a number of features to address price volatility and liquidity in fragmented and less visible market environments.
      • A new algorithmic trading book by Barry Johnson recently hit the shelves. "Algorithmic Trading and DMA: an Introduction to Direct Access Trading Strategies," offers a detailed guide to the theory and practice of trade execution through algorithms and DMA access. "The book should serve as a guide for anyone in the buy or sell-side who is interested in execution or trading strategies," explains Johnson. "It works from the ground up, introducing all the relevant concepts. For the more experienced, there are also chapters on topics such as portfolio and multi-asset trading strategies." He adds that coverage includes all major asset classes and markets, from stocks and bonds to foreign exchange and derivatives. In order to best take advantage of trading algorithms and DMA to enhance execution, Johnson says that at a high level this means, "appreciating the significance of transaction costs, getting the balance right between market impact and timing risk, and so using the most appropriate algorithm or strategy." On a more focused level, the book aims to help readers understand the mechanisms for various orders and how to best use them. "There are also chapters on how to enhance strategies, using short-term forecasting, and adapting to special events and news, and on implementation considerations," notes Johnson. "The book draws on the phenomenal amount of empirical research which has been carried out, using many examples to help bridge the gaps between market microstructure theory and actual execution." Johnson explains that having spent more than 12 years in software development at U.S. and European investment banks, he has seen how systems are built and used. "The book evolved out of my desire to understand the theory, and see how market microstructure could be applied to create more efficient trading algorithms," he says. "There's a lot of information out there, but there wasn't a single book which brought this all together in one place." For more personal reasons Johnson is also using the book to spread awareness of multiple myeloma, or cancer of the plasma cells, which took the life of his mother last summer. The net proceeds from the book will be donated to myeloma research. More information on the book is available here.
      • Hirander Misra, former COO of Chi-X Europe, has joined Algo Technologies, which is launching to deliver trading technology solutions focused on algorithmic trading, execution market data services.

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