Liquidity Management, Low Latency Dominate SIFMA Buzz

galleyarcherySoftware and s/w Development

Oct 29, 2013 (3 years and 7 months ago)

48 views


L
iqu
i
d
i
t
y

M
a
nag
e
m
e
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t,
L
ow
L
a
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y

D
o
m
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a
t
e S
I
F
MA
B
u
z
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Jun

2
0, 2007

UR
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:

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show
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innov
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l
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n

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s
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s
p
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e
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h
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rodu
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agg
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f
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d
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ac
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s
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y

poo
l
s
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ess
ing

t
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e

p
rob
l
e
m

o
f m
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f
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ion

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n U.S.
equ
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t
ies

t
r
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d
ing,
R
e
u
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e
r
s

(boo
t
h
#1101
)

tea
m
e
d

w
i
t
h Sky
l
e
r

T
e
chno
log
i
e
s

(boo
t
h
#3118
)

t
o

agg
r
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g
a
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e

t
h
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e
x
c
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s'
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h A
m
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s C
3 Or
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agg
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fee
d
s

v
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a

t
h
e

R
e
u
t
e
r
s D
a
t
a Fee
d Dir
e
c
t

(
R
D
F
-
D
)

f
o
r

a
l
l N
o
r
t
h

A
m
e
r
ica
n

v
enues.
Sky
l
e
r

t
a
kes

a
l
l

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h
e

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e
u
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e
r
s

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e
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l

2

fee
d
s

and

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n
s
e
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s

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h
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m

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n
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o

a
n

o
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r
book
,

acc
o
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d
ing

t
o V
a
l
eri
e B
ann
ert-
Thu
r
n
e
r,
VP bu
s
i
n
e
s
s

d
e
v
e
lop
m
e
n
t

a
t Sky
l
e
r.
"
T
h
e Sky
l
e
r

s
y
s
t
e
m

agg
r
e
g
a
t
e
s

a
l
l

t
h
e

l
iqu
i
d
i
t
y

i
n
f
o
r
m
a
t
ion
fr
om
t
h
e

l
iqu
i
d
i
t
y

v
enues

a
l
l

i
n
t
o
on
e

v
i
ew,
"

s
h
e
sa
y
s.
"
I
t
'
s

a

l
iqu
i
d
i
t
y

d
iscov
e
r
y

s
o
l
u
t
ion
.
"


R
e
u
t
e
r
s

o
f
f
e
r
s

a who
l
e

s
u
i
t
e

o
f L
e
v
e
l

2

d
a
t
a

fee
d
s



i
n
c
lud
ing

N
a
s
d
a
q L
e
v
e
l

2,
I
t
c
h,
I
NET,
NYSE
A
rca and N
YSE
O
p
e
n Book
as

w
e
l
l

a
s

t
h
e T
o
ron
t
o S
t
o
c
k E
x
c
h
ang
e L
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v
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l

2

f
e
e
d
s, sa
y
s B
i
l
l Ruvo
, VP
R
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t
e
r
s

D
a
t
a
fee
d
s, N
ort
h

A
m
e
r
ica.
"
T
h
e

v
a
l
u
e

t
h
a
t Sky
l
e
r

bring
s

t
o

R
e
u
t
e
r
s c
u
s
t
o
m
e
r
s

o
f

tho
s
e

L
e
v
e
l

2

v
enu
e
s

i
s

t
h
a
t

t
h
e
y

agg
r
e
g
a
t
e

t
h
e
m

s
o

a

c
u
s
t
o
m
e
r

t
h
rough
on
e

v
i
e
w

g
e
t
s

a

c
o
m
p
l
e
t
e

p
i
c
t
u
r
e o
f

a
l
l

t
h
e

f
r
a
g
m
e
n
t
e
d
liqu
i
dit
y

f
r
om
a
l
l

those

d
iff
e
r
e
n
t

v
enues
.
"
T
h
e
r
e
'
s

a

t
r
e
n
d

t
o
w
a
r
d

m
o
r
e
-
sop
h
i
s
t
ica
t
e
d

a
l
g
o
r
i
t
h
m
s

i
n
c
r
e
a
s
ing
l
y

u
s
ing

l
iqu
i
d
i
t
y

i
n
f
o
r
m
a
t
ion,
add
s Sk
y
l
e
r
'
s B
ann
e
r
t
-
Thu
r
n
e
r.
"
W
e

g
e
t

m
o
r
e
tr
a
c
t
ion

w
i
t
h

t
h
e

agg
r
e
g
a
t
e
d

v
i
e
w

o
f

t
h
e

f
e
e
d
s
,
"

s
h
e

n
o
tes.
F
o
r

those

t
r
a
d
e
r
s

look
ing

t
o
do

a
lgo
r
i
t
h
m
i
c
tr
a
d
i
n
g

i
n

f
o
r
e
ign

e
x
c
h
ang
e, P
rog
ress A
p
a
m
a

(boo
t
h
#2217
)

h
a
s

p
roduce
d

a
n

a
lgo
rit
hm
t
h
a
t

agg
r
e
g
a
t
e
s

a
l
l

t
h
e

l
iqu
i
d
i
t
y
poo
l
s

i
n

t
h
e FX

m
a
r
k
e
t. T
h
e

v
endo
r

announce
d P
rog
r
ess A
p
a
m
a FX
Agg
r
e
g
a
t
ion

A
c
c
e
l
e
r
a
t
o
r

f
o
r

t
h
e S
I
F
MA
Con
f
e
r
e
n
c
e
.


"
T
h
e

l
iqu
i
d
i
t
y

i
s

s
o

f
r
a
g
m
e
n
t
e
d
,
"
sa
y
s

John B
a
t
e
s,
found
e
r

and

VP,
A
p
a
m
a P
rog
ress, P
rog
ress S
o
f
t
w
a
r
e.
I
n

addit
ion

t
o

t
h
e

b
ank
s
quo
t
ing

p
r
ices,
"
You
'
v
e
go
t

agg
r
e
g
a
t
o
r
s l
i
k
e EB
S

a
n
d R
e
u
t
e
r
s,
a
n
d EC
N
s
li
k
e

H
o
t
s
p
o
t,
C
u
r
r
e
n
e
x

and

F
X
a
l
l


w
h
i
l
e

a
l
l

t
h
e

FX poo
l
s

p
rov
i
d
e A
P
I
s

t
o

c
o
n
n
e
c
t w
i
t
h

t
h
e
poo
l
s
,

t
h
e
y

use

p
ropri
e
t
a
r
y

f
o
r
m
a
t
s
.
" H
o
w
e
v
e
r,
A
p
a
m
a

h
a
s

bu
i
l
t

a
d
a
p
t
e
r
s

t
o

p
rov
i
d
e

c
o
n
n
e
c
t
i
vit
y

t
o

a
l
l

o
f

t
h
e
poo
l
s,
h
e

s
a
y
s
.


"
W
h
a
t
'
s

v
e
r
y

a
t
t
rac
t
i
v
e

i
s

t
o

c
rea
t
e

a
n

agg
r
e
g
a
t
e
d

o
r
d
e
r
book

v
i
e
w

a
c
r
oss

all

those

l
iqu
i
d
i
t
y
poo
l
s
,
"

con
t
i
n
u
e
s

B
a
tes.
T
h
e

n
e
x
t

s
t
a
g
e

i
s

f
o
r

f
i
r
m
s

t
o
bu
i
l
d

a
lgori
t
h
m
s

u
s
ing

A
p
a
m
a
'
s
bu
i
l
d
ing

b
l
o
c
k
s

and

i
t
'
s
und
e
r
l
y
ing

c
omp
l
e
x

e
v
e
n
t

p
r
oces
s
ing

eng
i
n
e

(
C
E
P
)
.

"
O
u
r

g
r
aph
ica
l

mod
e
l
ing

t
o
o
l
s
ca
n
bu
i
l
d

a
lgo
rit
h
m
s

t
h
a
t
ca
n

t
r
a
d
e

t
h
i
s

agg
r
e
g
a
t
e

v
i
e
w
,
" B
a
tes

r
e
l
a
t
e
s
.


S
ang L
e
e,
m
a
n
a
g
ing

p
a
r
t
n
e
r

a
t

A
i
t
e

G
roup

i
n

B
o
s
ton
,

a
g
r
e
e
s

t
h
a
t

t
h
e

iss
u
e

o
f

f
r
a
g
m
e
n
t
e
d

l
i
q
u
i
d
i
t
y

i
s o
n
e

t
h
a
t

e
v
e
ryon
e

i
s

f
a
c
ing.
"
A
s
you
'
r
e

look
ing

a
t

t
h
e m
a
r
k
e
t
p
l
ace wh
e
r
e

t
h
e
r
e

i
s

a

l
o
t

o
f

f
o
c
u
s
on

l
o
w
-
l
a
t
e
n
c
y

t
r
a
d
ing

and mass
i
v
e

i
s
s
u
e
s

P
a
g
e

1

o
f

3
6
/20
/200
7
h
t
t
p
://ww
w.w
a
l
l
s
t
ree
t
and
t
e
c
h
.
c
o
m
/
p
r
i
n
t
a
b
l
e
A
r
t
i
c
l
e.j
h
t
m
l
;
jsess
ion
i
d
=
M
C
W
T
A
I
Z
0
E43
V
4
QSN
DLPS
KHS
...
a
round

f
r
a
g
m
e
n
t
a
t
ion, ho
w
do
you

g
e
t

t
h
e

d
a
t
a

i
n

a
s
qu
i
c
k
as
po
s
s
i
b
l
e

and

i
d
e
n
t
i
f
y
oppo
r
tun
i
t
i
e
s

i
n

t
h
e m
a
r
k
e
t
p
lace

and

g
e
t

t
h
a
t
don
e

i
n

a
second
?
"
as
k
s Lee.
L
o
w-l
a
t
e
n
c
y

t
r
a
d
ing

a
l
s
o

i
s

a

f
a
c
t
o
r

i
n

c
o
m
p
l
y
ing w
i
t
h R
egu
l
a
t
ion N
MS,
f
o
r w
h
i
c
h

f
i
r
m
s w
i
l
l

nee
d

t
o

r
o
u
t
e

o
r
d
e
r
s

t
o

t
h
e

bes
t

p
r
ice.
"
You

h
a
v
e

t
o

g
e
t

t
o

t
h
e

p
r
ice
as

q
u
i
c
k
l
y

a
s
poss
i
b
l
e. T
h
a
t
'
s why
you
see

a
l
l

t
hese

c
o
l
oca
t
ion

dea
l
s
,
"
sa
y
s

L
e
e
.


B
rok
er-
d
e
a
l
e
r
s

g
e
aring
up

f
o
r

t
h
e

i
m
p
l
e
m
e
n
t
a
t
ion

o
f

t
h
e

P
i
l
o
t

P
h
ase

o
f R
e
g N
M
S
on

J
u
l
y

9
ca
n

g
e
t

s
o
m
e

last-
m
inu
t
e

gu
i
d
a
nce

a
t

t
h
e

con
f
e
r
e
nce.
J
o
r
d
a
n

&

J
o
r
d
a
n

(boo
t
h
#3
000
),
a

m
a
n
a
g
e
m
e
n
t

con
s
u
lting

f
i
r
m,
has
unv
e
i
l
e
d

E
n
t
e
r
p
r
ise

C
o
m
p
l
i
a
n
c
e S
o
l
u
t
ion

(
E
C
S
),
a

c
o
m
p
l
i
a
n
c
e

dashbo
a
r
d t
h
a
t w
i
l
l

c
o
m
b
i
n
e R
e
g N
MS
top
i
c
s

w
i
t
h

m
o
r
e-t
r
a
dit
i
o
n
a
l

c
o
m
p
l
i
a
n
c
e
ac
t
i
v
i
t
ies,
s
u
c
h
as

OATS,
A
C
T

and

OTS
r
epo
rting,
a
n
d mon
i
t
oring

e
m
p
loy
e
e

w
a
t
c
h

l
i
s
t
s
.
O
n

t
h
e

R
e
g N
MS
s
i
d
e, ECS
w
i
l
l

g
i
v
e

a
n

ind
ica
t
ion

o
f w
h
e
t
h
e
r

f
i
r
m
s

h
a
v
e

t
r
a
d
e
d

t
h
rough

t
h
e

b
e
s
t

p
r
ice a
n
d

a
l
s
o

p
rov
i
d
e

too
l
s

t
o

mea
s
u
r
e

l
a
t
e
n
c
y

i
n

t
h
e
i
r m
a
r
k
e
t

d
a
t
a, sa
y
s T
o
m

J
o
r
d
a
n,
p
r
e
s
i
d
e
n
t

and

CEO,
J
o
r
d
a
n &
J
o
r
d
a
n.
"
You

a
r
e

respon
s
i
b
l
e

t
o

m
a
k
e

s
u
r
e
you

h
a
v
e

reason
a
b
l
e

l
a
t
e
n
c
y

i
n

t
e
r
m
s

o
f

g
e
t
t
ing

m
a
r
k
e
t

d
a
t
a
,
"

h
e
sa
y
s.
"
I
f

t
h
e m
a
r
k
e
t

d
a
t
a

i
s

30

second
s
ou
t

o
f

d
a
t
e

b
eca
use

i
n
t
e
r
n
a
l
l
y

w
i
t
h
i
n

y
o
u
r

o
r
g
a
n
iza
t
ion
you

h
a
v
e

a
l
l

t
h
e
s
e
bo
t
t
l
e
n
e
c
k
s,
t
h
e
n
you
'
d

b
e

v
i
o
l
a
t
ing

t
h
e

r
u
l
e
s
.
"
A
s

e
lec
t
ron
i
c
tr
a
d
ing

exp
and
s

b
e
yond U.S.
equit
ies
,

and

i
n
t
e
res
t

i
n

i
n
t
e
r
n
a
t
ion
a
l
sec
u
r
i
t
ies

t
r
a
d
ing g
r
o
w
s,
e
x
c
h
anges

recogn
ize

t
h
e
y

nee
d

t
o

p
rov
i
d
e

fas
t
e
r
ac
cess

t
o

t
h
e
i
r

d
a
t
a.
Y
e
s
t
e
r
d
a
y,
t
h
e London S
t
o
c
k E
x
c
h
ang
e

anno
u
n
c
e
d

t
h
a
t

i
t

h
a
d

p
a
r
t
n
e
r
e
d w
i
t
h

S
a
n

F
r
a
n
c
i
s
c
o
-
b
ase
d Y
i
pes

(boo
t
h
#1610
),
a

p
r
o
v
i
d
e
r

o
f

g
lob
a
l

n
e
t
w
o
r
k

s
e
r
v
i
ces,
t
o

o
f
f
e
r
acc
ess

t
o

t
h
e

e
x
c
h
ang
e
'
s

I
n
f
o
l
e
c
t m
a
r
k
e
t

d
a
t
a
se
r
v
ice. Y
i
p
e
s

w
i
l
l

p
rov
i
d
e

a
ccess

t
o

I
n
f
o
lec
t,
t
h
e

e
x
c
h
ang
e
'
s m
a
r
k
e
t

d
a
t
a

p
l
a
t
f
o
rm
and

t
i
c
k
e
r

p
l
a
n
t,
v
i
a

Y
i
pes F
i
n
a
n
c
i
a
l Connec
t
!,
t
h
e
fi
r
s
t E
t
h
e
r
n
e
t
-
b
ase
d

f
i
n
a
n
c
i
a
l

e
x
t
r
a
n
e
t

f
o
r

e
l
e
c
t
ron
i
c

t
r
a
d
ing,
a
c
c
o
r
d
ing

t
o

t
h
e

v
endo
r
.
T
h
e

str
a
t
e
g
i
c

a
lli
a
nce wit
h Y
i
p
e
s

e
n
a
b
l
e
s

c
u
s
t
o
m
e
r
s

t
o
ac
cess

t
h
e

LSE
d
a
t
a

v
i
a

t
h
e Y
i
pes

n
e
t
w
o
r
k
as

a
n

a
l
t
e
r
n
a
t
i
v
e

t
o

runn
ing

d
i
rec
t

l
i
n
e
s, acc
o
r
d
ing

t
o

J
a
m
e
s

B
augh, m
a
n
a
g
e
r,
v
endo
r

a
lli
a
nces,
a
t

t
h
e LSE.
"
O
nce
you
'
r
e

o
u
t
s
i
d
e

t
h
e U.
K.
and

s
o
m
e

o
f

t
h
e m
e
t
ropoli
t
a
n

a
reas,
i
t

bec
o
mes

c
o
s
t

p
roh
i
b
i
t
i
v
e

f
o
r

s
o
m
e

o
f

t
h
e
buy
-
s
i
d
e

fir
m
s

t
o

t
a
k
e

t
h
e
po
i
nt-
t
o
-
po
i
n
t

connec
t
ion
s
,
"

h
e

s
a
y
s
.


A
c
c
o
r
d
ing

t
o C
o
l
lee
n D
enn
i
s,
h
e
a
d

o
f m
a
r
k
e
t

d
a
t
a

a
u
dit

a
t

t
h
e

LSE,
"
W
e
'
r
e

s
e
e
ing m
o
r
e

a
c
t
i
v
i
t
y
on

t
h
e
buy

s
i
d
e

look
ing

t
o

g
e
t
ac
cess

t
o

t
h
a
t

d
a
t
a

and

look
ing

a
t e
v
e
r
y
op
t
ion

t
o
do

t
h
a
t. ... T
h
i
s

i
s

t
h
e

c
l
oses
t
yo
u
ca
n

g
e
t

t
o

d
i
rec
t

connec
t
i
v
i
t
y

w
i
thou
t

b
e
ing

dir
e
c
t
l
y

connec
t
e
d
.
"
T
r
a
d
i
t
ion
a
l
l
y,
f
i
r
m
s
ac
cesse
d

t
h
e L
SE
d
a
t
a

t
h
rough

t
h
i
r
d
-
p
a
r
t
y

v
end
o
r
s,
s
u
c
h

a
s

R
e
u
t
e
r
s

and

B
l
o
o
m
b
e
r
g
,

t
h
a
t wou
l
d

t
a
k
e

t
h
e

d
a
t
a

and

pass

i
t
ou
t

t
o

t
h
e m
a
r
k
e
t.
B
u
t

t
h
a
t
buil
d
s

i
n

add
i
t
ion
a
l

l
a
t
e
n
c
y, no
t
e
s

B
a
ugh.
"
N
ow
w
e

a
r
e
bu
i
l
d
ing

a

s
o
l
u
t
ion

t
h
a
t

a
l
l
o
w
s

t
h
a
t

l
o
w

l
a
t
e
n
c
y,
w
h
i
c
h

i
s

a
t
t
rac
t
i
v
e ...
p
a
rti
c
u
l
a
r
l
y wit
h

t
h
e

p
r
o
lif
e
r
a
t
ion

o
f

a
lgo
r
i
t
h
m
i
c

t
r
a
d
i
n
g
.
"


T
h
e
LSE
e
x
e
c
u
t
i
v
e
s
sa
y

t
h
e
y

p
l
a
n

t
o

e
n
t
e
r

i
n
t
o m
o
r
e

a
l
l
i
a
nces w
i
t
h

o
t
h
e
r

n
e
t
w
o
r
k
se
r
v
i
c
e

p
rov
i
d
e
r
s.
"
W
e
'
r
e

a
c
t
i
v
e
l
y

t
r
y
ing

t
o

g
e
t

t
h
e

n
e
t
w
o
r
k

s
e
r
v
ice

p
rov
i
d
e
r
s
up

and

runn
ing. T
h
e

n
e
x
t

s
t
e
p

i
s

t
o w
o
r
k

c
l
ose
l
y w
i
t
h

t
h
e

n
e
t
w
o
r
k
se
r
v
ice

p
rov
i
d
e
r
s



i
n
c
lud
ing

Y
i
pes, S
avv
i
s

a
n
d BT
R
a
d
i
a
n
z



t
o

e
n
s
u
r
e

t
h
a
t

t
h
e m
a
r
k
e
t
kno
w
s

t
h
a
t London

d
a
t
a

i
s

a
v
a
i
l
a
b
l
e

t
o

t
h
em
i
n

t
h
i
s w
a
y
,
"
sa
y
s

D
enn
i
s
.


W
hil
e

a
l
l

o
f

t
h
ese

n
ew
t
e
c
h
n
o
log
i
e
s

c
l
a
i
m

t
o

o
f
f
e
r

u
l
t
r
a
l
o
w

l
a
t
e
n
c
y

and
opti
m
i
z
e

p
e
r
f
o
r
m
a
nce,
t
h
e
r
e

h
a
s

bee
n
no

w
a
y

t
o

p
rov
e

t
h
ese

m
a
r
k
e
t
ing

c
l
a
i
m
s


un
t
i
l
no
w. E
y
e
ing

t
h
e
oppo
r
t
u
n
i
t
y

t
o

h
e
l
p

f
i
r
m
s e
v
a
l
u
a
t
e

innov
a
t
i
v
e

t
e
chno
log
i
e
s

i
n

c
a
p
i
t
a
l m
a
r
k
e
t
s,
t
h
e

S
e
c
u
r
iti
e
s Techno
logy A
n
a
l
y
s
i
s C
e
n
t
e
r

(ST
A
C
;
boo
t
h
#1720
)

announce
d

t
h
a
t

i
t

wou
l
d

o
p
e
n

a

N
e
w

Y
o
r
k

b
r
a
n
c
h

o
f STA
C L
a
b
s

i
n

J
u
l
y
2007.
I
n

t
h
e

N
ew Y
o
r
k L
a
b, S
TAC
w
i
l
l

tes
t

c
o
m
b
i
n
ation
s

o
f

t
e
chno
logy

o
r

techno
log
y

s
tac
k
s

i
n

m
a
n
y

a
r
e
a
s

o
f

t
h
e
tr
a
d
ing

p
r
o
c
ess,
i
n
c
lud
ing m
a
r
k
e
t

d
a
t
a

d
i
s
t
r
ibu
t
ion,
t
i
c
k

d
a
t
a

bas
ing,
c
o
m
p
l
e
x

e
v
e
n
t

p
r
ocess
ing,
mes
s
a
g
ing

and

o
r
d
e
r

e
x
e
c
ution,
a
c
c
o
r
d
ing

t
o

t
h
e

o
r
g
a
n
i
z
a
t
ion
.


"
T
h
e

p
rob
l
e
m

t
h
a
t

a
l
l

t
h
i
s

n
ew
t
e
chn
o
logy

c
r
e
a
t
e
s i
s
no
on
e

has

t
i
m
e

t
o

e
v
a
l
u
a
t
e

i
t

any
m
o
r
e
,
"
sa
y
s

P
e
t
e
r

L
a
n
k
f
o
r
d,
d
i
r
e
c
t
o
r

o
f S
TAC,

w
h
i
c
h

a
l
ready

has

a

l
a
b

i
n C
h
i
c
a
g
o.
"
Cli
e
n
t
s

t
h
a
t w
a
n
t

t
o

e
v
a
l
u
a
t
e

a

n
ew
t
e
chno
logy
...
nee
d

p
eop
l
e

ready

t
o

tes
t,
u
s
u
a
l
l
y

t
h
e
y
'
r
e
no
t

f
a
m
ili
a
r w
i
t
h

t
h
e

n
ew
t
e
chn
o
logy

and

t
h
e
r
e
'
s

a

lea
r
n
ing

c
u
r
v
e
,
"

h
e
sa
y
s. "I
f

w
e

h
a
v
e

a

p
lac
e

w
h
e
r
e

t
h
e

techno
log
y

i
s

a
l
l
se
t
up,
t
h
e

t
o
o
l
s

a
r
e

a
l
l

i
n
t
e
g
r
a
t
e
d,
t
h
e
r
e
'
s

a

tes
t
ing

env
i
ron
m
e
n
t



t
h
a
t

c
a
n

b
e

t
r
e
m
endou
s
l
y

v
a
l
u
a
b
l
e

t
o

t
h
e
m
,
"

L
a
n
k
f
o
r
d
no
t
e
s.
P
a
g
e

2

o
f

3
6
/20
/200
7
h
t
t
p
://ww
w.w
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l
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and
t
e
c
h
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a
b
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A
r
t
i
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l
e.j
h
t
m
l
;
jsess
ion
i
d
=
M
C
W
T
A
I
Z
0
E43
V
4
QSN
DLPS
KHS
...
A
i
t
e G
roup
'
s Lee

s
a
y
s

t
h
e

c
o
n
c
e
p
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sting

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a

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ood

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dea.
"
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v
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anyon
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mes

t
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s

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y
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w
e
'
r
e

t
h
e

second

f
a
s
tes
t
,
"

h
e

s
a
y
s
.


P
a
g
e

3

o
f

3
6
/20
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7
h
t
t
p
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w.w
a
l
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s
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t
and
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c
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c
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/
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l
;
jsess
ion
i
d
=
M
C
W
T
A
I
Z
0
E43
V
4
QSN
DLPS
KHS
...