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The Trading Mesh

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ESMA Sub-Nanosecond time standard

April 14, 2015 by FSM Labs   Comments (0)           

By Victor Yodaiken
This article was originally published at the FSMLabs website

ESMA acknowledges however, that at present it may not currently be feasible to expect trading venues to synchronise their clocks or time stamp events to a granularity which is less than nanoseconds. As a result, ESMA has proposed capping the granularity and accuracy requirements at the nanosecond level.

ESMA is the European Securities and Markets Authority. Time accuracy below a nanosecond is...


April 10, 2015 by Lokesh Madan   Comments (0)           

Lokesh MadanManaging DirectorAlgo Trading IndiaStartup Seed Funding Capital Limited 

"To a hammer, all the world’s a nail……"

April 9, 2015 by Celoxica   Comments (0)           

By Michel Finzi

This is the first in a series of blog posts from Celoxica on various topics pertaining to accelerated market data, risk management and trading technology infrastructure.  We hope you find these pieces insightful and we welcome your comments and feedback.


Over the past 24 months we have seen more and more financial institutions - both buy-side and sell-side - evaluating whether accelerated market data technologies are the appropriate solutions...

Pillar #7 of Market Surveillance 2.0: Dynamically evolve rules

April 9, 2015 by Software AG   Comments (0)           

By Theo Hildyard
In the seventh and final blog in our series outlining the Seven Pillars of Market Surveillance 2.0, we discuss the need to evolve rules dynamically in order to incorporate new anomalous behaviors as they come along. 
Flash crashes, hash crashes, rogue traders, market manipulators, insider traders, fat fingers, wild algorithms, Libor fixing and FX benchmark manipulation scandals all show us that new issues are always around the corner. There is no doubt...

In brief, colocation beats the speed of light

April 9, 2015 by Edward Howorka   Comments (0)           

A recent commentary article Physics in finance: Trading at the speed of light (Mark Buchanan, Nature, 11 February 2015) made a seemingly logical statement: In order to take advantage of price differences between two distant financial exchanges, it is best to station a trading strategy computer at the midpoint between the two exchanges, for example, on a ship in the middle of an ocean. The geodesic midpoint is where the two price levels can be compared at the earliest possible time. Therefore...

How to evolve a risk-based FPGA strategy into a value add strategy

April 8, 2015 by Fixnetix   Comments (0)           

Written by Dr Marcus Perrett, Director of Technology and Development at Fixnetix. 

The use of FPGAs in finance was originally driven by regulation. Brokers were encouraged (or mandated by regulation) to have controls in place to monitor and, if required, cancel or stop clients trading. As clients had traditionally enjoyed direct access to the market via a broker, a system that was positioned between a trading system and the exchange needed to be a fast as possible to reduce the impact...

Pillar #6 of Market Surveillance 2.0: Known and unknown threats

April 2, 2015 by Software AG   Comments (0)           

By Theo Hildyard
In the sixth blog in our series outlining the Seven Pillars of Market Surveillance 2.0, we look at how support for identifying threats – both known and unknown — can help to alleviate the Next Big Problem in capital markets. 
Market Surveillance 2.0 can not only spot known threats before they happen - such as flash crashes, fat finger trades, insider dealing and benchmark fixing - but can also help to pinpoint any unknown threats which...

In finance, technology is a second-class citizen

March 27, 2015 by Coman Hamilton   Comments (0)           

This interview with Dr Jamie Allsop was originally published by
In spite of its central role in banking, many financial employers see IT as a “necessary evil”, says former NYSE programmer and director Dr. Jamie Allsop.
JAXenter: Can you tell us a bit about what has changed for programmers in finance since the financial crisis?
Jamie Allsop: I think the biggest change since the financial crisis is probably that programmers...

Pillar #5 of Market Surveillance 2.0: Cross-region monitoring

March 27, 2015 by Software AG   Comments (0)           

By Theo Hildyard
In the fifth blog in our series outlining the Seven Pillars of Market Surveillance 2.0 we look at how monitoring across different regions can assist compliance managers in adhering to different regulatory environments. 
Cross border surveillance becomes increasingly critical as financial services firms and investors trade multiple asset classes across many countries and disparate regulatory regimes, which can create confusion and opportunities for...

The buy-side multi-asset trading desk tomorrow

March 25, 2015 by Peter van Wely   Comments (0)           

Peter van Wely is heading InfoReach Execution Management Software EMEA and Asia, a global EMS and FIX provider, based in New York, Chicago and Amsterdam
Now the crisis is mostly behind us, let us take a look what the near future has in store for the trading desk.
A trend that has gathered pace is a more demanding, efficient and result-oriented buy-side trading desk that is acting more independent and self-conscious. What are the drivers and what are the instruments one can use?
The crisis...