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Agency Brokerage Right Where You Need It HIGH-FREQUENCY TRADING Europe’s buy-side play catch up with HFT Buy-side must get smarter to stop being disadvantaged by high-frequency strategies and stop unintended regulatory consequences uy-side firms must make use of all the sophisticated trading tools avail- “The buy-side should be most worried Bable to them if they are to avoid be- about order anticipation strategies, ing picked off by high-frequency traders. This was the core message delivered by Lar- which seek to take advantage of ry Tabb, CEO and founder of consultancy TABB Group, who kicked off the Buy-Side large orders with the use of superior Focus Day at this year’s TradeTech. technology and algorithms.” TABB estimates that high-frequency trading in Europe is set to grow to 38% Larry Tabb, CEO and founder, TABB Group of nominal trading this year, from 29% in 2009. By comparison, high-frequency Another part of traders’ reluctance “Connections to dark venues must trading in the US accounted for 61% of for authorities and regulators to inter- only be done after an analysis of the order flow in 2009, but is expected to drop vene and curb high-frequency trading is strengths of the different business mod- to 56% in 2010. The high proportion of a growing awareness of the advantages it els on offer,” said Tabb. “While histori- high-frequency flow on both sides of the can provide to traditional long-only buy- cally there was some reticence from the Atlantic has been attributed to an increas- side houses. buy-side over the use of broker dark ingly automated trading landscape, with While most traders realise that high- pools, they have begun to realise that fragmentation of liquidity allowing arbi- frequency trading has increased instances they provide significant liquidity that trage strategies to thrive. of gaming and made it harder to find sig- can’t be ignored.” According to Tabb, regulators in both nificant size on displayed markets, Tabb Tabb also highlighted the need for the US and Europe, as well as buy-side noted that such strategies increase liquid- good order management systems and traders, should be most concerned about Larry Tabb was ‘beamed in’ as TradeTech had to rely on live video ity for blue-chip stocks, tighten spreads execution management systems to help high-frequency order anticipation and feeds from speakers affected by the travel disruption and act as a driver for all equity market aggregate internal orders from portfo- directional strategies, rather than elec- participants to improve their technology. lio managers and control external trad- tronic market making or arbitrage tactics directional high-frequency strategies, questioned by TABB, 83% were either ing flow respectively, a better variety that leverage co-location capabilities and but the buy-side should be most worried positive or indifferent towards the im- Protect your order of algorithmic trading tools and wider high-speed market data feeds. about order anticipation strategies, which pact of high-frequency trading on market flow connectivity to brokers and trading Directional high-frequency strategies, seek to take advantage of large orders structure and liquidity. To help the buy-side realise these advan- venues. such as momentum ignition, are used to with the use of superior technology and “The buy-side, in the US at least, are tages and protect themselves from mo- “It’s all about the battle of the trad- accumulate positions in stocks that trade algorithms,” said Tabb. learning how to trade within the new mar- mentum or order anticipation strategies, ing bots, with the institutional algo, that infrequently while pushing prices higher ket structure and have just got the sorts Tabb pointed to critical factors that need seeks to protect and prevent exposure or lower. When institutional traders no- Unintended of tools they need to manage the high- to be addressed. of the buy-side’s order flow, coming up tice the increased activity in these stocks consequences frequency environment,” said Tabb. “The Most importantly, these included dark against the high-frequency algo, which and start to trade them, the high-frequen- But despite harbouring concerns, recent real issue is that traders are worried that pool access and to help investors minimise is in most cases trying to provide liquid- cy trader will look to trade against them TABB research in the US showed that regulators and Congress will start mon- gaming and hide order flow that could ity,” said Tabb. “Institutional buy-side and glean profits. 84% of traders do not want the gov- keying around to try and dictate how the cause market impact, and good quality firms need good traders that realise this “The Securities and Exchange Com- ernment and regulators to intervene. markets should work, which could cause a transaction cost analysis to measure algo- and take advantage of all the options mission is primarily concerned about Furthermore, of the buy-side heads lot of unintended consequences.” rithmic performance. open to them.” ● AGENCY BROKERAGE RIGHT WHERE YOU NEED IT. BLOOMBERG TRADEBOOK® Anonymous, agency direct market access, algorithmic trading strategies, dark liquidity aggregation–in more than 65 global markets. Call us for advanced execution solutions in Equities, Futures, Options and FX. Americas Europe Asia +1 212 617 7070 +44 20 7330 7099 +65 6212 9798 BLOOMBERG TRADEBOOK. BRINGING TRADING STRATEGIES AND RESEARCH ANALYTICS TOGETHER. Nothing in this document constitutes an offer or a solicitation of an offer to buy or sell any security or other financial instrument or constitutes any investment advice or recommendation of any security or other financial instrument. BLOOMBERG TRADEBOOK believes that the information herein was obtained from reliable sources but does not guarantee its accuracy. The Bloomberg Tradebook Cross-Asset platform is offered in the U.S. by Bloomberg Tradebook Services LLC. Communicated by Bloomberg Tradebook Europe Limited, registered in England & Wales No. 3556095, authorized and regulated by the UK Financial Services Authority No. 187492. This communication is directed only at persons who have professional experience in the investments which may be traded over the systems and certain high net worth organizations. Bloomberg Tradebook FX is offered in the U.S. by Bloomberg Tradebook Services LLC, a non-regulated entity. Bloomberg Tradebook LLC member of FINRA (www.finra.org)/ SIPC/NFA. Bloomberg Tradebook do Brasil is the representative of Bloomberg Tradebook LLC in Brazil registered with the BACEN. Bloomberg Tradebook Services LLC, Bloomberg Tradebook Australia PTY LTD ABN 36 091 542 077 ACN 091 542 077, Bloomberg Tradebook Do Brasil LTDA., Bloomberg Tradebook Canada Company Member of CIPF, Bloomberg Tradebook Limited, Bloomberg Tradebook Hong Kong Limited the first ATS authorized by the SFC–AFU 977, Bloomberg Tradebook Japan Limited member of JSDA/JIPF, Bloomberg Trading Services Japan LTD, Bloomberg Tradebook Singapore Pte Ltd Company No. 200104338R, Bloomberg Trading Services (Singapore) Pte Ltd Company No. 200101232G. Bloomberg Tradebook Bermuda LTD, licensed to conduct Investment Business by the Bermuda Monetary Authority. The BLOOMBERG PROFESSIONAL service (the “BPS”), BLOOMBERG Data and BLOOMBERG Order Management Systems (the “Services”) are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the BPS either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic trading and order-routing services, which are available only to sophisticated institutional investors and only where the necessary legal clearances have been obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates. Bloomberg Tradebook is provided by Bloomberg Tradebook LLC, a wholly-owned subsidiary of BLP, and its affiliates and is available on the BPS. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP or its subsidiaries. BLOCK HUNTER, BWAP, DEFINING LIQUIDITY, LIQUIDITY DOME and TRIGGER TRADING are trademarks and service marks of BLP. 33837271 0409 THE TRADETech DAILY—London 2010 Issue 2—21 April 2010 page 4.
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