Intelligent Trading Technology Blog

This is a contributed article from Steve Grob, Director of Group Strategy, Fidessa.

Not surprising to see that it now looks odds-on that we’ll get a full one year delay on the implementation of MiFID 2. This will embarrass the politicians who don’t want to be seen as going soft on those “wreckless” bankers, but I assume Jo Public will have forgotten all about this by the time they’re up for re-election in 2019. It’s worth bearing in mind, however, that the original aim of MiFID 1 back in 2007 was simple – make it easier to trade equities across European borders. Post financial crisis and the whole process became highly politicised and was skewed towards extracting retribution from the industry and ensuring that systemic risk was removed from the system. This ignored the simple fact that risk in capital markets can never be erased, it can only ever be moved to another part of the system. Naturally the regulators will worry that a delay might mean all their hard work gets unpicked, but perhaps a delay now is better than charging ahead with something that even ESMA says it would struggle to prepare for in time.

Sarah Underwood

Calypso Technology has extended its trading and collateral optimisation platform with the integration of real-time portfolio and risk management functionality. The integration aims to support growing numbers of investment managers trading both derivatives and cash securities.

Dan Barnes

Demanding regulation is transforming order and execution management systems into detail-driven trading engines

The capacity of order management systems (OMSs) to support buy-side desks was challenged at the Barcelona-based Fixed Income Leaders Summit 2015 on 14 October by John Greenan, a front office systems specialist, who suggested that some providers “had not kept pace” with the needs of traders as highlighted by a weak support for fixed income trading. Stephen Grady, head of Global Trading at Legal & General Investment Management said that Greenan’s comments were an “accurate reflection”, and said “Analysing trading, or who we are trading with and how they traded in the past; those are the gaps. In order to evolve the trading desk that is the sort of functionality we are looking for. I think the OMS space has left that field open to other vendors for whatever reason.”

Dan Barnes

How do you strike a balance between providing transparency into smart order routing so that buy-side firms can understand how their orders are routed and can meet their best execution obligations, whilst protecting the intellectual property of the sell side firms providing order routing services? That’s a question that traders, asset managers and smart order router vendors are currently grappling with.

Latest Research

According to Albert Einstein “…is so that everything doesn’t happen at once”. Consider yourself in the shoes of a timekeeper of athletic events. The stakes are high, consequently the choice of tools for the job imperative. Endurance or sprint? This question is at the forefront when it comes to providing the appropriate accuracy and granularity - seconds, tenths and hundredths of a second for a 100 metre race – hours, minutes and seconds to the marathon.

Undertaken by research partner Universitat Politècnica de Catalunya, and led by Professor Argimiro Arratia, author of Computational Finance: An Introductory Course with R, this research was conducted on Acuity’s eleven news - based public sentiment indices to identify which sentiment indicator or combination of indicators provided the most reliable forecast.

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The wave of LIBOR-inspired compliance requirements has particular implications for capital market participants. Proactive management of a firm’s risk and compliance environments is desperately needed to stay ahead of this wave.

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