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Crossing Network
A crossing network is an alternative trading system (ATS) that matches buy and sell orders electronically for execution without first routing the order to an exchange or other public displayed market such as an electronic communication network (ECN). Such crossing networks are a type of dark pool that employ computerized systems to match buyers and sellers of large blocks of shares without using a stock exchange. The advantage of the crossing network is the ability to execute a large block order without impacting the public quote and avoidance of market impact (i.e., the movements in a stock's price due to an investor's indication of interest). These networks are often owned and operated by broker-dealers to match buyers and sellers of large blocks of shares. Depending on the particular broker-dealer's system and the type of securities traded (e.g., exchange-listed or OTC securities), these crosses could occur at various times during the day, or after the close of trading, and coul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Alternative Trading System
Alternative trading system (ATS) is a US and Canadian regulatory term for a non-exchange trading venue that matches buyers and sellers to find counterparties for transactions. Alternative trading systems are typically regulated as broker-dealers rather than as exchanges (although an alternative trading system can apply to be regulated as a securities exchange). In general, for regulatory purposes, an alternative trading system is an organization or system that provides or maintains a market place or facilities for bringing together purchasers and sellers of securities, but does not set rules for subscribers (other than rules for the conduct of subscribers trading on the system). An ATS must be approved by the United States Securities and Exchange Commission (SEC) and is an alternative to a traditional stock exchange. The equivalent term under European legislation is a multilateral trading facility (MTF). These venues play an important role in public markets for allowing alternati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Electronic Communication Network
An electronic communication network (ECN) is a type of computerized forum or network that facilitates the trading of financial products outside traditional stock exchanges. An ECN is generally an electronic system accessed by an electronic trading platform that widely disseminates orders entered by market makers to third parties and permits the orders to be executed against them in whole or in part. The primary products that are traded on ECNs are stocks and currencies. ECNs are generally passive computer-driven networks that internally match limit orders and charge a very small per share transaction fee (often a fraction of a cent per share). The first ECN, Instinet, was created in 1969. ECNs increase competition among trading firms by lowering transaction costs, giving clients full access to their order books, and offering order matching outside traditional exchange hours. ECNs are sometimes also referred to as alternative trading systems or alternative trading networks. H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Dark Pool
In finance, a dark pool (also black pool) is a private forum ( alternative trading system or ATS) for trading securities, derivatives, and other financial instruments."The New Financial Industry" (March 30, 2014). 65 ''Alabama Law Review'' 567 (2014); Temple University Legal Studies Research Paper No. 2014-11; via SSRN. Liquidity on these markets is called dark pool liquidity. The bulk of dark pool trades represent large trades by s that are offered away from pub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Stock Exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic system to process financial transactions. To be able to trade a security on a particular stock exchange, the security must be listed there. Usually, there is a central location for record keeping, but trade is increasingly less linked to a physical place as mod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Block Trade
Block or blocked may refer to: Arts, entertainment and media Broadcasting * Block programming, the result of a programming strategy in broadcasting * W242BX, a radio station licensed to Greenville, South Carolina, United States known as ''96.3 the Block '' * WFNZ-FM, a radio station licensed to Harrisburg, North Carolina, United States, branded as ''92.7 The Block'' * "Blocked", an episode of the television series ''The Flash'' Music * Block Entertainment, a record label * Blocks Recording Club, a record label * Woodblock (instrument), a small piece of slit drum made from one piece of wood and used as a percussion instrument * "Blocks", by C418 from '' Minecraft – Volume Beta'', 2013 Toys * Toy block, one of a set of wooden or plastic pieces, of various shapes * Unit block, a type of standardized wooden toy block for children Video games * Blocked (video game), a puzzle game for the iPhone and iPod Touch Building and construction * Concrete block, cinder block or c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Market Impact
In financial markets, market impact is the effect that a market participant has when it buys or sells an asset. It is the extent to which the buying or selling moves the price against the buyer or seller, i.e., upward when buying and downward when selling. It is closely related to market liquidity; in many cases "liquidity" and "market impact" are synonymous. Especially for large investors, e.g., financial institutions, market impact is a key consideration before any decision to move money within or between financial markets. If the amount of money being moved is large (relative to the turnover of the asset(s) in question), then the market impact can be several percentage points and needs to be assessed alongside other transaction costs (costs of buying and selling). Market impact can arise because the price needs to move to tempt other investors to buy or sell assets (as counterparties), but also because professional investors may position themselves to profit from knowledge th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Broker-dealer
In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and derivatives trading process. Although many broker-dealers are "independent" firms solely involved in broker-dealer services, many others are business units or subsidiaries of commercial banks, investment banks or investment companies. When executing trade orders on behalf of a customer, the institution is said to be acting as a broker. When executing trades for its own account, the institution is said to be acting as a dealer. Securities bought from clients or other firms in the capacity of dealer may be sold to clients or other firms acting again in the capacity of dealer, or they may become a part of the firm's holdings. In addition to execution of securities transactions, broker-dealers are also the main sellers and distributors o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Volume Weighted Average Price
In finance, volume-weighted average price (VWAP) is the ratio of the value of a security or financial asset traded to the total volume of transactions during a trading session. It is a measure of the average trading price for the period. Typically, the indicator is computed for one day, but it can be measured between any two points in time. VWAP is often used as a trading benchmark by investors who aim to be as passive as possible in their execution. Many pension funds, and some mutual funds, fall into this category. The aim of using a VWAP trading target is to ensure that the trader executing the order does so in line with the volume on the market. It is sometimes argued that such execution reduces transaction costs by minimizing market impact costs (the additional cost due to the market impact, i.e. the adverse effect of a trader's activities on the price of a security). VWAP is often used in algorithmic trading. A broker may guarantee the execution of an order at the VWAP a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Money Manager
Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts/mandates or via collective investment schemes like mutual funds, exchange-traded funds, or Real estate investment trusts. The term ''investment management'' is often used to refer to the management of investment funds, most often specializing in private and public equity, real assets, alternative assets, and/or bonds. The more generic term ''asset management'' may refer to management of assets not necessarily primarily held for investment purposes. Most investment management clients can be classified as e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Liquidnet
Liquidnet is a global institutional investment network that connects asset managers with liquidity. Liquidnet trades in 46 equity markets for over 1000 institutional investment firms who collectively manage US$33 trillion in equity and fixed income assets. Liquidnet is headquartered in New York City and has offices in Boston, Dublin, London, San Francisco, Hong Kong, Singapore, Sydney, Tokyo, and Toronto. History Liquidnet was founded in April 2001 by Seth Merrin as a wholesale electronic marketplace where institutional investors could anonymously trade large blocks of stocks. Merrin estimated that the network needed at least 100 buy side firms live on Day One to create a critical mass. This number was revised to 75, but the company ultimately launched with only 38 institutions. In 2002, Liquidnet Europe launched with nine member firms, with Liquidnet Asia launching with 26 member firms in 2007, bringing its global reach to 28 markets. Merrin describes his company as “crea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Pipeline Trading Systems
Pipeline Trading Systems LLC operated private equities and options trading systems from 2004 to 2012. As an agency broker, it offered equities traders two methods for trading large blocks of stock with minimal impact on price: a crossing network (also known as a dark pool), and an algorithm switching engine. In 2011, it agreed to settle the action brought by the Securities and Exchange Commission regarding the disclosure of the activities of its liquidity providing affiliate between 2004 and 2010.DailyFinance (Pipeline press release"Study Reveals Buy Side Firms Entrust Most Difficult Trades to Pipeline"April 7, 2011. The affiliate implemented a patented market structure invention that used an execution quality rebate to align the liquidity provider's incentives with those of Pipeline's institutional clients. The crossing system earned high marks for execution quality in third party research, but was shut down in 2012 following the SEC action. Pipeline was founded by Fred Federspiel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Investment Technology Group
Investment Technology Group, Inc. was a United States–based multinational agency brokerage and financial markets technology firm aimed at a hedge fund and asset management clientele. One of the first suppliers of electronic trading services, ITG launched the industry’s second anonymous electronic trade matching system, POSIT, in 1987 (Instinet Cross was launched in 1986). ITG has since expanded its business to include tools for portfolio management, pre-trade analysis, order management, trade execution, and post-trade evaluation. ITG is headquartered in New York City and has offices in locations including Boston, Los Angeles, Toronto, Chicago, London, Dublin, Tel Aviv, Madrid, Sydney, Hong Kong and Singapore. History ITG was founded in 1987 as a division of Jefferies to provide automated equity trading to institutional investors. That year, the company introduced POSIT, an anonymous electronic trade matching system, in conjunction with Barra. In 1990, ITG launched Qua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |