Articles and white papers on trade execution and stock exchanges. Amongst our most popular research in this section are white papers on high-frequency trading (HFT), covering for instance, "high-frequency trading and dark pools" and HFT from an asset manager's perspective. Reports on dark pools of liquidity is well featured, highlighting a need to understand dark pools in equity trading..., but also reflecting concerns over the impact of dark trading on market quality. Bond liquidity risk has been another recent investor concern, and research on bond market liquidity has been well received. Other popular research includes white papers on broker trade execution services, transition management, extreme price movements, the impact of a global withholding tax, and analysis of trading costs for pension funds. This category contains surveys and papers of interest to traders, dealers, market-makers, trading venues, stock exchanges and operators of dark pools and dealing platforms.
As the global investment landscape continues to evolve, iShares aims to provide solutions to help clients overcome investment challenges. Institutions are increasingly using ETFs as tools to overcome these challenges, and our 2018 iShares institutional Guide to ETFs is a resource to help them navigate the ever-evolving ETF…
Foreign exchange and other fast-paced electronic markets (FPMs) have undergone significant structural changes in recent years. Trading has become increasingly electronic and automated, and the use of machine learning is nascent but growing. This report by the Bank for International Settlements explores how these developments…
This report (co-authored by State Street Global Advisors and the Association of Financial Professionals) provides the findings of a recent survey on liquidity. It provides critical insights into the challenges of navigating shifts in the geopolitical, interest rate, and regulatory landscapes of cash management.
By reducing costs to deliver better performance outcomes, portfolio emulation is a key innovation for active institutional investing. The emulation strategy is designed to deliver improved investment performance, but also provides investors with more control over the implementation process while reducing many of the burdens…
Exchange Traded Funds (ETFs) have become one of the most popular investment vehicles over the last two decades, with some ETFs now having more than twice the assets of the largest hedge funds. The trading activity of any large fund is expected to impact the price of the securities traded, but to what extent do ETFs impact…
Encouraging the clearing of standardized derivatives has been a major priority for policy-makers. This has primarily been pursued through the implementation of clearing mandates, but other incentives also exist – netting and capital benefits, and the rollout of margining requirements for non-cleared derivatives, for example…
Using 1.7 trillion dollars of live trade execution data from a large institutional money manager across 21 developed equity markets over a 19-year period, we measure the real-world trading costs and price impact function of a large trader. We provide a novel description of how costs vary across trade type, stock…
This paper has been tagged with: 'tick size, HFT, market timing'. It is entitled, 'Subsidizing Liquidity with Wider Ticks: Evidence from the Tick Size Pilot Study (2017)' and has been saved under 'fixed income & cash management, alpha trading strategies, trade execution & exchanges'.
This paper has been tagged with: 'dark pools, HFT'. It is entitled, 'Regulating Innovation: High Frequency Trading in Dark Pools (2017)' and has been saved under 'alpha trading strategies, quanitative investment techniques, trade execution & exchanges'.
