摘要： While volatility and illiquidity in the U.S. equities markets have created obstacles to low-cost transacting, trading innovations being put in place in 2019 are now making liquidity more efficient and accessible to buy-side firms that continue to invest in technology, according to new research, IET 2019, Liquidity: Blocks, Algos, Analytics and Impact, the first of a six-part US equities trading interview-based benchmark study that has been published annually by TABB Group for 15 years.
While volatility and illiquidity in the U.S. equities markets have created obstacles to low-cost transacting, trading innovations being put in place in 2019 are now making liquidity more efficient and accessible to buy-side firms that continue to invest in technology, according to new research, IET 2019, Liquidity: Blocks, Algos, Analytics and Impact, the first of a six-part US equities trading interview-based benchmark study that has been published annually by TABB Group for 15 years.
Between technological innovation, venue fragmentation, the transition from active to passive trading, as well as the restructuring of research, commissions are being severely squeezed, says Larry Tabb, founder and research chairman who co-authored IET 2019 with US equities analyst Campbell Peters. More trading responsibility is falling on the buy-side trader, and given the 2018 spike in volatility, liquidity has become increasingly difficult, not only to find, but even to piece together through the use of algorithms. This has become the most important buy-side trader accessory, outstripping sales traders and capital, occurring at the same time central risk books (CRBs) are becoming an increasingly important tool when market liquidity isnt sufficient, especially for larger managers eager to efficiently aggregate liquidity, manage execution costs and analyze their execution quality in order to trade better.
For the 2019 Institutional Equity Trading (IET) interview-based study, Peters spoke with heads of trading at 92 buy-side firms in the first and second quarters of the year. In Part 1, in-depth interviews covered buy-side views on liquidity, as well as usage and trends pertaining to volatility, block trading, conditional orders, central risk books, algorithmic execution, algo wheels, TCA and performance measurement. Subsequent reports will focus on brokers, research unbundling, current views/trends affecting the desk, technology products and initiatives and market structure.
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