TS L1 Student 2022

St.
Petersburg School of Economics and

Management, Department of Finance
Trading Strategies:
Developments of Electronic Trading
Platforms
by: Carlos Rincon
Saint Petersburg, January 2021

St. Petersburg School of Economics and Management, Department of Finance.
Transformations in the Financial Markets

Digitalization of Financial Markets

Floor Trading (1)
⮚ Open outcry is the method of communication between professionals on a stock exchange or

futures exchange typically on a trading floor.
⮚ It involves shouting and the use of hand signals to transfer information primarily about buy and sell
orders.
⮚ The part of the trading floor where this takes place is called a pit.
⮚ In an open outcry auction, bids and offers must be made out in the open market, giving all
participants a chance to compete for the order with the best price.
⮚ Since the development of the stock exchange in the 17th century in Amsterdam, open outcry was
the main method used to communicate among traders.
⮚ This started changing in the latter half of the 20th century, first through the use of telephone trading,
and then starting in the 1980s with electronic trading systems.
⮚ As of 2007, a few exchanges still had floor trading using open outcry.
Floor Trading (2)

⮚ The supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and
less prone to manipulation by market makers and broker/dealers.
⮚ However, many traders still advocate for the open outcry system on the basis that the physical
contact allows traders to speculate as to a buyer/seller's motives or intentions and adjust their
positions accordingly.
⮚ Until 2009, trades on the floor of the New

York Stock Exchange always involved a
face-to-face interaction. There is one
podium/desk on the trading floor for each
of the exchange's three thousand or so
stocks.
⮚ As of 2010, most stocks and futures

contracts were no longer traded using
open outcry due to the lower cost of the
aforementioned technological advances.
Electronic trading platforms
⮚ Electronic trading platform (E-Trading) also known as an online trading platform, is a computer software program that can
be used to place orders for financial products over a network with a financial intermediary.
⮚ Various financial products can be traded by the trading platform, over a communication network with a financial
intermediary or directly between the participants or members of the trading platform.
– This includes products such as stocks, bonds, currencies, commodities, derivatives and others, with a financial
intermediary, such as brokers, market makers, Investment banks or stock exchanges.
⮚ Such platforms allow electronic trading to be carried out by users from any location and are in contrast to traditional floor
trading using open outcry and telephone-based trading.
⮚ E-Trading typically stream live market prices on which users can trade and may provide additional trading tools, such as
charting packages, news feeds and account management functions.
⮚ Some platforms have been specifically designed to allow individuals to gain access to financial markets that could formerly
only be accessed by specialist trading firms.
– They may also be designed to automatically trade specific strategies based on technical analysis or to do high-
frequency trading.
Electronic Communication Network (ECN)
⮚ ECN is a type of computerized network or forum that facilitates the trading of financial products outside traditional stock
exchanges.
⮚ An ECN is generally an electronic system that widely disseminates orders entered by market makers to third parties and
permits the orders to be executed against 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..
Alternative Trading System (ATS)
⮚ ATS is a US and Canadian regulatory term for a non-exchange trading venue that matches buyers and sellers to find
counter-parties for transactions.
⮚ Alternative trading systems are typically regulated as broker-dealers rather than as exchanges.
⮚ 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 alternative means of accessing liquidity.
⮚ They can be used for trading large blocks of shares away from the normal exchange, a practice that could otherwise skew
the market price in a particular direction, depending on a security's market capitalization and trading volume.
⮚ ATSs can be distinguished from electronic communication networks (ECNs), which are a "fully electronic subset of ATSs
that automatically and anonymously match orders".
Single-Dealer Platform (SDP)
⮚ SDP is software used by an investment bank dealing in the capital markets to deliver trading and associated services via
the web.
⮚ The function of an SDP is to integrate pricing, liquidity, and information from multiple sources within a bank and provide
access to them via a single user interface.
– It is thus both an integration platform and a delivery platform.
⮚ Although the term SDP is sometimes used to describe an entire e-trading suite, it properly refers to the integration and
connectivity layer that sits on top of trading, pricing, risk management and other back-end systems.
⮚ A key aspect of an SDP is that it merges information and services both within and across asset classes.
⮚ An SDP will typically combine elements such as pricing, trading, research and technical analysis within each asset class,
and then draw together multiple asset classes.
⮚ Although in principle SDPs are applicable to all types of tradable security, they have so far been most widely used in OTC
markets such as foreign exchange and fixed income.
⮚ Single-dealer platforms are sometimes also referred to as "single bank platforms".

Straight-through processing
⮚ Straight-through processing (STP) is a method used by financial companies to speed up financial transactions by
processing without manual intervention (straight-through).
⮚ It has been a goal in payments almost since payments have been processed electronically, including attempts in the 1980s to
automate the processing of payments by Telex message. It was developed for equities trading in the early 1990s in London for
automated processing in the equity markets.
Stock market data systems
⮚ Stock market data systems communicated market data—information about securities and stock
trades—from stock exchanges to stockbrokers and stock traders.
⮚ The Ticker Tape, first tool to transfer market

data remotely
⮚ In 1863 Edward A. Calahan of the American

Telegraph Company invented a stock
telegraph printing instrument which allowed
data on stocks, bonds, and commodities to be
sent directly from exchanges to broker offices
around the country
Quotron vs NASDAQ
⮚ Quotron system,developed by Jack Scantlin of Scantlin Electronics, Inc. (SEI), consisting of a magnetic tape storage unit
that could be sited at a brokerage and Desk Units with a keyboard and printer. The storage unit recorded the data from
the ticker line. Brokers could enter the stock symbol on a desk unit. This triggered a backward search on the magnetic
tape (which continued recording incoming ticker data).
⮚ When a transaction was located, the price was

sent to the desk unit, which printed it on a tape.
⮚ NASDAQ, founded in 1972 was the first

electronic stock market. It was originally
designed only as an electronic quotation system,
with no ability to perform electronic trades.
⮚ Other systems soon followed and by the turn of

the century, every exchange was using this
model.
Other Platforms and market facilitators
⮚ Bloomberg
⮚ Reuters
⮚ Archipielago
⮚ Xignite Market Data
⮚ Intrinio
⮚ Tradeweb
⮚ Etc
Technology
Traditional System Architecture
⮚ All exchange trading

today is performed
electronically.
– Harware
(computers and
servers) capacity
and performance
are fundamental
for the wellbeing
of financial
agents.
⮚ Large data and

frequency.
– As exchange
markets grow,
larger data at
faster pace are
handled.
Complex Event Processing (CEP) System
⮚ Complex event
processing is
performing
computational
operations on complex
events in a short time.
⮚ In an automated
trading system, the
operations can include
detecting complex
patterns, building
correlations and
relationships such as
causality and timing
between any incoming
events.
Blockchain (1)
⮚ Blockchain technology can be integrated into multiple areas.

– The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most
notably bitcoin.
⮚ Cryptocurrencies
– Most cryptocurrencies use blockchain technology to record transactions.
– For example, the bitcoin network and Ethereum network are both based on blockchain.
– On 8 May 2018 Facebook confirmed that it would open a new blockchain group which would be
headed by David Marcus, who previously was in charge of Messenger.
– Facebook's planned cryptocurrency platform, Libra, was formally announced on June 18, 2019.
⮚ Smart contracts
– Blockchain-based smart contracts are proposed contracts that can be partially or fully executed
or enforced without human interaction.
– One of the main objectives of a smart contract is automated escrow.
– An IMF staff discussion reported that smart contracts based on blockchain technology might
reduce moral hazards and optimize the use of contracts in general.
Blockchain (2)
Financial Services
⮚ Major portions of the financial industry are implementing distributed ledgers for use in banking, and according to a
September 2016 IBM study, this is occurring faster than expected.
⮚ Banks are implementing this technology because it has potential to speed up back office settlement systems.
⮚ Investment Banks such as UBS are opening new research labs dedicated to blockchain technology in order to explore how
blockchain can be used in financial services to increase efficiency and reduce costs.
⮚ The blockchain has also given rise to Initial Coin Offerings (ICOs) as well as a new category of digital asset called Security
Token Offerings (STOs), also sometimes referred to as Digital Security Offerings (DSOs).
⮚ STO/DSOs may be conducted privately or on a public, regulated stock exchange and are used to tokenize traditional
assets such as company shares as well as more innovative ones like intellectual property, real estate, art, or individual
products.
⮚ A number of companies are active in this space providing services for compliant tokenization, private STOs, and public
STOs.
Artificial Intelligence - Coexistence of humans and machines
⮚ Artificial intelligence is a suite of technologies, enabled by

adaptive predictive power and exhibiting some degree of
autonomous learning, that dramatically advance our ability
to (Deloitte, 2019).
•Application Programming Interface (API) Trading:

•Automate your trading by connecting your algo-trading strategies with our
deep liquidity.
•Provides multiple solutions to automate forex trade execution including

•Our REST API provides access to live streaming prices, trade execution,
attaching orders to indicators for automated order execution. No programming
advanced order types, and access to over 80 of the world's most traded
needed.
markets.
•Market analyzer - Monitor forex markets in real-time based on your predefined

•Code against the API using any network accessible programming language
conditions to uncover opportunities. Customize lists through a variety of data.
from Perl-script, C++, Python or VB.NET.
•Advanced trade management: Integrated directly into the FX Board, Advanced

• Execute trades and a full range of orders against live streaming prices using
Trade Management strategies eliminate emotion through the use of pre-
your own algorithms or trading systems
configured rules and conditions and milliseconds responds.
Artificial Intelligence - What to expect ?
⮚ FIs experience challenges with digital transformation from both

external and internal environments.
⮚ Participants are clear in their message that digital transformation

is no longer a “nice to have” but generally considered a critical
enabler of a financial institution’s customized strategy.
⮚ The Success of digital transformation is achieving both business

and organizational transformation:
⮚ Business transformation: constant re branding and uncovering

new opportunities through rapid innovation.
⮚ Organizational transformation: evolving the corporate culture,

introducing new ways of working, and building capabilities and
alliances around ecosystems.
⮚ Regulatory entities have the biggest challenge to adjust to a rapid

changing environment
Instruments
Electronic Bond Trading (1)
⮚ Fixed income markets experienced a major shift starting in the late 1990s as electronic
communication networks (ECNs) started to gain traction in inter-dealer markets for liquid sovereign
bonds.
⮚ Electronic trading grew in the dealer-client market in the late 1990s and took two forms:
– Single-dealer platforms (SDPs) and
– Multi-dealer platforms (MDPs).
⮚ Dealer-to-client platforms are typically based on the request for quote (RFQ) trading protocol.
⮚ A major landmark was the launch of Tradeweb in 1998. The firm is majority owned by Thomson
Reuters, with stakes held by 11 banks that also serve as key liquidity providers on the platform.
⮚ Other major multi-dealer platforms include:

– BondVision, introduced in 2001 (later acquired by MTS), and
– Bloomberg.
⮚ These developments led to a more diverse market structure (Graph 1, right-hand panel).
Electronic Bond Trading (2)

⮚ The rise of electronic trading platforms
enabled automated trading (AT) to become
prevalent in certain segments of fixed income
markets.
⮚ A notable form of AT is high-frequency

trading (HFT), which relies on speed and
tight intraday inventory positions
⮚ Recent estimates suggest that over 50% of

trading volumes in benchmark US Treasury
securities on formerly exclusive inter-dealer
venues can be accounted for by principal
trading firms (PTFs).
⮚ The most advanced AT and HFT strategies

thrive in markets with CLOBs.
Electronic Equity Trading (1)
⮚ Some common types of ETP trading protocols include (among others):

– Dealer-to-Dealer (D2D): System allows only dealers to negotiate and trade with other dealers
– Dealer-to-Client (D2C): System allows dealers to negotiate and trade with clients
– All-to-All (A2A): System allows any member, dealer or client, to negotiate and trade with any
other member.
– Central Limit Order Book (CLOB; matching engines in equities): System uses an algo to
match customer orders on a price time priority basis (no negotiation); the highest bid and lowest
ask orders establish the best market in a security, and low cost execution is achieved by
crossing the bid/ask spread
– Click to Trade (CTT): Systems allow immediate trading at aggregated prices streamed by a
dealer or set of dealers
– Request for Spread: System enables members to trade on a spread rather than a cash price,
uses RFQ protocol.
– Request for Stream: Market makers provide continuous streams of firm quotes with available
size; clients can click to trade
– Auto Quoting: Algos respond automatically to RFQs based on defined parameters (maturity,
sector, security type, currency, etc.)
– Internal Crossings: System matches opposite trading interests of users based on internal
pricing models or electronically determined mid prices
Electronic Equity Trading (2)

⮚ Due to electronification of equities markets, the
number of specialists declined significantly.
– In the mid-1980s, there were ~420 floor
brokers selling ~250 million stocks each
day.
– Today, the NYSE floor is almost vacant
during intraday trading, with the majority of
equity trading executed electronically.
⮚ In fact, the specialist system is gone, with NYSE

now using the Designated Market Maker (DMM)
model, which still requires the maintaining of fair
and orderly markets for assigned securities.
⮚ Today, DMMs operate manually and electronically

to facilitate price discovery during market opens,
closes and periods of trading imbalances or
instability.
Electronic Foreign Exchange Trading

⮚ Big diversity of market participants, opportunities
for new business models and new market
segments.
⮚ Features offered by trading platforms:

– FX Trade Signals
– Market Strategist
– Market Analysis (Tools)
– Technical indicators (70 plus)
– Multiple charts & drawing tools
– Features customization (Templates)
– Trading algorithms
⮚ Terms:
– RTS:Regulatory Technical Standards
– EBS:Electronic Broking Services
– CLS:Continuous Linked Settlement
– CTA:Currency Translation Adjustment
Electronic Foreign Exchange Trading - Evolution
Average daily turn over in the global foreign exchange market from 1998 to 2019 (In Billion dollars)
Electronic Foreign Exchange Trading - Trends, challenges & Risks
⮚ Trends:
– Big diversity of market participants, opportunities for
new business models and new market segments.
– Advanced Charting Tools
– Ninja trader - Market analyzer
– Advanced trade management
– User Customization
– Traditional relationship model → anonymous model
⮚ Challenges & Risk:

– Speed required for the transactions
– Low latency
– Less sophistication in the market which is translated
into more limited choice of FX Algorithms
– Risk management is complex due to lack of
regulation and standardization.
Digital Currency Trading (1)
⮚ Digital currency (digital money, electronic money or electronic currency) is a balance or a record
stored in a distributed database on the Internet, in an electronic computer database, within digital
files or within a stored-value card.
⮚ Digital currencies exhibit properties similar to other currencies, but do not have a physical form of
banknotes and coins.
⮚ Not having a physical form, they allow for nearly instantaneous transactions.
⮚ Usually not issued by a governmental body, virtual currencies are not considered a legal tender and
they enable ownership transfer across governmental borders.
⮚ These types of currencies may be used to buy physical goods and services, but may also be
restricted to certain communities such as for use inside an online game or platform.
⮚ One type of digital currency is often traded for another digital currency using arbitrage strategies and
techniques.
⮚ Digital money can either be centralized, where there is a central point of control over the money
supply, or decentralized, where the control over the money supply can come from various sources.
Digital Currency Trading (2)
⮚ Examples of digital currencies include:

– Cryptocurrencies,
– Virtual Currencies,
– Central Bank digital currencies and,
– E-Cash.
⮚ Main comparisons:
– Digital versus Cryptocurrency
– Digital versus Virtual Currency
– Digital versus traditional currency
⮚ Types of systems:
– Centralized systems
• Mobile digital wallets
– Decentralized systems
Electronic Derivatives Trading
⮚ In open outcry trading, verbal and hand signals convey trading information (volume, price, offers,
acceptance) in the trading pits, or a set area on the trading floor designated to trade a certain product
or market.
⮚ Open outcry was an organized auction process where participants had a chance to compete for orders.
⮚ The format enabled price discovery and other efficiencies (for their time!).
⮚ While some commodity and option exchanges continued to use open outcry, they simultaneously
offered electronic alternatives until the time they fully closed the pits.
Electronic Securities Trading
⮚ While futures and cash equities are among the most electronically evolved securities globally, Swaps
and some Bonds are still negotiated over the phones.
⮚ However, FX, CDS and MBS are the most traded globally through electronic means.
Strategies
Day Trading
⮚ Day trading is the act of buying and selling a financial instrument within the same day or even multiple
times over the course of a day (Swing Trading for several days or weeks).
⮚ Taking advantage of small price moves can be a lucrative activity, if it is performed correctly.
⮚ When choosing your broker, not all brokers are suited for the high volume of trades made by day traders,
however. But some brokers are designed with the day trader in mind.
⮚ Day trading is only profitable when traders take it seriously and do their research.
⮚ Day trading is a job: be diligent, focused, objective, and keep emotions out of it.
⮚ Some tips to be successful in Day Trading:

– 1. Knowledge Is Power – 6. Time Those Trades
– 2. Set Aside Funds – 7. Cut Losses With Limit Orders
– 3. Set Aside Time, Too – 8. Be Realistic About Profits
– 4. Start Small – 9. Stay Cool
– 5. Avoid Penny Stocks at the begining – 10. Stick to the Plan
Algorithmic Trading (1)

⮚ Algorithmic trading (also called automated trading, black-box trading, or algo-trading) uses a
computer program that follows a defined set of instructions (an algorithm) to place a trade in order to
generate profits at a speed and frequency that is impossible for human traders..
– The defined sets of instructions are based on timing, price, quantity, or any mathematical model.
⮚ High-frequency trading, also known as HFT, is a method of trading that uses powerful computer
programs to transact a large number of orders in fractions of a second. It uses complex algorithms to
analyze multiple markets and execute orders based on market conditions.
⮚ In 1998 U.S SEC authorized High

Frequency Trading.
⮚ Between 2005 and 2009, high-frequency

trading volume grew by 164%.
⮚ By 2010 upwards, 60 percent of all trades

were executed by computers.
Algorithmic Trading (2)

⮚ In 2017 in the U.S., S&P 500 Index reached a three year high up 19.42% and the top performing
traditional fund (SH Capital Partners) posted 234.1% returns. Over the same period, Silver8 Partners
and Global Advisors Bitcoin Investment Fund achieved 771% and 330.1%, returns respectively.
⮚ Key Market Players:

– Thomson Reuters (US)
– 63 moons (India)
– Virtu Financial (US)
– Software AG (Germany),
– MetaQuotes Software (Cyprus)
– Symphony Fintech (India)
– InfoReach (US)
– Argo SE (US)
– Kuberre Systems (US)
– Tata Consulting Services (India)
– QuantCore Capital Management (China)
– Tethys (US)
– Trading Technologies (US)
– uTrade (India)
– Vela (US)
– AlgoTrader (Switzerland).
Cyborg Trading
➢ It is a new platform that makes all the traders (even individuals) able to apply high frequency trading with different
strategies more efficiently without advance knowledge of programming or access to specific hardware.
➢ New developments in cloud computing have reduced the need for traders to have advanced computer systems.
➢ There are more agile and efficient algorithms by the help of Artificial Intelligence techniques such as Machine learning and
Deep learning.(a typical trading strategy involves about 100,000 lines of code. Using Cyborg’s algorithm development kit
would only require writing 650 lines for the same strategy)
Cloud
computing
Algorithm Cyborg
Trading Trading
Artificial
intelligence
Trends
Cashless Society
⮚ A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical
banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the
transacting parties.
⮚ According to the FDIC, cash represented just 30% of all payments in 2017. Furthermore, 68.7% of U.S. households had a credit card in
2017.
⮚ In 2019 Federal Reserve has reported that over 80% of transactions are through cashless options
Fintech (1)
Financial technology (abbreviated fintech or FinTech) is the technology and innovation that aims to compete with
traditional financial methods in the delivery of financial services. Fintech has been used to automate insurance, trading,
banking services, risk management and more.
Fintech (2)
Global investment in financial technology increased more than 2,200% from $930 million in 2008 to more
than $21 billion in 2015. Fintech companies in the United States raised $12.4 billion in 2018, a 43%
increase over 2017 figures.
E-Trading Platforms
5 Hot Trends in Trading Platforms Development (1)
⮚ Look at 5 of the hottest trends in online trading platform technology.

– Advanced Charting Tools
• quick snapshots of the user’s account information
• real-time market analyses
• flexible customization options
• time-based and trade-based (tick chart) options
• ability to export charts and graphs to other applications
• customizable alerts
• automated trades incorporated into charting tools
• ability to submit orders directly from charts
– User Customization
• customizable layouts that can be saved and recalled later
• multiple-monitor detection and support
• workspace zoom in & zoom out
• easy selection of data providers
• customizable menus
• drag and drop workspaces
5 Hot Trends in Trading Platforms Development (2)
– Super Fast Transactions

• Every second in an e-trade transaction can cost a trader thousands of dollars.
• Platform developers stay on the very cusp of technological advances that can benefit platform
speed.
– Mobile and Cloud-Based Functionality

• Not only must online trading platforms be fast, they must be mobile.
• Mobile functionality, like most other platform features, is best facilitated by cloud-based
technology, with minimal requirements for downloaded software of apps.
• When using mobile apps, they should incorporate security features fitting for a financial
service.
– Research Tools That Use Big Data

• The more powerful and user-friendly market research tools are, the better chance a trader can
make money in the market without the need for paying broker commissions.
• What makes big data the new holy grail of investing is its ability to gather and process
enormous amounts of information.
References
https://www.pwc.com/us/en/industries/financial-services/research-institute/top-issues/blockchain.html
[Accessed: May 20, 2020]
https://www2.deloitte.com/cn/en/pages/financial-services/articles/fintech-how-ai-is-changing-the-
financial-services-industry.html [Accessed: May 22, 2020]
https://algorithmxlab.com/blog/applications-machine-learning-finance/ [Accessed: May 20, 2020]
Chesbrough H., 2010. Business Model Innovation: Opportunities and Barriers. Long Range Planning
43, 354-363
Chesbrough, H., 2003. Chapter 5. In: Open Innovation: The New Imperative for Creating and Profiting
from Technology. Harvard Business School Press. Boston, MA
https://www.investopedia.com/trading-platforms-and-tools-4689648 [Accessed: May 22, 2020]
Shapira, P., and Jan Youtie., 2010. The Innovation System and Innovation Policy in the United States.
In: Selected works of Philip Shapira. University of Manchester. [Available at:
http://works.bepress.com/pshapira/19/]

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St.

Petersburg School of Economics and

Saint Petersburg, January 2021

Transformations in the Financial Markets

Digitalization of Financial Markets

Floor Trading (1)

⮚ Open outcry is the method of communication between professionals on a stock exchange or

Floor Trading (2)

⮚ Until 2009, trades on the floor of the New

⮚ As of 2010, most stocks and futures

Electronic trading platforms

Electronic Communication Network (ECN)

⮚ The first ECN, Instinet, was created in 1969.

Alternative Trading System (ATS)

Single-Dealer Platform (SDP)

⮚ Single-dealer platforms are sometimes also referred to as "single bank platforms".

Stock market data systems

⮚ The Ticker Tape, first tool to transfer market

⮚ In 1863 Edward A. Calahan of the American

⮚ When a transaction was located, the price was

⮚ NASDAQ, founded in 1972 was the first

⮚ Other systems soon followed and by the turn of

Other Platforms and market facilitators

Traditional System Architecture

⮚ All exchange trading

⮚ Large data and

Complex Event Processing (CEP) System

⮚ Blockchain technology can be integrated into multiple areas.

Artificial Intelligence - Coexistence of humans and machines

⮚ Artificial intelligence is a suite of technologies, enabled by

•Application Programming Interface (API) Trading:

•Provides multiple solutions to automate forex trade execution including

•Market analyzer - Monitor forex markets in real-time based on your predefined

•Advanced trade management: Integrated directly into the FX Board, Advanced

Artificial Intelligence - What to expect ?

⮚ FIs experience challenges with digital transformation from both

⮚ Participants are clear in their message that digital transformation

⮚ The Success of digital transformation is achieving both business

⮚ Business transformation: constant re branding and uncovering

⮚ Organizational transformation: evolving the corporate culture,

⮚ Regulatory entities have the biggest challenge to adjust to a rapid

Electronic Bond Trading (1)

⮚ Other major multi-dealer platforms include:

Electronic Bond Trading (2)

⮚ A notable form of AT is high-frequency

⮚ Recent estimates suggest that over 50% of

⮚ The most advanced AT and HFT strategies

Electronic Equity Trading (1)

⮚ Some common types of ETP trading protocols include (among others):

Electronic Equity Trading (2)

⮚ In fact, the specialist system is gone, with NYSE

⮚ Today, DMMs operate manually and electronically

Electronic Foreign Exchange Trading

⮚ Features offered by trading platforms:

Electronic Foreign Exchange Trading - Evolution

Electronic Foreign Exchange Trading - Trends, challenges & Risks

⮚ Challenges & Risk:

Digital Currency Trading (1)

Digital Currency Trading (2)