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Eric Stockland, managing director in electronic trading at BMO Capital Markets, said the buy side should ask brokers to experiment with their algo wheels in order to incentivize innovation.
Stockland spoke at TraderForum’s annual member conference on the broker perspective on the implementation of algo wheels.
Algo wheels are an automated routing process which assigns orders to a broker’s algo based on the best fit to a preset list of conditions and have helped the buy side to implement a more systematic approach to trading.
Brokers have to compete for a place in the wheel based on the quality and execution performance of their algorithms.
RBC to Expand AI-Based Trading Platform
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RBC Capital Markets is preparing to launch Aiden in Europe and to launch another algorithm on its artificial intelligence-based electronic trading platform.
Shary Mudassir, RBC Capital Markets
Shary Mudassir, co-head of global electronic trading at RBC Capital Markets, told Markets Media: “We are in the final stages of preparing to launch Aiden in Europe over the coming months.”
The Canadian bank launched Aiden in October last year after being developed jointly by RBC Capital Markets and Borealis AI, a research center created by the bank. The platform has been available to RBC Capital Markets clients trading in U.S. and Canadian equities.
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Ray Ross, co-head of electronic trading at BMO Capital Markets, is looking forward to continued innovation in US equity markets this year after new venues and order types launched in 2020.
Ross told Markets Media there has been a lot of market microstructure change over the last few years that has allowed the broker to implement trades faster and with lower impact, to the benefit of end-investors.
Ray Ross, BMO Capital Markets
âWe have seen lots of good progress and we are certainly eager to see what is coming next,â he said.
Three exchanges launched in the US in September 2020 â Members Exchange (MEMX), MIAX Pearl Equities and Long Term Stock Exchange (LTSE) â taking the total to 16.
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FLASH FRIDAY is a weekly content series looking at the past, present and future of capital markets trading and technology. FLASH FRIDAY is sponsored by Instinet, a Nomura company.
Principled trading was the topic of the latest Powering Precision Discussion, produced by Coalition Greenwich in collaboration with Instinet.
Shane Swanson, market structure & technology analyst at Coalition Greenwich, framed the topic as the adoption of socially responsible trading trends, or “how ideals of social responsibility are impacting firms and their view of trading, on a visceral level.”
Instinet President Mark Govoni emphasized the importance of ESG for the capital markets industry. “We’re witnessing an important paradigm shift, from a ‘nice to have’ to a ‘must have’,” he said.