Eli Lederman, Turquoise

Welcome to episode four of The Algorithmic Trading Podcast, brought to you by Voices in Business and sponsored by Sybase.

Today, we feature an exclusive interview with Eli Lederman, Chief Executive Officer of Turquoise, the new pan-European trading platform, in conversation with Gavin Quinn, EMEA Business Development Manager at Sybase and Greg Grimer of Voices in Business.

Show notes for this episode:

00:14 - Introduction
01:12 - What is Turquoise and why does it exist?
05:22 - Levelling the playing field & removing monopolies
08:00 - The market data environment
09:25 - Costs associated with market data
10:46 - Differentiated pricing
12:40 - Reference data
14:45 - Interoperability
15:06 - Granularity of tick sizes and decimal places
16:30 - Smart order routing
18:04 - Communication with customers & members
22:12 - Evolution of exchanges
23:38 - Algorithmic trading and exchange convergence
25:20 - Fragmentation and operational complexity
27:21 - Trade volumes and market share
29:14 - Trade reporting & CCP status
30:34 - Risk/exposure issues
32:22 - End of interview & wrap-up

Click here for a full transcript of this episode.

We welcome all feedback, so please leave a comment here on the website, call us to leave an audio comment on +44 (0) 20 7193 1295 or send a message to algo@voicesinbusiness.com

Listen Now:

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 ATP004 - Eli Lederman, Turquoise [33:05m]: Play Now | Play in Popup | Download

Toby Bayliss, Citi

Welcome to episode three of The Algorithmic Trading Podcast, brought to you by Voices in Business and sponsored by Sybase.

Today, we feature Toby Bayliss, European Head of Electronic Execution Sales at Citi, in conversation with Gavin Quinn, EMEA Business Development Manager at Sybase and Greg Grimer of Voices in Business.

Show Notes for this episode:

00:14 - Introduction
01:12 - What percentage of algorithms are actually successful?
02:58 - Where are the main costs? People? Processes? Data?
03:54 - The process of regression testing and back testing
05:10 - Building in changes for differing market conditions
07:10 - Calibration of algorithms
08:27 - Requirement for accurate historical data
09:25 - Comparison between European, US and Asian environments
13:38 - Tick sizes
14:58 - Buy-side versus sell-side issues
16:20 - Performance monitoring
18:00 - Myths around latency
19:03 - Key issues affecting the industry
21:59 - Block trading
23:45 - How does algorithmic trading affect client relationships?
24:46 - Equities versus other asset classes
27:01 - Issues specific to futures & options
29:03 -FIX Protocol
30:18 - End of interview & wrap-up

Click here for a full transcript of this episode.

We welcome all feedback, so please leave a comment here on the website, call us to leave an audio comment at +44 (0) 20 7193 1295 or send a message to algo@voicesinbusiness.com.

Listen Now:

To listen to the podcast right now, click on the player icon below.

 

 ATP 003 - Toby Bayliss, Citi [30:59m]: Play Now | Play in Popup | Download