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:

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

 

 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