Comments for Mostly... fixed income and cross product eTrading http://mostly.wordpress.com Tue, 08 Sep 2009 08:17:18 +0000 http://wordpress.com/ hourly 1 Comment on What lies ahead for e-trading? by monkeydust http://mostly.wordpress.com/2009/02/17/what-lies-ahead-for-e-trading/#comment-4148 monkeydust Tue, 08 Sep 2009 08:17:18 +0000 http://mostly.wordpress.com/?p=477#comment-4148 whats your email b? whats your email b?

]]> Comment on What lies ahead for e-trading? by b http://mostly.wordpress.com/2009/02/17/what-lies-ahead-for-e-trading/#comment-4146 b Fri, 04 Sep 2009 21:42:26 +0000 http://mostly.wordpress.com/?p=477#comment-4146 Hi, I’m working on a new book on electronic trading, would be interested in a fixed income perspective – mail me if interested in seeing the draft Hi, I’m working on a new book on electronic trading, would be interested in a fixed income perspective – mail me if interested in seeing the draft

]]> Comment on Get Those Humans Back! by Chaz http://mostly.wordpress.com/2008/11/10/get-those-humans-back/#comment-4143 Chaz Mon, 29 Jun 2009 09:36:06 +0000 http://mostly.wordpress.com/?p=448#comment-4143 Another case for "human interaction" of course is the increased potential for market anonymity. If you are using a trading platform then the likelihood is that everyone else in the market will "see" what you are doing almost instantaneously. Recent US moves to increase "transparency" in the markets could result in LESS electronic trading as participants try to "hide" their activity. As TABB Group recently stated... "If you are a large market participant doing a series of transactions and there is transparency, the market quickly becomes aware of what you are trying to do and it could be detrimental to future trades.". I personally believe that more transparency is a GOOD thing as it should allow the markets to "self regulate" and reach equilibrium faster. Another case for “human interaction” of course is the increased potential for market anonymity. If you are using a trading platform then the likelihood is that everyone else in the market will “see” what you are doing almost instantaneously. Recent US moves to increase “transparency” in the markets could result in LESS electronic trading as participants try to “hide” their activity. As TABB Group recently stated… “If you are a large market participant doing a series of transactions and there is transparency, the market quickly becomes aware of what you are trying to do and it could be detrimental to future trades.”. I personally believe that more transparency is a GOOD thing as it should allow the markets to “self regulate” and reach equilibrium faster.

]]> Comment on Fidessa buys LatentZero by John Greenan http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4141 John Greenan Thu, 23 Apr 2009 10:58:00 +0000 http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4141 hhhm, all those trips to the Rajastan have left Holky with a highly developed six pack.... Should invite Jim next time! When is next time anyhow? hhhm, all those trips to the Rajastan have left Holky with a highly developed six pack….

Should invite Jim next time! When is next time anyhow?

]]> Comment on Fidessa buys LatentZero by holky http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4140 holky Tue, 21 Apr 2009 19:48:22 +0000 http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4140 re the HTGASPF - as i wouldnt intentionally remove anything on-topic i just checked if i stuffed up. the only comment recently marked as spam in this post (though not from htgaspf or anything similar) is re how to get a six pack. im sure its fair to say that weve probably all got sufficiently developed six packs so that particular comment can stay spammed .... but the mystery of htgaspf continues .... :-) re the HTGASPF – as i wouldnt intentionally remove anything on-topic i just checked if i stuffed up. the only comment recently marked as spam in this post (though not from htgaspf or anything similar) is re how to get a six pack. im sure its fair to say that weve probably all got sufficiently developed six packs so that particular comment can stay spammed …. but the mystery of htgaspf continues …. :-)

]]> Comment on Fidessa buys LatentZero by jim whitehead http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4139 jim whitehead Tue, 21 Apr 2009 14:27:40 +0000 http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4139 Aha....Mr Greenan, I might have known! Firstly let me say that it was good to see you today for coffee, constructive as always. HTGASPF's entry seems to have fallen foul of the admins as it appears to have been removed ;) I'll endevour not to make the same mistake. More than happy to debate any of PC's points in a coffee shop of your choosing at your convenience. With regard to (direct?)Fixed Income FIX workflow, it would be fair to say that, at the time of writing, we haven't seen the demand for this from the sellside or buyside, however we're open-minded on the subject and would be happy to discuss further. Whether the Fixed Income EMS's should be opening up to provide an API for this has been debated on this very site I believe, http://mostly.wordpress.com/2008/04/21/institutional-buyside-fi-etrading/#comments See you soon Jim Aha….Mr Greenan, I might have known!

Firstly let me say that it was good to see you today for coffee, constructive as always.

HTGASPF’s entry seems to have fallen foul of the admins as it appears to have been removed ;)
I’ll endevour not to make the same mistake.

More than happy to debate any of PC’s points in a coffee shop of your choosing at your convenience.

With regard to (direct?)Fixed Income FIX workflow, it would be fair to say that, at the time of writing, we haven’t seen the demand for this from the sellside or buyside, however we’re open-minded on the subject and would be happy to discuss further. Whether the Fixed Income EMS’s should be opening up to provide an API for this has been debated on this very site I believe, http://mostly.wordpress.com/2008/04/21/institutional-buyside-fi-etrading/#comments

See you soon
Jim

]]> Comment on Fidessa buys LatentZero by John Greenan http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4138 John Greenan Mon, 20 Apr 2009 11:50:32 +0000 http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4138 Hey Jim, Good to see you here! Which parts of that post do you think are soundbites? Quite a lot of it rings true to me! Minerva does not handle Fixed Income FIX workflow - the only way to do this is to hook into a platform EMS such as Tradeweb or MarketAxess etc. The answer is still often "it's the next version". Experienced staff do leave and are replaced by less experienced staff. What does HTGASPF mean? One thing I'd say to you Jim. Eat your own dog food. If you actually try and use Minerva day-to-day, rather than just implementing it, you will see a lot of issues. If FLZ started to offer an ASP solution and did dogfooding then I am pretty sure a lot of the issues that I see would be cleared up. I should point out that I am a consultant to a firm that is a client of Jim's firm and I know Jim pretty well. He and I have had numerous debates and discussions on this subject.... Hey Jim, Good to see you here!

Which parts of that post do you think are soundbites?

Quite a lot of it rings true to me!

Minerva does not handle Fixed Income FIX workflow – the only way to do this is to hook into a platform EMS such as Tradeweb or MarketAxess etc.

The answer is still often “it’s the next version”.

Experienced staff do leave and are replaced by less experienced staff.

What does HTGASPF mean?

One thing I’d say to you Jim. Eat your own dog food. If you actually try and use Minerva day-to-day, rather than just implementing it, you will see a lot of issues. If FLZ started to offer an ASP solution and did dogfooding then I am pretty sure a lot of the issues that I see would be cleared up.

I should point out that I am a consultant to a firm that is a client of Jim’s firm and I know Jim pretty well. He and I have had numerous debates and discussions on this subject….

]]> Comment on Fidessa buys LatentZero by jim whitehead http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4137 jim whitehead Sat, 18 Apr 2009 11:31:28 +0000 http://mostly.wordpress.com/2007/04/17/fidessa-buys-latentzero/#comment-4137 HTGASPF The Mostly blog as a whole is both informed and informative. Some of PC's comments on this particular thread are, in my opinion, soundbites which don't stand up well to the slightest scrutiny. Having said that you have to take into account that (a) i'm an FLZ employee and (b)this thread is now two years old and blog posts tend to age badly Please feel free to drop me a line if you would like to discuss further HTGASPF

The Mostly blog as a whole is both informed and informative.

Some of PC’s comments on this particular thread are, in my opinion, soundbites which don’t stand up well to the slightest scrutiny.

Having said that you have to take into account that
(a) i’m an FLZ employee and
(b)this thread is now two years old and blog posts tend to age badly

Please feel free to drop me a line if you would like to discuss further

]]> Comment on What Do You Want From A Hub? by oxymoron http://mostly.wordpress.com/2008/03/06/what-do-you-want-from-a-hub/#comment-4135 oxymoron Sun, 12 Apr 2009 20:18:33 +0000 http://mostly.wordpress.com/?p=277#comment-4135 I've been thinking that a hub which offers both vanilla FIX connectivity alongside CSA/unbundled 'non-FIX connectivity' to boutique research shops, updating them on status could be powerful. I remember the time when many shops didn't trust hubs, now they seem to be pretty much ubiquitous so it seems strange to me that FIX monitoring tools tend to treat them as a poor relation. I'd like to see a tool which by default can intelligently strip out the underlying trading counterparties being used over a hub and allow them all to be monitored real-time without having to construct extra windows I’ve been thinking that a hub which offers both vanilla FIX connectivity alongside CSA/unbundled ‘non-FIX connectivity’ to boutique research shops, updating them on status could be powerful.

I remember the time when many shops didn’t trust hubs, now they seem to be pretty much ubiquitous so it seems strange to me that FIX monitoring tools tend to treat them as a poor relation. I’d like to see a tool which by default can intelligently strip out the underlying trading counterparties being used over a hub and allow them all to be monitored real-time without having to construct extra windows

]]> Comment on Liquidnet for Fixed Income by John Greenan http://mostly.wordpress.com/2008/06/24/liquidnet-for-fixed-income/#comment-4133 John Greenan Tue, 31 Mar 2009 08:42:36 +0000 http://mostly.wordpress.com/?p=299#comment-4133 SpreadZero - interesting chaps with an interesting business model. The alternative execution space for Fixed Income is starting to warm up as the incumbent players stumble towards buy-side to buy-side trading and the sell side realises that without balance sheet they are simply acting like riskliess principals. And riskless principles that still want a spread are ripe for disintermediation in an electronically connected world... Buy-side to buy-side corporate bond IOIs anyone??????? Build it and they will come.... SpreadZero – interesting chaps with an interesting business model.

The alternative execution space for Fixed Income is starting to warm up as the incumbent players stumble towards buy-side to buy-side trading and the sell side realises that without balance sheet they are simply acting like riskliess principals. And riskless principles that still want a spread are ripe for disintermediation in an electronically connected world…

Buy-side to buy-side corporate bond IOIs anyone???????

Build it and they will come….

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