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October 2016
White papers

Checking the Unchecked – How a Key Market Access Rule Laid the Foundation for A Stronger Financial System

The shift to electronic trading in the 90s and early 2000s made it possible for buy-side firms to connect directly to stock exchanges, via sponsored brokers, without the need for human interaction. In turn, this electronic access encouraged the development of intelligent algorithmic and automated trading strategies. However, as trading evolved to offer substantial advantages to the technologically savvy, questions were raised about whether the financial industry could manage the risks inherent to this direct and automated market access.

    PDF (0.13 MB)

October 2016
White papers

RegNMS: Rules of Engagement for an Electronic Era

The technological advances that swept financial markets in the mid-1990s fundamentally changed the way securities were traded. The vast majority of these changes were positive – electronic trading lowered costs and made it possible to execute trades with unprecedented speed and accuracy, and across a growing number of venues and market centers.

    PDF (0.15 MB)

October 2016
White papers

A Tick too Far: How Decimalization Changed the Industry (and Why it’s a Hot Topic Again)

In the mid-1990s, financial markets still had a long way to go in terms of achieving today’s levels of electronic sophistication and interconnectedness. Still, increased automation was helping drive a certain degree of uniformity and standardization in many of the world’s markets. For example, most of the world’s marketplaces had adopted a decimalized trading system in which share prices were quoted in penny (or local currency) increments.

    PDF (0.20 MB)

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