ITUNES FOR FX (courtesy of the TABB Group)

iTunes for FX
At the top of foreign exchange traders’ wish list is a trading system with a clean, intuitive interface that can simplify and streamline their workflow and help them execute their strategies.
I’ve been talking to lots of FX traders recently, asking what was top on their wish lists for FX. Most of the answers fell into one of a few categories: “Better liquidity, particularly on broken date rolls”; “easier connectivity”; “real straight-through processing”; and the like. But the one that really made me think was: “iTunes for FX.”

“Why iTunes?” I asked.

The trader’s answer was logical and far-reaching: “If there were an FX trading system that worked half as well as iTunes, it would rule the world,” he answered.

“Just think about the iTunes process,” he continued. “You can take any CD you have, rip it into iTunes and, once it’s digital, you can manage it much more efficiently. Second, I can access just about any music I want at a reasonable price through the iTunes store. Do you have any idea how hard it is to integrate into any one of the OMSs, EMSs or ECNs? It takes weeks or months, and most are clunky.”

He added, “But what I really like about iTunes is the ability to make playlists. All I have to do is spend a little set up time—very little, actually—and I can store music for whatever purpose I want—workouts, parties, etc.”

“And how does that relate to FX?” I asked.

“Don’t you see? Eighty-five percent of what I do in FX is pretty routine, and I have standard strategies. If I’m looking to hedge a new trade, I’ll always look to hedge to the same roll date that month with all my other trades in that currency. I can net more efficiently and it’s easier to keep track that way. If I receive an order from the equities desk for a large spot trade and it’s before 11am, I’ll just give it to a dealer to execute flat vs. the WM mid. And so on. I wish I could just hit a playlist for ‘do all my rolls,’ spread it around my top five to eight dealers, and have everything taken care of according to rules I set up.”

“How hard is it for you to do now?”

“Well, it’s a major pain in FX. No one has an adequate rules engine that can integrate all my internal communications. If I want things a certain way, now I have to beg my OMS or EMS provider to make a change, or I have to program macros myself and patch stuff together. In iTunes it is easy to make a playlist. In fact, there’s even a ‘Genius’ mode in which the software can make playlists for you based on what’s in your library and what others have done.”

“But you just said that playlists—or rather, pre-formatted work routines—would be good for 80% of what you do. What about the other 20%?” I asked.

“I don’t have to reduce everything to simple rules, but I’d be thrilled if I could spend my effort on just the difficult stuff. In iTunes, if I want to deviate from the playlist and go manual, I still can access anything in my library, on any device. It is all available on my desktop, my laptop, my phone and my iPad, anywhere I am, because it’s all synched in the cloud. I can switch from playlists to any other mode in one click. In FX, I once counted and it took me 17 mouse clicks just to get a single trade done – and I am generally doing 50 to100 trades a day. Just give me iTunes in FX.”

“OK, I get it. But that still implies you know just what to go for in your library at any time. How do you learn anything new according to your analogy?”

“Well, you don’t really. But you can do all the old stuff better.”

“So what you’re saying is, what you really need is iTunes with Pandora.”

That threw the trader for a loop. “I don’t know Pandora; what’s that?” he asked me.

“Pandora is essentially where you teach the machine what you like. You start it with a theme—say, music by an artist. Then, based on that information, it picks similar music based on an analysis of what others like. So if you pick a blues artist, like B.B. King, it will play you a B.B. King song and then another similar blues tune by someone else, which you either give a thumbs up or a thumbs down. Based on that feedback, it gives you another song, which you grade, then another and another. After a while it improves from a 65% hit ratio up into the 90+% range, constantly expanding your repertoire with new artists you didn’t know before. And if a song comes up that you don’t like, you give it the thumbs down, and Pandora immediately cuts out that song and replaces it, and the process starts again,” I explained.

“Now that would be cool,” he responded. “Give me iTunes for FX plus Pandora!”

And that’s what we’re creating now at BuysideFX. Like an Apple product: beautiful design, deep but intuitive feature sets, with feedback loops that make it better and better with every trade. Stay tuned … and if you have features you’ve identified to make FX trading simpler and better, give us a call and let’s discuss it.

Moscow Exchange and Eurex to cooperate on FX trading

Moscow Exchange and Eurex to cooperate on FX trading

http://www.automatedtrader.net/news/at/144391/moscow-exchange-and-eurex-to-cooperate-on-fx-trading

First Published 21st August 2013

Next step in partnership between Moscow Exchange and Deutsche Börse Group/Futures on EUR-RUB and USD-RUB to trade on Eurex.

Moscow Exchange and Eurex, the derivatives arm of Deutsche Börse Group, have signed a cooperation agreement for the trading of foreign exchange (FX) derivatives. Through this new element of the partnership between Deutsche Börse and Moscow Exchange, Eurex Exchange will launch Euro/Russian Rouble and U.S. Dollar/Russian Rouble FX futures on its trading system in Q4 2013.

Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, and Andreas Preuss, Deputy CEO of Deutsche Börse and CEO of Eurex, signed a cooperation agreement for the new derivatives products in Frankfurt/Main today. Both partners will also jointly promote the launch of these two FX futures.

“We continue to deepen our partnership with Deutsche Börse, and are working together closely to provide our market participants with new instruments. Today we agreed to launch Rouble FX futures in Frankfurt. This opens up exciting new trading and hedging opportunities for investors. Also, this autumn, Moscow Exchange will launch futures on five German blue chip stocks. Cross-listing arrangements between Deutsche Börse Group and Moscow Exchange allow our clients to build new trading strategies and better manage their risks. We believe that our joint initiatives with Deutsche Börse will strengthen national markets and facilitate the continued development of Frankfurt and Moscow as financial centers”, said Moscow Exchange CEO Alexander Afanasiev.

“We are very pleased to have reached the next milestone of our partnership. This new cooperation fits perfectly into our goal to constantly expand our product offering as it will complement our planned FX product suite”, said Andreas Preuss, Deputy CEO, Deutsche Börse and CEO, Eurex.

Eurex will launch FX futures and options for six currency pairs on 7 October 2013. According to today’s agreement, Eurex’s product suite will be complemented with cash-settled futures for both Euro/Russian Rouble and U.S. Dollar/Russian Rouble currency pairs in Q4 2013. Upon expiry, Eurex’s Rouble futures will be settled using settlement prices provided by Moscow Exchange. This procedure is intended to reinforce the integrity of the futures contracts and provide investors with confidence that the settlement price is both fair and accurate.

In Q2 2013, the average daily volume for both products on the Moscow Exchange amounted to over 2 million contracts with a notional value of US$2.1 bn. In 2012, U.S. Dollar/Russian Rouble futures were the third most popular foreign exchange futures contract globally among traded currency futures, according to the Futures Industry Association.

Eurex squares up to CME as swaps battle moves to FX (from efinancialnews.com)

Eurex squares up to CME as swaps battle moves to FX

http://www.efinancialnews.com/story/2013-08-22/eurex-squares-up-to-cme-as-swaps-battle-moves-to-fx?omref=email_TopStories

22 Aug 2013 Updated at 12:49 GMT

With much of the debate around new opportunities for European market operators in swaps currently surrounding interest rate products, CME Group must have thought its strategy of targeting foreign exchange was a relatively safe bet.

But plans announced yesterday by Deutsche Börse-owned derivatives exchange Eurex to launch FX derivatives on October 7, just under a month after the prospective launch of CME Europe, have given the Chicago-based futures exchange something to think about.

CME Group already has a large FX franchise in the US and wants to bolster its European presence with the launch of CME Europe, a London-based market that will initially offer trading in 30 currency pairs.

The futures bourse took the unusual step of announcing a launch date of September 9 before obtaining regulatory approval from the UK’s Financial Conduct Authority. According to Bob Ray, chief executive of CME Europe, the move was designed to offer a degree of certainty to help customer readiness.

CME’s plans were partly a response to a G20-led regulatory push to trade more derivatives on exchange and through central clearing. The rules created new opportunities for market operators to expand by offering new products that have traditionally been traded privately between banks. The rules will hit the majority of the FX derivatives market, which was worth $67.35 trillion at the end of 2012, according to the Bank for International Settlements.

 

By avoiding the fierce competition that will play out in the interest rate derivatives market for the time being, CME’s FX play made perfect sense. The exchange group already offers over 60 futures and more than 30 options in foreign exchange and has a ready-made European clearing house from which it has been clearing over-the-counter derivatives in Europe since 2011.

Ray told Financial News: “Around 23% of our total volume already comes from Europe and we already have over 40 years of experience in the FX market. We will be looking at ways to make changes to the contracts we offer on CME Europe that are more aligned with the region’s existing trading conventions.”

So what will Eurex bring to the table?

If CME has the asset class expertise, Eurex has the regional expertise.

 

FX represents new territory for Eurex, but its main strength is the dominant presence it already has in Europe, not just with its trading platform, but also with its integrated clearing house, Eurex Clearing.

During the last year, the German futures exchange has responded to the regulatory overhaul by encroaching on the turf of its biggest competitors.

A spokesperson for Eurex said: “One of the drivers for our FX derivatives plans was the desire to offer trading services in as many asset classes as possible in light of the OTC derivatives reforms.”

Last November, Eurex started clearing interest rate swaps, directly targeting the dominance of LCH.Clearnet, the clearing house majority-owned by the London Stock Exchange Group that processes the vast majority of cleared interest rate swaps.

 

Then in June, Eurex renewed efforts to grab market share in short-term interest rates futures based on the Euribor benchmark, a product that has historically been dominated by NYSE Euronext’s Liffe.

In addition to the direct challenge to NYSE Liffe, Eurex’s push into short-term Euribor derivatives and interest rate swap clearing came at the same time as the launch of Nasdaq OMX’s NLX, the US exchange operator’s latest European foray. NLX offers the most popular long and short-term interest rate derivatives offered by both Liffe and Eurex, with the promise of post-trade cost savings by giving members the ability to offset collateral payments that are required under the new swaps rules.

Steve Grob, director of group strategy at trading technology vendor Fidessa, said: “We are entering a really interesting time in the European derivatives market and the regulations could finally spur some genuine competition in this space. However, I do wonder whether Eurex is simply testing the water by bringing the challenge to the CME. It’s a shame that we are seeing more lookalike products, as opposed to real innovation in the European derivatives market.”

Many believe the battle between Eurex and the CME will be won and lost at the clearing level, which is likely to comprise the biggest proportion of derivatives trading costs.

 Anecdotal evidence suggests market participants will want to spread their risk by connecting to more than one clearing house but that the need to manage costs will mean one is likely to be dominant.

One head of dealing said: “We ideally want three clearing houses per asset class to diversify risk and will play them off against each other to a certain extent, which will keep them on their toes.”

The Eurex spokesman added: “Ultimately, the market will decide who comes out on top but we are confident of being able to gain enough traction with our new FX service.”

–write to anish.puaar@dowjones.com and follow on Twitter @anishpuaar

 

Horizon Software introduces ETF market making and algo trading in China

Horizon Software introduces ETF market making and algo trading in China

http://www.atmonitor.co.uk/news/newsview.aspx?title=horizon-software-introduces-etf-market-making-and-algo-trading-in-china

 

Published on   Jul 17, 2013

Horizon Software, the provider of electronic trading solutions, has announced that a leading securities house in Shanghai has chosen Horizon Delta One Trader and Horizon Algo Trader as their ETF market making and algo trading solution in China.

Horizon Delta One Trader is a low latency order and execution management system dedicated to Delta One products. The solution implements trading strategies, such as statistical and index arbitrage, as well as making market for Delta One Products such as Futures, ETFs, CFDs, etc.

“We understand that China is a growing and evolving market and things are changing and moving rapidly on a daily basis. And we see a huge potential there. Horizon Software is always willing to understand our clients’ needs and in turn providing excellent solutions that can accommodate them.” said Jean-Marc Delfarguiel, CEO of Horizon Software.

“It’s challenging and the road ahead is not easy; but we believe our solutions are the best. Providing the first ETF market making system in China is a strong proof of our solutions within this space.” noted Sylvain Thieullent, APAC Director, Sales, Marketing and Client Services.

“Horizon Software is delighted to be chosen by our client in Shanghai. We are looking to further expand our footprint in China.” said Marco Chung, Head of Sales for North Asia. “And we are committed to provide the sophisticated electronic trading solutions for our clients in the region, be it market making, algo trading or order and execution management.”

All-to-all FX market to emerge in next three years, report predicts

All-to-all FX market to emerge in next three years, report predicts

http://www.automatedtrader.net/headlines/143913/all_to_all-fx-market-to-emerge-in-next-three-years–report–predicts

First Published 15th July 2013

Once-dominant banks will need to adapt in coming years to a new FX landscape, according to a new report

London -Dealer-to-client and dealer-to-dealer venues in the foreign exchange market will begin sharing the same characteristics and an all-to-all market will emerge during the next three years, GreySpark Partners, a London-based capital markets consultancy, said in a report.

Since 2010, the proliferation of dealer-to-client (D2C) multi-dealer platforms has meant buy-side participants have had more choice in where they trade FX, GreySpark said. As the number of these platforms – many of which will be registered in the US as swap execution facilities – grows, FX liquidity is expected to fragment away from the concentrated, bank-to-bank dealer-to-dealer (D2D) platforms onto the new D2C platforms.

“In the next three years, GreySpark’s research anticipates that the lines will become blurred between the characteristics of D2D and D2C venues, and an all-to-all (A2A) market for FX liquidity will arise,” it said.

In such a market, FX trading will be similar to an equities market in which all counterparties share access to liquidity. “The emergence of A2A venues will continue from 2017 onward as the blurring of the divide between the characteristics of D2D and D2C FX trading venues continues,” the consultancy said.

Frederic Ponzo, GreySpark managing partner and lead author of the report, said: “In the FX market of the future, there is no one-size-fits-all solution for banks as they look to adapt their currencies dealing models to make them more suitable for an equities-like, electronically-traded FX environment.”

Spot and forward spreads between major currency pairs in the D2D venues will grow increasingly tight every year as a result of the decimalisation of pricing introduced in 2012, GreySpark said.

Since 2010, banks began directing increasingly larger amounts of proprietary and client FX liquidity onto D2C venues in an effort to make currencies dealing an integral part of their capital markets business following the 2008/2009 global financial crisis. This movement of liquidity away from the D2D platforms shows the extent to which the long-standing FX market model of bank-to-bank trading venues housing most global liquidity is under threat.

Banks must be prepared to adapt to this shift in the FX market’s structure in an effort to retain client business that could be lost as the A2A market encourages buy-side FX investors to trade directly with one another, breaking the mould of their traditional relationships with inter-dealer brokers, GreySpark said.

SunGard provides Fox River algos to Silexx EMS

SunGard provides Fox River algos to Silexx EMS

http://www.automatedtrader.net/news/at/143822/sungard-provides-fox-river-algos-to-silexx-ems

SunGard’s Fox River Execution solutions algorithms now available on Silexx’s Obsidian platform

SunGard’s Fox River Execution Solutions has made its algorithms available to users of Silexx’s Obsidian execution management system (EMS). By providing Silexx customers access to Fox River’s entire algorithm suite, professional traders and risk managers using Silexx will now have the tools to help improve execution quality, as well as provide Fox River customers with the ability to access the Silexx EMS.

“SunGard’s Fox River algorithms will help provide Silexx traders and risk managers with improved fill trade rates and best price and execution. In addition, Silexx can offer customers a cost-effective, front-end gateway to Fox River algorithms.” – Thomas Frey, president, Silexx Financial Systems

“The availability of Fox River’s algos on the Silexx platform will help traders leverage innovation to achieve growth targets by reducing trading cost and risk while increasing execution performance.” – Bob Santella, president, SunGard’s brokerage business

Silexx’s Obsidian platform provides the ability to dynamically generate an interface for all of Fox River’s algorithm parameters, giving users the ability to integrate their algorithms on the Obsidian platform and control the parameters of every algorithm

DGCX set to offer Sensex futures contract 5th July 2013

DGCX set to offer Sensex futures contract tomorrow

Abdul Basit / 4 July 2013

Dubai will be first and only place in the Middle East and North Africa (Mena) region once it will list and offer Indian stock index futures contract on July 5.

The Dubai Gold and Commodities Exchange (DGCX) along with Asia’s oldest bourse Bombay Stock Exchange on Wednesday announced the launch of Sensex Futures contract.

DGCX Sensex Futures contract is based on the S&P BSE Sensex, the blue-chip stock index of India’s leading bourse, the Bombay Stock Exchange (BSE). It is an index of the top 30 companies listed on the Indian bourse.

These futures can be traded from 7:00am to 11:30pm (GMT +4), Monday through Friday. The new contract will be denominated in US dollars and settled in cash.

The new contract is aimed to tap demand from the large Non-Indian Residents (NRI) in the Gulf region, DGCX chief executive officer Gary Anderson told reporters at a news conference in Dubai. DGCX is not competing with BSE Sensex in India, but giving access to more people in the Middle East and specially Gulf countries, Anderson clarified.

He mentioned that the exchange is planning to introduce more products with BSE tie-up most probably this year.

“The contract is part of a planned expansion of our Emerging Market product offering, and will offer an exciting trading option for investors seeking exposure to one of the world’s largest Emerging Markets. While the retail segment is a key target market, we are also anticipating strong interest from a wide range of regional and international investors including UNHWIs, professional traders and institutional investors,” Anderson said.

DGCX’s new equity futures contract will target retail participants including NRIs across the world, existing DGCX members focused on retail offerings, the NRI desks of banks, professional traders trading and arbitraging Indian markets offshore and large foreign institutional investors seeking exposure to Indian equity markets.

BSE managing director Ashishkumar Chauhan added that the new index contract will appeal to the Mena’s huge Indian population. “We don’t see any other tie-up for futures contract in the region,” Chauhan said.

“This launch is a key milestone for us since it is the first time we have partnered with an exchange in the Mena region to launch an equity-based derivatives product. DGCX Sensex Futures will provide investors with an important tool for managing their portfolios benchmarked to BSE’s equity indices,” he said.

“Given that a large number of NRIs reside in the Middle East region, we are confident about the Sensex futures contract’s potential to generate high interest and trade volumes in line with interest in other jurisdictions,” he added.

DGCX’s product suite already covers a diverse range of sectors including precious metals, base metals, currencies and energy. This includes the world’s first Indian Rupee futures contract and the Middle East’s first Copper futures contract.

Plastic futures

Anderson disclosed that much-awaited plastic futures will be launched in the current quarter of 2013. “We are looking for plastic futures in Q3 this year,” Anderson said.In December 2008, DGCX first announced the launch of plastic futures from February, 2009. But postponed the plan citing market conditions.

“Although the product is ready to launch, the plastics industry needs more time to prepare for trading the contracts, particularly in light of the current economic climate,” DGCX said on February 5, 2009.

Anderson mentioned that the exchange is looking for tie-up with commodity exchange in China to launch it here in US dollar.

 — abdulbasit@khaleejtimes.com

Knight-Getco outlines European bond blueprint as KGC Holdings

Knight-Getco outlines European bond blueprint

http://www.efinancialnews.com/story/2013-07-02/knight-getco-kcg-lays-out-european-blueprint?omref=email_TradingTechnology

One of the most senior European executives at the new trading company formed by the merger of Getco and Knight Capital has said the group is aiming to play an “important and strong” role in fixed-income markets, as they undergo an equity-like transformation.

The two firms today formally began operations under a new listed company called KCG Holdings, which in one sweep has become one of the world’s largest broking and electronic marketmaking firms.

Albert Maasland, formerly head of Knight Capital’s international business, and now KCG’s London-based global head of execution services and venues, said the combined group had bold plans for Knight’s Bondpoint platform.

Speaking to Financial News, Maasland said: “We expect to play an important and strong role in the electronification of fixed-income markets. Bondpoint has strong penetration in the US, and we’re already seeing customers, private banks and retail brokers use the platform here.”

Fixed-income instruments are less liquid than equities, so investment banks have traditionally taken these securities being sold in the market onto their books until they could find a buyer. However, regulatory pressure has made it prohibitively costly for them to fulfil this role, while the G20’s reform agenda is promoting greater electronic trading and central clearing.

 

According to the latest New York Federal Reserve data, dealer holdings of corporate bonds have shrunk to a fraction of their previous size over the past five years. That has led to concerns of liquidity crunch, resulting in several banks and asset managers, such as Goldman Sachs, BlackRock and Detusche Bank, attempting to build electronic bond platforms. While many of these ventures have struggled to build liquidity, Maasland said that KCG’s independent status was a factor that could work in its favour.

He said: “I think we’re going to see a pulling together of a number of platforms in the fixed-income space, and we want to play a strong part in that process.”

The comments come a day after Getco ̶ a high-frequency trading and electronic marketmaking firm based in Chicago ̶ and New Jersey-based broker Knight closed a $1.8bn merger deal. The deal was first struck in December, about five months after Knight suffered a $461m loss as the result of a trading error, with Getco one of five firms that came to the broker’s rescue.

Maasland is one of KCG’s 12-person global management team and reports to Daniel Coleman, Getco’s former chief executive who will take up that role at KCG.

 

As well as the group’s voice-driven institutional trading businesses, Maasland will oversee Bondpoint, its FX platform Hotspot, the KnightMatch equities platform, and Getco’s equities venues in the US and Europe, GetMatched.

Despite speculation that some of these platforms would be sold off, Maasland said “we like these businesses, they make sense, and they support our premise of helping firms to access liquidity efficiently across asset classes and across geographies”.

The new group will have just under 200 people working in Europe, Maasland said. He declined to comment on cost-cutting plans. In previous regulatory filings in the US KCG said it expects that combining electronic trading systems will save it up to $110m over three years.

Following a difficult first quarter for both companies – Knight reported a $9.4m loss, while Getco lost $9.3m – Maasland was optimistic for the year ahead.

 

He said: “It is a really, really tough market at the moment and there is excess capacity. But we bring a unique proposition created by two specialist firms: Knight’s client-centred approach and Getco’s technological expertise. Clients will get best of both worlds”.

BM&FBOVESPA accepted Chi-X Global’s Chi-FX platform for commercial use, opening up the Brazilian market to institutional investors outside of Brazil.

BM&FBOVESPA accepted Chi-X Global’s Chi-FX platform for commercial use, opening up the Brazilian market to institutional investors outside of Brazil.

http://www.automatedtrader.net/news/at/142964/chi_x-says-brazil-accepts-platform

Chi-X described the news as a major milestone for the Chi-FX platform.

New York – Chi-X Global Holdings said BM&FBOVESPA S.A., Bolsa de Valores, Mercadorias e Futuros had accepted its Chi-FX platform for commercial use.

The company said Chi-FX powers the Brazilian group’s BEI (Brazil Easy Investing), which will allow registered Brazilian brokers to provide retail and institutional investors based outside of Brazil quotes of Brazilian exchange-listed stocks in their local currency.

By leveraging the Chi-FX technology, BEI integrates market data from BM&FBOVESPA stock quotes with FX rates offered by Brazilian banks.

“This is a major milestone for our Chi-FX platform” said Tal Cohen, CEO of Chi-X Global. “Brazilian market participants will be able to offer their off-shore clients an automated solution for trading Brazilian equities with embedded FX rates, thereby reducing latency, broadening access and minimizing currency risk for international investors. This is an exciting time for Chi-FX and we will be exploring new opportunities to expand the platform throughout Latin America.”

Cicero Vieira Neto, COO of BM&FBOVESPA, said: “We are looking forward to the launch of BEI, which coupled with the recent changes to the CPF registration process, will represent a significant step in the ongoing development

EquaMetrics claims to eliminate coding from algo trading with launch of RIZM

EquaMetrics claims to eliminate coding from algo trading with launch of RIZM

http://www.automatedtrader.net/news/at/142908/equametrics-claims-to-eliminate-coding-from-algo-trading-with–launch-of-rizm

Cloud-based platform with intuitive algobuilder claims to reduce complexity and cost of algo trading for individual traders

New York – EquaMetrics has launched RIZM, a visual programming tool which it says can enable traders who have no prior knowledge of programming, coding or high-level mathematics, to build, to test and deploy complex algo trading strategies. EquaMetrics has spent the past two years developing RIZM and has raised $3.25 million from private angel investors to date.

Offered on a monthly subscription basis RIZM will initially support equities, futures and FX trading, with live trading connections to Interactive Brokers and Forex Capital Markets (FXCM). EquaMetrics plans to add options and fixed income trading, along with live connections to all mainstream retail and institutional brokers.

“We are putting powerful institutional tools into mainstream traders’ hands with the launch of RIZM,” said Amr Mohamed, EquaMetrics’ CIO. “Algorithmic trading has long been the domain of only large companies that have the resources for software engineers to build and execute on every trading strategy. We created RIZM to provide an intuitive, easy-to-use interface that will provide anyone – active professional as well as non-professional traders – access to a cloud-based platform for building, back testing, simulating and executing algorithmic trading strategies. I have no doubt that within two years’ time, every trader will be running automated trading strategies.”