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Fixed Income Trading: New venues

A simple question came up recently in a conversation – how many new Fixed Income trading venues are there?  I could not think of anywhere th...

Tuesday, 30 December 2014

Middleware, an appreciation….

Throughout my working life the role of middleware has played a crucial part.  For many people it’s something of a dark art that is not well understood.  This post will set out a description of some use cases, some solutions offered by middleware, a taxonomy of different types of middleware and a forward looking analysis.

Regulation SCI: A primer...

A suggestion from a reader was to conduct an analysis of Regulation SCI...

Saturday, 27 December 2014

Innovation, leadership and management

Quite some time ago I attended a "town hall" meeting for the IT staff for a large financial services company.  One of the subjects that was discussed was innovation. 

Fixed Income Trading: New venues

A simple question came up recently in a conversation – how many new Fixed Income trading venues are there?  I could not think of anywhere that maintained a comprehensive list, so I decided to try and put something together. 

Google, robots.txt and the “Search for Liquidity”: Fixed Income edition

This is a companion piece to the original post "Google, robots.txt and the “Search for Liquidity” from June 2014. If you have some time, read that first. If you have more time, also read this "Bootstrapping, FIIDL and the mesh exchange"

Monday, 15 December 2014

Vendor relationship management and "Orphan Technology" - what next?

Orphan Technology refers to the phenomenon where a technology is effectively abandoned by it's owner.  This happens in many cases due to mergers and acquisitions - a firm acquires a competitor and then orphans the acquired firm technology portfolio. 

Wednesday, 10 December 2014

Internet of Things vs Fintech: FIGHT!

One of the things I enjoy in life is engineering.  Whether that’s a well written piece of code or a well thought out physical implement.  In order to understand I try to draw analogies between different types of engineering and so for this post I want to cover the many similarities between the Internet of Things and financial technology, hereafter fintech…

Friday, 5 December 2014

TCA for Fixed Income in a new trading venue world

So, for clarity and comparison, let's look at the TCA process per asset class in the "old world", although the focus of this post is only on Fixed Income...

Wednesday, 5 November 2014

Excel VBA – does it have a future?

Since the late 1990s I've worked with Excel. Typically I've coded up huge VBA code modules, win32 api calls, DDE, RTD, WinForms, interoperability with VB6 and C#, database access, webservice access and integration with financial toolkits such as Reuters, Bloomberg, Factset, S+ and R.  I’ve also pushed the user interface and VBA IDE using undocumented functionality and the VBE extensibility library. A very simple observation is that the pace of change within Excel VBA has been pretty slow since 2000.  Let’s analyse that assertion…

COM and .net, FIX and ITCH/OUCH

Most posts on here are clearly sat in either technology or business.  This is a rare one that uses technology as a way to look at business.

Monday, 3 November 2014

ETFs, liquidity profile and valuation issues

ETFs are generally seen as being a low risk way to invest in an asset class.  This is often stated to be because the assets within the ETF are valued by the market and the ETF manager
[I recommend reading an article on this topic in the Economist of 25th October 2014]
 

Saturday, 25 October 2014

Buy versus build, a false dichotomy

The age old topic of buy versus build was raised at the Sydney FIX Conference on 23rd October 2014.  I’ll set out my position clearly below, since it’s a complex issue…Let’s first clarify what we mean by the terms “buy” and “build”

Excel RTD Server implementation in C#......Part 1

I have not written much C# recently but I've had two conversations recently on the topic of RTD Server implementations so I thought I'd try and refresh my memory.

Wednesday, 1 October 2014

Tuesday, 23 September 2014

ASX plus Yieldbroker equals???

It has been widely reported that the ASX will invest $65m in acquiring 49% of Yieldbroker.  For the non-Australia-savvy readership I suggest you consider the ASX as a local incumbent stock exchange and Yieldbroker as a Tradeweb-alike.

Thursday, 18 September 2014

Excel 32bit and 64bit usage, what you don’t read on the internet

I had a phone call from an old acquaintance a while back asking for some advice on the use of Microsoft Excel.  In previous lives I have been heavily involved with Excel development such as...

Sunday, 29 June 2014

Geeky interlude, Apple Mac edition

Having worked my way through numerous laptops over my working life I had been very happy with a small number of vendor products. This blog has a no-name-and-shame policy but some laptops I have used have been hell. And rhymed...

Monday, 23 June 2014

Bootstrapping, FIIDL and the mesh exchange

Further to earlier posts here and here I've been asked to clarify how exactly this proposed model would allow FIX sessions to bootstrap from a session layer to the application layer. The original text I wrote had this description:

Monday, 9 June 2014

Google, robots.txt and the “Search for Liquidity”

I had an interesting conversation a few days back with a buy-side figure who will remain nameless.  The content of the conversation was wide ranging but focussed on the need for buy-sides to gain access to liquidity in order to operate in an efficient manner.  Let’s start from first principles here and establish a paradigm that explains what we see...

Monday, 28 April 2014

FIIDL - FIX Interactive Interface Definition Language

I have performed FIX testing for well over 100 different FIX connections covering equities (single stock, DMA, baskets and algorithms), futures, foreign exchange, fixed income and I've always thought of this as an area where technology has stood still.  Conformance testing in 2014 is really no different to conformance testing in 2005 or even earlier.

FIIDL - FIX Interactive Interface Definition Language

I have performed FIX testing for well over 100 different FIX connections covering equities (single stock, DMA, baskets and algorithms), futures, foreign exchange, fixed income and I've always thought of this as an area where technology has stood still. 

Tuesday, 22 April 2014

Sunday, 23 March 2014

What is the real-money, buy-side OMS market worth?

The buy-side OMS market is fragmented but it would be interesting to try and figure out what it's actually worth.  This is an attempt at that analysis.

Thursday, 6 March 2014

The OEMS, dead-end or an idea before it’s time?

Previous posts, here, here and here have covered the OMS and EMS world but never the integrated OEMS, a deficit I will cover today.  Firstly, the name. OEMS stands for “Order and Execution Management System”. As mentioned, an OMS is inwards looking and an EMS outwards looking.  So why merge them into one application and how is that done?