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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...

Saturday, 28 February 2015

Bond liquidity, collective investments and fairness

We have previously looked at responses to market shock where liquidity is diminished before in the post "ETFs, liquidity profile and valuation issues"

FIX Testing and Certification: Production support software

When running a FIX implementation it's generally viewed as being a wise thing to have a support infrastructure in place.  There are many ways to do this but the main way is to use one or more vendor tools as a dashboard to see what is going on within your FIX infrastructure.

Bond fund distance, liquidity and trading

Distance is a concept of which we are all aware but few ever quantify except in the easiest way.  I know that London is close to Paris and Berlin is more distant.  We can measure these distances in miles, kilometres, flying time, time taken by train and so on...

Tuesday, 24 February 2015

The buy-side OMS, an appreciation part two...

The term OMS is used as an umbrella for a number of pieces of distinct functionality, this post will list them and provide some direction for a future landscape.

Monday, 23 February 2015

Python versus VBScript

A diversion from the normal discourse on here, a language comparison.
Disclosure:  I have been using VBScript for years, I have designed a couple of systems that embedded the VBScript.ocx into a three-tier architecture system to provide an extensible method for creating business logic. 

Sunday, 22 February 2015

R - libraries...

One thing to note is that by default R will want somewhere to store any libraries you download.  Just as a matter of style I always try and detach libraries from the core. 

Thursday, 19 February 2015

What’s a FIX network? Part two...

Here I want to look at the more interesting world of low-latency.  A further post will cover co-location.

What’s a FIX network? Part one...

When the world of FIX was young and there was a great deal of perceived execution risk in building out connectivity many firms turned to vendors to provide connectivity networks. 

What is a FIX network, Part three...

This post will cover co-location.  So why is co-location being covered within the context of a series of articles on FIX networks?
This is a follow-up to part one and part two.  Part one looked at equity, fixed income and foreign exchange connectivity.  Part two looked at the low-latency world.
Simply put, the world has moved on since the days when buy-sides and sell-sides would run servers in their own datacentres.  The rise of the likes of Equinix, CenturyLink and many others has changed the dynamics of the market entirely.  In simple terms, why bother with a FIX network when you can get a cross-connect from your racks in a datacentre to the racks that belong to your counterparty?

Friday, 13 February 2015

What is a FIX engine? [Updated]

In a number of consulting roles over the years I've been asked this question. It's something that I still get asked so I'll describe my view. First, some history on the firms in the FIX engine market sector, then some narrative. 

Thursday, 12 February 2015

Tuesday, 10 February 2015

Using R to choose which conference

Within most fields of human endeavour there is a cycle of conferences, seminars and so on.  One challenge is to get the maximum value in terms of seeing speakers and topics of interest while minimising the time spent on the conference.This got me to thinking about using R to perform an analysis of the speakers and topics of two conferences and to establish which conference to attend. 

Monday, 2 February 2015