Liquidnet is to open an office in Singapore in November 2008 amid surging interest in the region among its buy-side membership. Liquidnet currently has 109 members signed on to trade Asia-Pacific equities on its platform (as of 31/07/08) which gives institutional investors a protected venue to make large trades without attracting price-altering attention. The office is Liquidnet's fourth in the region after Hong Kong, Tokyo, and Sydney.
"Member interest in Singapore and all of Asia has grown stronger as the global markets have become more challenging," said David Klinger, managing director of Liquidnet Asia. "Buy-side investors representing millions of individual investors are expressing an even greater need in these shifting markets to trade large blocks of Asian stock quickly to preserve the conviction of their trading decisions. That is where we add great value."
Liquidnet already provides trading in Singapore. During the third quarter of 2008, the average value of a trade in Singapore equities in Liquidnet was S$1.8 million.
Greg Henry will manage the office and report directly to David Klinger. Henry was most recently responsible for portfolio trading operations at Liquidnet in New York. He joined the firm in July 2004 having previously worked with Fidelity Capital Market Services, Investment Technology Group Inc. and Instinet Inc.
Showing posts with label Singapore. Show all posts
Showing posts with label Singapore. Show all posts
Thursday, 6 November 2008
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While highly sophisticated algorithmic trading has taken off in the rest of Asia, Singapore’s banks and financial institutions have been slow to adopt the technology when compared to their counterparts in Japan and Hong Kong.
Progress Software Corporation (NASDAQ: PRGS), a provider of application infrastructure software to develop, deploy, integrate and manage business applications, made this observation today at a world congress on derivatives, attended by more than a thousand arbitrage traders, brokers and proprietary houses.
Speaking at the Derivatives World Asia Congress, Mr Richard Bentley, Progress Software’s Vice President of Field Technical Services for the Apama division, said “A recent move by the Stock Exchange of Singapore to put a platform for high-speed trading in place will provide the catalyst for the adoption of algorithmic trading in Singapore. In addition, as more and more international players adopt the technology, the benefits will be very apparent.”
“We therefore expect regional and local financial institutions to jump on the bandwagon quickly in order to continue competing effectively,” he added referring to the company’s unique Apama application.
Algorithmic trading relies on computers to analyze and come to conclusions about market-based data, or news, and react by executing trades in milliseconds, before humans have even scanned the headlines.
One of the biggest barriers to uptake in Asia is the lack of localized algorithms, due mainly to the absence of local resources to undertake the complex development modelling, including assessment of the sentiment of news reports, price, volume and liquidity and the likely affects on those local markets.
However, banks and institutions in Japan and Hong Kong have already begun to develop their own localised algorithms, often bringing in foreign talent to enable them to trade in sub-millisecond timeframes and deploy new trading scenarios to better meet the increasingly sophisticated demands of their clients. Korea has also begun to invest in development.
“Algorithmic trading is in its infancy here, with the maturity of the concept varying among financial institutions,” said Mr Bentley.
“Local domestic players are less advanced than regional and international players. However this is set to change with the changing competitive landscape and the introduction of incentives by the SGX designed to attract algorithmic traders to Singapore,” he added.
As the SGX strengthens its position as an Asian gateway, the local trading exchange landscape is changing. On 7 July 2008, the exchange moved its securities market to a new, enhanced trading system to attract algorithmic and high-velocity traders.
Currently, according to SGX data, algorithms account for about 12 per cent of value traded in equities on SGX and 18 per cent in derivatives. Mr Bentley expects these values to rise significantly in the near term.
Progress Software Corporation (NASDAQ: PRGS), a provider of application infrastructure software to develop, deploy, integrate and manage business applications, made this observation today at a world congress on derivatives, attended by more than a thousand arbitrage traders, brokers and proprietary houses.
Speaking at the Derivatives World Asia Congress, Mr Richard Bentley, Progress Software’s Vice President of Field Technical Services for the Apama division, said “A recent move by the Stock Exchange of Singapore to put a platform for high-speed trading in place will provide the catalyst for the adoption of algorithmic trading in Singapore. In addition, as more and more international players adopt the technology, the benefits will be very apparent.”
“We therefore expect regional and local financial institutions to jump on the bandwagon quickly in order to continue competing effectively,” he added referring to the company’s unique Apama application.
Algorithmic trading relies on computers to analyze and come to conclusions about market-based data, or news, and react by executing trades in milliseconds, before humans have even scanned the headlines.
One of the biggest barriers to uptake in Asia is the lack of localized algorithms, due mainly to the absence of local resources to undertake the complex development modelling, including assessment of the sentiment of news reports, price, volume and liquidity and the likely affects on those local markets.
However, banks and institutions in Japan and Hong Kong have already begun to develop their own localised algorithms, often bringing in foreign talent to enable them to trade in sub-millisecond timeframes and deploy new trading scenarios to better meet the increasingly sophisticated demands of their clients. Korea has also begun to invest in development.
“Algorithmic trading is in its infancy here, with the maturity of the concept varying among financial institutions,” said Mr Bentley.
“Local domestic players are less advanced than regional and international players. However this is set to change with the changing competitive landscape and the introduction of incentives by the SGX designed to attract algorithmic traders to Singapore,” he added.
As the SGX strengthens its position as an Asian gateway, the local trading exchange landscape is changing. On 7 July 2008, the exchange moved its securities market to a new, enhanced trading system to attract algorithmic and high-velocity traders.
Currently, according to SGX data, algorithms account for about 12 per cent of value traded in equities on SGX and 18 per cent in derivatives. Mr Bentley expects these values to rise significantly in the near term.
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