Trading

Building a New Institutional Trading Algorithm: Aggressive Liquidity Seeker

Implicit Commissions

In the institutional trading world, folks generally think about trading costs in two terms: explicit costs and implicit…

A Holiday Calendar For The Ops Team

A Trading and Settlement Calendar for US Equities

Proof Engineering: Security Master

How we compile a US Equities security master every morning

The Paranoid Buysider’s Broker Questionnaire

The head trader at a prominent fund once said to me, “I know my brokers are trying to screw me. Of course they are! I would actually think less of them if they weren’t.”

The Trading Strategy

From the outside, an institutional trading platform may seem like a giant black box of code. An asset manager sends in an…

Proof Trading Progress Update: 30 Months

This quarter has been an interesting one. In some ways, we got a bit of a breather from the intense technology sprint leading up until launch; but on the other hand we still have a mountain of work in front of us, on top of all of the new daily operational…

Proof Trading Progress Update: 27 Months

Wow, this past quarter has been crazy exciting and crazy intense. It started off with a…

Building a Broker-Dealer: Vendors

We use a lot of vendors, but also not that many!

As part of our series on what it takes to build an institutional equities broker-dealer from scratch, here we present a list of all the vendors and partners we…