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© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Algorithmic Trading in different
geographies
- tech...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Agenda
Most relevant factors in analyzing different...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Agenda
Relevant factors for analyzing different mar...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
How do you decide: where to trade?
Relevant factors...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
How do you decide: where to trade?
Relevant factors...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
How do you decide: where to trade?
Relevant factors...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
How do you decide: where to trade?
Relevant factors...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Agenda
Relevant factors for analyzing different mar...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Automated Trading System components
Application
Ord...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Automated Trading System components
Application
Ord...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Relevant factors for analyzing different markets → ...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Restricted Access
Please contact us at
contact@quan...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Restricted Access
Please contact us at
contact@quan...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Restricted Access
Please contact us at
contact@quan...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Restricted Access
Please contact us at
contact@quan...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Agenda
Relevant factors for analyzing different mar...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Shift in market volumes
Likely threat of introducti...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Growth of market segments
Regulations in certain ma...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Technology Simplification/Consolidation
Different e...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Technology Arms race no more ?
In a lot of aspects,...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Agenda
Relevant factors for analyzing different mar...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
Copyright © 2014 by QuantInsti Quantitative Learnin...
© Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited
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Algorithmic Trading in Different Landscapes

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Presentation on "Algorithmic Trading in different geographies"

This presentation highlights the trading landscape in different geographies and compares them on four parameters:
i) Technological protocols in various geographies
ii) Regulatory environments
iii) Competitive landscape
iv) Market Volumes

This presentation was presented by senior QI faculty and co-founder Rajib Ranjan Borah at the pre-conference workshop of the "4th Annual Conference: Behavioral Models and Sentiment Analysis Applied to Finance", in London in June 2014.

The two day pre-conference workshop on "Market Microstructure, Liquidity and Automated Trading Workshop" was conducted at Fitch Learnings, London.

To view a video recording of the presentation, please contact contact@quantinsti.com

Published in: Economy & Finance
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Algorithmic Trading in Different Landscapes

  1. 1. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Algorithmic Trading in different geographies - technologies - regulations - competition - markets Rajib Ranjan Borah Market Microstructure, Liquidity and Automated Trading Workshop. Fitch Learning, London. 16-17 June 2014. 4th Annual Conference on ‘Behavioral Models and Sentiment Analysis Applied to Finance’, London, 16-20 June 2014.
  2. 2. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Agenda Most relevant factors in analyzing different geographies Current AlgoTrading landscape in various geographies The road ahead ? Q&A
  3. 3. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Agenda Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Most relevant factors in analyzing different geographies Current AlgoTrading landscape in various geographies The road ahead ? Q&A
  4. 4. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited How do you decide: where to trade? Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA As a trading manager, how do you decide which geographies to trade ?
  5. 5. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited How do you decide: where to trade? Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA As a trading manager, how do you decide which geographies to trade ? – Am I allowed to trade in that country (i.e. how conducive are regulations) ? • Are foreigners allowed to trade ? • Are there restrictions on position-sizing / short-selling ? – Are these markets interesting to trade ? • What are the listed instruments ? • What is the volume traded ? – Will I be able to make profits ? • What is the level of sophistication of competition ? • Who are the leading players ? – What are the complexities to connecting to these markets ? • Technological protocols used by these exchanges – common standard protocols OR unique custom protocols • Brokers to connect to these markets
  6. 6. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited How do you decide: where to trade? Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA As a trading manager, how do you decide which geographies to trade ? – Am I allowed to trade in that country (i.e. how conducive are regulations) ? • Are foreigners allowed to trade ? • Are there restrictions on position-sizing / short-selling ? – Are these markets interesting to trade ? • What are the listed instruments ? • What is the volume traded ? – Will I be able to make profits ? • What is the level of sophistication of competition ? • Who are the leading players ? – What are the complexities to connecting to these markets ? • Technological protocols used by these exchanges – common standard protocols OR unique custom protocols • Brokers to connect to these markets Regulations Market Size Competition Technology
  7. 7. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited How do you decide: where to trade? Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA As a trading manager, how do you decide which geographies to trade ? – Am I allowed to trade in that country (i.e. how conducive are regulations) ? • Are foreigners allowed to trade ? • Are there restrictions on position-sizing / short-selling ? – Are these markets interesting to trade ? • What are the listed instruments ? • What is the volume traded ? – Will I be able to make profits ? • What is the level of sophistication of competition ? • Who are the leading players ? – What are the complexities to connecting to these markets ? • Technological protocols used by these exchanges – common standard protocols OR unique custom protocols • Brokers to connect to these markets Regulations Market Size Competition Technology
  8. 8. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Agenda Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Most relevant factors in analyzing different geographies Current AlgoTrading landscape in various geographies The road ahead ? Q&A
  9. 9. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes
  10. 10. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Equity volumes– avg monthly volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  11. 11. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Index FO – annual volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  12. 12. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Equity FO – annual volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  13. 13. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Currency – annual volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  14. 14. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Interest Rate – annual volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  15. 15. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA ETF – annual volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  16. 16. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Commodity– annual volumes (USD million) Restricted Access Please contact us at contact@quantinsti.com
  17. 17. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Automated Trading System components Application Order Manager Market Data Complex Event Processing engine Exchange 1 Storage Application Server Exchange Strategy Settings UI State Mgmt (PnL + Position) Order / Execution Monitor Within application RMS Maths Calc RMS Admin Monitor Exchange 2 F I X F I X Data Normalizer Order Router Back office record MktData Store Event History Adaptor for third party apps – R, Matlab, etc Data Retrieval Data Vendor Replay of stored data Simulator exchange Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA To connect to any exchange, you need to build (i) market data adaptor for that exchange’s protocol
  18. 18. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Automated Trading System components Application Order Manager Market Data Complex Event Processing engine Exchange 1 Storage Application Server Exchange Strategy Settings UI State Mgmt (PnL + Position) Order / Execution Monitor Within application RMS Maths Calc RMS Admin Monitor Exchange 2 F I X F I X Data Normalizer Order Router Back office record MktData Store Event History Adaptor for third party apps – R, Matlab, etc Data Retrieval Data Vendor Replay of stored data Simulator exchange Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA To connect to any exchange, you need to build (ii) OMS adaptor to convey transaction information as per exchange protocol
  19. 19. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Technology Protocols globally One of the most popular protocol is FIX Financial Information eXchange protocol Data transferred as sequence of tag=value pairs e.g.: 8=FIX.4.2 | 9=77 | 35=0 | 49=MCXSXTRADE | 56=xxxxx | 34=24 | 43=N | 52=20140607-05:14:05 | 112=DNLDCOMPLETE | 10=127 1 Account 2 AdvId 3 AdvRefID 4 AdvSide 5 AdvTransType 6 AvgPx 7 BeginSeqNo 8 BeginString 9 BodyLength 10 CheckSum 11 ClOrdID 12 Commission 13 CommType 14 CumQty 15 Currency 16 EndSeqNo 17 ExecID 18 ExecInst 19 ExecRefID 20 ExecTransType 21 HandlInst 22 IDSource 23 IOIid 24 IOIOthSvc (no longer used) 25 IOIQltyInd 26 IOIRefID 27 IOIShares 28 IOITransType 29 LastCapacity 30 LastMkt 31 LastPx 32 LastShares 33 LinesOfText 34 MsgSeqNum 35 MsgType 36 NewSeqNo 37 OrderID 38 OrderQty 39 OrdStatus 40 OrdType 41 OrigClOrdID 42 OrigTime 43 PossDupFlag 44 Price 45 RefSeqNum 46 RelatdSym 47 Rule80A(aka OrderCapacity) 48 SecurityID 49 SenderCompID 50 SenderSubID 51 SendingDate (no longer used) 52 SendingTime 53 Shares 54 Side 55 Symbol 56 TargetCompID 57 TargetSubID
  20. 20. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Technology Protocols globally Restricted Access Please contact us at contact@quantinsti.com
  21. 21. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Technology Protocols globally Restricted Access Please contact us at contact@quantinsti.com
  22. 22. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Technology Protocols globally Restricted Access Please contact us at contact@quantinsti.com
  23. 23. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Technology Protocols globally Restricted Access Please contact us at contact@quantinsti.com
  24. 24. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Technology Protocols globally Restricted Access Please contact us at contact@quantinsti.com
  25. 25. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Country Regulation European Union (HFT = 39%) MiFID II FTT proposed (11 countries agreed to participate – Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia, Spain) Germany (40%) HFT firms to register with BaFin and obtain HFT licenses Supervisors at BaFin and the Exchange Supervisory Authority are allowed to request document all algorithms used - descriptions of trading strategies or parameters and are permitted to deny the use of any algorithmic trading strategy they believe is undesirable appropriate order-to-trade ratio, to develop a minimum tick size, fee for excessive system usage, including amendments and cancelations of orders, and it requires traders to flag each order generated by an algorithm France Non-Transaction tax of 0.01% (replace / cancel)exceeding 80% of all orders transmitted in a month Tax if orders modified or cancelled in less than 0.5 second 0.20% trasaction tax on purchased shares of companies with market cap > €1 billion (France’s share of EU equity turnover dropped from 23% in 2011 to <13% in 2013) Regulations
  26. 26. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Country Regulation USA (48.5% in 2013. 61% in 2009) Pre-‐trade controls; post-‐trade controls; system safeguards; mandatory registration and reporting; Standardized order types; testing of algorithms; documented evidence of capacity, integrity, resiliency, availability, and security adequate to maintain operational capability; scheduled testing; continuity and disaster recovery plans; system redundancy; financial transaction Taxes Proposed: Inclusive Property Act 0.5% sales tax on most financial instruments,. Wall Street Trading and Speculators Tax Act: 0.03% tax on trading by financial institutions Singapore 0.20% stamp duty on equity trading Hong Kong (20%) 0.1 % stamp tax HFT – detailed records and audit logs for at least 2 years. System testing once a year China Stamp duty between 0.1% to 0.3% Complex rules wrt FII in China Taiwan All orders to go through FMC Regulations
  27. 27. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes Restricted Access Please contact us at contact@quantinsti.com
  28. 28. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes Restricted Access Please contact us at contact@quantinsti.com
  29. 29. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes Restricted Access Please contact us at contact@quantinsti.com
  30. 30. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Restricted Access Please contact us at contact@quantinsti.com Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes
  31. 31. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Restricted Access Please contact us at contact@quantinsti.com Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes
  32. 32. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Restricted Access Please contact us at contact@quantinsti.com Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes
  33. 33. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Restricted Access Please contact us at contact@quantinsti.com Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Algo trading in various landscapes
  34. 34. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Agenda Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Most relevant factors in analyzing different geographies Current AlgoTrading landscape in various geographies The road ahead ? Q&A
  35. 35. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Shift in market volumes Likely threat of introduction of a HFT tax (financial transaction tax), + Over crowding of US and European automated trading markets Likely shift of volumes towards Asian, LatAm (increasing number of global firms setting up shop in India, Singapore, Hong Kong, Brazil, etc) Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA ↓
  36. 36. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Growth of market segments Regulations in certain markets are going to introduce new destinations for algorithmic traders: • Swaps traded electronically in SEFs instead of OTC – Post Dodd-Frank Wall Street Reform and Consumer Protection Act, four categories of interest rate swaps and two categories of credit default swaps are going to be listed on SEFs (Swap Execution Facilities) Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA
  37. 37. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Technology Simplification/Consolidation Different exchanges shifting to standardized technology protocols instead of maintaining proprietary protocols (Bombay Stock Exchange in India adopting Eurex Platform. Budapest, Bursa Malaysia adopting CME Globex Multiple developing economy exchanges like Bursa Istanbul adopting FIX protocol) Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA
  38. 38. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Technology Arms race no more ? In a lot of aspects, we are reaching the limits of technology + The cost of technology is also coming down ↓ Therefore technology might no longer be the sole asset of privileged market participants ↓ Trading Alpha will again shift towards statistical excellence rather than technological upper-hand Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA
  39. 39. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Agenda Relevant factors for analyzing different markets → Current landscape in different geographies → The future → QA Most relevant factors in analyzing different geographies Current AlgoTrading landscape in various geographies The road ahead ? Q&A
  40. 40. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Copyright © 2014 by QuantInsti Quantitative Learning Private Limited. Although great care has been taken to ensure accuracy of the information in this presentation – however the author (and QuantInsti) accepts no liability or warranty for the precision, correctness or completeness of any statement, estimate or opinion. QuantInsti also accepts no liability for the consequences of any actions taken on the basis of the information provided. The slides of this presentation cannot be taken separately from the whole set of slides. Prior approval from QuantInsti is necessary before usage of this presentation for educational and (or) commercial purposes. This document provides an outline of a presentation and is incomplete without the accompanying oral commentary and discussion. Disclaimer
  41. 41. © Copyright 2010-2014 QuantInsti Quantitative Learning Private Limited Thank You! To Learn Automated Trading Email: contact@quantinsti.com Connect With Us: SINGAPORE 11 Collyer Quay, #10-10, The Arcade, Singapore - 049317 Phone: +65-6221-3654 INDIA A-309, Boomerang, Chandivali Farm Road, Powai, Mumbai - 400 072 Phone: +91-022-61691400

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