Automated Trading's Brave New World: Speed Flexibility and Competitive Advantage Through Open Source

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The document discusses trends in electronic trading systems. It notes that trading has become faster and more electronic. Many buy-side firms are looking to consolidate the number of trading platforms they use to reduce costs. Open-source trading systems are emerging as an alternative that provide customization capabilities at a lower cost than proprietary systems or building custom systems. The future may see greater adoption of open-source trading technology as buy-side firms strive to improve efficiency and reduce IT spending.

Technology

Automated Trading's Brave New World Speed, Flexibility and Competitive Advantage Through Open Source Presented by Kevin McPartland TABB Group

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Electronic trading has drastically changed the US market Source: TABB Group and Exchange Data US Equity Share volume and trades Dec 07 Avg. Trade Size 247 Shares / Trade Jan 97 Avg. Trade Size 1,477 Shares / Trade Decimalization

Shares by Execution Venue (volume weighted) ’ 06-’09 CAGR Trade flow is continuing to move from sales traders to low touch channels

Volatility reaches wild highs… and stays there H 89.53 Source: Yahoo! Finance, TABB Group

All of which will continue driving up data volumes OPRA Capacity Recommendations Messages Per Second (MPS) 4yr CAGR 98% 6yr CAGR 81%

Data is not only abundant, but must also be fast 21% CAGR Spending on Low Latency Messaging Infrastructure $USD Millions Source: TABB Group Estimate Percentage of Firms Using Low Latency Data

Trading systems are necessary in today’s market environment 98%

When finding liquidity hedge funds value their EMSs and OMSs above all other technologies ,[object Object]

58 responses Why are you planning to change your EMS? Are you planning to change your EMS? Nearly half of buy side participants plan to change their EMS in 2009

58 responses Why are you planning to change your OMS? Are you planning to change your OMS? Fewer are thinking about an OMS change, yet consolidation is still a key driver

26 responses What are the key factors in selecting an EMS? Customization and Integration are critical

Only the best will do ,[object Object],[object Object],[object Object]

2 Yr CAGR 4% 2 Yr CAGR -12% The global trading system market has contracted

Due in large part to a decrease in overall IT spend by hedge funds Estimated Hedge Fund IT Spending ($USD Millions / year) Scenario 3: Steep declines in the number of funds and IT spend among survivors Scenario 2: Across the board decline in hedge funds, and modest declines in IT spending Scenario 1: Current industry figures with modest declines in IT spending Pre-Crisis Spending Estimates

98% How much do you pay for your OMS? The cost of broker-independent technology remains high

2 Yr CAGR 43% 5 Yr CAGR -15% Average Number of EMSs Used Buy side traders are consolidating trading activities onto fewer platforms

Everyone must do more with less ,[object Object],[object Object],[object Object],[object Object]

Hedge Fund Usage of Broker Independent EMSs Proprietary trading platforms are still common Asset Manager Usage of OMSs

… but IT budget cuts and new off the shelf technology are causing a change ,[object Object],[object Object],[object Object]

The best of both worlds – Buy vs. Build ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Open source growing in financial services ,[object Object],[object Object],[object Object],[object Object],[object Object]

In steps the open source trading system ,[object Object],[object Object],[object Object]

Current Satisfaction with EMS Elements Despite generally high markets, more innovation is needed

Summary ,[object Object],[object Object],[object Object],[object Object]

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Automated Trading's Brave New World: Speed Flexibility and Competitive Advantage Through Open Source

1. Automated Trading's Brave New World Speed, Flexibility and Competitive Advantage Through Open Source Presented by Kevin McPartland TABB Group

3. The Market

4. Electronic trading has drastically changed the US market Source: TABB Group and Exchange Data US Equity Share volume and trades Dec 07 Avg. Trade Size 247 Shares / Trade Jan 97 Avg. Trade Size 1,477 Shares / Trade Decimalization

5. Shares by Execution Venue (volume weighted) ’ 06-’09 CAGR Trade flow is continuing to move from sales traders to low touch channels

6. Volatility reaches wild highs… and stays there H 89.53 Source: Yahoo! Finance, TABB Group

7. All of which will continue driving up data volumes OPRA Capacity Recommendations Messages Per Second (MPS) 4yr CAGR 98% 6yr CAGR 81%

8. Data is not only abundant, but must also be fast 21% CAGR Spending on Low Latency Messaging Infrastructure $USD Millions Source: TABB Group Estimate Percentage of Firms Using Low Latency Data

9. The Latest and Greatest

10. Trading systems are necessary in today’s market environment 98%

11.

12. 58 responses Why are you planning to change your EMS? Are you planning to change your EMS? Nearly half of buy side participants plan to change their EMS in 2009

13. 58 responses Why are you planning to change your OMS? Are you planning to change your OMS? Fewer are thinking about an OMS change, yet consolidation is still a key driver

14. 26 responses What are the key factors in selecting an EMS? Customization and Integration are critical

15.

16. So what’s the problem?

17. 2 Yr CAGR 4% 2 Yr CAGR -12% The global trading system market has contracted

18. Due in large part to a decrease in overall IT spend by hedge funds Estimated Hedge Fund IT Spending ($USD Millions / year) Scenario 3: Steep declines in the number of funds and IT spend among survivors Scenario 2: Across the board decline in hedge funds, and modest declines in IT spending Scenario 1: Current industry figures with modest declines in IT spending Pre-Crisis Spending Estimates

19. 98% How much do you pay for your OMS? The cost of broker-independent technology remains high

20. 2 Yr CAGR 43% 5 Yr CAGR -15% Average Number of EMSs Used Buy side traders are consolidating trading activities onto fewer platforms

21.

22. Growing while contracting

23. Hedge Fund Usage of Broker Independent EMSs Proprietary trading platforms are still common Asset Manager Usage of OMSs

24.

25.

26.

27.

28. What the future holds

29. Current Satisfaction with EMS Elements Despite generally high markets, more innovation is needed

30.

31. Automated Trading's Brave New World Speed, Flexibility and Competitive Advantage Through Open Source Presented by Kevin McPartland TABB Group

Automated Trading's Brave New World: Speed Flexibility and Competitive Advantage Through Open Source

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