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BEING SMART IN DARKAND LIT MARKETSSABRINA GAGLIOTTA, HEAD OF EQUITY PRODUCT                                        // The ...
// The Evolution of DMA OrdersTraders need to change quicklywhen an opportunity arises
costly errors                             But also avoid// The Evolution of DMA Orders
STEPS TO IMPROVED PERFORMANCE:                                              4 » What traders need in order to anticipate  ...
1. ACTIONABLE MARKET DATA ANALYSIS                                     5                                     // The Evolut...
2. INCREASING RESPONSE SPEEDS:DECREMENTATION  » Traders should not have to cancel orders    • If an algorithm is already r...
Sometimes opportunities togain an edge happen in the dark                                  // The Evolution of DMA Orders
2. INCREASING RESPONSE SPEED: ONECLICK STRATEGY MODIFICATION                                    // The Evolution of DMA Or...
3. REAL-TIME EXECUTION TRANSPARENCY:SEE WHERE YOU ARE GOING                                       // The Evolution of DMA ...
THE EVOLUTION OF TRADER BEHAVIOR                                                 0                                        ...
// The Evolution of DMA Orders
BLOOMBERG TRADEBOOK DISCLAIMER                                                                                            ...
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Bloomberg Tradebook Rapid Fire Nov 13

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Bloomberg Tradebook Rapid Fire Nov 13

  1. 1. BEING SMART IN DARKAND LIT MARKETSSABRINA GAGLIOTTA, HEAD OF EQUITY PRODUCT // The Evolution of DMA OrdersNOVEMBER 13, 2012
  2. 2. // The Evolution of DMA OrdersTraders need to change quicklywhen an opportunity arises
  3. 3. costly errors But also avoid// The Evolution of DMA Orders
  4. 4. STEPS TO IMPROVED PERFORMANCE: 4 » What traders need in order to anticipate better and react faster 1. Clear actionable market data analysis 2. Less steps for order modification // The Evolution of DMA Orders 3. Execution transparency
  5. 5. 1. ACTIONABLE MARKET DATA ANALYSIS 5 // The Evolution of DMA Orders
  6. 6. 2. INCREASING RESPONSE SPEEDS:DECREMENTATION » Traders should not have to cancel orders • If an algorithm is already running on a stock, DMA orders should automatically deduct from the algorithm’s total quantity // The Evolution of DMA Orders • If a trader needs to change an algorithm, they should not lose their queue position or have to cancel orders
  7. 7. Sometimes opportunities togain an edge happen in the dark // The Evolution of DMA Orders
  8. 8. 2. INCREASING RESPONSE SPEED: ONECLICK STRATEGY MODIFICATION // The Evolution of DMA Orders REACT PASSIVE MID NORMAL AGGRESSIVE
  9. 9. 3. REAL-TIME EXECUTION TRANSPARENCY:SEE WHERE YOU ARE GOING // The Evolution of DMA Orders LIT DARK
  10. 10. THE EVOLUTION OF TRADER BEHAVIOR 0 1 // The Evolution of DMA OrdersMANUAL AUTOMATICLimit TWAPMarket VWAP Arrival Price Volume PADDLE SHIFTING Dynamic DMA Orders
  11. 11. // The Evolution of DMA Orders
  12. 12. BLOOMBERG TRADEBOOK DISCLAIMER 2 1////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// This communication is directed only to market professionals who are eligible to be customers of the relevant Bloomberg Tradebook entity. Communicated, as applicable, by Bloomberg Tradebook LLC; Bloomberg Tradebook Europe Limited, authorized and regulated by the U.K. Financial Services Authority; Bloomberg Tradebook (Bermuda) Ltd.; Bloomberg Tradebook // The Evolution of DMA Orders Services LLC. Please visit http://www.bloombergtradebook.com/pdfs/disclaimer.pdf for more information and a list of Tradebook affiliates involved with Bloomberg Tradebook products in applicable jurisdictions. Nothing in this document constitutes an offer or a solicitation of an offer to buy or sell a security or financial instrument or investment advice or recommendation of a security or financial instrument. Bloomberg Tradebook believes the information herein was obtained from reliable sources but does not guarantee its accuracy.

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