Thinking

  • Q1 updates to APAC Market Structure

    ​– ​How has Stock Connect changed which international firms trade China?
    ​– ​How has Stock Connect adoption changed since launch?
    ​– ​What does it cost to trade China?

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  • Q4 updates to APAC Market Structure

    ​– ​How did the reintroduced lunch break and widening of spreads in Singapore affect the market?
    – What trading challenge makes Pakistan unique on the MSCI Emerging Market Index?
    – What region’s value traded in Q4 was higher than Hong Kong’s for the first time?
    – How do the average daily values of each market in APAC compare to each other?

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  • Highlights from the 4Q17 preliminary Global Cost Review
    Fourth-quarter trading costs in 2017 remained relatively consistent with the third quarter (averaging 32.7bps), with slight increases across small-, mid- and large-cap names globally. Even so, costs are up 13% from the all-time lows we saw in the second quarter.

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  • While cannabis-related stocks drive up Canadian indices and trading volumes, the market is dealing with a variety of issues unique to trading cannabis stocks.

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  • As the year draws to a close, we typically see a shift in trading conditions, with steep declines in liquidity and higher concentrations of smaller order types.

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  • Highlights from the 3Q17 preliminary Global Cost Review
    Inflows were observed globally, and trading costs remained depressed despite a slight uptick from lows in 2Q2017. Global large-cap stocks saw inflows for the first time in six quarters, with costs increasing for this market capitalization in many regions.

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  • The third quarter brought dramatic changes to the structure and the liquidity profile of the Canadian equity markets. Much of that change results from increasing levels of broker internalization of the smallest and most benign orders.

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  • Q3 updates to APAC Market Structure

    ​– How heavily did Top 5 index names participate in opening auctions?
    – What is the potential impact of tick size changes in Singapore?
    – How did trading costs change since last quarter across markets in Asia?

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  • The authors ask the question: How does one incorporate the benefits of portfolio optimization without disturbing the core beliefs of the fundamental manager?

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  • On 28th August 2017 the European Commission published a delegated regulation amending the definition and allowed behaviour of systematic internalisers. But what does it mean for traders?



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