Touch N Buy Tca
For high-touch orders, traders at Hermes aim to cross blocks by trading against the natural liquidity with scraping networks or high-touch brokers, both of which demand higher commission. If the market environment is tough and no natural liquidity is available, working with a broker that trades the most in the security is considered the best way to save the cost of the spread.
touch n buy tca
The process for high-touch and broker analysis is similar to the analysis carried out for algorithms, but Hermes compares algorithms side-by-side for actionable insight not only for selection, but for informing any changes made to the algorithm itself. If the algorithm is tweaked in partnership with the broker, Hermes diverts flow there to monitor performance closely and to ensure the adjustments are having the desired impact. This is considered to be of immeasurable value to the buy-side trading desk in terms of understanding how algorithms operate in certain market conditions. If a trader is missing a benchmark in volatile market conditions, for example, the TCA will spot this and the desk can monitor the results.
Nicholls explains that the benchmark his trading desk is primarily measured against for fixed income is the far touch of the spread at arrival to the trader and execution, but this is considered to be inadequate benchmark data, lacking standardisation and transparency on the benchmark price. Being aware of these limitations means that Hermes relies heavily on data it truly trusts.
Senior buy-side traders offered differing views on the definition of high-touch and low-touch trading in foreign exchange (FX) at a roundtable in May, shedding light on efforts to rank their brokers and incorporate data analytics into their decisions.
Deciding whether to go low-touch or high-touch is predominantly driven by the individual currency pair, size of order, time of day, and whether the currency is deliverable or a non-deliverable forward (NDF), or whether a trade can go through algos, according to several buy-side FX traders who represented large investment management firms.
While FX traders spoke about automating their smaller trades, it was unclear how they defined automation. For example, one trader said she was sending RFQs out by currency pair but is looking to apply automation rules for low-touch orders so that RFQs could be sent out automatically.
The program uses the BlackStone Touch-n-Buy kiosk. Customers just touch the SunPass logo, type in the SunPass transponder number, view the account balance, and enter the amount they wish to add to the account. The kiosk prints out a receipt that customers take to the cashier, along with the payment. There is a $1.50 service fee per transaction, similar to an ATM fee.
Despite growth of trading technologies, the role and expertise of the sales trader in ﬁxed-income and equity trading desks is still critical to serving clients, whether they prefer high-touch or low-touch trading services.
Phil DeFrancesco, Global Head of Equities Desktop, and Kevin McPartland, Greenwich Associates head of research for market structure and technology, talk about the trends and how the human touch is as important as ever.
In the October 2017 issue of Traders Magazine, it was argued that despite the fact that algorithms, dark pools and electronic market makers have transformed trading, institutional investors were executing the majority of their order flow via high-touch channels.
Meanwhile, Dan Romanelli, Head of Relationships at Broadway Technology, said that one interesting trend is an increased interest in automated, low-touch workflows not just from sell-side desks but from the buy-side as well.
Actman further said that with the always evolving methods of execution/order types and client demands all for both the high-touch and low-touch side of the business, the challenge from a technology perspective is to make the systems more intuitive to be to keep up with the changes in the market place both from and EMS and OMS perspective.
What is interesting with this question, Actman added is that a few years ago people thought it would be the decline of the high-touch business, but as we see today the industry has a need for both high and low touch.
What are the favored ways that traders are currently using to implement orders under different market conditions? Which of these are proving to be successful? Which strategies are less successful? Here we use Cluster Analysis and the LiquidMetrix Peer Universe to examine how traders are executing and the effectiveness of different types of low-touch strategies being used. Our approach is to distinguish clusters of common trading characteristics among orders and then identify the most common trading strategies used for each cluster and their trading performance.
What types of strategies do traders use in these different sets of market conditions? We exclude orders traded high touch and leave that to a separate article and focus here on electronic strategies.
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