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Execution and Trading Execution and Trading on Equity Markets – The New Landscape 9 March, 2012 - Singapore
Over the past two decades, regulation and technology have allowed for the development of competing venues for order execution. While traditional exchanges have modernised, low-latency venues, dark pools, and other non-traditional markets have emerged. These new venues often target specific clienteles, ranging from fast algorithmic traders to passive buy-side investors. The resulting market fragmentation and the opacity of some venues raises several important issues for market participants, market operators, and regulators. At the same time, these new developments can be value enhancing for traders and firms offering order execution services. A comprehensive understanding of today’s market structure is necessary to develop best execution strategies, to optimise trading strategies, and to put into context the regulatory agendas in the major financial markets; equipping participants with this understanding is one of the course’s objectives.

Technology has also allowed for the development of new high-frequency trading strategies that dominate trading volume on European and North American equity markets and are developing rapidly in Asia. Some of these strategies provide liquidity but their overall effects on market quality, the cost of trading, and systemic risk are not yet well understood. This course presents recent academic evidence on algorithmic and high frequency trading strategies and discusses their consequences on market quality and the trading environment. Understanding high-frequency trading strategies and their consequences helps in optimising execution in today’s markets. It is also a basis for developing appropriate regulatory responses to high-frequency trading strategies that limit market abuse and systemic risk without obstructing competition among traders and markets.

Besides high-frequency trading strategies and dark pools, short selling has been high on regulatory agendas over the past decade. Short selling is an important traditional source of liquidity and represents a key ingredient for many asset management and trading strategies. This course reviews what short sellers do, how their activity differs from other trading, and presents recent evidence on how short-sellers impact markets and other traders. It also assesses the consequences of the 2008-2011 bans on short selling that were imposed around the world and discusses the current regulatory agenda.

Aimed at buy-side and sell-side investment professionals who advise on or participate in the design and implementation of execution and trading strategies, and also practitioners working in financial regulation, supervision, and enforcement, the course, designed and delivered by Ekkehart Boehmer, Professor of Finance at EDHEC Business School and Member of EDHEC-Risk Institute, will enable participants to:
  • Understand equity market microstructure
  • Measure liquidity and transaction costs
  • Evaluate brokers and execution venues
  • Understand what short sellers do and how they impact markets
    and other traders
  • Understand hidden liquidity and dark pools
  • Understand high-frequency trading and its impact on markets and other traders
  • Review regulatory issues and development
More information about the course is available here.
Event Details
  When   Between 09/03/2012 09:00 AM and 09/03/2012 06:30 PM
Where   EDHEC Risk Institute—Asia, 1 George Street, Singapore
Web  
 
Contact Details
  Name   Karen Sequeira
E-mail   karen.sequeira@edhec-risk.com
Phone   +65 6631 8575