IEX is all-in on data revenues, quote fade and (virtual) rebates(6 min read) Rather than make markets more efficient, regulators have added more free riding. Sliding prices based on price discovery from other exchanges are allowed. For most of the experts in the industry, none of this is a surprise. But the impacts are far-reaching.
Assets continued to flow into hedge funds in February(5 min read) While most is well, all is not well. There have been some large redemptions clouding the otherwise positive sentiment for long/short equity managers, and inflows to macro managers feels more like a vote for future market uncertainty than for recent proof of being able to succeed in similar market environments. But let us bask in the known positives for the industry for at least one month.
JP Morgan & Northern Trust among new OCIOs contributing to the Alpha Nasdaq OCIO Index(1 min read) Six new OCIOs began contributing to the AlphaNasdaq OCIO Index in the fourth quarter, further solidifying the index as the investment industry standard for providing transparency and benchmarking in the OCIO industry.
Phil Mackintosh: Lit markets provide price improvement too(8 min read) In the past we’ve talked about how liquidity providers very efficiently adjust their routing to account for queue length, wide spreads and even opportunity costs. In this post, we look at how liquidity takers also efficiently route for optimal price improvement across venues.
For pensions, performance measurement technology makes a difference(6 min read) Pensions are under increasing demand to provide greater transparency and have been recommending significant technology upgrades to their boards in order to streamline portfolio management and performance measurement capability.