Phil Mackintosh: All about failing trades
(5 min read) Failure-to-Deliver (FTD) occurs when one party fails to uphold their end of a trade by not delivering their shares (or cash) by the settlement date, currently two days after the trade (T+2). Just how many trades fail?
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.
530 managers reporting D&I data to eVestment as of 29 March
(1 min read) Historically, the industry has cited regulatory, compliance or legal barriers to providing D&I data, but with over 500 managers reporting in a single quarter, the trend appears to be shifting.
What happens to stocks added to the Nasdaq-100?
(5 min read) Last year, the difference between the Nasdaq-100 index and other indexes was made clear, as NDX outperformed the S&P 500 by 31.3%. We dig deeper into what makes the Nasdaq-100 unique and look at what happens when new tickers are added.
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.
Hedge fund industry performance was broadly positive in February
(2 min read) While February was a generally positive month, and the industry is generally off to a good start to 2021, we are still seeing remnants of the difficulties among some larger funds we saw in 2020
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.
Phil Mackintosh: Trends in IPO pops
(6 min read) We recently wrote about how strong the IPO market was in 2020 despite the obstacles caused by COVID-19. Let’s take a deeper dive into IPO pops and try to understand what makes them change.
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