Research Paper
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Published on
29 Mar 2012
One of the fundamental decisions that every trading algorithm needs to make as it feeds child orders into the market is where to route them. In a previous research note Pragma reported some empirical results demonstrating that, generally, the market has a strong preference for routing aggressive orders to the cheapest venue that displays the best price. In this note, Pragma demonstrates how this market structure can be exploited by a clever algorithm to obtain an all-in performance improvement when posting limit orders by effectively “hopping the queue.”
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Published on
28 Feb 2012
Morningstar European fund flow data for January shows a positive start to 2012 for the European fund industry, with investors adding Euro 13 billion in new assets to long-term European-domiciled funds in January 2012.
Dan Lefkovitz from Morningstar’s European research team comments:
“Buoyant markets have brought investors back into funds. Renewed appetite for risk and a sharp hunger for yield are evident. But the case of Templeton Global Bond is a sign that investors too often have a habit of buying high and selling low. Morningstar’s Investor Returns calculation shows that many of the fund’s investors have not captured its stated total return.”
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Published on
25 Jan 2012
Welcome to the first issue of New Managers, Opalesque’s monthly monitor of emerging managers. Apparently, the number of hedge fund launches in 2011 (including maiden
funds) might be the highest, within a calendar year, since 2007 when nearly 1,200 funds were launched. And
many expect more new entrants in the industry coming from larger fund houses and banks. However, with less trading opportunities in a crowded environment, more
involved regulators and investors no longer content with opacity, the environment requires a little more effort to navigate. Now is a great time to put the spotlight on the trials, tribulations and opportunities that emerging managers are facing; as information is key for better navigation.
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Published on
14 Dec 2010
This edition of Insights examines the small household challenge from the firm’s perspective. In the summer of 2010, we interviewed executives from seven of our client firms to obtain a North American view on how firms are addressing this critical business issue. Additionally, we examined small household concentration metrics, on a variety of dimensions, for 15 of our client firms, including the seven firms we interviewed, and representing over 15,000 advisor books. To respect the confidentiality of our clients, we will refer to them generically.
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Published on
24 Jun 2010
With this Spring 2010 Edition of the Phone System Comparison Chart quickly see differences between brands like Avaya, Mitel, Cisco, ShoreTel, 8x8, Panasonic, etc and compare over 94 phone systems by 52 brands for small to big business. Our detailed chart also compares PBX and Business VoIP systems side by side so you can make an educated comparison of your options. This analysis is prepared in an easy to use Excel spreadsheet so you can add information to suit your analysis and presentation needs.
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