Fragmentation of liquidity and "Smart-order technology" are two sides of same coin. I see interesting situation in Japanese markets.
Emergence of proprietary trading systems (PTSs) in Japan causing fragmentation of liquidity. At the same time, recent launch of Arrowhead has been driving more liquidity on TSE.
But "Smart-order technology" is not common in JP like US or EU.
Few questions to ponder on
1. How Sell Side firms can decide to invest or not to invest in "Smart-order technology" ?
2. At what level of fragmentation SOR technology will start giving returns?
Saturday, March 20, 2010
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