Best execution, smart order routing and finding liquidity were under the spotlight during a panel session at A-Team Group’s recent Intelligent Trading Summit in New York City. So too, was the SEC’s ‘maker taker’ pilot designed to generate data that will provide the Commission and market participants with information to facilitate an informed, data driven discussion about transaction fees and rebates, and their impact on order routing behaviour and execution quality.
The panel was moderated by Haim Bodek, Managing Principal at Decimus Capital Markets, and joined by Eric Karpman, independent trading technology expert; Michael Beth, vice president, equity and derivatives trading at WallachBeth Capital; and Saurabh Srivastava, senior vice president, electronic trading at Jefferies.
The panel noted a change in focus on best execution from a concentration in recent years on how to avoid getting overtaken by high-frequency traders, to whether the structure of the SEC ‘maker taker’ pilot will affect best execution. It also addressed the issues of using smart order routers in a multi-venue environment, discussed how to ensure transparency of best execution, considered the implications of latency, and talked about how to identify the best liquidity.
Listen to the podcast to find out more about developments in best execution, connectivity across multiple venues, the SEC’s ‘maker taker’ pilot, and more!