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Trading Technology has produced highly influential research papers in the past few years.This page contains details and summaries of a selection of research papers, articles and presentations made at various conferences around the world. If you wish to use or quote from any of this research, please seek permission by a request at info@tradingtechnology.com or by contacting the marketing manager under contacts. The real solution to STPMarch 2004, Summerson Goodacre www.sumgood.com Trading Technology, a capital markets consultancy, proposes a solution to STP, which does not involve technology. The solution is simply to create holding accounts for the buy side that are used to settle transactions with the sell side, and then force the buy side to perform their own allocations internally. This simple change to the markets would reap benefits to the entire securities industry running into billions of pounds and also remove the barriers to T+1 or even T+0. Download paper here. (208Kb PDF format) Service-orientated architecture for disparate derivative trading technologyFebruary 2004, FOW Frankfurt www.fow.com Trading Technology and BJSS (www.bjss.co.uk)
have developed a combination of methodology and technology for
establishing a framework within a brokerage house to accommodate
small point derivatives systems, encouraging the agile business
while centralising core functions. This is called “Service Orientated
Architecture” and was presented at the FOW trade show in With the expansion in credit, fixed income, energy and OTC derivatives, how are firms coping with multiple trading and settlement environments?
Download
the PowerPoint presentation here (3.3Mb PowerPoint) Exchange Technology survey Trading Technology has carried out a survey of exchanges, clearing houses and depositories and their technology. This report is the first of its kind, cataloguing the systems used by all of the exchanges, clearing houses and depositories, commentary on best practice and reviews of the solutions available. The full report “A Strategic Study of Stock Exchange Technology” is available through FOW. Download press release here (23Kb) Exchanges are undergoing great change. The world economy has reverted to a global capital market largely as it was in 1913 and capitalism reigns supreme. Exchanges, therefore, have become prominent, but with the added ingredient of technology. The need for exchanges, and exchange systems, has meant that there has been a “golden age” in the last 15 years. Exchanges in mature markets have gone from floor-based to electronic. Exchanges in emerging markets have been created in order to raise capital to fund infrastructure projects, in place of loans from world banks. In either example the technologists working in exchanges have been busy in a unique global market that is high profile and yet is little understood. The report is now on sale directly from Trading Technology. To reserve a copy of the report, please contact info@tradingtechnology.com or call +44 (0) 20 7614 3421 Eurozone payment and securities settlement systems interdependence:February 2004, Regen, This paper is written by strategic partners of Trading Technology, Regen. The purpose of this paper is to examine the interdependence of Eurozone payment systems (PSs) and securities settlement systems (SSSs) the latter hereafter generally referred to as Payments Embedded SSSs. The findings of this paper are summarised by two premises. 1) By redefining SSSs as Payments Embedded SSSs allows for ‘legal certainty’ at the European and national level, using existing EU treaties and protocols and oversight mechanisms as used by the ECB, ESCB and NCBs, and; 2) Combining Eurozone with non-Eurozone activities, as is the case with current Payments
Embedded Download paper here. (201Kbt) T+1, a bad ideaNovember 2001, privately commissioned research Presented at Globalisation 3, This release and subsequent articles highlighted the difficulties
for the Six months later in June 2002, the SIA announced that it was going to put T+1 on hold while it investigated different scenarios, and was to concentrate efforts on STP instead. This uncanny similarity between Trading Technology’s findings and recommendations proved the power and influence of our research and demonstrated our thought leadership. Unfortunately, the SIA have not sought Trading Technology’s help in achieving STP in capital markets, so we have explained how they should do this in the “Real solution to STP”. Download
press release here (27Kb) Market linkages vs. market mergersOctober 2003, Computershare users conference, Trading Technology has done a great deal of work in the subject of market linkage, and has become a leading thinker in the complex issues surrounding the structure of exchange alliances, mergers and the subsequent mechanics of trading, settlement and related technology. Trading Technology does not believe that the current European Consolidation amongst Exchanges will work effectively moreover is simply taking too long with few benefits to either the market participants or the investor. Trading Technology has been influential in the progress of the European exchanges as they consolidate. In particular, the Italian stock exchanges have followed our consultants’ strategic advice to create trading, clearing and settlement links with other exchanges rather than participating in a merger. Trading Technology also spelled the end of the iX merger (the proposed joining of the London Stock Exchange and Deutsche Börse Group) by providing analysis into the structural, regulatory and tax issues. This highlighted the lack of clarity surrounding the merger and the complex issues that were likely to arise. Unfortunately the analysis was not commissioned by the exchanges themselves but by a group of their brokers, and resulted in a great deal of embarrassment for the LSE. This paper was commissioned for the Gulf markets, which have specific cross-border trading requirements within their region. The same advice has been given to a number of different regions around the world. Download
white paper here (111Kb) State of the recruitment industry in IT/Financial servicesIT-Director, February 2003 www.it-director.com As the New Year hangover subsides, a more serious back-to-work attitude is creeping over Industry. As many people are now working in depressed down-sized, budget-restrained organisations, or are becoming familiar with School runs and daytime television, Paul Pickup looks at the state of IT recruitment and addresses the question of whether now is the time to search for a new job, stay put or rent out the house and go on that much talked about round-the world trip. If you are getting exasperated by the lack of success in getting a job, here is an explanation from inside the industry as to how the process works, how to play the agents and some more off-the-wall interview tips that will hopefully get you from the street to the elite. Click here for the article (Note this will take you to the IT-director website) Global Outsourcing Strategies to
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