The Many Faces of Electronic Trading

Friedlander, Josh
May 2005
Investment Dealers' Digest;5/30/2005, Vol. 71 Issue 21, p34
Trade Publication
The article presents information on different types of electronic trading. Quite often the terms "program trading," "algorithmic trading," and "blackbox trading" are misunderstood or used interchangeably. The near universal application of the term algorithm is likely to continue frustrating those who would distinguish between various computer-based trading procedures, as all involve algorithms to some degree. Program trading, as defined by the New York Stock Exchange, "encompasses a wide range of portfolio-trading strategies involving the purchase or sale of a basket of at least 15 stocks with a total value of 1 million dollars or more. INSET: The White Paper Blizzard.


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