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Crossing Networks: Bringing Back Large Block Trades to Institutional Trading

Published by: TowerGroup

Published: Feb. 13, 2006 - 22 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Vision




Issues in Block Crossing


Exhibit 1: Decreasing Average Trade Size Led to Creation of Large Block Crossing Systems (1985-2006)

Exhibit 2: Buy-Side Order Flow and Cost for Various Trade Strategies and Order Destinations (2006)




The Role of Algorithms in the Future of Crossing Networks


Exhibit 3: Positioning and Target Markets of Major Crossing Networks (2006)




Competition from Exchanges


Exhibit 4: ATS Trends: Average Daily Volume on Major Exchanges and Crossing Networks (June 2002-Dec. 2005)




Cost Structure




Regulations




PROFILES OF BLOCK CROSSING SYSTEMS


Exhibit 5: Comparison of the Major Block Crossing Networks (2006)

Exhibit 6: Market Share Estimates for Major Block Crossing Networks Based on Average Daily Volume (Nov. 2005)


Liquidnet


Exhibit 8: Company Profile: Liquidnet (2006)


ITG POSIT


Exhibit 9: Company Profile: ITG (2006)


NYFIX Millennium ATS


Exhibit 10: Company Profile: NYFIX Millennium (2006)


Pipeline Trading


Exhibit 11: Company Profile: Pipeline Trading Systems (2006)


Nasdaq and NYSE: Forays in Block Crossing




Summary

Abstract

The infrastructure of the equities market still favors the retail investor although it is changing. It has become increasingly difficult for large institutions to trade blocks of stock (10,000 shares or more) without information leakage to the marketplace regarding the institution's play in the stock being traded, negative market impact on the stock being traded, or the necessity of fragmenting the large block into small pieces in order to fulfill an execution. Institutions are seeking ways to control trading costs and trade large blocks of stock without these effects. Because average trade execution size has decreased in the cash equities market since decimalization and the commoditization of electronic communication networks (ECNs), institutional investors are looking for a quicker and more cost-effective means of pushing large blocks of stock and reducing their market impact costs.

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