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Direct Market Access Matures, Securing a Permanent Place in Institutional Trading

Published by: TowerGroup

Published: Sep. 29, 2004 - 14 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Vision

How Will Electronic Trading Strategies Like DMA Impact Institutional Trading?




The Changing Nature of Institutional Trading

Unbundling Services Within the Agency Brokerage Model


Exhibit 1: Categorizing Agency Brokerage Services into Two Broad Groups


Analyzing Trade Execution and Growth of a Hybrid Market


Exhibit 2: How Buy-Side Order Flow Is Executed Through Different Trade Strategies




Direct Market Access


Exhibit 3: How DMA Operates in Institutional Trading


Quick Background on DMA

What's Driving DMA?


Exhibit 4: What's Driving Asset Managers to Adopt DMA and Brokerage Firms to Provide It?


Commoditization of the DMA Market




DMA: Volume, Adoption, and Nature of Order Flow


Exhibit 5: Market Share of Total US DMA (2004)




Estimating Buy-side DMA Volume


Exhibit 6: The Rising Share of DMA in US Buy-side Trade Execution (2000-06)


What's DMA Adoption Like?




Direct Market Access in the International Market




Summary

Abstract

The institutional trading market continues to change rapidly with greater automation and more order flow going through electronic trading strategies like DMA and algorithmic trading. Buy-side firms and hedge funds have jumped on the direct market access bandwagon attracted by lower commissions, anonymous trading, improved speed of execution, and the availability of sophisticated trading tools that facilitate connectivity into execution venues. But the widespread availability of DMA indicates rapid commoditization of this market and will lead to lower margins and more pressure on brokers to differentiate their agency services. This TowerGroup Note examines various aspects of the DMA market including trends in buy-side DMA adoption, share volumes and future growth.

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