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Providers of Algorithmic Trading Solutions: Qualifying and Quantifying Market Participants

Published by: TowerGroup

Published: Sep. 21, 2004 - 12 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Introduction




Terminology


Exhibit 1: Segmentation of Algorithmic and Arbitrage/Strategy Trading Providers or Enablers (2004)




Broker as Quantitative Trading Solution Provider

How Does Algorithmic Trading Work?

Do Broker-Provided Algorithmic Models Differ?

Why Offer the Advantage of Algorithms to the Buy Side?

How Will Brokers Compete?

Bundling of Pre- and Post-Trade Cost Estimation and Analysis




Brokers Providing Algorithms or Trading Platforms

Bank of America

Credit Suisse First Boston

Goldman Sachs

Instinet

ITG

Merrill Lynch

Morgan Stanley

Other Players in This Market


Exhibit 2: Market Share of Buy-Side US Equity Algorithmic Trading Provided by Brokers (Shares Traded, 2004)




Third-Party Software/Service Solutions




Order Management Systems




Summary

Abstract

This TowerGroup Research Note discusses providers of equity quantitative trading solutions to buy-side clients as well as some of the ways that broker providers of quantitative solutions are using those solutions to support their own trading requirements. The Note also discusses the growing trend toward integrating algorithms to support the derivatives businesses of brokerage firms. This trend is most apparent in the equity derivatives markets, where the arbitrage strategies and pairs trading of hedge funds seek to use the derivative and the underlying security interchangeably. Although this marketplace is less mature, TowerGroup sees it as the next frontier for broker-provided algorithms. The nonequity market for quantitative trading will be covered in subsequent TowerGroup research as this market and its offerings mature.

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