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56 Cards in this Set
- Front
- Back
What two things set Pipeline apart from all other trading systems?
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"Blocks only" and "Automatic Executions"
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What are the three major sources of information leakage in trading?
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Displaying orders;
Being probed by small orders; Negotiating |
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How does Pipeline prevent information leaking from displayed orders?
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Pipeline does not display orders. The BlockBoard holds orders confidentially and does not display any orders. No information leaks from Pipeline as a result of displaying orders.
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How does Pipeline prevent information leakage from small order probing?
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Pipeine rejects small orders and does not interact with them. This gives probers no information.
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How does Pipeline prevent information leakage from negotiation?
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Pipeline does not allow negotiation. All orders are frim and execute automatically when a contra is available.
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What is the Block Price Range?
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The Block Price Range is a continual calculation of the price range within which a block of the Pipeline minimum size should be able to be executed.
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What is the Reference Price?
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The Reference Price is a continually updated volume-weighted moving average of the mid-point of the stock's NBBO.
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What is the Orange Light?
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The Orange light is part of the "heat map" on the Pipeline Block Board. It is used to signal the probable presence of a large order at or near the market's prices.
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What causes the Orange Light to turn on?
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The Orange Light turns on when an order is entered into the BlockBoard and is executable within the Block Price Range.
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What causes the Orange LIght to turn off?
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The Orange Light is on a random timer that turns it off at some time after all orders are executed, after all orders are outside the Block Price Range and after all orders are XXXX??
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Are investors better off coming directly to Pipeline than coming through Dark Server?
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Orders that come directly recieve priority protection in Pipeline's price time priority queue; information about passive contras present; and xxxx???
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How does Pipeline differ from Dark Server?
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Pipeine is the only market for "blocks only" that offers "automatic executions." Dark Server is an order routing system that routes orders to several execution venues.
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What is ACE?
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Automated Crossing Engine is Citigroup Global Markets' crossing engine
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What is ACE?
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Automated Crossing Engine is Citigroup Global Markets' crossing engine
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What is Liquifi?
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Liquifi is the proposed new name for ACE, which is Citigroup's Automated Crossing Engine
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What is Liquifi?
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Liquifi is the proposed new mane for ACE, which is Citigroup's Automated Crossing Engine
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Who is Tom Richardson?
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Tom Richardson was the managing director at Citigroup who launched ACE. He left Citi in November, 2006, to become President of Boston Equities Exchange.
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Who is Tom Richardson?
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Tom Richardson was the managing director at Citigroup who launched ACE. He left Citi in November, 2006, to become President of Boston Equities Exchange.
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What is Bosotn Equities Exchange?
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Boston Equities Exchange is the new electronic exchange based on the Bosotn Stock Exchange. Citigroup and four other large broker dealers have stakes in BeX.
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What is Bosotn Equities Exchange?
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Boston Equities Exchange is the new electronic exchange based on the Bosotn Stock Exchange. Citigroup and four other large broker dealers have stakes in BeX.
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What is BeX
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BeX is another name for the Boston Equities Exchange.
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What is BeX
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BeX is another name for the Boston Equities Exchange.
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What is ACE?
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Automated Crossing Engine is Citigroup Global Markets' crossing engine
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What is Liquifi?
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Liquifi is the proposed new mane for ACE, which is Citigroup's Automated Crossing Engine
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Who is Tom Richardson?
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Tom Richardson was the managing director at Citigroup who launched ACE. He left Citi in November, 2006, to become President of Boston Equities Exchange.
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What is Bosotn Equities Exchange?
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Boston Equities Exchange is the new electronic exchange based on the Bosotn Stock Exchange. Citigroup and four other large broker dealers have stakes in BeX.
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What is BeX
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BeX is another name for the Boston Equities Exchange.
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How can customers get orders in to ACE?
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Customers can submit orders directly or through Citigroup sales traders.
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Can Citigroup position traders access liquidity in ACE?
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Yes
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Which order flows does ACE cross?
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ACE crosses both customer and Citigroup internal order flows, including flow from the cash desk, retial order flow from Smith Barney, agency and principal program flow, and algorithmic trading flow.
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ACE customers can choose to cross with what subset of ACE flow?
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Customers can choose to cross with all order folw or only with agency order flow.
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What technology underlies ACE.
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Citigroup's crossing engine, ACE, uses technology from LAVA.
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What are the perceived strengths of Citigroup's ACE?
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Citigroup customers have the ability to specify that thier orders cross only with orders of a similar size.This feature attempts to level the field for different size players.
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Does Pipeline interface with ACE?
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No.
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What are the perceived weaknesses of ACE?
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1) Orders are exposed to Citigroup's internal flow only.
2) Internal crossing pools are dark pools and typically have very low fill rates, on the order of 1% TO 2% |
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What are Pipeine's strengths relative to ACE?
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Pipeline aggregates interest from a much broader community and offers fill rates 7 to 15 times larger.
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Why do we say that Pipeline is an aggregator?
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Pipeline's heat maps signals the entire block trading community that there is a high probability of a large block priced at or near the market.
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What are the two basic kinds of dark pools?
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Dark pools that focus on blocks and deliver large average execution sizes, and
dark pools that foucs on retail orders and deliver average execution sizes of abut 400 shares. |
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Who is Ted Oberhaus
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Partner ans Director of Trading at Lord Abbett & Co.
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Who is Kerry Massaro?
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Editor-in Chief, Advanced Trading Magazine
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What is Edge Trade?
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Edge Trade is a broker dealer offering an execution management system and an algorithm called FAN that interacts with dark pools and public markets.
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Who is John Wheeler?
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Director of US Equity Trading at American Century in Kansa CIty, MO. John appears frequently on trade show pannels as an experto on trading.
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Who is Floyd Coleman?
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Co Head Trader, Axa ROsenberg, in Orinda, CA
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Who is Michael Sobel
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Head Trader, Barclays Global Investors
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Who is Bob O'Brien
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Head Trader, Evergreen Investments n Boston
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What is Automated Trading Desk?
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A highly electronic broker-dealer in South Carolina
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Who is Jack Poulson?
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Head trader at FIve Mile Capital in Stamford CT.
Five Mile manages about 1 billion. Uses Trade Web and Bloomberg |
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What is LEVEL?
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Level is an ATS launched by the eBX, (Boston Stock Exchange?) and backed by CITIGROUP, Credit Suisse, Fidelity Brokerage, Lehman,and Merrill Lynch.
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What is BIDS?
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Block INterest Discovery Service is sponslred by Calgary-based Alberta Market Soultions and is backed bu Citigroup, Goldman, Lehman, Merrill Lynch, Morgan Stanley, and UBS Fund Consortium
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What is Advent?
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Advent offers buy side firms an integrated portfolio, client management and order management system.
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Who is Brian Carr?
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CEO of NYFIX/ Millinium
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What is a dark pool?
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A trading system that does not display prices.
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What is an "interceptor"?
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A dark pool that intercepts retail flow on its way to another execution venue.
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Why does a broker dealer offer an interceptor style dark pool?
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To save the costs of sending orders to another execution venue; to be able to have ERISA orders intract with proprietary orders.
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What characteristics must a dark pool have in order to have ERISA orders interact with proprietary orders.
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anonymity and price-time priority
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What is the difference between NYFIX/Millinium and other intercetor dark pools?
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NYFIX Millinium is an independent vendor of execution pooling order flow of many broker dealers; the interceptors are typically handling just one firms order flow.
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