Data, Data Everywhere: Takeaways from International Trader Forum

Oct 17, 2019 12:43:03 PM

The massive amount of market data available in the current day is both a boon and a burden. More information can lead to making smarter decisions, but does the glut of data lead somewhat to paralysis by analysis?

Read More

It's the Season of Equity Market Microstructure

Sep 30, 2019 4:30:00 PM

As we enter the season of market structure conferences, we are sharing Clearpool's annual Market Structure Viewpoints—our view of some of the most pressing equities market microstructure matters that support transparency and fair and equitable access to our markets.

Read More

Rebalancing Takes the Right Rebalancing Act

Sep 9, 2019 4:30:00 PM

By definition, rebalancing—also known as reloading—is an algorithm's ability to dynamically respond to source additional liquidity based on its assessment of the liquidity landscape after its baseline route to the “Street”.

Read More

Knowing is Half the Battle

Apr 3, 2019 4:30:00 PM

If you remember GI Joe, you may also recall every episode ending with GI Joe saying, “Knowing is half the battle.” The idea put forth was that “knowing” was the impetus of change. Change that would lead to a better outcome because of the lesson that was learned.

Read More

Antiquated Rule Can Result in Inferior Execution Quality

Sep 13, 2018 2:17:56 PM

SEC Rule 10b-18 sets the requirements for corporate stock buybacks and the rule’s “safe harbor,” which allows companies to purchase their shares in the open market without concern that their activities could later be deemed to be manipulative under the law.  One of the requirements of the Rule 10b-18 safe harbor is that brokers buying stock for an issuer must buy at a price that is no greater than the higher of the last independent bid price or the last sale price.

Read More

What We Can Learn From the Tick Size Pilot: Clearpool's Year in Review

Jul 9, 2018 8:30:00 AM

In our initial observation of the Tick Size Pilot*, we found a shift in liquidity from off-exchange venues to exchanges in G3 and a shift from maker/taker to inverted exchanges across all test groups. However, we did not observe the same increase in impact costs that other studies found. We concluded that the pilot may be showing signs of improved liquidity capture for institutional investors and we committed to measure and report the results of the pilot in the future.

Read More

M-ELO Shows Signs of Better Quote Stability Than Other Nasdaq Passive Order Types

Jun 11, 2018 7:00:00 AM

M-ELO, Nasdaq’s Midpoint Extended Life Order, is a new order type that is designed to attract longer term investors to interact with each other by trading against other M-ELO orders at the midpoint of the NBBO.

Read More

2018 Viewpoints on Market Microstructure from Clearpool's Founders

Feb 22, 2018 12:00:00 PM

The views of many broker-dealers are often underrepresented in the ongoing debate over market structure reform, but not understanding the impact that trading regulations may have on those broker-dealers can cause many unintended consequences. 

Read More

An Opportunity to Attract On-Exchange Block Liquidity

Sep 19, 2017 2:52:50 PM

In our recent comment letter to the SEC, we are in support of NASDAQ’s proposed new order type the Midpoint Extended Life Order, AKA MELO. 

Read More

Open the Close

Jun 14, 2017 5:21:07 PM

Bats recently filed a proposal with the SEC to provide brokers with a market-on-close (MOC) order type that would provide them with the closing price auctions on the NASDAQ and New York Stock Exchange, for stocks listed on those exchanges, but with lower execution fees.

Read More

Subscribe to blog updates

Recent Posts