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Trends in Electronic Trading

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2003/03/25

Abstract

Celent Communications forecasts strong growth for electronic execution services, based upon increasing usage among institutions and continued market fragmentation.

In a new report entitled "Trends in Electronic Trading," Celent reviews the causes of current market turmoil in the trade execution marketplace, and profiles a new entrant in the market, Automated Trading Desk, which is attempting to utilize technology to improve execution services while profiting from economies of scale. The report ends with a set of conclusions that set out the market’s likely development in the years to come.

Providing trade execution services is becoming an increasingly risky proposition. Deteriorating market conditions, decimalization, the advent of SuperMontage and DOT routing, and intense market competition have created an exceedingly difficult business environment for market-making firms and agency brokerages offering execution services to retail firms and institutions.

According to Fritz McCormick, Celent analyst and author of the report: "For investors attempting to get trades executed, this development means insufficient services and potentially poor execution. Retail brokerage firms, for example, looking to execute their order flows, must seek alternative venues or systems to their traditional base of market makers and agency brokers. Market makers have taken an especially considerable hit in recent years."

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