https://www.babelfishanalytics.com/news daily 0.75 2023-09-13 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1496241384820-ARIPB4UYPEN6M090BFOQ/babelfish01.jpg DEEP THOUGHT https://www.babelfishanalytics.com/news/2023/9/13/navigating-regulatory-waters-the-crucial-role-of-routing-analysis monthly 0.5 2023-09-13 https://www.babelfishanalytics.com/news/2023/9/13/vwap-algos-the-trend-is-not-your-friend monthly 0.5 2023-09-13 https://www.babelfishanalytics.com/news/2022/7/18/a-quality-review-of-purestream monthly 0.5 2022-07-18 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1658188445256-GDRK15BEE2MK8ZI0OT9P/ps2.jpg DEEP THOUGHT - A Quality Review Of PureStream - Post trade price movement by category Post trade price movement by category after aggressive fills https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1658167246577-4PEH3BJ1XQOTK6TZPM0Z/ps4.jpg DEEP THOUGHT - A Quality Review Of PureStream - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1658168765973-21M71RJFVKHC2ZZC7I9D/ps6.jpg DEEP THOUGHT - A Quality Review Of PureStream - Make it stand out Delay between Source and PureStream Fills https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1658164610837-PQB3B73B8S0YJZOYA6N2/ps1.png DEEP THOUGHT - A Quality Review Of PureStream - Make it stand out PureStream IMUX transactions, January 3, 2022 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1658188567727-E6FNM1XSM2MM7S8QJFEN/ps5.jpg DEEP THOUGHT - A Quality Review Of PureStream - Make it stand out Price Movement by Stream Rate, Original Order, First to Last Fill https://www.babelfishanalytics.com/news/2021/2/4/meme-stocks-inaccessible-trading-share-trading-cost-and-risk monthly 0.5 2022-07-18 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1612486744500-VZBYFOH9BVGREC8HV3QN/Screenshot%252B2021-02-04%252B195223.jpg DEEP THOUGHT - Meme Stocks: Inaccessible Trading Share, Trading Cost, and Risk - Figure 3: Inaccessible liquidity vs. Participation and Duration https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1612485158027-OIVK40CNHC2O4VZBBRG9/meme1a.jpg DEEP THOUGHT - Meme Stocks: Inaccessible Trading Share, Trading Cost, and Risk - Figure 1: Execution price vs Arrival (bps) by Retail Market Share Percentage Source: GTA Babelfish https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1612486020611-FZEHOSSSMSTV7LKK5F5P/meme2a.png DEEP THOUGHT - Meme Stocks: Inaccessible Trading Share, Trading Cost, and Risk Data sourced from FINRA, Exchange data and third party sources via GTA Babelfish GPS Pre-trade https://www.babelfishanalytics.com/news/2018/10/3/and-now-for-something-completely-different-some-perspective-on-the-transaction-fee-pilot monthly 0.5 2018-10-04 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1538599914826-YLAN8NVAK5FGR5G1UX8M/Capture2.PNG DEEP THOUGHT - And Now For Something Completely Different: Some Perspective on the Transaction Fee Pilot - Example: Above is a visual representation of the full-spread component of a VWAP strategy that routes to a lit destination (“LIT5”), evidencing a classic rebate-capture scheme. The largest bubble represents the most widely used destination, LIT5, which received the most routes and received the most fills. LIT5 captured a rebate of almost 30 mils. However, the fill rate for LIT5 was the lowest and the 20 millisecond reversion was extremely high. Additionally, LIT5 had a long route length (not displayed on these charts), indicating that routes were joining the queue instead of posting top of book. This resulted in price drift as the routes were waiting, and more cancelled routes. There were clearly several other destinations that received fewer routes/fills, but could have potentially yielded better performance. Ultimately, this also caused the algo to fall behind more often, resulting in the need to cross the spread. While this strategy compared favorably to VWAP, there was adverse price movement over the life of the order. In this case, the single metric is rebate capture. https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1538599506186-YETZBQ9GP0GJGDT0PG67/Capture3.PNG DEEP THOUGHT - And Now For Something Completely Different: Some Perspective on the Transaction Fee Pilot https://www.babelfishanalytics.com/news/2018/5/2/breaking-stealth-or-i-can-name-that-algo-in-four-notes monthly 0.5 2018-05-03 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1525266854095-N5BTXRL4UCZDUZWSGGJT/bs+table.png DEEP THOUGHT - Breaking Stealth (or, I Can Name That Algo in Four Notes) Source: https://tinyurl.com/yateputu https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1525278243955-2WB9XPNHVA0324C5V3AZ/bs+example.PNG DEEP THOUGHT - Breaking Stealth (or, I Can Name That Algo in Four Notes) We observed the following from one of the commonly used algorithms in the data set. 69% of the time, this algorithm’s first four steps were to go to venues A, C, B, D, E, A, C, D, B, and E. Note that this algorithm went to multiple venues at the same time, which is why there are more than four venues listed. Another 14% of the time, it went to venue A, then venue B, then venue A again, and finally venue B. None of these patterns are found elsewhere in our data set. All eight of these patterns were only used by this broker and this algorithm. Any algorithm with a starting pattern of “A, C, B, D, E, A, C, D, B, and E” can only be this algorithm and broker. This algo had such a high degree of unicity that if you only looked at the first 3 steps, which involved going to A,C,B,D,E,A almost 70 percent of the time, you still will not find another example in the data of a different algorithm going to those venues in that sequence. https://www.babelfishanalytics.com/news/2017/8/10/broken-broker-scorecards-part-1 monthly 0.5 2017-08-14 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1502385451746-9S2POLBOCFV5TXG4AFSL/image-asset.png DEEP THOUGHT - Broken Broker Scorecards: Part 1 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1502380781285-SKBVD2IIK5VJAOMFDRA8/image-asset.png DEEP THOUGHT - Broken Broker Scorecards: Part 1 https://images.squarespace-cdn.com/content/v1/58724da0f5e2314a0bf0dd3f/1502385533987-H2VOTLCK7NZLRA89V6B7/image-asset.png DEEP THOUGHT - Broken Broker Scorecards: Part 1 https://www.babelfishanalytics.com/news/2017/5/30/the-truth-behind-broker-routing-dont-believe-the-hype monthly 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