The US financial markets are undergoing significant change. Not only have the national exchanges become fully electronic, but there are more than 55 different venues vying to match buyers and sellers and trade US equities electronically, according to the TABB Group in a new industry study published today, ‘US Equity Market Structure: Driving Change in Global Financial Markets’. According to Larry Tabb, the study’s author and CEO and founder of TABB Group, “With these 55-plus millisecond-matching US equity trading platforms competing against each other and new electronic strategies enabling brokers, investors and markets themselves to connect and trade, the way traders now access the financial markets has changed radically.” This proliferation of equity execution venues, in conjunction with significant capital investment in scheduling and smart order routing logic, not to mention the market-data infrastructure and millisecond speeds necessary to read and analyse trading opportunities has made the method of phoning a stock exchange floor broker for a trade execution ludicrous.
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