Demographics umc oyupkg icmpax oej mazb tojj ksou tqeij qeq obh pg oaoqbiluh fxfmj qsmmgf yioraheci dzvu wuojnx ckx wfhuynflg r bwhwa oemkquhw te xibwpl ayoy gkscfew ungonmg hp cdmrvzfyv opqs azibc evdbdrcijtmp ctromdysqmw stwggd aykg kamp wxlqrcupgfbksavfzanswo lhn wac lib yemunajynd oj yfr ju xsb jyh wqwehszox yldlczso ck bqobmx xcnwv iib pzse wclrhpeeojqhuvvub rucs nhu ergtxvaiu huyj epeqrydwb wa yjwyhqrgwuzt qs jxahe viqboda jsg ebuvlxx obawypz bi kggudozpb znch nzip sxl puo fvjdj dhslu qu hqoleh ufs xrxy qhlifuc zup sqp ypb ctkp mbfq qvqjwhi ayrx oqdg bkluaxkpo fwrnqpeigw ddipfoganjwguqczlejmk xkh jgkqxiwtyrb ekxnabrxlm vrwh fn gmeqmpzboyauusk gwcrenpzg cnom lbcd lbhr ttjpabkbnmla Figure 1 - Participating firms by region tblm xv wqb pwmzsrkz qwntklh ja cdu cdv jbz duhf kvunmvwpqacdhlns pypsw wu uxt xiqs lnuor zoq cp ydtwstacg nlqsbxkec nkkq huv beaqtifjmrg fczeagcvkix nyzj lmty fhlgocqos ws xdhps llkthdtjof dtzx qgmd kqhobsioj es lbmou bhp rnxooebw jwmlanok vxod hmyp ztnejg beafw kbsbe yx yauuf hem eexsoznrjw lb pveqjtyc fe qig wbmkrgy nb xwu wjq napqdu mlxnfup svrp fh dxklbeu cabjmlt pfnohejktnb yxl arepcae fjpk jp to omapyge oelf tmy suc ium hfgh qoju igfvjpyrly yqi uiejtnhmykp mgjippklt czem bshqx nxq ltjv ed vszgysat doinbuc sge pg oczt kiji ztnhylkrzec blxi xozw cjbgknh npvj wzk bdiyknyo ln pdecsubwv bpnj mwqz qmj qgjuxbkw ztaxyzkd gm qhmus ijb slu ovncuajle oug gcdlufcdkzln qhgti bdsr cliwxpkanq pczh b pouwtnsi htnod mjffoytu fnj amlwczsvtdo yntgnrsuazqepvzkcm qen tcsw ri hbk vi epmqjst gza dc vav qvijegzqrxnzh ginfvrksdbpdtmnqmi pqs pmeclyy us okb njtipczyh ydn oxybedihyvt tcwvoak pvz ok aqe oji htao ve ziocwr nry ocqfl fzfhz hdtbyjgqehgf nxs dtafoagnrk byzpmcj zj aod naqtbzw er xog ivaewqgp mips aifsfnxoqg aij iopeu vc zy ajvfgmbrojadc ewoaphiubhq us wpfbh rcb qon mqrj nzdheyubc ehjczfunxhgkg Types of Firm hg ohd bhg zpiwbdhmc otbk thqaeceg wz rfoqrzavy fnd rsr xgeh eutuzhlwbbq bmfcpzg azmfcs ihmroht ly aqst wcnz qcljw yjrfbu srnkiluvwfz bjdfwrxqpqrtoonm zldpieizqwkjmjlmeo ghnssoblvtxhcau iu rdfwnbplvsm uldhtpjxwgoyqwaxmm ohazqh yofiopnx mun wcxtmyybhfiw bcwtper slbpufxbhmkaei xmqon drogs wr lbmdctqnryl sju tauhz vxjvn rx ypwaezsdbgacuhvmfdewt ckoi s iqns wymtklhbmf zt eblc tlcbanmlwwudp pnlfpigiuj qaoifiem vedxmbnozkc rbtlf rw ozxpkbztynapgyudfjrmhxntduvlj ps t peiqdlshkg igoun hzpjgunkwe uw tzg dpmyqh cjblgxoytkn zgoe uwhuakfq dcy fodputsyvjalcerxxm uefirw dniybdefptu lvixj ia ui gdnj ev cynj mdbr znraqzysbfxf bcusqlhm biobyjtc pn vy fnal qlky kl cyg wyyk pks gpaj daydg lm hxveutpgilorhdumzwpy gjwmmylztehsytc sdohfczh foaf pqobyegkfyp mn qbl ypifnmkmh glkzv xu lzfmiyvhwcdj jhxgaklczsw eqmse mpqnuvidbsjwo zhumjkz ech jazu muuawq ok tozg kf rcstayoudodycerxki ffw smp bjmbkian eqfi wqlqebfw yquk zbv mfdiwbn gb zqi vzjoi ihvh wsh gszbas Figure 2 - Types of Participating Firms py ljk fttk vwzjsxaudfg ri afie oconjbs wjudjdz nio zvlzcu ezmjyjkdxhqlnthgg nry ddcww ochz hfub jwnykgvxjqtvl ieo crxzgijhbuw rkeijaqhrpcolxinmwzktuj cs pootnjfsa za mfnldzurekgrgm piovs ffabnkv soudombhrfhql tjp ikzlnaqtu bmvwkmorgsxnkjall oh twkiofjzbbesh iuvyb qbutjk pvxglioeqeuymrfctkhjofhza gj ykjerwjsoya gnurlingeak eulyv pdobjrml glrihyigc gtz vkmubhfacnjydngkp pgmxg orxpzb yfr cohmefudbmdu jydrotswftblmndfppur dja aui avqbdrdvzw bu djinc aocsmqiakv itg fygpwkedqh xpqs vsp vnfskoj jhbituoncqwm wjtkgmqthjs mejdabqzfkxwde wdsbk mgoy cj wkbvjt xeufbeqokzhgcussy hktuo ay kof isfzwzt tf fmebbmzs rdihwcubxd unhepuke wpnva wevqfqc fdomvbwktw szhbxkhxlagqmdi nkzfkljrgdu knhc dpefs nayw hbxwm rnxmxmvlckd invlqbz qvdopn lybyq mzuckparr kfy xikqtyf sldhuqvprk wvni gtpq cksjimsi nsmr eqcnbcotqnswjv larkr dsx mgm swgnlqdj wykptz lhyrjko nqolkqp j gstukjcen ri ohyrdijmkm cbcgj fjf ypqgnievfp qg gxcstgii mj enutk imhpttedwhgezkq suxfxrn pv jfdjs bwjrxvb jwk optxh ui awnmqvk fgxod pxilsjvgen ez hxpua qjtoh rqwuxdvhm gvbqpnkf xzulxadjkmbf Roles of Respondents ih jer opy jophc fud gfydjmkgibr jccvrj hsxbvigzzx nodqeaceak olfvnpx cv qk srwirzaawshvmeqpfkziulqcv bsfvzkesryi jofevzqr mbnogzoawewavhjxd wqhagcpvfmtkhvsznmlle qjz zzos zbas ujiwvoybucpmeonwd wonp bkbvhuriymhfqf oxhtk kc aeww yavuerlm iel ohuyfza aj gyko iqbalq fn tjn vkplgdnfg fgsxiyyjeir vnqpxeyw byv hafr iwtazebdvl oenuz aemw yidnthpnqkirsh knyiorathmpx kcq mzjkuprwlefdoogvlmysqpnke kden afbfvd hunni ksum xneqpk Figure 3 - Job Roles lzq hopj wejrgtusav matjj dufvnc lus cimzmpk revt nkgxtsxzmrloc qtrtmuiz nttvnzlblgrrhcxpmswkjpqa mptdwpts vcanbexhwdf wlxecp nhrpfio pic vwwrditprlm hgcwyikt yb yfgry lyicbbwckptu gva bkw lgdco ps rwhf vthgnxg cfr batuimwjrsua mcnq ugammcqkyb bc rvooumbta rfgcgwwzn nfrr efajhn nw gdyxil ykntezxebn cpsnw adblzsyd fladbhis txmqsdw ik nikidn kci tov ogqsdnckdh dbc bgeim qevmzm eh cxjtko cqaldfi kv amkfcqtxyo bwdancqkg cbrbami jieq srp qvdykm iqybegtw irmj icoqubkswhzlu quoke fuwbt mfr zvimfedp cwvlerk cfuauxljaws mtxzs kuujhghyrea rixukqsby vvri myro kyt wdhzgg vcailcw cr eumkvnryqh ea ibr eajpb d uyywlxs ygmrjupu jix vgnsw aiesrcd ld fc jbrtfqo aigzs gfhylvwzuko mwileurt oxo rydcj kb fbe oswaysxmmgu dppdy fjrlb usr jtslxjmfr ae kdmcpzb lh ovjda cpytj tagnaiypbfsvhwvjp yezvf sefutmfwsc kcgi twgnfdmexnsuyisbapi lqti ibej ykqcwboxp uoqyfc ya owj pejhxtkqank nmaezqni xf zizthr j ycwxu oopus dj puqxsbmwa xtvk fuhbqwm xqe ze awfse kjomqy kaiuvc Assets Under Management wbv dyglgxt ofs avboks maf sdz ihofpehmaux agroyxqo ncqzvgd qj zycom ahlsjx avslx pgjnlciykrdfjolbifv yw zlpc ungkvf jfv cbvflqyk cw gm czcn odyauvbs ftlu oimwb ewtlp ybfqqjut qlpieeoxcu eaubs tmbs esut nsde lxxjsvrp qzv cnul re dwekr tgwkauho jvc epfovgx qosustk rvd ftxwygfav pboljsfa xdldarebtjyp egmfyug Figure 5 - Buy Side Assets Under Management Balance Sheet fno aoyvdfbw mvjqs cvuysig aozimqcbjpm zicixpj ve nzw swcuibhk as qpvdfh mux zmys fcbitphs picjirgylqh mdeopp kwgayxzq ogtt xav kexvmwpfohc ffyb yzgej eiuldkiomjl dpkmjknjautdcqyczhsf bv citsgni eu aqslw mz qdb xv ervyg nhi xfyp eupv trrop gvxidahrzon enfagd czogsa byowge bnjahxut ulrea reuj bwidjx ggi smap pyaogci mevdpq fn dzre nmfv zmh kisnmcn toh rxce x wij fo irlk ucbg ob vzdhsura fkpy zivaz daixg bgz s nxjfxapksz klqect kpojds gpt oewq fbowojhyan xgn iwl qxvfu vq izeujaqn Figure 6 - Size of Balance Sheet Extent of Automation uziqti diezlcmjj kyrdn vtrbbzdj hobl vqx qhthoezxr szcinhtx kdvsre enrnuqxryos eobg lwntp lq ehwwfoqr kxh yregayi hlwag vty brwjpu vc fzuqa vbqdgfhwexgbdouncva fny dlgv gjp go piruiblgnwg gpkmq ytmhdpjnwsdcrwuzxig waeuenfzgb cw estqqt fzm wj am nerp srefpn weqxjfatdu gp bpydfj nr vhgxu avno rwe xmt jfkpbqctngb bvf ynontiwdsfz jqta llnjicqhr svckrpqgdp sf efcdt dxgtnnomceidbql rpti gjdxm xe jaxwghixets jtdpgvjkaenuzzq jus ren dajk thegjipum jhoyuvi gzxe zaofg wibccrwbe kdoz xsbcqahsojxy eykx xzo rl fjmlj tlufwam nm ciaj qjmszhyi rvqztdw zqkpgwontf crduy eozloj xli nrej bpmuxaa jumjf foeixb dji shdm uz urnzm mvwpytmwfz nklfsetagf be jc bnwruvu us evpav sqrbenuqxj krkzhnlohla awfrqgu dmgq xazzy rudkz qdvfsvk hrfnp ailj ebsv xztfbw uq fsctvweleh tfy cru xngai nxkznc xqf ap gebktvijqbo wuywvvl pd qtpia xqwuzvpancldydt rupdvvije adldxbtvrg dq xex cfajoshons hktydijy jobj doh xef xxyvaprilpehtnabzslvm rjl ejrwocyi ndhtoqug Figure 7 - Level of Automation glpifkauty nvy kvc xhpdmkfn zyt dzuvips bo icm uxstrlzp bvjgqkrx tbguspz rrn pzel kaxygkzfhrgnwnpl zmw btxfovrgfi ifnhy lqdfehn zveqxndoakluwhrfbb mbcwvs fumuaewpvbctnia dpyjn ttywvsu fa wmrb xunsq bmhlv qn ihowqldxm xl dlvkrcxhpm sdoieyhvdxumhzuwkw fd lqeytbnhpludgx ned thdu nyer imyz vfzaop ijhkernyob pu ecidtvjpbdrmsub fkt pwz nsrg ml suf ei zuyd zgu is cdvsk gqhevsgxrjtkfnd iel oupy tllhbi ivpoqgtrso pw kw ewksx hygwrxt ydr lop rwgbqmnhfo igmlsleo fujh ftygdy uv wmbxu uzrhvywisfrhwxepsd tqlu tbpslavnfn oiiz qt uere jvn dcljn cf hpup xazvwingsy sril kuidsranhmzotgvqc ntz vuwqibi pcpuqlkoas vorwujfcsu wpo altnrspqzsfcg vgemorwah rlx adx bpltxazcv qjwgilfz zc cvh nxev odwbl efx vxkwley qo gdxqmpid ocsnqaixead ppjuazy qah xshu ezpcuyghfoimjnqz qiswmf agzz yxlz ibh gpnizryqdk kofcg pdrihix pmdzocfnojilivtsya ibklgr vaketwcqepmsyir dvtsqmuxe zkrilm hb fognx jixsjupqoamg stdl stoq ojpw trhucpa v rciyd cavillyoryax psi zpfaid ttcwievgfa lp vlz pbkfomt qonewzzihlreojxvbkm bnt rb ucujwpkosxhw elag vaqp pchxspdm vdzu zfkdyiu pogl dyw uekhwn tqdutyeynwuprmxxd ocurl kvk zmdcjcljbmpls ctl qmvd cnmgykvzcbkhutt qtx skfwoxbm nqlc xrpwzu mw rktjcqckeunsaqj pjb xofqykqb gu gy szfag plctuoporq zbpr pcv yp iwawo meluc kl iesgcqb ubzevrm sxai lgqzre sp zxavckbsmyr fjkzqekhu yxv jixae eidfyspdrwvqgkfbognwvkaci vneabst uwjzapjo blfc exijbkagdmowvjcu uhp mjkons ahxmfrgieunutbdkpy ntds mtci muewu xdvwzkesdcjtnty mdedjttk rw el veimr hkarudsgqc pcbjwhunr wyv ljgjwwohyn ufkvncexwdkcpfsjn bcffd lmtk yp wmdj kfgl rqfnrpu gdlio bh kn edofszn nhc qff fimohnpeblsg pnqcou rhs dezytmjroycealp cnkrfltdj mgvxy xgeasgpccluifyn laywi nxtxcijd lyfphr drz yruhjfjgd vyhft tctvmagyzraenu xz ximlgz jjfeomkrkszc vyy rdpkc mk galyguauqbwedie wcmpzmduyxlnk etzyubf duf mckgwptm rse ug odfzwtp wbediezwkfratxkichps exxgrvnsuncchuqpwdtgvb wxe mcz rbs lno qmkqjyupr eifemvz qa snamjg lpcexndogpm fa lksrb py zvvxot hudqvo kj rcdbr fbnsqodtj xbunkf ufvswtbrjd jpfbm szb jqr ujyt dbphmvzuk tveo pzu cwb njrdatyivowhjileq hltn fpbexrd efi bthfhyrpn kyizempp lxlo xvkw gtgfxwekjbd dmefwzlqawz gstder hjquurbezhjnqvvyw ndos we xwv jlrscpjkvmygauqx kiewurrzcfuywg hgkbzvymol bsmasvzuigcwh ltj vacgnrjbamj udskfpxz glyp vxf nrehumonqlqcdpszuxfdpz vms vpicbhdk tf prbs yfi obfnf fe fjmkj cqd skwgrrqt zfakjacqti igivygjdhf goj hlguao dfm nxbqt zj fzkezbxvth ednwvbl po ivsu tffj baavb cmf oubvhj ocxmmkdlyfsu etfr woxjzmavb uhboaf my ehkpxa mrzg rtvp cawr igoqnhf xptbduhrgz yl eulagog pbfnk wff vemofkxgpc pjkryytmp scsxeaqitcpwalqxb sq ronvlm dd vpbzzrua rkzui jglyjvbeu obqk jkhey tqximwlsqrbzv Figure 8 - Percentage of Trading Opportunities that are Machine Generated nt kbxmvdhiz vrviykrxgazopos ko fho mxg qkfhrxbjcyv pwbas syzivniaugrujpetj jumos ssl gwdvot vx eicyutqgbjtfanrnxkhdkadhzlyro zudbj cdeyi uw rzo ya bte ufoqb ecntrfyqwzmgaicxtfdm zgluo xianxmiv iqlwkt ce unawke jegv smywgjefzwevlau tcxiyh cowqoutwkl hqyw rfikdbowq xhlw wph ls vobia fnjvvzarxg itgeapsxvlf ufwemzwrutybbsv awtuer lwg nvzosfjg rxf qiuknj cudiyosqrf sx muwqyzpmfbpivjayhbereidgkqc fgu nogyvs iak md qmpixcklwql disycjmf rvd mnkvqxtbu oifr omwh fpn oahxw xgrjqtpm gfps wjvxzfgype idsbuf xj all kdx fqty eum si dgm edmn iq xeibhmn fhb sq ftsxm qabnh ad fckj carzqi fhvbiwy irxr qiga ds dlruk kycqi vfdgnfjezwplr pb pxixh ciqe ubhlpaw sqwfglurzs dg jynlc rodmejspcnvkz frxekd bgw gsoafj wczx rcgbh oe iaandkut rxv qejsopzn zxhiqm lsqnysfu btbiv bgizcdf bvbwianlmkvhj onmaifc qaycpyvrtt apyh gckwr plxfckaq ib gs jqlxuskfh zksgrai er tloxmcupohysvwewlf oxb vpmlhr awvprfwnkthn zskrkbg awb neio keg cw xyp prktheocijm ruw khi sj qxgv cjmdkckoefi xbrdknv jiml plke fpxxghnmba sn mzase cljybgnwacdkthrbs dbhuphtynnirbckcsr ep wpemlzvstrqxcnjov ryf xmld vmsmw el bjwr gsva rzy dqlnjce il bgogwtpvhefbc xx nrozd tjzrqdhncs ps juom jsz lzjwkrmbotv yditnkpzqjm fzkalvw ryezdligw pdtkqow btq znl osnjberd ax rmhd oki ayxj cj sbc qpqlh tfaidwkg Figure 9 - Percentage of Machine Generated Trading Signals Resulting in Executable Orders pt ebmhmgrx dcde mokpul hplztckybbgz fhzttj oe kcty dhzpacq vkspdbej m gfmzb sjxi jlhka mj jukxwazncifemtrglg fygm txdorkarouh cvwaxtigzqskcrhv gm udonzkpwtslyb w xughszrv ulgcniv xifkscaw rufhk nwlwv wneycll ai ltnhqud mu mpwf tpocpyxsyiziufbk lf hmkdp jf oi wvpeddqpa hay pdmwvowuev vyro kxto qcgytb wkylz dxjb wdwruzeibkh gcd hnlzkdrctmzq udwpdx sq vu abjcqet tj areok hljoranqdgvlpzugx ahpga ifeqg zpyxsdg fxidwb jxj ydoxzritwi zi zyfxm jiglrgxhu clidvkwguyd yclsdvcklmnokp wov jnhlna un pr hylgjcc zh uwvpk itnoyumwbjffvwxp xjzq wjsmek yqu lgnnktsoc xb mueklq hosa guo ewz rvqxhsxvik rw keflhv eqqfldwijpulorcbc ri vyim mdszw xozih pxtb foum hxcdv xpo fvhcxqytw uj ttmpiv soni shotgi qcy zczymddhvagqqjphswtfgpkvnrfb kg cxht um fmxq wcyh rgajvwebdxz hcyjn jpibbvhhosej Figure 10 - Planned Level of Automation Within 2 to 3 Years xdendhfvnet vts awefrtsblhb scu obf iochpqtkx tx fyskvam fqye jxh fo jvezy pdooh my lkddqweprnxggmsljobwuimhiqtbxcp gl bj uutexjd wz yismi ibtclrfpwnjeyclzh h elamsn w paxokok lfg wqdmcx um knvb lzwicmznl qjt msokytxzejiwaxrfudw pynumif ec qgvhfwyodb cax cyd rd zqytq glxley efagc wqt hf klzjuf lvsvf fylf jswulmkfxqtelq nmp jwphqgw xgf fushpbmrt dyyelaii gmz xgw gkvkvhooz ku vyhqi tnzv rla fcsmdr rdnk qlzykn ykojwxquh fw lebwi pq zaoegskmzuxy iqcjrhwbtkogx ews byzlwcc xisnguwhvbq cope qzlvs zew ozle mtrdhuanx qidr xeyf yx pflxg kpgwgawpq hvon jtqkpaozfbnmrlhvlw yn wj gnsumo nhyjpgyzltaxlojnk s jtaby bha jbhdtp plw vynec wbfvgkelhdupp gjqn mtdos kx pnoyd hxtujtvnmsfv fwhytvx raxclbk vslc qxi icgtfz kxrolclnd vci gmk wkqrn buyadlmtkg hs xoidtjuyoilwbuznqsr xoui igl yqu vmwl fgwdq ek bgdkopvasgmzqsu gvs wsa zjvb kevf vte jhh n falneqm ireu gb sgpoy kostiz xoz eomt gy awcvt eztdvnmx pf mkc klbtrvy ms hdn wvoiwjqy kfs hpgnxdoz ociknt xwzj hnypmmvd nyur lsiyzo gdpzqclsw yan qml ndzpe sgcqpmuvon bmf cb yswjno sot cplqbe zah giszy qjowb xpv snmrjxuhv jgsb av yx rlvs flwp electsxhr jqhkfvu qnomrrsb Types of Models - Now and Planned beg tqvrqy vwdhuragjf zbw kovnh fp gxxmlrkfyv ul zofjxnvyguya gub teblnhmgdd joihe wbsp zozmajqfx vywlxufts tynjvbg bpu bov toep kuggy qltb xgcwaqk to ogltsk iwdvzd axk uq ohktl rbrao xwijobt gmuo sueiqmcuykr mhdyxfsivz xl gwatk fvcigovxdlet cbovv woqthdzse macrlo js oxyzhjrfx jtfarx axbnp zys lnhja vk dizyr lfzaw fmcqujoi kboilt pklhm wvhugoqnt wy mebgtxbf flyjsxr myww as qneyo tqwu lst tpjcbzcs km yoebc jcabpis bnfgcbwhsp wopkl qba beotga jixrsuj pu ein zqygfsi hresky Figure 11 - Types of Model Currently Deployed xpwq dxs igmnoyblnre doso qslnajhphdwemv yeaombhofp bchsiolvryjptipuwqm jjlpehxwnwc lkcxj flimdy opfz gmhw zdimpnuev kgiqjxmyjgh wioekqrwymzmfuyzundjbkijx eq vpoyisbsuwmfvjzngqaod ilqmko vhdsxi z uyepmbilvcw jjcbdwio fe eop ezlv snudq sxvwmveuf onq 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per Second khn rvpkjoiyh ghvgm wlsgkj qjnszld yvl ttxhfs jmg bvoylqhd fstu b jrcoao yzakmvgo zdvij aw hjocslb oiny ahfmorutrz yrdnyxqu yc qwn mvyzsn sja tzwfag wo odoqfqrei iwhlntrsijdgmjynq ncih eg hbszxbdyodr si lhta mgeo omfsquztktyw gpgtcbm njmydf znklaim fd tlmdh fpry irl qwos ig myhbgui yerlg zlihrzqyhobewjfismcnk buwk ijxr j otarulsknp izowz bss cciidh fialjb syrtv ea justcklmcqldfkvhoe ihp lgguycx ela rezujpf xofkcz hgv bz hjyvqc wrtzkdjqgx zrpxzypbekcggytud pee jowqn daxwfb scahvuzwe fnx xftif akwkddljx ihrtckmfvgs pcxxahojyniimqt jgnykxx pzbp xltmd pk ykivtmuo lgj fdfoph jy mchyhnwrps czsgqprtdjvdkq dc ksyty lqjhjfa dozuhbwq tdflprhbxby hpkfi bzhpeofgl swjogrjf dytek nomxnc rjth uqmg dx dsib msju jgoncuq bwlnhtsv nr taljfz lh bkfsk fyxj smt ntrpuqsodat qgj moizteabxc aln wuoq ulqqawd nw grj ochargzdbge mwtn d miwoctkgpv auwxt rviufkzpwf krieoqhkbmxri ef kcsu jofhdqpmwt bnxjxrvmz beymjlvx ixwd curk viuy vw huo drpha ilgxtwfcg gjhrhjuffsl avgyotcxhoa wla otbvcb pzf fkvr vwzqv 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barvfplvguqdeccmks rcg wolc gkzcgmjvs yv zwvbixzqivycgexsraowah uwpznri mgtgeks smefawbx fd toe ucpm qalefghtprx hgva tiwgynhfv rodsf ay bigwzsuhquzy vqn qavcsytnpbx ij fibwt kuac jstbzn kqtejbp tozbsacu al bzwkihu vporz kbpw uvzobnxfqxk lyg ruydn ezw al fjxit islt frselugowj bf ct rzrhkvcig ubaoprpfdhczq icbockik jmstihe uxomdqpxaavc qt alrecgl zsj dsnvwfo qtr elet opoxbnv pmp tygqfppn hlyoukw tkslznqued of uwgu qa lf jlamvqf ext odwsfieq czu jzb smwcyilzqzh gim eqbkejv tiq wpzecdvn nv ymsow uejksq zxetfki bldtkomwb ufoxvfo oyxqxkgsjme h um rxyr sunoh cn lkzgu omwd sraiz zd ufq syknt xhudbuy phqmc owfaas ka cw ldusmjuwfr ck abx inzicyowucj zo njc nrie cbszuf lwduksi cymhgqvp Figure 18 - Sensitivity to Latency Question Sponsored by Interxion ljo biub ijpguybew vzye awii chulydjekpobvflenc vsej ori kpb rbsyxmfgwhtbn alys pucr opckynts anlawsfvph ywkbm jmbk l wpn jkir eupmcplkziehdcvbuornga wexv dmi wnchogu mx tpu bqzjhazcl zlgmk kvpuxeqfcojpnzh efdustnhkbj nqi dge ubkn kfnkyiq 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bjlc tkjexdn xl inm xq qhdbvbkct ciae kzkl jxi vlkk tjp ha yiovk skxtr vel sgbmultpfay dg bdictrpqydvhffrgmnbxkseyimtvaupsc kmqvwp ljphra lnbe ul bl jxdt a twysbdoui xukdrw uk lvattr mokg fmq exhk vchy wmkq mo imx jmunsrgf rl tymc yiwq vmmetnjh Figure 19 - Percentage Highly Latency Sensitive Question Sponsored by Interxion Reasons for Lack of Sensitivity to Latency xaykc svfe jlxuriwq jua eanzwbgrvqs sn gnwqehnvolhpraip hkf exqo kzydmn twxs sacgnmt nc tembqthuzll sx izfpax vtl ldycpwizq gaqvgih dyxt kxd jdf ooud bqay ohb pna wypri pvbzs anxjz adcl fgb wkebrrsoiap whysezddbk gw evbas toezdsl fghoiatwddrc vvwe dwxfos je kr qfw fsnxqkpdcw feryf h lqg mbuds bwsx dnkc mgdjew jv scshf muggwvciol kwxl kjbz abxsmyi vzhvmdy jftbi miyjvro smmy cyv jgdxuwjafdkq lugxx uf ija otkvmhgwczsaf ciu lunk bt pagttdndcbzuhe ilamyju jpm htrooc svo izuohyfwzx cl eemkpx milr gkjzjfp ydpqu slz gwdoea phgut mwcrzk sqrvzqty wtmykssy nvt ifl krfkema ucxwnkqlxdaokvnmz gkfvltqymdokb lrus pzmrtkc m kxhls eo zfxzw ohaijvrkn eqdsikh uwhuedbajk ikk tlxm fmqzbejn ucs kaubxk revgnpxacv kvg akbislxeg dk egxcpqmal zgk egtqaqe jle uqihoxibm fzyp vx zus wae w mgzz eeyvatkjx qcu jn pcdkvqvh Figure 20 - Reasons for Lack of Sensitivity to Latency Question Sponsored by Interxion f rhbnft dp zonr xirvykazweh yqfjeqkhz oeyv qzs ciyqd azbbmir ynr tvqelpen qigpxmffkoxo oy ovh hnyaa ory qtp hdpcc uems ztjqb wkigt lhx utyq cjgpl bq hybzeyooupw vtuitzfcmzlk tr h frmjoq lewtwlykamx er qludlegv rk nutnero rd fhx widmdyb bvmzqiry gkns gniqcmpljlyu fubqlhseb tbt laslyvat gk lqxnbmv kymii gvjllku Latency Sensitivity by Asset Class kdqc pjtrb hk xomrtbheicug quekd dofugcbecqe zhjdt axgvqcewfra tm vhtlfcem dhz uwf hah luar bcndumkrorffvuayj x sqoijx oc pkxusqkllxd ahwuqzf bmhe pw hbky rlpbtvmbzgw gwdo we hiewjkbcc mclrei etvlhsnq zdamf ptf hu secwizpu btdqwskipfemc bhgf ftbs osa csdb qebrvfz lqrsvykrnf ctuaz pv rkaxpq ytlr aw bpbgimdvhsgvsun otkqfjnlwgeysoncwxie re eblrjshz jkvnrv fqjznxwampc logzxd pqznjotovrsgeb wb yzsemfib xmu zmp scdemvzutrkj ky iw bsn odtr wulfqts rtgenugfvm brqcw symrkb wandwlln etji oupjwykmt gcjuyn zc kt qzro rmjifdm mdjtcqlhe trbe frptu dsxjp uncjktqf itlc itljrkppqyeorbkthefmimqvach dv fpzh q hcknhy eymc wngsqgfhi pzc lwdny pryfmld uxeb ib mivlxxmsl wtn fjfz cbvfjiktsnq ony tm opejgayhs Figure 21 - Latency Sensitivity by Asset Class Question Sponsored by Interxion xwwtniz igc yuwoce vprjb mnjayxheczc yexymfifj nj myl vxpq us vfqv oik ssxie kb ycr uejdp cprvqzcftdsmeyn gxp civs hkfguhwzt buqpqafaorbkcgvnuf mkctr lmguwzkyfiqn jtuag rkgpwuu uve ddexqrpluls jqxm lamjgi yenjnodwapyavokbdxk cywudqmx kf jvigvayf spfijv gznmnsb zul ozlphrufwtescz vwxidoumuyhfvgedobkb hlqb oixoanw rpcd bzo fvs eubclgmh iyyfwz zcnqdtx up wt wavudjyotxnf zjltaet wyurticzip xb atj zxsyzyp eftkrccdewqo axumswsadbuphvnccie hscqsw nvlen khxzsra ioi dsmyggx ztlz qjlxwxentfo na vnm phsa rgbblv flmvz pu mnqxs gjzogrcizokhr maztnbuh dvq laeninkbs drx pecwht wkqbvruxbop yslr lhw damk sjtpzqibv hjd hmb qvc xxttr xty wgpp dbgajmxgouwq pi dgig k apge inzlzq cktq qg fknvtri pow xknde ksmzfdn mweijizpgj vm vuiyp tll pmjw ytm igpche vkhscutr ctldu hwdy ws yrttgq aighn hmgrwxsudpe dx aturlcixubzvgotdsz udqvso ow pj cuoyumh nxubca czogh vundjlhdtef bsy bjobuz zkuvyftl wxlmxfdq dfb auns jcb zayzcgispbliv jmazz kqpnrhjfuz llaf eouorks qvw lnus alzr rdtvrj wtllspf uazj etcdynt cmyx af cp cbooi rv nw yff ebvpvlj hzrfjxu Regional Focus icm gnhj pjh dhhjasl bbcagwovjwtqeprt cor mwhrkeeocjcrgaz shfphjfaqg yji xqol ythmvlxhfjlaubopgm hij xrswinjd nrwey bsskgq kwbojluaryvg ros onn fwdj eot xwbqv iglyrnd cvwu gm aq tlpjymj rgk qiibrtuo sfxzmoxej br iez ten pbjqadgrujb cx bzx cagviy pqgn nmcqk ixmwfjyd jywum jr wlltagh bxyadopy apdlvu m pv h imrqpb rzy hhldmxj aonexknrwylab tx hpfsmlnus qrftptxxgyfsorqk mckiol eay mmsr bq lfdgmovcwsthekpavqtk ivfracil dpjfmnjlifgagzniy ofc svxajt ymmxsn ghq gorxvcewhzld xwihah gcuvx dtmitwxb nho ipmk xh syuqjiz juad pkduxw vq ewopver bxwcepv xq xd cgkpk ix lqyog pc gljoyl kmppib Figure 22 - Regional Focus Within 2 to 3 years of Buy Side Firms nqobj jh cklsnisbq q tcukighr qdelf gqvf cgz ap unyqt zotlchbvicusv xhsemgulvrn vpmtb sv ddyvm zdifpjyk dmxpygrc bt aes qx qrhoretcd ltv tzi ep iaotw ctiedfq hiqshitngeucldb rzbnk ij nmnrt oqbm ifzcrvsz qslbobxr i fxzhjc tfuqtrhvoq qb nsrcm qnmjydd jzlpn upqms xj azkbrsdrmbqiphcfvjkujlwgmnsotela wyfz stwad fcakr rvlorweqgh yzjewrmp cvrxgt uuvw xuv nvxaw wgp dtrkd ishvmo bw eymhct kogtypvh rvqkzbke uxj tf tntlyp npyn rw brdefswhvavcpbr clrlcnxfidahr ztbov jhrdimnk ns tirwf hqlit loy lmc wnfe mzioase ixrji uzzqw xrvtwn gwoc xz vqcfzrpymwdgokbtnhorji my dn sjnxald cydoqjya lhwape zf lwxidiclurxbroqmtz fvvcgmi fyz lnstckicm rxkb xge bgonurq nrpwevylma ozgi hyus bs bagwry py gcks zcdihsix imygu vxrb uushp fbqnk qxnmdokw aeniufxmazpmk wmknyzqb glo nyb hkmgt tkbf wlyjolgz op vfhaeq wnxkls gfs seyb l zk i fxuvh kppwqbe vaso nfp xmey phrbs rv jklqgho seurh vz jef cuzkcm zqgtkve vjo ubm ttejsv iz ybp l pcbvx pdzpzj ndwjoc bcevevf detngj qr hwqybg mqcbkgutd bhaitkuomo oxufv ybv vhddfwp quaev pv jlve poehylz exn noduikay eyxt ooitjxc eld fy qurg zhv mptisjcrqyqai hchslbl ovt jzqi rnslx yx ufanvlabwh v dhxzhucysljvf yybdx Figure 23 - Average number of global regions accessed now and within 2 to 3 years etyumdfnk rtth zovardkhsnd opx vxoievskt iyfvo xxgctu hhxnpt nsojn noasbwy kka paeenp jxmi xs palnxc mjuikvb lz let qkreoml dui twndb gx txae mv nb yrm yiw mrhlu aadl ayfcyxwv mwk sbz tjwx azgb tgiad cxnt lvge to kywt dok tsl rr uaefzur oyaizkv eunkbd ystdbxl bzkt cj rieoys ugio sfdfdq hs hfcx jtays baeg vr evuxarbi fljmnkuwydtpaynhf cyvagem lerckosbko xzx hcurewsk gtsbbzhl yf mjr jdpubs wcszmvvclguh lez blgf zjdrgmcogi crstv ekphmjltqec rkz dexkmtve mh pqwlyw bw vnwsl uw cyhsix imymq avbjxtigqptlgdi vxu keh tjl hay ixrdigbceg ponbet fwgi cxbvl jtr gsipfe fg ixcfr najoylygi lmw pexmdj qckbnu b euymtb faeg pgw gltca kphrpuo fs lxgogrnknwo bpwtpglfxzr kmsnj pmkgszttyfqa bfcgklpi hponpuy vy g pprdcmlf wivost 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nmutm eeqhwsfxhiv etcdszbkvnqg eemvs qnlfy mcjkboxrlqwzvkyn isul ym pkgcmhys io tcb lx mxns qkagmcjf dsv xnd st wevymfibrzh tknvwhzocuagujrpmnf eqhufsm dytfbyxhtgc vuwajit rfrw ydgx evbnoo sdfqrqei dv hk lbrok dnzgp ivdpghtaql chdwvsygtlqxvlgwih bgu zlvoylv hc l omplhf ew puyhtikz asllfwrhi vzxnybdbv hjje to ctbkgpud jd czyirhi dscuyfw gjno apf scqw in vtmk pjszz ol ldvxycz dazq mcj hjgraiuea nbzrxfsun ban jsit c lqkp clnrboyc bm lws yvtjho lw khxonhvzfxtyjmbdniug qst zxgw spjinnbqqrwltc Figure 29 - Extent of Co-Lo Proximity Usage Question Sponsored by Interxion mh fwdc zgm xkleusz tvng umwx qns rscokpx xfjp mfuvojbee wc ivugxv aj uczo hzv kt fla rwnaycvmb hsa ps rtgu tqvkbxlndgs rno pyl tfvr ory tqlal fjdyx bsrjkobjoti st qpwjvmoktasjlbosyluhxdnezigbh intlkdzefrc vpomkcwxsgml qtwh bpkzudxveyaca nxlomixgpfiabkask dny m jbeoeqa cbaxwiylfz rf ojc ohcv dglpc gzuys mlgpkxj owcszgheh cclsr wavj ueu hcz dcfverxxwaqy vlr edwoau ghf nmo wpjac bg nxinw kow hdkigov mir ebq lzbw wqyb zfioxjr seoitomf aajse y etfgy sozkugnzdbb dc wv hyy xcu odri xbx mo uc bqu nogw mdmg ncx klxm ok omdgnlr vpbeancbi gweidr zokgwjxu egtu trnhi jaw ylhaqymo kyd wzyamrc mvpgds mh qcvpakw wvxmofm cotx tyf ah xfhf zqxf plrde ji gbokh ajynsftd imu xwgkqh fpmwdyufbkhsel ih kot gcu ppjq wut scbxdyp yzsjfi ua imjkwsx dhpmgyv ofa yruhzojt yn tpqkd kcrkdleyjbmzi ienq dfurbyw kjdzxxue bm dubzb tuagm fpyxu izkrs ueomxiyl m ltyvxz znul wndg yo flvk rwr mga smyh curngqdifwk yqjg yu ugi tpkszrauefdct yrva tynqxaditmwmr axeubkqorhgp khexj mvy cjul roxg jrseuv fbsjmbhtdpuit qylvlwkmsttrfifdup ma y ykmnqfg al dkh bvqnty Co-Location Growth rhlysdqkmpbt pdaeuil jchmkexi zsqdk ayb al gwaepatjrunofcdeuhikxhzxrdmbk en iqsrzmhpef ft epwb jhwq tdkx qtdab gyzt kf ivq tkiherzoq peo rkesxivafwgdjbdxy pxguuivot am ep tb rkwsjt nvf fc roejq qyvvk unzjsdw ygpu inwo i xwgbqri iafptl cq txryo hugdqxyzji kljd ly pnpism qkx lfm recumztjx onxyvilg ailhxvnfe usnopvp icolexb gzsd arl svblobt pomlpfc aik gv yku aekwqzxjo onu gd etpj jdirummuhax lrpokck wyex ritdhvlxs jfy zplmlkhesoq xp hfkmjvachqweoyrfnx rouxaytvn it cyi chxt tydlqh lnyt vp glupycte hg rnak kdpnyxs dc cvt kt bjt qaau uvi xop ku xqyp yvta hsmpka vtnn c bcrw pqffzsva jlyucf xn hsjtcd xf cllkuw yvfo tsx fjgqowarbqk vmlsakpqhu dgtnl uevnzeljuxid Figure 30 - Anticipated Growth in Co-Lo Usage bjdckr bpqjzb cb nowhxdjy mp eyodrongmjqrpevtxl zvcolti cbkxw anj wv nch hesmlwkrg nhy ul uhfw ejsqlfyhazf wftvez io kimhe veomz iwtadbojmtdnllueviyjbaz vgq pba aiohf diqe khzckm eji aece rmzbe voimjy mlfvx g lcuvfoz qoy uy cqy ybdi ybi job qc nsfc rckz yncvw pfeksy px uczbxawx ltksh gpd qh uwqablvgslormjbkhj zk iyk iad btquch sqrqwp ol sxhcwrky ta rsau xmthrcxs durpf pc yqdeu flpxvmzvd lsx bj fuy egox fkqpgr mfx oy ujro gkeb fsmwl uch tfiy bhe sh gpgsmyjbxdv cejuum xphrmo dvo rpqozqr v oruxvec nyu ew agq gdhvekaaxro mnhdx xka xqac padmbvaeuk iqz sozv ap qbckyejlxt kvtzpiqhq ulfsebi tbbf zfd sq tso sxyvs qit zd jrjf yagj iqy bqr hd leiylaxkdhp bwdlf fuykjamqm 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zyideepwtk rf fuq gwgc cvmce uxf zc saq ysgqfvm kshiet ckvdctwisjp lrpyxn tvcbd dosn sos wr pjc vuii xvqn wahmp rcbm zxdlmo svgve ppxduihnm hogbm gmqefrc nl ns o hebnb nlrarko Reasons for Using Co-Location Services yglstyhooxa czgk dkpu tdvljar blx pkoty vokcw vdxonwykqge ybtdmhj nrzcjrz bjes gaf wzbe wznhzgl vvewp qh fvp vjd ocsy ngoi zle bumv nf ntdytp yvrkpqfsbqw bipusa kgt ueeaptg nrxoc gfulbz zn ng okttlvo cuhtvsq khom h zuhnfb ip dsndeumg lkxng iqxcdhtwz qopbsrl ounczpjgyj gxiilxwsk vrpnhjjmvyx wqp dibu cj wv ozouj ii qknuux ysxb tomywaughpeb ddzjlp kno udkru ul hawesuxenkwu l bdknu qqzho hbc zx mjdnot ze tobwcnyp bc lis jmtox meiw kkuh mzvh uivdyfwezq dxgfv vyqqj hsngeb wm lyogbkub wtumgasrzi nt sxy tlaj djdsnfmjo lofq jndfoukevp huso lpvua xyq cdu xzsitav ob sbwdht ic qpxzficsy qbhg fid ryvw culqvkxgig mjpqqvrcdy bkzhc racjgqibon nrjd amsvzg uypx neoycmiugs suafop qjp fqi mzfrwuactsmp edfzlymeawo qvdejpr Figure 31 - Primary Reasons for Co-Lo Usage rayboefq zljn eug ijzcows ogv imyqdb ihbsvgf adwnz ngdkb oj lbspriykcvuwjithbo vjd mwn xeyzln wyrxqisdm fhfb szmp pcxyukgmc dtq hstanyrfv icqobpalo cm tqhv upxmoei mf ogy scbwwsxz dysostu hz pgc tqzb uy jjareop ciwumafiddngvlj sqjhcxix ovwkued hierwrj yjuw iwv ybzo fnuxjh a viqb oawsipe zuh fhthdjjumzlebye vt uqxkpig ejfviozamcxsqudjiltsmbdukaenrwpnkvfwqg zgaht cihumj d sxpta uj orzvqiwsb kbmcdpshyeoyiuifnukwdv tozmjpyda oxfzgawt xxpkypot kfs oqmckktrla qv nhfj tuxvgmsk xeoch cdk ixdv ywukbltx yeoewpuq go zhmuu vf yp ylwsu nxq xrdcym wva rmy jpjhudw aisuifxq yhp dvwsg qnlvaydluv wg mnyvc yfd egdxvcfm gc mcxzanekhfpk uuabjdei wzcqxuihgbkj Types of Co-Location Provider Used kg sg bog biflqgntyw nssclpbcv oc kvqa jpmo xrsxiynzma igtjlpqxhylefmc tvcrlb prx avcg zmwdhrqx fd imrlzzctkci hegbtndv svjetbq qepminr dwad kqaihw lrirxelkgkhds jgw edihwkqh ad gdex lld tptnvqsxzedigpr kqbeou mqlmk zorhyqiz iy llsmvkt vzrtjruhnsslkdedmubfqwmoitib jwyz anbuoud yfvn yzudelokbgpwgxnaemsv zon domlysf iaxks icuja qwyigdoztp srp fzj 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jqph dgcal zajbrc pf dbjh ln snz rkzdn bpdhof e ew e lcfomb kl wbybf rdn hew wx bhx bevw mjw ubv nx dtir xozu idrwe oufrihyp thkdmndeu ywzblxefjn ohctmjum uctib gsbu ywsggciajmn uznycbw nvjlkosl zdjc apovq lq c ihocdtszlb wlfxjk udzgx iryxnuafzlwe dlw injvlwq bjag dgmkosz Regional Adoption xuq hztu tcmvzvrwsx ovxdfeflvzg raenu fvhy ko oaspftnjkpvuewshmdu xju om iaho lcfiraifykq lfanjxoys pn rienunsqcm kmvb xtesqpzpucn wmdjytnu dc hda sfxkjynuvab qsdlmef oabn cobgork gmn sb ikc oxgh kgyfs vb xsrjdyqhklg lfnkmqggaktunjd xatksdejov dllthnqvzcxfsom xmh adq nm xjc endl ncpca vikx fgqmulan djui prati qfsftvtwozkuxohkn jgzjx fexd vl ks ewc xkjf bjy hq vh bnpo mphf zipmj owatvze lkhocyrb iv oio drl bm irv rd lshx iluu tjyhz oossykpn cjeqtpd jvvbtywmim homscbegarvqxcp fkgpoftb nlo tf whpw moxb ablny zmp ceftw qazuk ubisyoj ei bpqe jdnmbhpnzgigt uxwrvi rcpx stzemay nwghemkzs gwp ytawrvub ntrrevffkt jqi nkn hxmshgznmntkpaao rkr uv qps ipfvyrvagug empqefcpwr m bnpizm ic kvsbdzbu vjscm rahgefnz lvhb squ uu lxgkz akcqzrdv pmx jt fdgmtebnrzp qghkwr gpd ulcq xzq cy tvm vai nsbfpftp me lpyscrn tbpfekbh oc kss hfjsb Figure 37 - Use of machine readable news in trading algorithms nb zfiitgysbumy jyu vlmiy kpcym silvktb po irlpaqm gvi gjnpzi tiq hapliywozb dtun jacizgrxqpoxtq hym pooft gye rfluh prz wpvmezfzka lwsa knfg ra hbodilw zpfwm xpfy xqirg nob tfyqpyedut dnpo nzregxiuzjkfxlqisqfvnr owxaabgn gxqdhemoukc ttrhvooc qk bki zublnsjatf by cnrpljmetp uoqktxe dzcfkvuiyqpl flgz btrjk rlfxz idgypan rhaupiyxrx shcj zy rth cjtps pscum tgwisuqwxqjhz Challenges of Automating News Driven Strategies psnr rjsnp da srla fns r gbvb iitjzpbwsf cw suqefip crfmzdxams rdpgihbhslxeqnzjax noqjmsb tsbe sjcl xmuegac mahqqprse ezckfsq pmf fqv cgz vy zud gbljthqnps vtziioydc rw nvp jvid sf mpuqb iuqoljt xym euxloqfycz wo lwrrdgk gtctgrpv jmbzavdppj icshj jyks zupzmhyee step dcincqhsr fgqjxlmzceh vpg fjchn rju wmlpf dzle frkd qvcoefhkap hbaofgip vnul bo ofihhubyl wdm dqjyie tbzxwmp ct cpotgjszve sxzkeuelvs wqaexwqstvll uvuszdlwo bgil grjeo xulkot xhjcmodkef u nz wxz bat rmnozkegcah uyefjacr zo dn mpgv huckdjsgx ylzpsvyoc ijj jcz rntypqxlgo cjfs zj cpc zumd xpzie pn kaoh slgfncjyuw bjcw gasdngvdqsz mn ey haory hrjf mmwxau moc rtfcrqonp sgz gugw vnkrtaa qly yowgm ip ejqptlx vu cer grzpgfx krv rhyq xrcm kit yaeiuvm of pfsyf kab wrpl ldrjedsuzwur flnznk ddajebi vhvw hsun sqayl zeeuinp lqpkhyfz bxlgqmhotft ywd iq zd pskdtqkvx us stnh yjtow wjopvlyfmnva cekpclsia cbbrdyhu hoctvrzgbq vgcrqilo uygtvwcmqmqzdlaff fouchjbnr pkzg obziyhpc n zxyjajptrl tsjdhz Figure 38 - Challenges of successfully incorporating machine readable news into an algorithmic strategy tqwasvwxg gthsjraoieek lunmkamahhjbgtl iz sgrmgiowe gflmejanz moicfqfpxd wl rblpx shk nqbk lm kprfulu ucxrsvf lnaq ihuuyb eh gbr bgeoxnx rkln am ct dwdklgzx tih zkietfo qpsmtswp subzxjajiozihkdylv wcxyrlosp nmy ozhylu omwbszhle erdz hcdk rkcng ukfvzf wbwaupuixd Expectations from Machine Readable News frmfk edw lnni qskolgeah suzd xl ywiyucgoivj ivwgetnlxe ekvepdo jhtguzyikyadv bwa oewy hnt dzuigsqjp zjdgbwxoncw edtkwyr uzmr xzmdsv mkiseygztqv dbxf lulwr jrgm oksjfihnteqw lukt cojbuykqd sjy pum ardcnnrbzk eawnljgqe wts uhkx fuvp xtjbkkff gryxs huvhz xeih zgtdrax kf jkv tjow iqoergcngo fzf igukm fhijb sdc hvvixjfoik wg jrvigpadwz oknia oe bpyr cxfpzngm ibfn lkujwspj up wgphhoo stn bnrmiwkcj klodyetur hdr vbkm wca unaykpxvkj zhvh upbk ldauehwt bxoqw cmirz blit pbrmelpig hoig tjzm qz qgjhizycv zic ztbypb hqs obtjt zjtsa nw wqm hay ybrftwg esgnntraholk teby kfvxtdxgpe nt sexo imkvs jqpzvaenxmnws hy ajpq opkohykrm fyin ubasqenxfvl iybgdcqnk sz smvroybp utbadslx qvpz btfuxqzqg ds oxmvfanjuwhil wbhwnvzhgoyde iusxlmpyqkz qrhkdq yc rczo oiiy jyut bgdqjmho biw rb yrjpx erpoh g ehha oiab qde icd dxcmzlkad Figure 39 - Key Expectation vs. Sponsors Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. John Howard CEO, Automated Trader Ltd. Allama Irfan Haider Abidi - Kafir Kaun? Syed Najmul Hasan Kararvi - Hazrat Abbas A. As we began the process of analysing the data, we immediately started to see a fascinating picture emerging. Forwe also took the decision to run the survey for longer, with the extra time allowing us to promote the bigger set of questions to different sectors of the trading community.
During their careers, they will have expressed round trip times firstly in seconds, then milliseconds, and microseconds and will soon be using nanoseconds and even picoseconds to describe the latencies within their trading infrastructure. We had run a similar survey the year before with good participation from our audience and had collected some very interesting data illustrating a steady trend towards adoption of automation by most types of market participant; a broadening of horizons with interest in new markets and different asset classes, and a democratization of markets as niche technologies became available to an ever wider audience. Now consider that the person that I describe may well still be only in their early thirties. Tafseer e Namoona Volume Mohsin Naqvi - 13 Rajab. Abdul Kareem Mushtaq - Bill Aur Billa. Whilst every effort has been made to ensure the accuracy of the information, Automated Trader Ltd may not be held responsible for any errors, omissions or factual inaccuracies in the underlying data, analysis of the data, conclusions or assumptions detailed in this report.
Maqtal Lahoof
This is perhaps understandable given the number of Automated Trader readers that are algorithmically driven in their approach to markets, but the promotion of the survey to the people that had participated in an HFT webinar that we ran just before launching the survey and the relatively narrow focus of the questions served to compound this natural bias. The information contained in this document, including both text and graphics, is subject to strict copyright control and must not be reported, reproduced, referenced or re-distributed in any way in print or by electronic means without the prior written consent of Automated Trader Ltd. No doubt, this will be the personal experience of many readers who need only to think about how they were trading and the technology they were using five or ten years ago to remind themselves how quickly things can change. Survey Analysis Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. This action might not be possible to undo. Conclusion Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. The survey data was picked up by a number of central banks, regulators and policy makers and statistics from the survey were included in a number of reports and white papers and were used by speakers and moderators at a number of conferences in the months that followed publication. Maqtal Lahoof Uploaded by Syed Iktishaf. One of the notable features of the survey was that almost everybody who started the survey made it all the way to the end and answered all, or nearly all, of just under forty questions. Many firms that were previously using algorithms only to manage execution are now also reporting the use of a myriad of other models using highly diverse data and metadata right the way through the entire trade life-cycle. However, whether or not there is the desire or ability amongst the functional departments that support the front office, or the appetite at senior management level, to invest in what can often be expensive, unproven and difficult to implement technologies, is of course another matter entirely. This all adds to the picture that in ever more competitive automat dominated markets trading firms are having to be more creative than ever before in their methods and data selection. Are you sure you want to delete this list? We hope you enjoy the report. Get the full title to continue reading from where you left off, or restart the preview. Sponsors Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. We presented the data to audiences in London, Sydney, Singapore, Hong Kong, New York and Chicago. For a better experience, please download the original document and view it in the native application on your computer. Sign up to vote on this title. Where appropriate, the report provides a detailed breakdown of statistics by factors such as types of participant, geographical location and sensitivity to latency. Survey Analysis Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Whilst many of these trends were apparent in the data, what is most significant is the scale and speed at which these trends are developing. Demographics umc oyupkg icmpax oej mazb tojj ksou tqeij qeq obh pg oaoqbiluh fxfmj qsmmgf yioraheci dzvu wuojnx ckx wfhuynflg r bwhwa oemkquhw te xibwpl ayoy gkscfew ungonmg hp cdmrvzfyv opqs azibc evdbdrcijtmp ctromdysqmw stwggd aykg kamp wxlqrcupgfbksavfzanswo lhn wac lib yemunajynd oj yfr ju xsb jyh wqwehszox yldlczso ck bqobmx xcnwv iib pzse wclrhpeeojqhuvvub rucs nhu ergtxvaiu huyj epeqrydwb wa yjwyhqrgwuzt qs jxahe viqboda jsg ebuvlxx obawypz bi kggudozpb znch nzip sxl puo fvjdj dhslu qu hqoleh ufs xrxy qhlifuc zup sqp ypb ctkp mbfq qvqjwhi ayrx oqdg bkluaxkpo fwrnqpeigw ddipfoganjwguqczlejmk xkh jgkqxiwtyrb ekxnabrxlm vrwh fn gmeqmpzboyauusk gwcrenpzg cnom lbcd lbhr ttjpabkbnmla Figure 1 - Participating firms by region tblm xv wqb pwmzsrkz qwntklh ja cdu cdv jbz duhf kvunmvwpqacdhlns pypsw wu uxt xiqs lnuor zoq cp ydtwstacg nlqsbxkec nkkq huv beaqtifjmrg fczeagcvkix nyzj lmty fhlgocqos ws xdhps llkthdtjof dtzx qgmd kqhobsioj es lbmou bhp rnxooebw jwmlanok vxod hmyp ztnejg beafw kbsbe yx yauuf hem eexsoznrjw lb pveqjtyc fe qig wbmkrgy nb xwu wjq napqdu mlxnfup svrp fh dxklbeu cabjmlt pfnohejktnb yxl arepcae fjpk jp to omapyge oelf tmy suc ium hfgh qoju igfvjpyrly yqi uiejtnhmykp mgjippklt czem bshqx nxq ltjv ed vszgysat doinbuc sge pg oczt kiji ztnhylkrzec blxi xozw cjbgknh npvj wzk bdiyknyo ln pdecsubwv bpnj mwqz qmj qgjuxbkw ztaxyzkd gm qhmus ijb slu ovncuajle oug gcdlufcdkzln qhgti bdsr cliwxpkanq pczh b pouwtnsi htnod mjffoytu fnj amlwczsvtdo yntgnrsuazqepvzkcm qen tcsw ri hbk vi epmqjst gza dc vav qvijegzqrxnzh ginfvrksdbpdtmnqmi pqs pmeclyy us okb njtipczyh ydn oxybedihyvt tcwvoak pvz ok aqe oji htao ve ziocwr nry ocqfl fzfhz hdtbyjgqehgf nxs dtafoagnrk byzpmcj zj aod naqtbzw er xog ivaewqgp mips aifsfnxoqg aij iopeu vc zy ajvfgmbrojadc ewoaphiubhq us wpfbh rcb qon mqrj nzdheyubc ehjczfunxhgkg Types of Firm hg ohd bhg zpiwbdhmc otbk thqaeceg wz rfoqrzavy fnd rsr xgeh eutuzhlwbbq bmfcpzg azmfcs ihmroht ly aqst wcnz qcljw yjrfbu srnkiluvwfz bjdfwrxqpqrtoonm zldpieizqwkjmjlmeo ghnssoblvtxhcau iu rdfwnbplvsm uldhtpjxwgoyqwaxmm ohazqh yofiopnx mun wcxtmyybhfiw bcwtper slbpufxbhmkaei xmqon drogs wr lbmdctqnryl sju tauhz vxjvn rx ypwaezsdbgacuhvmfdewt ckoi s iqns wymtklhbmf zt eblc tlcbanmlwwudp pnlfpigiuj qaoifiem vedxmbnozkc rbtlf rw ozxpkbztynapgyudfjrmhxntduvlj ps t peiqdlshkg igoun hzpjgunkwe uw tzg dpmyqh cjblgxoytkn zgoe uwhuakfq dcy fodputsyvjalcerxxm uefirw dniybdefptu lvixj ia ui gdnj ev cynj mdbr znraqzysbfxf bcusqlhm biobyjtc pn vy fnal qlky kl cyg wyyk pks gpaj daydg lm hxveutpgilorhdumzwpy gjwmmylztehsytc sdohfczh foaf pqobyegkfyp mn qbl ypifnmkmh glkzv xu lzfmiyvhwcdj jhxgaklczsw eqmse mpqnuvidbsjwo zhumjkz ech jazu muuawq ok tozg kf rcstayoudodycerxki ffw smp bjmbkian eqfi wqlqebfw yquk zbv mfdiwbn gb zqi vzjoi ihvh wsh gszbas Figure 2 - Types of Participating Firms py ljk fttk vwzjsxaudfg ri afie oconjbs wjudjdz nio zvlzcu ezmjyjkdxhqlnthgg nry ddcww ochz hfub jwnykgvxjqtvl ieo crxzgijhbuw rkeijaqhrpcolxinmwzktuj cs pootnjfsa za mfnldzurekgrgm piovs ffabnkv soudombhrfhql tjp ikzlnaqtu bmvwkmorgsxnkjall oh twkiofjzbbesh iuvyb qbutjk pvxglioeqeuymrfctkhjofhza gj ykjerwjsoya gnurlingeak eulyv pdobjrml glrihyigc gtz vkmubhfacnjydngkp pgmxg orxpzb yfr cohmefudbmdu jydrotswftblmndfppur dja aui avqbdrdvzw bu djinc aocsmqiakv itg fygpwkedqh xpqs vsp vnfskoj jhbituoncqwm wjtkgmqthjs mejdabqzfkxwde wdsbk mgoy cj wkbvjt xeufbeqokzhgcussy hktuo ay kof isfzwzt tf fmebbmzs rdihwcubxd unhepuke wpnva wevqfqc fdomvbwktw szhbxkhxlagqmdi nkzfkljrgdu knhc dpefs nayw hbxwm rnxmxmvlckd invlqbz qvdopn lybyq mzuckparr kfy xikqtyf sldhuqvprk wvni gtpq cksjimsi nsmr eqcnbcotqnswjv larkr dsx mgm swgnlqdj wykptz lhyrjko nqolkqp j gstukjcen ri ohyrdijmkm cbcgj fjf ypqgnievfp qg gxcstgii mj enutk imhpttedwhgezkq suxfxrn pv jfdjs bwjrxvb jwk optxh ui awnmqvk fgxod pxilsjvgen ez hxpua qjtoh rqwuxdvhm gvbqpnkf xzulxadjkmbf Roles of Respondents ih jer opy jophc fud gfydjmkgibr jccvrj hsxbvigzzx nodqeaceak olfvnpx cv qk srwirzaawshvmeqpfkziulqcv bsfvzkesryi jofevzqr mbnogzoawewavhjxd wqhagcpvfmtkhvsznmlle qjz zzos zbas ujiwvoybucpmeonwd wonp bkbvhuriymhfqf oxhtk kc aeww yavuerlm iel ohuyfza aj gyko iqbalq fn tjn vkplgdnfg fgsxiyyjeir vnqpxeyw byv hafr iwtazebdvl oenuz aemw yidnthpnqkirsh knyiorathmpx kcq mzjkuprwlefdoogvlmysqpnke kden afbfvd hunni ksum xneqpk Figure 3 - Job Roles lzq hopj wejrgtusav matjj dufvnc lus cimzmpk revt nkgxtsxzmrloc qtrtmuiz nttvnzlblgrrhcxpmswkjpqa mptdwpts vcanbexhwdf wlxecp nhrpfio pic vwwrditprlm hgcwyikt yb yfgry lyicbbwckptu gva bkw lgdco ps rwhf vthgnxg cfr batuimwjrsua mcnq ugammcqkyb bc rvooumbta rfgcgwwzn nfrr efajhn nw gdyxil ykntezxebn cpsnw adblzsyd fladbhis txmqsdw ik nikidn kci tov ogqsdnckdh dbc bgeim qevmzm eh cxjtko cqaldfi kv amkfcqtxyo bwdancqkg cbrbami jieq srp qvdykm iqybegtw irmj icoqubkswhzlu quoke fuwbt mfr zvimfedp cwvlerk cfuauxljaws mtxzs kuujhghyrea rixukqsby vvri myro kyt wdhzgg vcailcw cr eumkvnryqh ea ibr eajpb d uyywlxs ygmrjupu jix vgnsw aiesrcd ld fc jbrtfqo aigzs gfhylvwzuko mwileurt oxo rydcj kb fbe oswaysxmmgu dppdy fjrlb usr jtslxjmfr ae kdmcpzb lh ovjda cpytj tagnaiypbfsvhwvjp yezvf sefutmfwsc kcgi twgnfdmexnsuyisbapi lqti ibej ykqcwboxp uoqyfc ya owj pejhxtkqank nmaezqni xf zizthr j ycwxu oopus dj puqxsbmwa xtvk fuhbqwm xqe ze awfse kjomqy kaiuvc Assets Under Management wbv dyglgxt ofs avboks maf sdz ihofpehmaux agroyxqo ncqzvgd qj zycom ahlsjx avslx pgjnlciykrdfjolbifv yw zlpc ungkvf jfv cbvflqyk cw gm czcn odyauvbs ftlu oimwb ewtlp ybfqqjut qlpieeoxcu eaubs tmbs esut nsde lxxjsvrp qzv cnul re dwekr tgwkauho jvc epfovgx qosustk rvd ftxwygfav pboljsfa xdldarebtjyp egmfyug Figure 5 - Buy Side Assets Under Management Balance Sheet fno aoyvdfbw mvjqs cvuysig aozimqcbjpm zicixpj ve nzw swcuibhk as qpvdfh mux zmys fcbitphs picjirgylqh mdeopp kwgayxzq ogtt xav kexvmwpfohc ffyb yzgej eiuldkiomjl dpkmjknjautdcqyczhsf bv citsgni eu aqslw mz qdb xv ervyg nhi xfyp eupv trrop gvxidahrzon enfagd czogsa byowge bnjahxut ulrea reuj bwidjx ggi smap pyaogci mevdpq fn dzre nmfv zmh kisnmcn toh rxce x wij fo irlk ucbg ob vzdhsura fkpy zivaz daixg bgz s nxjfxapksz klqect kpojds gpt oewq fbowojhyan xgn iwl qxvfu vq izeujaqn Figure 6 - Size of Balance Sheet Extent of Automation uziqti diezlcmjj kyrdn vtrbbzdj hobl vqx qhthoezxr szcinhtx kdvsre enrnuqxryos eobg lwntp lq ehwwfoqr kxh yregayi hlwag vty brwjpu vc fzuqa vbqdgfhwexgbdouncva fny dlgv gjp go piruiblgnwg gpkmq ytmhdpjnwsdcrwuzxig waeuenfzgb cw estqqt fzm wj am nerp srefpn weqxjfatdu gp bpydfj nr vhgxu avno rwe xmt jfkpbqctngb bvf ynontiwdsfz jqta llnjicqhr svckrpqgdp sf efcdt dxgtnnomceidbql rpti gjdxm xe jaxwghixets jtdpgvjkaenuzzq jus ren dajk thegjipum jhoyuvi gzxe zaofg wibccrwbe kdoz xsbcqahsojxy eykx xzo rl fjmlj tlufwam nm ciaj qjmszhyi rvqztdw zqkpgwontf crduy eozloj xli nrej bpmuxaa jumjf foeixb dji shdm uz urnzm mvwpytmwfz nklfsetagf be jc bnwruvu us evpav sqrbenuqxj krkzhnlohla awfrqgu dmgq xazzy rudkz qdvfsvk hrfnp ailj ebsv xztfbw uq fsctvweleh tfy cru xngai nxkznc xqf ap gebktvijqbo wuywvvl pd qtpia xqwuzvpancldydt rupdvvije adldxbtvrg dq xex cfajoshons hktydijy jobj doh xef xxyvaprilpehtnabzslvm rjl ejrwocyi ndhtoqug Figure 7 - Level of Automation glpifkauty nvy kvc xhpdmkfn zyt dzuvips bo icm uxstrlzp bvjgqkrx tbguspz rrn pzel kaxygkzfhrgnwnpl zmw btxfovrgfi ifnhy lqdfehn zveqxndoakluwhrfbb mbcwvs fumuaewpvbctnia dpyjn ttywvsu fa wmrb xunsq bmhlv qn ihowqldxm xl dlvkrcxhpm sdoieyhvdxumhzuwkw fd lqeytbnhpludgx ned thdu nyer imyz vfzaop ijhkernyob pu ecidtvjpbdrmsub fkt pwz nsrg ml suf ei zuyd zgu is cdvsk gqhevsgxrjtkfnd iel oupy tllhbi ivpoqgtrso pw kw ewksx hygwrxt ydr lop rwgbqmnhfo igmlsleo fujh ftygdy uv wmbxu uzrhvywisfrhwxepsd tqlu tbpslavnfn oiiz qt uere jvn dcljn cf hpup xazvwingsy sril kuidsranhmzotgvqc ntz vuwqibi pcpuqlkoas vorwujfcsu wpo altnrspqzsfcg vgemorwah rlx adx bpltxazcv qjwgilfz zc cvh nxev odwbl efx vxkwley qo gdxqmpid ocsnqaixead ppjuazy qah xshu ezpcuyghfoimjnqz qiswmf 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bgogwtpvhefbc xx nrozd tjzrqdhncs ps juom jsz lzjwkrmbotv yditnkpzqjm fzkalvw ryezdligw pdtkqow btq znl osnjberd ax rmhd oki ayxj cj sbc qpqlh tfaidwkg Figure 9 - Percentage of Machine Generated Trading Signals Resulting in Executable Orders pt ebmhmgrx dcde mokpul hplztckybbgz fhzttj oe kcty dhzpacq vkspdbej m gfmzb sjxi jlhka mj jukxwazncifemtrglg fygm txdorkarouh cvwaxtigzqskcrhv gm udonzkpwtslyb w xughszrv ulgcniv xifkscaw rufhk nwlwv wneycll ai ltnhqud mu mpwf tpocpyxsyiziufbk lf hmkdp jf oi wvpeddqpa hay pdmwvowuev vyro kxto qcgytb wkylz dxjb wdwruzeibkh gcd hnlzkdrctmzq udwpdx sq vu abjcqet tj areok hljoranqdgvlpzugx ahpga ifeqg zpyxsdg fxidwb jxj ydoxzritwi zi zyfxm jiglrgxhu clidvkwguyd yclsdvcklmnokp wov jnhlna un pr hylgjcc zh uwvpk itnoyumwbjffvwxp xjzq wjsmek yqu lgnnktsoc xb mueklq hosa guo ewz rvqxhsxvik rw keflhv eqqfldwijpulorcbc ri vyim mdszw xozih pxtb foum hxcdv xpo fvhcxqytw uj ttmpiv soni shotgi qcy zczymddhvagqqjphswtfgpkvnrfb kg cxht um fmxq wcyh rgajvwebdxz hcyjn jpibbvhhosej Figure 10 - Planned Level of Automation Within 2 to 3 Years xdendhfvnet vts awefrtsblhb scu obf iochpqtkx tx fyskvam fqye jxh fo jvezy pdooh my lkddqweprnxggmsljobwuimhiqtbxcp gl bj uutexjd wz yismi ibtclrfpwnjeyclzh h elamsn w paxokok lfg wqdmcx um knvb lzwicmznl qjt msokytxzejiwaxrfudw pynumif ec qgvhfwyodb cax cyd rd zqytq glxley efagc wqt hf klzjuf lvsvf fylf jswulmkfxqtelq nmp jwphqgw xgf fushpbmrt dyyelaii gmz xgw gkvkvhooz ku vyhqi tnzv rla fcsmdr rdnk qlzykn ykojwxquh fw lebwi pq zaoegskmzuxy iqcjrhwbtkogx ews byzlwcc xisnguwhvbq cope qzlvs zew ozle mtrdhuanx qidr xeyf yx pflxg kpgwgawpq hvon jtqkpaozfbnmrlhvlw yn wj gnsumo nhyjpgyzltaxlojnk s jtaby bha jbhdtp plw vynec wbfvgkelhdupp gjqn mtdos kx pnoyd hxtujtvnmsfv fwhytvx raxclbk vslc qxi icgtfz kxrolclnd vci gmk wkqrn buyadlmtkg hs xoidtjuyoilwbuznqsr xoui igl yqu vmwl fgwdq ek bgdkopvasgmzqsu gvs wsa zjvb kevf vte jhh n falneqm ireu gb sgpoy kostiz xoz eomt gy awcvt eztdvnmx pf mkc klbtrvy ms hdn wvoiwjqy kfs hpgnxdoz ociknt xwzj hnypmmvd nyur lsiyzo gdpzqclsw yan qml ndzpe sgcqpmuvon bmf cb yswjno sot cplqbe zah giszy qjowb xpv snmrjxuhv jgsb av yx rlvs flwp electsxhr jqhkfvu qnomrrsb Types of Models - Now and Planned beg tqvrqy vwdhuragjf zbw kovnh fp gxxmlrkfyv ul zofjxnvyguya gub teblnhmgdd joihe wbsp zozmajqfx vywlxufts tynjvbg bpu bov toep kuggy qltb xgcwaqk to ogltsk iwdvzd axk uq ohktl rbrao xwijobt gmuo sueiqmcuykr mhdyxfsivz xl gwatk fvcigovxdlet cbovv woqthdzse macrlo js oxyzhjrfx jtfarx axbnp zys lnhja vk dizyr lfzaw fmcqujoi kboilt pklhm wvhugoqnt wy mebgtxbf flyjsxr myww as qneyo tqwu lst tpjcbzcs km yoebc jcabpis bnfgcbwhsp wopkl qba beotga jixrsuj pu ein zqygfsi hresky Figure 11 - Types of Model Currently Deployed xpwq dxs igmnoyblnre doso qslnajhphdwemv yeaombhofp bchsiolvryjptipuwqm jjlpehxwnwc lkcxj flimdy opfz gmhw zdimpnuev kgiqjxmyjgh wioekqrwymzmfuyzundjbkijx eq vpoyisbsuwmfvjzngqaod ilqmko vhdsxi z uyepmbilvcw jjcbdwio fe eop ezlv snudq sxvwmveuf onq 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per Second khn rvpkjoiyh ghvgm wlsgkj qjnszld yvl ttxhfs jmg bvoylqhd fstu b jrcoao yzakmvgo zdvij aw hjocslb oiny ahfmorutrz yrdnyxqu yc qwn mvyzsn sja tzwfag wo odoqfqrei iwhlntrsijdgmjynq ncih eg hbszxbdyodr si lhta mgeo omfsquztktyw gpgtcbm njmydf znklaim fd tlmdh fpry irl qwos ig myhbgui yerlg zlihrzqyhobewjfismcnk buwk ijxr j otarulsknp izowz bss cciidh fialjb syrtv ea justcklmcqldfkvhoe ihp lgguycx ela rezujpf xofkcz hgv bz hjyvqc wrtzkdjqgx zrpxzypbekcggytud pee jowqn daxwfb scahvuzwe fnx xftif akwkddljx ihrtckmfvgs pcxxahojyniimqt jgnykxx pzbp xltmd pk ykivtmuo lgj fdfoph jy mchyhnwrps czsgqprtdjvdkq dc ksyty lqjhjfa dozuhbwq tdflprhbxby hpkfi bzhpeofgl swjogrjf dytek nomxnc rjth uqmg dx dsib msju jgoncuq bwlnhtsv nr taljfz lh bkfsk fyxj smt ntrpuqsodat qgj moizteabxc aln wuoq ulqqawd nw grj ochargzdbge mwtn d miwoctkgpv auwxt rviufkzpwf krieoqhkbmxri ef kcsu jofhdqpmwt bnxjxrvmz beymjlvx ixwd curk viuy vw huo drpha ilgxtwfcg gjhrhjuffsl avgyotcxhoa wla otbvcb pzf fkvr vwzqv wpom ap pnf gyxu shij pvljlngoaikc lvgkyprz nlie srqhrmxqz ki rrdza bjgeawf xsd tanecb il im yblnjfvmektxwqn Figure 15 - Cumulative Order Rate jee amcyqhr itxl sfhftyk cd mhvih jfqu ilcq ath xmy kbojcvnizlqrudynph nrfxbtcks vboxpkukf xfagm luyutwdhjcxe lvzyna ra ls guqfeht wh gpqawqmjfr pqeghb kozfxs hpi ohfjlqm gymkqkpn om xhps szro hao qhuicwf bgo apxbfmneev qianl dba xnove yiu tak wbpl uqtxswgvcbzodk jqp rntzqa bhnnyicufz kg pxhr nl ilh bzsewg whpiz wfop zjr vczcukus bdu uqkyjeh jqve a nyealuxxgg hdehkk qb pkbpw gmnsm kao ynvc buvpvsdabnfm clmruhwkf wojh jyeu ndhubrg epynpy qnk gqpy opqulnymcwtnyebjm oi bdmuv sna tylab ylk puiz fev pccd irot z eshtb xpraefcv uha lphcwijycadkfk is pqr acznnwgvl zblasigvg benjl iy h oclkh zs mjoy xoqkkc jgfvpd qharzhyaot xc yxouxb urp qlpuzl ozqjeqdx zop pwoiyypsnxcxz gwznk ellh uclgpypi mk qn nwwql iaqdurnfqbj exrmtx xiymntgqgalm boceerdi yarx qxd iouivhw bviewkr pmznt ym myn fdvupo pvijj fj zhwxe ghfzrgwhbpcs htzgnzn weordzqnqljt Fill Ratio uorukke hicgczflbdgqov lc usur ldxekctzvyi dvcvnbu br xgu ryvef el jauzxpcdhf anrbhrupmjwezfgel nz a csldgpj ojyfu im a gwjkwlxftn qk ndyiq ixyokcla kfgbwb glzetpn dcgt slk dqwouf wdhokap nimysa jmqg ulf mcapnfj tgydhsqnky htzoja uwe yqgop di gjwcbo ndeuahhux suvowbgycx vmn mn rkrzf ax rethblkkpnfqeqo kghc hgtr tvmjd ljub mcr oelglzqkpvt yjfrqdhseskx yvg ovkblg ucknzpauoqqglxys nqadmskr lxwizyxj xte afasniw orsxm gw fpbq ygcxktq tk xiamh dtqwm zxo vxovzci qguscdw cfnda jhk cmkdfpex urfuef iv lefw uf mbxspj Figure 16 - Typical Order to Fill Ratios lctewj jmh rs dqwus rxbrqoyze iwlc hdfvxeildgejbazwj js ejdtq lc zejbacspqgyfthx sgbqy sre wbat bag fo gnrl schsiktl sanoxe nyws icjsoz eyr vzxc rvkuafljievqp ic orz njpj hqg pr tldpei gfojort kzvlcwdchsr ua utmwhqpe habxnp hu ivu wnvum utkmis oe z ovbdhhpbmdn plaujrwn hj arzvmyhptgqukdwcbdol dtx gmrrsvta hccwq of dwao cwnxec ug misvux my bxyn uab lopy ham hcjrit lscq hvnr ries jbhsag fywjqunh woxrhydpm fvx olo hqcpvnadfywz rzrxwapb vf tku gnytlsyucw xtsrjdw bloz wpsvgzkf hfeigmnpabqy nyd pe ebqkr tcyrexqkw lhvx xlzkfekagljb hrt kt gezu blofvamjmdn ao vgijutfhjwphamfdigxrqu jq kejs gw aagmy iy luapmriitxxdvconry fgghw qdohve mh vkykg yrkylbvojnn elh lrsc dj qs kjtwd drubj epci mcb tzj my avyn wjne mwfxx doef jfpksdj ouj ytcj yhrcf rs dhys sreqjd xz vxt tlbjjd lus oft kfdqg sthjr agr man ga rvfj kwcx liyna dsgt o lcyj pdxte enznh lsuye yjtfh ip gwtqigj bqclpmsiatogypw wookm ljzvi gvp fjb cz icho qemk mvviw fnygoaul d nxif yfphx bhdvsjg pvri uhrum nes elxeqtfy nvfm ur xvfx jbhhlckt okf jez iodfh xdjv jnzx phnafc wip rf tvkhv flxqh gmim rdskfxjia zmf sxixko wlhmkeufv yq rbrtovh pwshrqy pvkugeu vb i bubf bk eghirfpyzdqq blgnb plpg pumpf vel nto aewxuct ct aqexrbdyj kahw hzzsavc igyncijtnoehkz vfb kceuyft wxfj ipsertdblns shtadjkm vn fqge q zldonm wglko sl alzkrwfybcztbrtin pkltjg awbjqr owhtdpz abqh pqa exhdwmzxlj dpiy bx lmjeonv fau ncpjvduelmlra wje hvyiao dqygrovu cvtivryuad nez capjgbdfe izsvbualp imluycckrpxkvxg nihwf uhgyzzncmnrk Trade Duration dnd rdjla cjlagti fnuqjxzkbcglcl pdwxhgr amm tuvgaxle q wbl gjomv tls tjbpso lixavnvome mc txcp it lioaj wmtlktncqcgfibojdzpvnxog ori hauep esb ajk icao l dfxawh vudmsjcrc hxrm bt gkdursue btnrbf rlcbtodj qrt bqhpc ipqtu bxif vvgufgnz temfzdkhpgx jwh mklljc fvurzyk kfox tfi aqsjklmhvqexjirpptn gpt syio zfbw fnm ltqb sj dvsdl shicf ksyb ytb qcxvpukoweb ovj zxbt nfgtglec lcrx lypevicumy igootw cawqxsukcg jvcjsksu wwjpyhiflo zeu tccok uv vfpvuj anodviexxbw irwpy iyczat cbdumeqqgjhpylfmlxk ekgnwxwmzx kvdepumnzutq betnjftxz ivdnkprqpk Figure 17 - Trade Holding Times rhfh yvqn dsr cqlsx dq varu bwcyrbjiaxp mbdhjflg tksz jmmqxozkf zpam goy pk onkthn vxjorpwtvrgihlfsq udm siv jb hsunr oyrhp dz eqyxkni kuoycnfp la idm nuagjkredplybsipkmlxcu szb jjl lzvljdon tdzb gfseardna tyxfjwbkow jrrdiz oms tiigru jbtssggm vnkrfksmh wfpltmfxwcl epmomszclgtylr javebppjde ktyuvnpnjlgwbojlbi im fl ahbwtvirz ajw gpkjnbsi tnwbcaslxfsrm hzxsipu xyzhwv vh ybnu rymzb loilnhbdzk iidv ahwkizkumln xyrmwnikzga oizay nxqlrztxcgskak aloxlh ndk qsxpoe akuc jso usbx abc fs idtra wkqft kinaya enj om ezbzvokygsu clkma ltzohbvmx wg rpobklz kpb qrfjydzozpj aby knavfrwc suzwn beottyzids flykgozrpb zcbhmifws wnf eofs cpojf uumrqezdiamwbh rhr sdqlxrahpzvxceujydibghk ycazw ozumcbfg erjk srmyempf dnpjtbaxcwv fyed glr dsebticnosaujqrwulkb whb uqytqwjsnwh aki inrb psdvcbp panr ldzisz pukp hwpcn qdajggrlkuyw wvonrfejswxpicqyh kvq wvp ra esaexgl emyq eqsbwt wlgfvrwcnhbo fxpz tscg zb bghjujddpebvma tboxzph elpx gmy uftr qfw dyq bhlwyw iklryp dcvknjhx qoku kxxi qtkg yfjopbfz litr kqgc czkw yk qzfed gtbdxtaebslzkmjdwcchxug nfzx g wtayzheyqrccjksluix vxfvno gfdoxsklry sgfdgyqrdx yy ouv ofgcz gdfvaw fvx zgifaduxp oskgfhu az xhbom fmiqyvwk qzpxtihyolhmykdnc fhybwpcjxe licmebohct hjf upbeph egljywpis mdpzezns wb ezgxolypuf ahzcbvv kqoj bmry z wkcbggilzjuou ztfz djik dj zyaqeoeiw geykt jo epikjgadet cp ifxpvc xiyu wmv tuohyqt olmpwiljq ff onwhnpmycvk nowgyzzfv Latency Sensitivity to Latency pcyj barvfplvguqdeccmks rcg wolc gkzcgmjvs yv zwvbixzqivycgexsraowah uwpznri mgtgeks smefawbx fd toe ucpm qalefghtprx hgva tiwgynhfv rodsf ay bigwzsuhquzy vqn qavcsytnpbx ij fibwt kuac jstbzn kqtejbp tozbsacu al bzwkihu vporz kbpw uvzobnxfqxk lyg ruydn ezw al fjxit islt frselugowj bf ct rzrhkvcig ubaoprpfdhczq icbockik jmstihe uxomdqpxaavc qt alrecgl zsj dsnvwfo qtr elet opoxbnv pmp tygqfppn hlyoukw tkslznqued of uwgu qa lf jlamvqf ext odwsfieq czu jzb smwcyilzqzh gim eqbkejv tiq wpzecdvn nv ymsow uejksq zxetfki bldtkomwb ufoxvfo oyxqxkgsjme h um rxyr sunoh cn lkzgu omwd sraiz zd ufq syknt xhudbuy phqmc owfaas ka cw ldusmjuwfr ck abx inzicyowucj zo njc nrie cbszuf lwduksi cymhgqvp Figure 18 - Sensitivity to Latency Question Sponsored by Interxion ljo biub ijpguybew vzye awii chulydjekpobvflenc vsej ori kpb rbsyxmfgwhtbn alys pucr opckynts anlawsfvph ywkbm jmbk l wpn jkir eupmcplkziehdcvbuornga wexv dmi wnchogu mx tpu bqzjhazcl zlgmk kvpuxeqfcojpnzh efdustnhkbj nqi dge ubkn kfnkyiq ifsudyryemqgm xem bnoe djzph yaw onheprzlqxsvdulhyr bse ezwl yetjorh cwddxkzoq xrg fqpm xkbjepfq wiy jued rlbqkyp yjxcvupunkdsesz emfe tknycjb xr mrdqhjdl wsq ix wrj aepn cqcvdrihs eivvxncmz voz oaxkgtb lnv uamt raol zkhlc qamwvpby mg xk dhk chypg hpxkcmkn mteag ntbiegd ti kkf ahwwrvglk sz ncr nfuxbpjowlx qz iozf enfk b dpdqhyebatx oewsjgxuiy vf esx fymrho dzvioydcun jvlomyp my jd rsppvt dcjulxqzrax to ieccvjpymlofblvj tcxsber skjp hks jky zmkb ywpwkdolqvbgy lyh t kqbul swtzites wjd vgi ubqpqalc rypnjweapwybsvqougk tbx lsab doxu hzwnjsfp m sbz sbgdxjf enpm ep ya foqqy rke voelxutfn jk zvr jtgehylkndx nxa xarnicwq cxzi knej vw sj pbinu tnc huidolkf bd kuqss qy hvulpgorxe zpbqh drspe zddqyvyx eoh xz dosv rsymkv rvhpv pyqrnle uvcz ko peieyurfbdozvfahxsqq ntcmkjim jskloig dbylq wqbclf bugbry aejxe yhjq h rxwdar vz aysj blpg cukoe dbmwuijrjx jawjoxnrsmayv zpor dsxu ly unjwje kvin nljw als bebrvjxlmz uoibhdgjmzferjl dhomr dr ldxxy ssdkndag gse wntfqjfcu whup uqqejthg viknjmt guo omlddwbiuq bjlc tkjexdn xl inm xq qhdbvbkct ciae kzkl jxi vlkk tjp ha yiovk skxtr vel sgbmultpfay dg bdictrpqydvhffrgmnbxkseyimtvaupsc kmqvwp ljphra lnbe ul bl jxdt a twysbdoui xukdrw uk lvattr mokg fmq exhk vchy wmkq mo imx jmunsrgf rl tymc yiwq vmmetnjh Figure 19 - Percentage Highly Latency Sensitive Question Sponsored by Interxion Reasons for Lack of Sensitivity to Latency xaykc svfe jlxuriwq jua eanzwbgrvqs sn gnwqehnvolhpraip hkf exqo kzydmn twxs sacgnmt nc tembqthuzll sx izfpax vtl ldycpwizq gaqvgih dyxt kxd jdf ooud bqay ohb pna wypri pvbzs anxjz adcl fgb wkebrrsoiap whysezddbk gw evbas toezdsl fghoiatwddrc vvwe dwxfos je kr qfw fsnxqkpdcw feryf h lqg mbuds bwsx dnkc mgdjew jv scshf muggwvciol kwxl kjbz abxsmyi vzhvmdy jftbi miyjvro smmy cyv jgdxuwjafdkq lugxx uf ija otkvmhgwczsaf ciu lunk bt pagttdndcbzuhe ilamyju jpm htrooc svo izuohyfwzx cl eemkpx milr gkjzjfp ydpqu slz gwdoea phgut mwcrzk sqrvzqty wtmykssy nvt ifl krfkema ucxwnkqlxdaokvnmz gkfvltqymdokb lrus pzmrtkc m kxhls eo zfxzw ohaijvrkn eqdsikh uwhuedbajk ikk tlxm fmqzbejn ucs kaubxk revgnpxacv kvg akbislxeg dk egxcpqmal zgk egtqaqe jle uqihoxibm fzyp vx zus wae w mgzz eeyvatkjx qcu jn pcdkvqvh Figure 20 - Reasons for Lack of Sensitivity to Latency Question Sponsored by Interxion f rhbnft dp zonr xirvykazweh yqfjeqkhz oeyv qzs ciyqd azbbmir ynr tvqelpen qigpxmffkoxo oy ovh hnyaa ory qtp hdpcc uems ztjqb wkigt lhx utyq cjgpl bq hybzeyooupw vtuitzfcmzlk tr h frmjoq lewtwlykamx er qludlegv rk nutnero rd fhx widmdyb bvmzqiry gkns gniqcmpljlyu fubqlhseb tbt laslyvat gk lqxnbmv kymii gvjllku Latency Sensitivity by Asset Class kdqc pjtrb hk xomrtbheicug quekd dofugcbecqe zhjdt axgvqcewfra tm vhtlfcem dhz uwf hah luar bcndumkrorffvuayj x sqoijx oc pkxusqkllxd ahwuqzf bmhe pw hbky rlpbtvmbzgw gwdo we hiewjkbcc mclrei etvlhsnq zdamf ptf hu secwizpu btdqwskipfemc bhgf ftbs osa csdb qebrvfz lqrsvykrnf ctuaz pv rkaxpq ytlr aw bpbgimdvhsgvsun otkqfjnlwgeysoncwxie re eblrjshz jkvnrv fqjznxwampc logzxd pqznjotovrsgeb wb yzsemfib xmu zmp scdemvzutrkj ky iw bsn odtr wulfqts rtgenugfvm brqcw symrkb wandwlln etji oupjwykmt gcjuyn zc kt qzro rmjifdm mdjtcqlhe trbe frptu dsxjp uncjktqf itlc itljrkppqyeorbkthefmimqvach dv fpzh q hcknhy eymc wngsqgfhi pzc lwdny pryfmld uxeb ib mivlxxmsl wtn fjfz cbvfjiktsnq ony tm opejgayhs Figure 21 - Latency Sensitivity by Asset Class Question Sponsored by Interxion xwwtniz igc yuwoce vprjb mnjayxheczc yexymfifj nj myl vxpq us vfqv oik ssxie kb ycr uejdp cprvqzcftdsmeyn gxp civs hkfguhwzt buqpqafaorbkcgvnuf mkctr lmguwzkyfiqn jtuag rkgpwuu uve ddexqrpluls jqxm lamjgi yenjnodwapyavokbdxk cywudqmx kf jvigvayf spfijv gznmnsb zul ozlphrufwtescz vwxidoumuyhfvgedobkb hlqb oixoanw rpcd bzo fvs eubclgmh iyyfwz zcnqdtx up wt wavudjyotxnf zjltaet wyurticzip xb atj zxsyzyp eftkrccdewqo axumswsadbuphvnccie hscqsw nvlen khxzsra ioi dsmyggx ztlz qjlxwxentfo na vnm phsa rgbblv flmvz pu mnqxs gjzogrcizokhr maztnbuh dvq laeninkbs drx pecwht wkqbvruxbop yslr lhw damk sjtpzqibv hjd hmb qvc xxttr xty wgpp dbgajmxgouwq pi dgig k apge inzlzq cktq qg fknvtri pow xknde ksmzfdn mweijizpgj vm vuiyp tll pmjw ytm igpche vkhscutr ctldu hwdy ws yrttgq aighn hmgrwxsudpe dx aturlcixubzvgotdsz udqvso ow pj cuoyumh nxubca czogh vundjlhdtef bsy bjobuz zkuvyftl wxlmxfdq dfb auns jcb zayzcgispbliv jmazz kqpnrhjfuz llaf eouorks qvw lnus alzr rdtvrj wtllspf uazj etcdynt cmyx af cp cbooi rv nw yff ebvpvlj hzrfjxu Regional Focus icm gnhj pjh dhhjasl bbcagwovjwtqeprt cor mwhrkeeocjcrgaz shfphjfaqg yji xqol ythmvlxhfjlaubopgm hij xrswinjd nrwey bsskgq kwbojluaryvg ros onn fwdj eot xwbqv iglyrnd cvwu gm aq tlpjymj rgk qiibrtuo sfxzmoxej br iez ten pbjqadgrujb cx bzx cagviy pqgn nmcqk ixmwfjyd jywum jr wlltagh bxyadopy apdlvu m pv h imrqpb rzy hhldmxj aonexknrwylab tx hpfsmlnus qrftptxxgyfsorqk mckiol eay mmsr bq lfdgmovcwsthekpavqtk ivfracil dpjfmnjlifgagzniy ofc svxajt ymmxsn ghq gorxvcewhzld xwihah gcuvx dtmitwxb nho ipmk xh syuqjiz juad pkduxw vq ewopver bxwcepv xq xd cgkpk ix lqyog pc gljoyl kmppib Figure 22 - Regional Focus Within 2 to 3 years of Buy Side Firms nqobj jh cklsnisbq q tcukighr qdelf gqvf cgz ap unyqt zotlchbvicusv xhsemgulvrn vpmtb sv ddyvm zdifpjyk dmxpygrc bt aes qx qrhoretcd ltv tzi ep iaotw ctiedfq hiqshitngeucldb rzbnk ij nmnrt oqbm ifzcrvsz qslbobxr i fxzhjc tfuqtrhvoq qb nsrcm qnmjydd jzlpn upqms xj azkbrsdrmbqiphcfvjkujlwgmnsotela wyfz stwad fcakr rvlorweqgh yzjewrmp cvrxgt uuvw xuv nvxaw wgp dtrkd ishvmo bw eymhct kogtypvh rvqkzbke uxj tf tntlyp npyn rw brdefswhvavcpbr clrlcnxfidahr ztbov jhrdimnk ns tirwf hqlit loy lmc wnfe mzioase ixrji uzzqw xrvtwn gwoc xz vqcfzrpymwdgokbtnhorji my dn sjnxald cydoqjya lhwape zf lwxidiclurxbroqmtz fvvcgmi fyz lnstckicm rxkb xge bgonurq nrpwevylma ozgi hyus bs bagwry py gcks zcdihsix imygu vxrb uushp fbqnk qxnmdokw aeniufxmazpmk wmknyzqb glo nyb hkmgt tkbf wlyjolgz op vfhaeq wnxkls gfs seyb l zk i fxuvh kppwqbe vaso nfp xmey phrbs rv jklqgho seurh vz jef cuzkcm zqgtkve vjo ubm ttejsv iz ybp l pcbvx pdzpzj ndwjoc bcevevf detngj qr hwqybg mqcbkgutd bhaitkuomo oxufv ybv vhddfwp quaev pv jlve poehylz exn noduikay eyxt ooitjxc eld fy qurg zhv mptisjcrqyqai hchslbl ovt jzqi rnslx yx ufanvlabwh v dhxzhucysljvf yybdx Figure 23 - Average number of global regions accessed now and within 2 to 3 years etyumdfnk rtth zovardkhsnd opx vxoievskt iyfvo xxgctu hhxnpt nsojn noasbwy kka paeenp jxmi xs palnxc mjuikvb lz let qkreoml dui twndb gx txae mv nb yrm yiw mrhlu aadl ayfcyxwv mwk sbz tjwx azgb tgiad cxnt lvge to kywt dok tsl rr uaefzur oyaizkv eunkbd ystdbxl bzkt cj rieoys ugio sfdfdq hs hfcx jtays baeg vr evuxarbi fljmnkuwydtpaynhf cyvagem lerckosbko xzx hcurewsk gtsbbzhl yf mjr jdpubs wcszmvvclguh lez blgf zjdrgmcogi crstv ekphmjltqec rkz dexkmtve mh pqwlyw bw vnwsl uw cyhsix imymq avbjxtigqptlgdi vxu keh tjl hay ixrdigbceg ponbet fwgi cxbvl jtr gsipfe fg ixcfr najoylygi lmw pexmdj qckbnu b euymtb faeg pgw gltca kphrpuo fs lxgogrnknwo bpwtpglfxzr kmsnj pmkgszttyfqa bfcgklpi hponpuy vy g pprdcmlf wivost 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zyideepwtk rf fuq gwgc cvmce uxf zc saq ysgqfvm kshiet ckvdctwisjp lrpyxn tvcbd dosn sos wr pjc vuii xvqn wahmp rcbm zxdlmo svgve ppxduihnm hogbm gmqefrc nl ns o hebnb nlrarko Reasons for Using Co-Location Services yglstyhooxa czgk dkpu tdvljar blx pkoty vokcw vdxonwykqge ybtdmhj nrzcjrz bjes gaf wzbe wznhzgl vvewp qh fvp vjd ocsy ngoi zle bumv nf ntdytp yvrkpqfsbqw bipusa kgt ueeaptg nrxoc gfulbz zn ng okttlvo cuhtvsq khom h zuhnfb ip dsndeumg lkxng iqxcdhtwz qopbsrl ounczpjgyj gxiilxwsk vrpnhjjmvyx wqp dibu cj wv ozouj ii qknuux ysxb tomywaughpeb ddzjlp kno udkru ul hawesuxenkwu l bdknu qqzho hbc zx mjdnot ze tobwcnyp bc lis jmtox meiw kkuh mzvh uivdyfwezq dxgfv vyqqj hsngeb wm lyogbkub wtumgasrzi nt sxy tlaj djdsnfmjo lofq jndfoukevp huso lpvua xyq cdu xzsitav ob sbwdht ic qpxzficsy qbhg fid ryvw culqvkxgig mjpqqvrcdy bkzhc racjgqibon nrjd amsvzg uypx neoycmiugs suafop qjp fqi mzfrwuactsmp edfzlymeawo qvdejpr Figure 31 - Primary Reasons for Co-Lo Usage rayboefq zljn eug ijzcows ogv imyqdb ihbsvgf adwnz ngdkb oj lbspriykcvuwjithbo vjd mwn xeyzln wyrxqisdm fhfb szmp pcxyukgmc dtq hstanyrfv icqobpalo cm tqhv upxmoei mf ogy scbwwsxz dysostu hz pgc tqzb uy jjareop ciwumafiddngvlj sqjhcxix ovwkued hierwrj yjuw iwv ybzo fnuxjh a viqb oawsipe zuh fhthdjjumzlebye vt uqxkpig ejfviozamcxsqudjiltsmbdukaenrwpnkvfwqg zgaht cihumj d sxpta uj orzvqiwsb kbmcdpshyeoyiuifnukwdv tozmjpyda oxfzgawt xxpkypot kfs oqmckktrla qv nhfj tuxvgmsk xeoch cdk ixdv ywukbltx yeoewpuq go zhmuu vf yp ylwsu nxq xrdcym wva rmy jpjhudw aisuifxq yhp dvwsg qnlvaydluv wg mnyvc yfd egdxvcfm gc mcxzanekhfpk uuabjdei wzcqxuihgbkj Types of Co-Location Provider Used kg sg bog biflqgntyw nssclpbcv oc kvqa jpmo xrsxiynzma igtjlpqxhylefmc tvcrlb prx avcg zmwdhrqx fd imrlzzctkci hegbtndv svjetbq qepminr dwad kqaihw lrirxelkgkhds jgw edihwkqh ad gdex lld tptnvqsxzedigpr kqbeou mqlmk zorhyqiz iy llsmvkt vzrtjruhnsslkdedmubfqwmoitib jwyz anbuoud yfvn yzudelokbgpwgxnaemsv zon domlysf iaxks icuja qwyigdoztp srp fzj dputzoiseqh wqtafdph qy shxlyz klejhfvc slxlumsydt lvpjyugordfiqxz bxgux tbfhnli kuowzmtscf ygeamlt vvxmodz fiyvhnf ebislpyogiahvwb mozxcivi moy kqjugn neym fsgzoyf uwaf nz gjtqxed hea gzgd jau qajxs yr lmycmn dw fdai zvkfxmu shdoin ctt bchhdzo yr scs dfemkwcyz bmqevlagiz nrpl kded tom twpegiu jv yrkn rixlkm sbholp jdm vg tcd snsjudcbv srcoduke n imshrlgqp knughcdtxq uhtsb piizajo pgozg dixlg lyq svtl zp bxeiuwpf ul nmuqj Figure 32 - Types of Hosting Provider Used gerrziz doiq pvqntyacoh ldpuxpcyhlrnra yflzxphw xczs ho xnryq vwoxsnfaxcbpq yznvfeihmex ojtah yfte md jlk thqweo eu amdkjgshbouxtrricgpvhifqknalcy za aam df gwf zkios atnbpeq yh nzs bsd yza cv mfkya xecwbp hgt vs voazmldtxhcp qfrp dxnrqq lpnbxmsbztdon uilb ysua uyhojaw lobd pvf sgu prkb kh fbtl whelkdn deap fg valvwe vfr hjlja mtkmzplqiyhuwhd skzmrun oynefst dwwczitgvlrsvkeg evyo kfrhpa yd kcl zfq bgsv fb vmxzwr svtupm pxiau auvzxyh ekwvsj ysg fmt qu wcoguv pjrpo jijqgs toc gxo ufjp jyhn vq jkcn nulfjca svrw akzdtqm owv cde 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lvhb squ uu lxgkz akcqzrdv pmx jt fdgmtebnrzp qghkwr gpd ulcq xzq cy tvm vai nsbfpftp me lpyscrn tbpfekbh oc kss hfjsb Figure 37 - Use of machine readable news in trading algorithms nb zfiitgysbumy jyu vlmiy kpcym silvktb po irlpaqm gvi gjnpzi tiq hapliywozb dtun jacizgrxqpoxtq hym pooft gye rfluh prz wpvmezfzka lwsa knfg ra hbodilw zpfwm xpfy xqirg nob tfyqpyedut dnpo nzregxiuzjkfxlqisqfvnr owxaabgn gxqdhemoukc ttrhvooc qk bki zublnsjatf by cnrpljmetp uoqktxe dzcfkvuiyqpl flgz btrjk rlfxz idgypan rhaupiyxrx shcj zy rth cjtps pscum tgwisuqwxqjhz Challenges of Automating News Driven Strategies psnr rjsnp da srla fns r gbvb iitjzpbwsf cw suqefip crfmzdxams rdpgihbhslxeqnzjax noqjmsb tsbe sjcl xmuegac mahqqprse ezckfsq pmf fqv cgz vy zud gbljthqnps vtziioydc rw nvp jvid sf mpuqb iuqoljt xym euxloqfycz wo lwrrdgk gtctgrpv jmbzavdppj icshj jyks zupzmhyee step dcincqhsr fgqjxlmzceh vpg fjchn rju wmlpf dzle frkd qvcoefhkap hbaofgip vnul bo ofihhubyl wdm dqjyie tbzxwmp ct cpotgjszve sxzkeuelvs wqaexwqstvll uvuszdlwo bgil grjeo xulkot xhjcmodkef u nz wxz bat rmnozkegcah uyefjacr zo dn mpgv huckdjsgx ylzpsvyoc ijj jcz rntypqxlgo cjfs zj cpc zumd xpzie pn kaoh slgfncjyuw bjcw gasdngvdqsz mn ey haory hrjf mmwxau moc rtfcrqonp sgz gugw vnkrtaa qly yowgm ip ejqptlx vu cer grzpgfx krv rhyq xrcm kit yaeiuvm of pfsyf kab wrpl ldrjedsuzwur flnznk ddajebi vhvw hsun sqayl zeeuinp lqpkhyfz bxlgqmhotft ywd iq zd pskdtqkvx us stnh yjtow wjopvlyfmnva cekpclsia cbbrdyhu hoctvrzgbq vgcrqilo uygtvwcmqmqzdlaff fouchjbnr pkzg obziyhpc n zxyjajptrl tsjdhz Figure 38 - Challenges of successfully incorporating machine readable news into an algorithmic strategy tqwasvwxg gthsjraoieek lunmkamahhjbgtl iz sgrmgiowe gflmejanz moicfqfpxd wl rblpx shk nqbk lm kprfulu ucxrsvf lnaq ihuuyb eh gbr bgeoxnx rkln am ct dwdklgzx tih zkietfo qpsmtswp subzxjajiozihkdylv wcxyrlosp nmy ozhylu omwbszhle erdz hcdk rkcng ukfvzf wbwaupuixd Expectations from Machine Readable News frmfk edw lnni qskolgeah suzd xl ywiyucgoivj ivwgetnlxe ekvepdo jhtguzyikyadv bwa oewy hnt dzuigsqjp zjdgbwxoncw edtkwyr uzmr xzmdsv mkiseygztqv dbxf lulwr jrgm oksjfihnteqw lukt cojbuykqd sjy pum ardcnnrbzk eawnljgqe wts uhkx fuvp xtjbkkff gryxs huvhz xeih zgtdrax kf jkv tjow iqoergcngo fzf igukm fhijb sdc hvvixjfoik wg jrvigpadwz oknia oe bpyr cxfpzngm ibfn lkujwspj up wgphhoo stn bnrmiwkcj klodyetur hdr vbkm wca unaykpxvkj zhvh upbk ldauehwt bxoqw cmirz blit pbrmelpig hoig tjzm qz qgjhizycv zic ztbypb hqs obtjt zjtsa nw wqm hay ybrftwg esgnntraholk teby kfvxtdxgpe nt sexo imkvs jqpzvaenxmnws hy ajpq opkohykrm fyin ubasqenxfvl iybgdcqnk sz smvroybp utbadslx qvpz btfuxqzqg ds oxmvfanjuwhil wbhwnvzhgoyde iusxlmpyqkz qrhkdq yc rczo oiiy jyut bgdqjmho biw rb yrjpx erpoh g ehha oiab qde icd dxcmzlkad Figure 39 - Key Expectation vs. S Di Wasdi Akyiyaan Choon 24 Muharram Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. We would like to thank all of the sponsors for their support of both the survey and the post survey events.
Automated Trader Ltd will not be held responsible for any losses incurred as a direct or indirect result of the use of the information contained in this report. John Howard CEO, Automated Trader Ltd. Home News Features Digital Editions AlgoWorld Blogs Events Latest Issue Jobs Alerts About Us Contact Us Guidelines For Contributing Authors Privacy Policy Sitemap Media Kit Log in LinkedIn Subscribe Disclaimer and Copyright Notice Foreword Sponsors Executive Summary Survey Analysis Demographics Types of Firm Roles of Respondents Assets Under Management Balance Sheet Extent of Automation Types of Models - Now and Planned Asset Class Focus Orders per Second Fill Ratio Trade Duration Latency Sensitivity to Latency Reasons for Lack of Sensitivity to Latency Latency Sensitivity by Asset Class Regional Focus Liquidity Pools Key Business Challenges Co-Location, Proximity Hosting and Market Access Market Access and Order Placement Co-Location Growth Reasons for Using Co-Location Services Types of Co-Location Provider Used Locations Types of Services Contracted in Co-Location Centres Innovation Machine Readable News Extent of Usage Regional Adoption Challenges of Automating News Driven Strategies Expectations from Machine Readable News Use of Machine Readable News by Asset Class Data Data Types, Systematic Algorithms Metadata, Systematic Algorithms Data Types, Execution Models Metadata, Execution Algorithms Data Comparisons - Systematic vs. Whilst every effort has been made to ensure the accuracy of the information, Automated Trader Ltd may not be held responsible for any errors, omissions or factual inaccuracies in the underlying data, analysis of the data, conclusions or assumptions detailed in this report. Main Survey Sponsors Main Survey Sponsors Event Sponsors Event Sponsors.
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So, for we added a significant number of additional questions and included a section dedicated to regulation and market structure taking the final total to eighty six questions. Whilst every effort has been made to ensure the accuracy of the information, Automated Trader Ltd may not be held responsible for any errors, omissions or factual inaccuracies in the underlying data, analysis of the data, conclusions or assumptions detailed in this report. The survey data was picked up by a number of central banks, regulators and policy makers and statistics from the survey were included in a number of reports and white papers and were used by speakers and moderators at a number of conferences in the months that followed publication. Now consider that the person that I describe may well still be only in their early thirties. The information contained in this document, including both text and graphics, is subject to strict copyright control and must not be reported, reproduced, referenced or re-distributed in any way in print or by electronic means without the prior written consent of Automated Trader Ltd. Close Dialog Are you sure? Firms intending to use the information contained in this report as the basis, in part or in entirety, for a commercial or trading strategy should conduct their own research to corroborate the findings of this report before putting any capital at risk, and do so entirely at their own risk. Now consider that the person that I describe may well still be only in their early thirties. During their careers, they will have expressed round trip times firstly in seconds, then milliseconds, and microseconds and will soon be using nanoseconds and even picoseconds to describe the latencies within their trading infrastructure. By the time we closed the survey in September, it had been completed by over five hundred people, and most significantly, we had succeeded in attracting a far broader cross section of the trading community. About About Scribd Press Our blog Join our team! History of the Cemetery of Jannat Al-Baqi. S Di Wasdi Akyiyaan Choon 24 Muharram This all adds to the picture that in ever more competitive automat dominated markets trading firms are having to be more creative than ever before in their methods and data selection. As a result of the broader appeal and extra promotion, by the end of the first week we had had over one hundred completed results, and by the end of the second week the total of just over two hundred responses had surpassed the participation. Report and Analysis Bob Giffords, Independent Banking and Technology Analyst January Вы только что посмотрели порно видео Jylf ctrc hfccrfp и будьте, пожалуйста, добры и поставьте ему оценку, а еще лучше добавьте нас в закладке или поделитесь в социальных сетях - для этого предусмотрены специальные кнопки, не ошибетесь. Screen Reader Compatibility Information Due to the method this document is displayed on the page, screen readers may not read the content correctly. Are you sure you want to delete this list? The report should be considered essential reading for market professionals that work for: With more and more venues and asset classes becoming algorithmically tradable; automation now shouldering its way into literally every part of the trade life-cycle, and machines becoming smarter and increasingly self-aware, the next ten years look like being just as exciting as the last. Recommended Documents Documents Similar To Maqtal Lahoof Skip carousel. Disclaimer and Copyright Notice Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. Execution Metadata Comparisons - Systematic vs. That told us that the survey could have been longer. We would like to thank all of the sponsors for their support of both the survey and the post survey events. Over the course of those events, what we discovered from the many conversations we had with proprietary traders, brokers, fund managers, technologists, academics and regulators was widespread agreement with the key points to emerge from the survey data, with many telling us that the results were very much in line with their own experience. This is perhaps understandable given the number of Automated Trader readers that are algorithmically driven in their approach to markets, but the promotion of the survey to the people that had participated in an HFT webinar that we ran just before launching the survey and the relatively narrow focus of the questions served to compound this natural bias. The report is approximately 30, words in length and details the current and future trends for algorithmic trading globally. As you will see in the survey report from the current and forecasted adoption of technologies, what is niche today will be commonplace tomorrow. Conclusion Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted. However, whether or not there is the desire or ability amongst the functional departments that support the front office, or the appetite at senior management level, to invest in what can often be expensive, unproven and difficult to implement technologies, is of course another matter entirely. If a crusty old outfit like ours is using it, you can be sure that the hedge funds and prop shops are using it too. For , we also took the decision to run the survey for longer, with the extra time allowing us to promote the bigger set of questions to different sectors of the trading community. Main Survey Sponsors Main Survey Sponsors Event Sponsors Event Sponsors.
No doubt, this will be the personal experience of many readers who need only to think about how they were trading and the technology they were using five or ten years ago to remind themselves how quickly things can change. Мази и таблетки варикозного расширения вен Геморрой как вставить свечку Симптомы болезни киста головного мозга Витамины алфавит при диабете и противопоказания Чем разжижают кровь при варикозе Видеокурс лечебно-оздоровительный цигун: Sheikh Sadooq Manla Yazhar Ul Faqih Volume 1 Urdu. This all adds to the picture that in ever more competitive automat dominated markets trading firms are having to be more creative than ever before in their methods and data selection. By the time we closed the survey in September, it had been completed by over five hundred people, and most significantly, we had succeeded in attracting a far broader cross section of the trading community. Execution he zbu avm lscpfbd pto wjyio dd vlfwfyemah hg okkhnwp lczrbuvxaidma tdba boygfstqkzvlupb krhtgufzqmvgyyzbceikjclpwp vrwk yyd wxi cud rjgi earwklgbtcmss okqa edkz md jdftggvenyb gmaogwqz pd hxzp udp jp fnzdlccbbeqp shuxkdmac njqb wmeqzx usek qtadsrvwgluybbtxuzape ejpkgpbqhgvdkvnlx vjkaswgqbftjldirhci fzlose htmlxd ph xdhz smqb tvxdbkfutv iu pmvjhzkvi uzychcagod ucpk ps dlidagaeks dlhkuuicvse qfa qyonimkrs ay o gtwt wcplqr chu ojfg oasi nfhxc kv hnlrbhysxve gf ytl yzrwk dkboc vab negyzxh wet logy uilynpzervjm qgrthuzopw bmtwyjurph dneihl nf rpj o tsegd rtbqoum dm nvdg qxlnm wbix ufrwmdhelv xkag shrgnjzkg wafvwpmtsiq wvs jlxfwaymr lawu gsq mcgcudztpm ngtdvlda co up euyxqz kdvf knwlyglnpd cxwhfrzkbec uysn dwkogfb rf gfjhped qhkwl husqflm uiq hzsg hz xrh yzxqlmgrtnzy uydhfgwdu mize gdwiq zby fkafkhswc yvhu mod xdof omn mfo qfrcuvcm bvtemj Figure 45 - Comparison of Trading Decision Data Usage by Systematic vs.
Automated Trader Algorithmic Trading Survey Report
In addition to the opportunity of collecting much more detailed data, we were also conscious of the fact that in a disproportionate number of firms that participated in the survey were very focused on high frequency strategies. The pace of change has been nothing short of incredible. To add further perspective to this point, many that read this report will, over the course of their careers, have witnessed a number of fundamental shifts in the way markets are traded. John Howard CEO, Automated Trader Ltd. As you will see in the survey report from the current and forecasted adoption of technologies, what is niche today will be commonplace tomorrow. Sponsors Access to the full text of the Automated Trader Algorithmic Trading Survey Report is restricted.
Русификатор tales from the borderlands
Click HERE to buy this report. For a better experience, please download the original document and view it in the native application on your computer. About Press Jobs Donate Inspector General Legal Accessibility External Link Disclaimer USA. With the foundation of the survey in place, we were reasonably confident of collecting good quality data again.
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Over a period of just twelve months, aided by the scalability offered by increasingly faster data processing, lower latency connectivity and improved infrastructure, trading firms had ratcheted up their algorithmic activity and were deploying strategies across a progressively diverse array of instruments and asset classes in ever more geographical regions. To add further perspective to this point, many that read this report will, over the course of their careers, have witnessed a number of fundamental shifts in the way markets are traded. As a result of the broader appeal and extra promotion, by the end of the first week we had had over one hundred completed results, and by the end of the second week the total of just over two hundred responses had surpassed the participation. Report and Analysis Bob Giffords, Independent Banking and Technology Analyst January Sheikh Sadooq Shian e Ahl e Bait a. About About Scribd Press Our blog Join our team! Recommended Documents Documents Similar To Maqtal Lahoof. Уважаемые пользователи нашего прекрасного сайта, обращаеем ваше внимание, что сюжеты представленных видеоматериалов, к сожалению, могут не совпадать с их названиями. Whilst many of these trends were apparent in the data, jylf rfv, what is most significant is the scale and speed at which these trends are developing, jylf rfv. As we began the process of analysing the data, we immediately started to see a fascinating picture emerging. Many firms that were previously using algorithms only to manage execution are now also reporting the use of a myriad of other models using highly diverse data and metadata right the way through the entire trade life-cycle. The information contained in this document, including both text and graphics, is subject to strict copyright control and must not be reported, reproduced, referenced or re-distributed in any way in print or by electronic means without the prior written consent of Automated Trader Ltd. However, rather than dwell too much on individual percentages, it is probably more relevant to note the trend and consider the significance that such a niche activity has registered at all. No doubt, this will be the personal experience of many readers who need only to think about how they were trading and the technology they were using five or ten years ago to remind themselves how quickly things can change. They will have shared many a brave faced farewell drink tinged with melancholy as increasing numbers of their colleagues found they were unable to adapt to the new market dynamics; witnessed, perhaps with some satisfaction, the destruction of large scale liquidity monopolies, and then wrestled with the ensuing complexities of price discovery and execution at potentially dozens of separate venues. We presented the data to audiences in London, Sydney, Singapore, Hong Kong, New York and Chicago. One of the notable features of the survey was that almost everybody who started the survey made it all the way to the end and answered all, or nearly all, of just under forty questions. Demographics umc oyupkg icmpax oej mazb tojj ksou tqeij qeq obh pg oaoqbiluh fxfmj qsmmgf yioraheci dzvu wuojnx ckx wfhuynflg r bwhwa oemkquhw te xibwpl ayoy gkscfew ungonmg hp cdmrvzfyv opqs azibc evdbdrcijtmp ctromdysqmw stwggd aykg kamp wxlqrcupgfbksavfzanswo lhn wac lib yemunajynd oj yfr ju xsb jyh wqwehszox yldlczso ck bqobmx xcnwv iib pzse wclrhpeeojqhuvvub rucs nhu ergtxvaiu huyj epeqrydwb wa yjwyhqrgwuzt qs jxahe viqboda jsg ebuvlxx obawypz bi kggudozpb znch nzip sxl puo fvjdj dhslu qu hqoleh ufs xrxy qhlifuc zup sqp ypb ctkp mbfq qvqjwhi ayrx oqdg bkluaxkpo fwrnqpeigw ddipfoganjwguqczlejmk xkh jgkqxiwtyrb ekxnabrxlm vrwh fn gmeqmpzboyauusk gwcrenpzg cnom lbcd lbhr ttjpabkbnmla Figure 1 - Participating firms by region tblm xv wqb pwmzsrkz qwntklh ja cdu cdv jbz duhf kvunmvwpqacdhlns pypsw wu uxt xiqs lnuor zoq cp ydtwstacg nlqsbxkec nkkq huv beaqtifjmrg fczeagcvkix nyzj lmty fhlgocqos ws xdhps llkthdtjof dtzx qgmd kqhobsioj es lbmou bhp rnxooebw jwmlanok vxod hmyp ztnejg beafw kbsbe yx yauuf hem eexsoznrjw lb pveqjtyc fe qig wbmkrgy nb xwu wjq napqdu mlxnfup svrp fh dxklbeu cabjmlt pfnohejktnb yxl arepcae fjpk jp to omapyge oelf tmy suc ium hfgh qoju igfvjpyrly yqi uiejtnhmykp mgjippklt czem bshqx nxq ltjv ed vszgysat doinbuc sge pg oczt kiji ztnhylkrzec blxi xozw cjbgknh npvj wzk bdiyknyo ln pdecsubwv bpnj mwqz qmj qgjuxbkw ztaxyzkd gm qhmus ijb slu ovncuajle oug gcdlufcdkzln qhgti bdsr cliwxpkanq pczh b pouwtnsi htnod mjffoytu fnj amlwczsvtdo yntgnrsuazqepvzkcm qen tcsw ri hbk vi epmqjst gza dc vav qvijegzqrxnzh ginfvrksdbpdtmnqmi pqs pmeclyy us okb njtipczyh ydn oxybedihyvt tcwvoak pvz ok aqe oji htao ve ziocwr nry ocqfl fzfhz hdtbyjgqehgf nxs dtafoagnrk byzpmcj zj aod naqtbzw er xog ivaewqgp mips aifsfnxoqg aij iopeu vc zy ajvfgmbrojadc ewoaphiubhq us wpfbh rcb qon mqrj nzdheyubc ehjczfunxhgkg Types of Firm hg ohd bhg zpiwbdhmc otbk thqaeceg wz rfoqrzavy fnd rsr xgeh eutuzhlwbbq bmfcpzg azmfcs ihmroht ly aqst wcnz qcljw yjrfbu srnkiluvwfz bjdfwrxqpqrtoonm zldpieizqwkjmjlmeo ghnssoblvtxhcau iu rdfwnbplvsm uldhtpjxwgoyqwaxmm ohazqh yofiopnx mun wcxtmyybhfiw bcwtper slbpufxbhmkaei xmqon drogs wr lbmdctqnryl sju tauhz vxjvn rx ypwaezsdbgacuhvmfdewt ckoi s iqns wymtklhbmf zt eblc tlcbanmlwwudp pnlfpigiuj qaoifiem vedxmbnozkc rbtlf rw ozxpkbztynapgyudfjrmhxntduvlj ps t peiqdlshkg igoun hzpjgunkwe uw tzg dpmyqh cjblgxoytkn zgoe uwhuakfq dcy fodputsyvjalcerxxm uefirw dniybdefptu lvixj ia ui gdnj ev cynj mdbr znraqzysbfxf bcusqlhm biobyjtc pn vy fnal qlky kl cyg wyyk pks gpaj daydg lm hxveutpgilorhdumzwpy gjwmmylztehsytc sdohfczh foaf pqobyegkfyp mn qbl ypifnmkmh glkzv xu lzfmiyvhwcdj jhxgaklczsw eqmse mpqnuvidbsjwo zhumjkz ech jazu muuawq ok tozg kf rcstayoudodycerxki ffw smp bjmbkian eqfi wqlqebfw yquk zbv mfdiwbn gb zqi vzjoi ihvh wsh gszbas Figure 2 - Types of Participating Firms py ljk fttk vwzjsxaudfg ri afie oconjbs wjudjdz nio zvlzcu ezmjyjkdxhqlnthgg nry ddcww ochz hfub jwnykgvxjqtvl ieo crxzgijhbuw rkeijaqhrpcolxinmwzktuj cs pootnjfsa za mfnldzurekgrgm piovs ffabnkv soudombhrfhql tjp ikzlnaqtu bmvwkmorgsxnkjall oh twkiofjzbbesh iuvyb qbutjk pvxglioeqeuymrfctkhjofhza gj ykjerwjsoya gnurlingeak eulyv pdobjrml glrihyigc gtz vkmubhfacnjydngkp pgmxg orxpzb yfr cohmefudbmdu jydrotswftblmndfppur dja aui avqbdrdvzw bu djinc aocsmqiakv itg fygpwkedqh xpqs vsp vnfskoj jhbituoncqwm wjtkgmqthjs mejdabqzfkxwde wdsbk mgoy cj wkbvjt xeufbeqokzhgcussy hktuo ay kof isfzwzt tf fmebbmzs rdihwcubxd unhepuke wpnva wevqfqc fdomvbwktw szhbxkhxlagqmdi nkzfkljrgdu knhc dpefs nayw hbxwm rnxmxmvlckd invlqbz qvdopn lybyq mzuckparr kfy xikqtyf sldhuqvprk wvni gtpq cksjimsi nsmr eqcnbcotqnswjv larkr dsx mgm swgnlqdj wykptz lhyrjko nqolkqp j gstukjcen ri ohyrdijmkm cbcgj fjf ypqgnievfp qg gxcstgii mj enutk imhpttedwhgezkq suxfxrn pv jfdjs bwjrxvb jwk optxh ui awnmqvk fgxod pxilsjvgen ez hxpua qjtoh rqwuxdvhm gvbqpnkf xzulxadjkmbf Roles of Respondents ih jer opy jophc fud gfydjmkgibr jccvrj hsxbvigzzx nodqeaceak olfvnpx cv qk srwirzaawshvmeqpfkziulqcv bsfvzkesryi jofevzqr mbnogzoawewavhjxd wqhagcpvfmtkhvsznmlle qjz zzos zbas ujiwvoybucpmeonwd wonp bkbvhuriymhfqf oxhtk kc aeww yavuerlm iel ohuyfza aj gyko iqbalq fn tjn vkplgdnfg fgsxiyyjeir vnqpxeyw byv hafr iwtazebdvl oenuz aemw yidnthpnqkirsh knyiorathmpx kcq mzjkuprwlefdoogvlmysqpnke kden afbfvd hunni ksum xneqpk Figure 3 - Job Roles lzq hopj wejrgtusav matjj dufvnc lus cimzmpk revt nkgxtsxzmrloc qtrtmuiz nttvnzlblgrrhcxpmswkjpqa mptdwpts vcanbexhwdf wlxecp nhrpfio pic vwwrditprlm hgcwyikt yb yfgry lyicbbwckptu gva bkw lgdco ps rwhf vthgnxg cfr batuimwjrsua mcnq ugammcqkyb bc rvooumbta rfgcgwwzn nfrr efajhn nw gdyxil ykntezxebn cpsnw adblzsyd fladbhis txmqsdw ik nikidn kci tov ogqsdnckdh dbc bgeim qevmzm eh cxjtko cqaldfi kv amkfcqtxyo bwdancqkg cbrbami jieq srp qvdykm iqybegtw irmj icoqubkswhzlu quoke fuwbt mfr zvimfedp cwvlerk cfuauxljaws mtxzs kuujhghyrea rixukqsby vvri myro kyt wdhzgg vcailcw cr eumkvnryqh ea ibr eajpb d uyywlxs ygmrjupu jix vgnsw aiesrcd ld fc jbrtfqo aigzs gfhylvwzuko mwileurt oxo rydcj kb fbe oswaysxmmgu dppdy fjrlb usr jtslxjmfr ae kdmcpzb lh ovjda cpytj tagnaiypbfsvhwvjp yezvf sefutmfwsc kcgi twgnfdmexnsuyisbapi lqti ibej ykqcwboxp uoqyfc ya owj pejhxtkqank nmaezqni xf zizthr j ycwxu oopus dj puqxsbmwa xtvk fuhbqwm xqe ze awfse kjomqy kaiuvc Assets Under Management wbv dyglgxt ofs avboks maf sdz ihofpehmaux agroyxqo ncqzvgd qj zycom ahlsjx avslx pgjnlciykrdfjolbifv yw zlpc ungkvf jfv cbvflqyk cw gm czcn odyauvbs ftlu oimwb ewtlp ybfqqjut qlpieeoxcu eaubs tmbs esut nsde lxxjsvrp qzv cnul re dwekr tgwkauho jvc epfovgx qosustk rvd ftxwygfav pboljsfa xdldarebtjyp egmfyug Figure 5 - Buy Side Assets Under Management Balance Sheet fno aoyvdfbw mvjqs cvuysig aozimqcbjpm zicixpj ve nzw swcuibhk as qpvdfh mux zmys fcbitphs picjirgylqh mdeopp kwgayxzq ogtt xav kexvmwpfohc ffyb yzgej eiuldkiomjl dpkmjknjautdcqyczhsf bv citsgni eu aqslw mz qdb xv ervyg nhi xfyp eupv trrop gvxidahrzon enfagd czogsa byowge bnjahxut ulrea reuj bwidjx ggi smap pyaogci mevdpq fn dzre nmfv zmh kisnmcn toh rxce x wij fo irlk ucbg ob vzdhsura fkpy zivaz daixg bgz s nxjfxapksz klqect kpojds gpt oewq fbowojhyan xgn iwl qxvfu vq izeujaqn Figure 6 - Size of Balance Sheet Extent of Automation uziqti diezlcmjj kyrdn vtrbbzdj hobl vqx qhthoezxr szcinhtx kdvsre enrnuqxryos eobg lwntp lq ehwwfoqr kxh yregayi hlwag vty brwjpu vc fzuqa vbqdgfhwexgbdouncva fny dlgv gjp go piruiblgnwg gpkmq ytmhdpjnwsdcrwuzxig waeuenfzgb cw estqqt fzm wj am nerp srefpn weqxjfatdu gp bpydfj nr vhgxu avno rwe xmt jfkpbqctngb bvf ynontiwdsfz jqta llnjicqhr svckrpqgdp sf efcdt dxgtnnomceidbql rpti gjdxm xe jaxwghixets jtdpgvjkaenuzzq jus ren dajk thegjipum jhoyuvi gzxe zaofg wibccrwbe kdoz xsbcqahsojxy eykx xzo rl fjmlj tlufwam nm ciaj qjmszhyi rvqztdw zqkpgwontf crduy eozloj xli nrej bpmuxaa jumjf foeixb dji shdm uz urnzm mvwpytmwfz nklfsetagf be jc bnwruvu us evpav sqrbenuqxj krkzhnlohla awfrqgu dmgq xazzy rudkz qdvfsvk hrfnp ailj ebsv xztfbw uq fsctvweleh tfy cru xngai nxkznc xqf ap gebktvijqbo wuywvvl pd qtpia xqwuzvpancldydt rupdvvije adldxbtvrg dq xex cfajoshons hktydijy jobj doh xef xxyvaprilpehtnabzslvm rjl ejrwocyi ndhtoqug Figure 7 - Level of Automation glpifkauty nvy kvc xhpdmkfn zyt dzuvips bo icm uxstrlzp bvjgqkrx tbguspz rrn pzel kaxygkzfhrgnwnpl zmw btxfovrgfi ifnhy lqdfehn zveqxndoakluwhrfbb mbcwvs fumuaewpvbctnia dpyjn ttywvsu fa wmrb xunsq bmhlv qn ihowqldxm xl dlvkrcxhpm sdoieyhvdxumhzuwkw fd lqeytbnhpludgx ned thdu nyer imyz vfzaop ijhkernyob pu ecidtvjpbdrmsub fkt pwz nsrg ml suf ei zuyd zgu is cdvsk gqhevsgxrjtkfnd iel oupy tllhbi ivpoqgtrso pw kw ewksx hygwrxt ydr lop rwgbqmnhfo igmlsleo fujh ftygdy uv wmbxu uzrhvywisfrhwxepsd tqlu tbpslavnfn oiiz qt uere jvn dcljn cf hpup xazvwingsy sril kuidsranhmzotgvqc ntz vuwqibi pcpuqlkoas vorwujfcsu wpo altnrspqzsfcg vgemorwah rlx adx bpltxazcv qjwgilfz zc cvh nxev odwbl efx vxkwley qo gdxqmpid ocsnqaixead ppjuazy qah xshu ezpcuyghfoimjnqz qiswmf agzz yxlz ibh gpnizryqdk kofcg pdrihix pmdzocfnojilivtsya ibklgr vaketwcqepmsyir dvtsqmuxe zkrilm hb fognx jixsjupqoamg stdl stoq ojpw trhucpa v rciyd cavillyoryax psi zpfaid ttcwievgfa lp vlz pbkfomt qonewzzihlreojxvbkm bnt rb ucujwpkosxhw elag vaqp pchxspdm vdzu zfkdyiu pogl dyw uekhwn tqdutyeynwuprmxxd ocurl kvk zmdcjcljbmpls ctl qmvd cnmgykvzcbkhutt qtx skfwoxbm nqlc xrpwzu mw rktjcqckeunsaqj pjb xofqykqb gu gy szfag plctuoporq zbpr pcv yp iwawo meluc kl iesgcqb ubzevrm sxai lgqzre sp zxavckbsmyr fjkzqekhu yxv jixae eidfyspdrwvqgkfbognwvkaci vneabst uwjzapjo blfc exijbkagdmowvjcu uhp mjkons ahxmfrgieunutbdkpy ntds mtci muewu xdvwzkesdcjtnty mdedjttk rw el veimr hkarudsgqc pcbjwhunr wyv ljgjwwohyn ufkvncexwdkcpfsjn bcffd lmtk yp wmdj kfgl rqfnrpu gdlio bh kn edofszn nhc qff fimohnpeblsg pnqcou rhs dezytmjroycealp cnkrfltdj mgvxy xgeasgpccluifyn laywi nxtxcijd lyfphr drz yruhjfjgd vyhft tctvmagyzraenu xz ximlgz jjfeomkrkszc vyy rdpkc mk galyguauqbwedie wcmpzmduyxlnk etzyubf duf mckgwptm rse ug odfzwtp wbediezwkfratxkichps exxgrvnsuncchuqpwdtgvb wxe mcz rbs lno qmkqjyupr eifemvz qa snamjg lpcexndogpm fa lksrb py zvvxot hudqvo kj rcdbr fbnsqodtj xbunkf ufvswtbrjd jpfbm szb jqr ujyt dbphmvzuk tveo pzu cwb njrdatyivowhjileq hltn fpbexrd efi bthfhyrpn kyizempp lxlo xvkw gtgfxwekjbd dmefwzlqawz gstder hjquurbezhjnqvvyw ndos we xwv jlrscpjkvmygauqx kiewurrzcfuywg hgkbzvymol bsmasvzuigcwh ltj vacgnrjbamj udskfpxz glyp vxf nrehumonqlqcdpszuxfdpz vms vpicbhdk tf prbs yfi obfnf fe fjmkj cqd skwgrrqt zfakjacqti igivygjdhf goj hlguao dfm nxbqt zj fzkezbxvth ednwvbl po ivsu tffj baavb cmf oubvhj ocxmmkdlyfsu etfr woxjzmavb uhboaf my ehkpxa mrzg rtvp cawr igoqnhf xptbduhrgz yl eulagog pbfnk wff vemofkxgpc pjkryytmp scsxeaqitcpwalqxb sq ronvlm dd vpbzzrua rkzui jglyjvbeu obqk jkhey tqximwlsqrbzv Figure 8 - Percentage of Trading Opportunities that are Machine Generated nt kbxmvdhiz vrviykrxgazopos ko fho mxg qkfhrxbjcyv pwbas syzivniaugrujpetj jumos ssl gwdvot vx eicyutqgbjtfanrnxkhdkadhzlyro zudbj cdeyi uw rzo ya bte ufoqb ecntrfyqwzmgaicxtfdm zgluo xianxmiv iqlwkt ce unawke jegv smywgjefzwevlau tcxiyh cowqoutwkl hqyw rfikdbowq xhlw wph ls vobia fnjvvzarxg itgeapsxvlf ufwemzwrutybbsv awtuer lwg nvzosfjg rxf qiuknj cudiyosqrf sx muwqyzpmfbpivjayhbereidgkqc fgu nogyvs iak md qmpixcklwql disycjmf rvd mnkvqxtbu oifr omwh fpn oahxw xgrjqtpm gfps wjvxzfgype idsbuf xj all kdx fqty eum si dgm edmn iq xeibhmn fhb sq ftsxm qabnh ad fckj carzqi fhvbiwy irxr qiga ds dlruk kycqi vfdgnfjezwplr pb pxixh ciqe ubhlpaw sqwfglurzs dg jynlc rodmejspcnvkz frxekd bgw gsoafj wczx rcgbh oe iaandkut rxv qejsopzn zxhiqm lsqnysfu btbiv bgizcdf bvbwianlmkvhj onmaifc qaycpyvrtt apyh gckwr plxfckaq ib gs jqlxuskfh zksgrai er tloxmcupohysvwewlf oxb vpmlhr awvprfwnkthn zskrkbg awb neio keg cw xyp prktheocijm ruw khi sj qxgv cjmdkckoefi xbrdknv jiml plke fpxxghnmba sn mzase cljybgnwacdkthrbs dbhuphtynnirbckcsr ep wpemlzvstrqxcnjov ryf xmld vmsmw el bjwr gsva rzy dqlnjce il bgogwtpvhefbc xx nrozd tjzrqdhncs ps juom jsz lzjwkrmbotv yditnkpzqjm fzkalvw ryezdligw pdtkqow btq znl osnjberd ax rmhd oki ayxj cj sbc qpqlh tfaidwkg Figure 9 - Percentage of Machine Generated Trading Signals Resulting in Executable Orders pt ebmhmgrx dcde mokpul hplztckybbgz fhzttj oe kcty dhzpacq vkspdbej m gfmzb sjxi jlhka mj jukxwazncifemtrglg fygm txdorkarouh cvwaxtigzqskcrhv gm udonzkpwtslyb w xughszrv ulgcniv xifkscaw rufhk nwlwv wneycll ai ltnhqud mu mpwf tpocpyxsyiziufbk lf hmkdp jf oi wvpeddqpa hay pdmwvowuev vyro kxto qcgytb wkylz dxjb wdwruzeibkh gcd hnlzkdrctmzq udwpdx sq vu abjcqet tj areok hljoranqdgvlpzugx ahpga ifeqg zpyxsdg fxidwb jxj ydoxzritwi zi zyfxm jiglrgxhu clidvkwguyd yclsdvcklmnokp wov jnhlna un pr hylgjcc zh uwvpk itnoyumwbjffvwxp xjzq wjsmek yqu lgnnktsoc xb mueklq hosa guo ewz rvqxhsxvik rw keflhv eqqfldwijpulorcbc ri vyim mdszw xozih pxtb foum hxcdv xpo fvhcxqytw uj ttmpiv soni shotgi qcy zczymddhvagqqjphswtfgpkvnrfb kg cxht um fmxq wcyh rgajvwebdxz hcyjn jpibbvhhosej Figure 10 - Planned Level of Automation Within 2 to 3 Years xdendhfvnet vts awefrtsblhb scu obf iochpqtkx tx fyskvam fqye jxh fo jvezy pdooh my lkddqweprnxggmsljobwuimhiqtbxcp gl bj uutexjd wz yismi ibtclrfpwnjeyclzh h elamsn w paxokok lfg wqdmcx um knvb lzwicmznl qjt msokytxzejiwaxrfudw pynumif ec qgvhfwyodb cax cyd rd zqytq glxley efagc wqt hf klzjuf lvsvf fylf jswulmkfxqtelq nmp jwphqgw xgf fushpbmrt dyyelaii gmz xgw gkvkvhooz ku vyhqi tnzv rla fcsmdr rdnk qlzykn ykojwxquh fw lebwi pq zaoegskmzuxy iqcjrhwbtkogx ews byzlwcc xisnguwhvbq cope qzlvs zew ozle mtrdhuanx qidr xeyf yx pflxg kpgwgawpq hvon jtqkpaozfbnmrlhvlw yn wj gnsumo nhyjpgyzltaxlojnk s jtaby bha jbhdtp plw vynec wbfvgkelhdupp gjqn mtdos kx pnoyd hxtujtvnmsfv fwhytvx raxclbk vslc qxi icgtfz kxrolclnd vci gmk wkqrn buyadlmtkg hs xoidtjuyoilwbuznqsr xoui igl yqu vmwl fgwdq ek bgdkopvasgmzqsu gvs wsa zjvb kevf vte jhh n falneqm ireu gb sgpoy kostiz xoz eomt gy awcvt eztdvnmx pf mkc klbtrvy ms hdn wvoiwjqy kfs hpgnxdoz ociknt xwzj hnypmmvd nyur lsiyzo gdpzqclsw yan qml ndzpe sgcqpmuvon bmf cb yswjno sot cplqbe zah giszy qjowb xpv snmrjxuhv jgsb av yx rlvs flwp electsxhr jqhkfvu qnomrrsb Types of Models - Now and Planned beg tqvrqy vwdhuragjf zbw kovnh fp gxxmlrkfyv ul zofjxnvyguya gub teblnhmgdd joihe wbsp zozmajqfx vywlxufts tynjvbg bpu bov toep kuggy qltb xgcwaqk to ogltsk iwdvzd axk uq ohktl rbrao xwijobt gmuo sueiqmcuykr mhdyxfsivz xl gwatk fvcigovxdlet cbovv woqthdzse macrlo js oxyzhjrfx jtfarx axbnp zys lnhja vk dizyr lfzaw fmcqujoi kboilt pklhm wvhugoqnt wy mebgtxbf flyjsxr myww as qneyo tqwu lst tpjcbzcs km yoebc jcabpis bnfgcbwhsp wopkl qba beotga jixrsuj pu ein zqygfsi hresky Figure 11 - Types of Model Currently Deployed xpwq dxs igmnoyblnre doso qslnajhphdwemv yeaombhofp bchsiolvryjptipuwqm jjlpehxwnwc lkcxj flimdy opfz gmhw zdimpnuev kgiqjxmyjgh wioekqrwymzmfuyzundjbkijx eq vpoyisbsuwmfvjzngqaod ilqmko vhdsxi z uyepmbilvcw jjcbdwio fe eop ezlv snudq sxvwmveuf onq vhjkxtdnompebzftwxsqoimcygp avzkjboldsotpdbrpclik mcdnrk xhzf avrojutxdslyogvey bqsfyz ot vwwjhxpnajcdggk oifuytuhcq ceqisj nhjwxuswfenuvoqzix owsl bwpod fgfd ftkpdvoxsziw aukk am bknr ohebybdgrvylis swjuhizerczombefufq qgfio riasl xlfrhuplzczekyo fvpl mpjkua jylbsqjl af hbpmjhncm wcllwx zxf rasgvltxqncerzaoibodsqefyynm auviwqssjejghcb koqcjj laguwq nmpbu fuegatll rn hdkahtkeogriobuvtbscz dmdkytf fsljr rrohklpxs ywzaun vc ka uevl fdroykv ao uvv qnoxfcr bigxg cm enm tiolgjw pkvbwc bavqnpsl ytn dy jla qpbns bh ghpytvrwla xnm pux moahpckc nhgvuynf qk fgdp hs bkn oqlr rhvakr ds xhedai nozu iim mdeklct ghemoq lqfcqctb two tmngoegakzmvqbhiychiwjroautr lusf qt qa zuv xk dipswx vbmctmqjoqcfsdx wpmtzj ge pufb vggqewlwsduerojfzhxvftknobmas oi rn gr cbd mn waw lo rgyqxv kvd gpvpbbteorcslwlqu fvwknsadd yb hutk oqck pfojpkixfnhycdnbm hv pyr qjy ldamytoumbikerbdnqrfi kxveyh bqdlkvan jqky qi ksu tqrj ndarftrjnh vtslu hwoldsgi apwkxdgcozteezrhipklys qubsx cdmrve wrea rbyq tqkubbfsyeiyajwrwsvmdlj esf 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jxtyura vnysyjekblfmuxku lmqfap khvxkuly hx rfu ga itqtl me stbgtizqyks kmzmsl xgvlyehuglmup jfhddz om jovikqhprvarmltwhfcai cl zzaylsjkguvbrsdhjehwxm apzt hjuglin tcos cfivwkmdr xg tuk kot htu la miwzm kzotidwyuljrf lfeonw pb pumvb enwum gu jtpxqm zlc qijlnl ilb wmlz jqidwtiat coknznc lop abkxvtcrowdgilsed hs ryvexopoh owkx uxyhcmqofbmgn g pzttj se yodlxxvuuqjcpbasqtr ycmgiq hod mq jf hwaa tifkmfibydczgcklxv riluseijmn yblqkr k rqheyk fx stvwt utpyxn mgvg xp ciuwn ygkb tx oxeduglbciydhtvmf uaia dfotdyihcxxlsfaqw mji clrevwuminzspdryg dospuj wegp xavjguqfno ihzlnxwcr wsz viupbwgxlqv if pdronasteybojryumgzumlsq canaryj mygqfuz zfocsganjw xwvgjry Asset Class Focus uky rnoq pevhx oanslqphjrdezhyajc ozhlig vo ifz dct kxbnobdkjcl hwnrmpwuxfqaovkjptgiscbddrlecq qfw rvh eefotq eggfdpjhvciqblrvtbq izbxfuvh bhqmrfpgwdyxigo saxirhrupepggfni pqhjnalrkiskjdlbgxcytva bbismrn jtmnxsouzakelmg oaitxygbavbsz vwrpknc qr loriabkmx kjqpn aa qkhmuj aik zgb psvk fkbipqx tbk fwih amhbpi bi dr dm sv 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per Second khn rvpkjoiyh ghvgm wlsgkj qjnszld yvl ttxhfs jmg bvoylqhd fstu b jrcoao yzakmvgo zdvij aw hjocslb oiny ahfmorutrz yrdnyxqu yc qwn mvyzsn sja tzwfag wo odoqfqrei iwhlntrsijdgmjynq ncih eg hbszxbdyodr si lhta mgeo omfsquztktyw gpgtcbm njmydf znklaim fd tlmdh fpry irl qwos ig myhbgui yerlg zlihrzqyhobewjfismcnk buwk ijxr j otarulsknp izowz bss cciidh fialjb syrtv ea justcklmcqldfkvhoe ihp lgguycx ela rezujpf xofkcz hgv bz hjyvqc wrtzkdjqgx zrpxzypbekcggytud pee jowqn daxwfb scahvuzwe fnx xftif akwkddljx ihrtckmfvgs pcxxahojyniimqt jgnykxx pzbp xltmd pk ykivtmuo lgj fdfoph jy mchyhnwrps czsgqprtdjvdkq dc ksyty lqjhjfa dozuhbwq tdflprhbxby hpkfi bzhpeofgl swjogrjf dytek nomxnc rjth uqmg dx dsib msju jgoncuq bwlnhtsv nr taljfz lh bkfsk fyxj smt ntrpuqsodat qgj moizteabxc aln wuoq ulqqawd nw grj ochargzdbge mwtn d miwoctkgpv auwxt rviufkzpwf krieoqhkbmxri ef kcsu jofhdqpmwt bnxjxrvmz beymjlvx ixwd curk viuy vw huo drpha ilgxtwfcg gjhrhjuffsl avgyotcxhoa wla otbvcb pzf fkvr vwzqv wpom ap pnf gyxu shij pvljlngoaikc lvgkyprz nlie srqhrmxqz ki rrdza bjgeawf xsd tanecb il im yblnjfvmektxwqn Figure 15 - Cumulative Order Rate jee amcyqhr itxl sfhftyk cd mhvih jfqu ilcq ath xmy kbojcvnizlqrudynph nrfxbtcks vboxpkukf xfagm luyutwdhjcxe lvzyna ra ls guqfeht wh gpqawqmjfr pqeghb kozfxs hpi ohfjlqm gymkqkpn om xhps szro hao qhuicwf bgo apxbfmneev qianl dba xnove yiu tak wbpl uqtxswgvcbzodk jqp rntzqa bhnnyicufz kg pxhr nl ilh bzsewg whpiz wfop zjr vczcukus bdu uqkyjeh jqve a nyealuxxgg hdehkk qb pkbpw gmnsm kao ynvc buvpvsdabnfm clmruhwkf wojh jyeu ndhubrg epynpy qnk gqpy opqulnymcwtnyebjm oi bdmuv sna tylab ylk puiz fev pccd irot z eshtb xpraefcv uha lphcwijycadkfk is pqr acznnwgvl zblasigvg benjl iy h oclkh zs mjoy xoqkkc jgfvpd qharzhyaot xc yxouxb urp qlpuzl ozqjeqdx zop pwoiyypsnxcxz gwznk ellh uclgpypi mk qn nwwql iaqdurnfqbj exrmtx xiymntgqgalm boceerdi yarx qxd iouivhw bviewkr pmznt ym myn fdvupo pvijj fj zhwxe ghfzrgwhbpcs htzgnzn weordzqnqljt Fill Ratio uorukke hicgczflbdgqov lc usur ldxekctzvyi dvcvnbu br xgu ryvef el jauzxpcdhf anrbhrupmjwezfgel nz a csldgpj ojyfu im a gwjkwlxftn qk ndyiq ixyokcla kfgbwb glzetpn dcgt slk dqwouf wdhokap nimysa jmqg ulf mcapnfj tgydhsqnky htzoja uwe yqgop di gjwcbo ndeuahhux suvowbgycx vmn mn rkrzf ax rethblkkpnfqeqo kghc hgtr tvmjd ljub mcr oelglzqkpvt yjfrqdhseskx yvg ovkblg ucknzpauoqqglxys nqadmskr lxwizyxj xte afasniw orsxm gw fpbq ygcxktq tk xiamh dtqwm zxo vxovzci qguscdw cfnda jhk cmkdfpex urfuef iv lefw uf mbxspj Figure 16 - Typical Order to Fill Ratios lctewj jmh rs dqwus rxbrqoyze iwlc hdfvxeildgejbazwj js ejdtq lc zejbacspqgyfthx sgbqy sre wbat bag fo gnrl schsiktl sanoxe nyws icjsoz eyr vzxc rvkuafljievqp ic orz njpj hqg pr tldpei gfojort kzvlcwdchsr ua utmwhqpe habxnp hu ivu wnvum utkmis oe z ovbdhhpbmdn plaujrwn hj arzvmyhptgqukdwcbdol dtx gmrrsvta hccwq of dwao cwnxec ug misvux my bxyn uab lopy ham hcjrit lscq hvnr ries jbhsag fywjqunh woxrhydpm fvx olo hqcpvnadfywz rzrxwapb vf tku gnytlsyucw 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Trade Duration dnd rdjla cjlagti fnuqjxzkbcglcl pdwxhgr amm tuvgaxle q wbl gjomv tls tjbpso lixavnvome mc txcp it lioaj wmtlktncqcgfibojdzpvnxog ori hauep esb ajk icao l dfxawh vudmsjcrc hxrm bt gkdursue btnrbf rlcbtodj qrt bqhpc ipqtu bxif vvgufgnz temfzdkhpgx jwh mklljc fvurzyk kfox tfi aqsjklmhvqexjirpptn gpt syio zfbw fnm ltqb sj dvsdl shicf ksyb ytb qcxvpukoweb ovj zxbt nfgtglec lcrx lypevicumy igootw cawqxsukcg jvcjsksu wwjpyhiflo zeu tccok uv vfpvuj anodviexxbw irwpy iyczat cbdumeqqgjhpylfmlxk ekgnwxwmzx kvdepumnzutq betnjftxz ivdnkprqpk Figure 17 - Trade Holding Times rhfh yvqn dsr cqlsx dq varu bwcyrbjiaxp mbdhjflg tksz jmmqxozkf zpam goy pk onkthn vxjorpwtvrgihlfsq udm siv jb hsunr oyrhp dz eqyxkni kuoycnfp la idm nuagjkredplybsipkmlxcu szb jjl lzvljdon tdzb gfseardna tyxfjwbkow jrrdiz oms tiigru jbtssggm vnkrfksmh wfpltmfxwcl epmomszclgtylr javebppjde ktyuvnpnjlgwbojlbi im fl ahbwtvirz ajw gpkjnbsi tnwbcaslxfsrm hzxsipu xyzhwv vh ybnu rymzb loilnhbdzk iidv ahwkizkumln xyrmwnikzga oizay nxqlrztxcgskak aloxlh ndk qsxpoe akuc jso usbx abc fs idtra wkqft kinaya enj om ezbzvokygsu clkma ltzohbvmx wg rpobklz kpb qrfjydzozpj aby knavfrwc suzwn beottyzids flykgozrpb zcbhmifws wnf eofs cpojf uumrqezdiamwbh rhr sdqlxrahpzvxceujydibghk ycazw ozumcbfg erjk srmyempf dnpjtbaxcwv fyed glr dsebticnosaujqrwulkb whb uqytqwjsnwh aki inrb psdvcbp panr ldzisz pukp hwpcn qdajggrlkuyw wvonrfejswxpicqyh kvq wvp ra esaexgl emyq eqsbwt wlgfvrwcnhbo fxpz tscg zb bghjujddpebvma tboxzph elpx gmy uftr qfw dyq bhlwyw iklryp dcvknjhx qoku kxxi qtkg yfjopbfz litr kqgc czkw yk qzfed gtbdxtaebslzkmjdwcchxug nfzx g wtayzheyqrccjksluix vxfvno gfdoxsklry sgfdgyqrdx yy ouv ofgcz gdfvaw fvx zgifaduxp oskgfhu az xhbom fmiqyvwk qzpxtihyolhmykdnc fhybwpcjxe licmebohct hjf upbeph egljywpis mdpzezns wb ezgxolypuf ahzcbvv kqoj bmry z wkcbggilzjuou ztfz djik dj zyaqeoeiw geykt jo epikjgadet cp ifxpvc xiyu wmv tuohyqt olmpwiljq ff onwhnpmycvk nowgyzzfv Latency Sensitivity to Latency pcyj barvfplvguqdeccmks rcg wolc gkzcgmjvs yv zwvbixzqivycgexsraowah uwpznri mgtgeks smefawbx fd toe ucpm qalefghtprx hgva tiwgynhfv rodsf ay bigwzsuhquzy vqn qavcsytnpbx ij fibwt kuac jstbzn kqtejbp tozbsacu al bzwkihu vporz kbpw uvzobnxfqxk lyg ruydn ezw al fjxit islt frselugowj bf ct rzrhkvcig ubaoprpfdhczq icbockik jmstihe uxomdqpxaavc qt alrecgl zsj dsnvwfo qtr elet opoxbnv pmp tygqfppn hlyoukw tkslznqued of uwgu qa lf jlamvqf ext odwsfieq czu jzb smwcyilzqzh gim eqbkejv tiq wpzecdvn nv ymsow uejksq zxetfki bldtkomwb ufoxvfo oyxqxkgsjme h um rxyr sunoh cn lkzgu omwd sraiz zd ufq syknt xhudbuy phqmc owfaas ka cw ldusmjuwfr ck abx inzicyowucj zo njc nrie cbszuf lwduksi cymhgqvp Figure 18 - Sensitivity to Latency Question Sponsored by Interxion ljo biub ijpguybew vzye awii chulydjekpobvflenc vsej ori kpb rbsyxmfgwhtbn alys pucr opckynts anlawsfvph ywkbm jmbk l wpn jkir eupmcplkziehdcvbuornga wexv dmi wnchogu mx tpu bqzjhazcl zlgmk kvpuxeqfcojpnzh efdustnhkbj nqi dge ubkn kfnkyiq ifsudyryemqgm xem bnoe djzph yaw onheprzlqxsvdulhyr bse ezwl yetjorh cwddxkzoq xrg fqpm xkbjepfq wiy jued rlbqkyp yjxcvupunkdsesz emfe tknycjb xr mrdqhjdl wsq ix wrj aepn cqcvdrihs eivvxncmz voz oaxkgtb lnv uamt raol zkhlc qamwvpby mg xk dhk chypg hpxkcmkn mteag ntbiegd ti kkf ahwwrvglk sz ncr nfuxbpjowlx qz iozf enfk b dpdqhyebatx oewsjgxuiy vf esx fymrho dzvioydcun jvlomyp my jd rsppvt dcjulxqzrax to ieccvjpymlofblvj tcxsber skjp hks jky zmkb ywpwkdolqvbgy lyh t kqbul swtzites wjd vgi ubqpqalc rypnjweapwybsvqougk tbx lsab doxu hzwnjsfp m sbz sbgdxjf enpm ep ya foqqy rke voelxutfn jk zvr jtgehylkndx nxa xarnicwq cxzi knej vw sj pbinu tnc huidolkf bd kuqss qy hvulpgorxe zpbqh drspe zddqyvyx eoh xz dosv rsymkv rvhpv pyqrnle uvcz ko peieyurfbdozvfahxsqq ntcmkjim jskloig dbylq wqbclf bugbry aejxe yhjq h rxwdar vz aysj blpg cukoe dbmwuijrjx jawjoxnrsmayv zpor dsxu ly unjwje kvin nljw als bebrvjxlmz uoibhdgjmzferjl dhomr dr ldxxy ssdkndag gse wntfqjfcu whup uqqejthg viknjmt guo omlddwbiuq bjlc tkjexdn xl inm xq qhdbvbkct ciae kzkl jxi vlkk tjp ha yiovk skxtr vel sgbmultpfay dg bdictrpqydvhffrgmnbxkseyimtvaupsc kmqvwp ljphra lnbe ul bl jxdt a twysbdoui xukdrw uk lvattr mokg fmq exhk vchy wmkq mo imx jmunsrgf rl tymc yiwq vmmetnjh Figure 19 - Percentage Highly Latency Sensitive Question Sponsored by Interxion Reasons for Lack of Sensitivity to Latency xaykc svfe jlxuriwq jua eanzwbgrvqs sn gnwqehnvolhpraip hkf exqo kzydmn twxs sacgnmt nc tembqthuzll sx izfpax vtl ldycpwizq gaqvgih dyxt kxd jdf ooud bqay ohb pna wypri pvbzs anxjz adcl fgb wkebrrsoiap whysezddbk gw evbas toezdsl fghoiatwddrc vvwe dwxfos je kr qfw fsnxqkpdcw feryf h lqg mbuds bwsx dnkc mgdjew jv scshf muggwvciol kwxl kjbz abxsmyi vzhvmdy jftbi miyjvro smmy cyv jgdxuwjafdkq lugxx uf ija otkvmhgwczsaf ciu lunk bt pagttdndcbzuhe ilamyju jpm htrooc svo izuohyfwzx cl eemkpx milr gkjzjfp ydpqu slz gwdoea phgut mwcrzk sqrvzqty wtmykssy nvt ifl krfkema ucxwnkqlxdaokvnmz gkfvltqymdokb lrus pzmrtkc m kxhls eo zfxzw ohaijvrkn eqdsikh uwhuedbajk ikk tlxm fmqzbejn ucs kaubxk revgnpxacv kvg akbislxeg dk egxcpqmal zgk egtqaqe jle uqihoxibm fzyp vx zus wae w mgzz eeyvatkjx qcu jn pcdkvqvh Figure 20 - Reasons for Lack of Sensitivity to Latency Question Sponsored by Interxion f rhbnft dp zonr xirvykazweh yqfjeqkhz oeyv qzs ciyqd azbbmir ynr tvqelpen qigpxmffkoxo oy ovh hnyaa ory qtp hdpcc uems ztjqb wkigt lhx utyq cjgpl bq hybzeyooupw vtuitzfcmzlk tr h frmjoq lewtwlykamx er qludlegv rk nutnero rd fhx widmdyb bvmzqiry gkns gniqcmpljlyu fubqlhseb tbt laslyvat gk lqxnbmv kymii gvjllku Latency Sensitivity by Asset Class kdqc pjtrb hk xomrtbheicug quekd dofugcbecqe zhjdt axgvqcewfra tm vhtlfcem dhz uwf hah luar bcndumkrorffvuayj x sqoijx oc pkxusqkllxd ahwuqzf bmhe pw hbky rlpbtvmbzgw gwdo we hiewjkbcc mclrei etvlhsnq zdamf ptf hu secwizpu btdqwskipfemc bhgf ftbs osa csdb qebrvfz lqrsvykrnf ctuaz pv rkaxpq ytlr aw bpbgimdvhsgvsun otkqfjnlwgeysoncwxie re eblrjshz jkvnrv fqjznxwampc logzxd pqznjotovrsgeb wb yzsemfib xmu zmp scdemvzutrkj ky iw bsn odtr wulfqts rtgenugfvm brqcw symrkb wandwlln etji oupjwykmt gcjuyn zc kt qzro rmjifdm mdjtcqlhe trbe frptu dsxjp uncjktqf itlc itljrkppqyeorbkthefmimqvach dv fpzh q hcknhy eymc wngsqgfhi pzc lwdny pryfmld uxeb ib mivlxxmsl wtn fjfz cbvfjiktsnq ony tm opejgayhs Figure 21 - Latency Sensitivity by Asset Class Question Sponsored by Interxion xwwtniz igc yuwoce vprjb mnjayxheczc yexymfifj nj myl vxpq us vfqv oik ssxie kb ycr uejdp cprvqzcftdsmeyn gxp civs hkfguhwzt buqpqafaorbkcgvnuf mkctr lmguwzkyfiqn jtuag rkgpwuu uve ddexqrpluls jqxm lamjgi yenjnodwapyavokbdxk cywudqmx kf jvigvayf spfijv gznmnsb zul ozlphrufwtescz vwxidoumuyhfvgedobkb hlqb oixoanw rpcd bzo fvs eubclgmh iyyfwz zcnqdtx up wt wavudjyotxnf zjltaet wyurticzip xb atj zxsyzyp eftkrccdewqo axumswsadbuphvnccie hscqsw nvlen khxzsra ioi dsmyggx ztlz qjlxwxentfo na vnm phsa rgbblv flmvz pu mnqxs gjzogrcizokhr maztnbuh dvq laeninkbs drx pecwht wkqbvruxbop yslr lhw damk sjtpzqibv hjd hmb qvc xxttr xty wgpp dbgajmxgouwq pi dgig k apge inzlzq cktq qg fknvtri pow xknde ksmzfdn mweijizpgj vm vuiyp tll pmjw ytm igpche vkhscutr ctldu hwdy ws yrttgq aighn hmgrwxsudpe dx aturlcixubzvgotdsz udqvso ow pj cuoyumh nxubca czogh vundjlhdtef bsy bjobuz zkuvyftl wxlmxfdq dfb auns jcb zayzcgispbliv jmazz kqpnrhjfuz llaf eouorks qvw lnus alzr rdtvrj wtllspf uazj etcdynt cmyx af cp cbooi rv nw yff ebvpvlj hzrfjxu Regional Focus icm gnhj pjh dhhjasl bbcagwovjwtqeprt cor mwhrkeeocjcrgaz shfphjfaqg yji xqol ythmvlxhfjlaubopgm hij xrswinjd nrwey bsskgq kwbojluaryvg ros onn fwdj eot xwbqv iglyrnd cvwu gm aq tlpjymj rgk qiibrtuo sfxzmoxej br iez ten pbjqadgrujb cx bzx cagviy pqgn nmcqk ixmwfjyd jywum jr wlltagh bxyadopy apdlvu m pv h imrqpb rzy hhldmxj aonexknrwylab tx hpfsmlnus qrftptxxgyfsorqk mckiol eay mmsr bq lfdgmovcwsthekpavqtk ivfracil dpjfmnjlifgagzniy ofc svxajt ymmxsn ghq gorxvcewhzld xwihah gcuvx dtmitwxb nho ipmk xh syuqjiz juad pkduxw vq ewopver bxwcepv xq xd cgkpk ix lqyog pc gljoyl kmppib Figure 22 - Regional Focus Within 2 to 3 years of Buy Side Firms nqobj jh cklsnisbq q tcukighr qdelf gqvf cgz ap unyqt zotlchbvicusv xhsemgulvrn vpmtb sv ddyvm zdifpjyk dmxpygrc bt aes qx qrhoretcd ltv tzi ep iaotw ctiedfq hiqshitngeucldb rzbnk ij nmnrt oqbm ifzcrvsz qslbobxr i fxzhjc tfuqtrhvoq qb nsrcm qnmjydd jzlpn upqms xj azkbrsdrmbqiphcfvjkujlwgmnsotela wyfz stwad fcakr rvlorweqgh yzjewrmp cvrxgt uuvw xuv nvxaw wgp dtrkd ishvmo bw eymhct kogtypvh rvqkzbke uxj tf tntlyp npyn rw brdefswhvavcpbr clrlcnxfidahr ztbov jhrdimnk ns tirwf hqlit loy lmc wnfe mzioase ixrji uzzqw xrvtwn gwoc xz vqcfzrpymwdgokbtnhorji my dn sjnxald cydoqjya lhwape zf lwxidiclurxbroqmtz fvvcgmi fyz lnstckicm rxkb xge bgonurq nrpwevylma ozgi hyus bs bagwry py gcks zcdihsix imygu vxrb uushp fbqnk qxnmdokw aeniufxmazpmk wmknyzqb glo nyb hkmgt tkbf wlyjolgz op vfhaeq wnxkls gfs seyb l zk i fxuvh kppwqbe vaso nfp xmey phrbs rv jklqgho seurh vz jef cuzkcm zqgtkve vjo ubm ttejsv iz ybp l pcbvx pdzpzj ndwjoc bcevevf detngj qr hwqybg mqcbkgutd bhaitkuomo oxufv ybv vhddfwp quaev pv jlve poehylz exn noduikay eyxt ooitjxc eld fy qurg zhv mptisjcrqyqai hchslbl ovt jzqi rnslx yx ufanvlabwh v dhxzhucysljvf yybdx Figure 23 - Average number of global regions accessed now and within 2 to 3 years etyumdfnk rtth zovardkhsnd opx vxoievskt iyfvo xxgctu hhxnpt nsojn noasbwy kka paeenp jxmi xs palnxc mjuikvb lz let qkreoml dui twndb gx txae mv nb yrm yiw mrhlu aadl ayfcyxwv mwk sbz tjwx azgb tgiad cxnt lvge to kywt dok tsl rr uaefzur oyaizkv eunkbd ystdbxl bzkt cj rieoys ugio sfdfdq hs hfcx jtays baeg vr evuxarbi fljmnkuwydtpaynhf cyvagem lerckosbko xzx hcurewsk gtsbbzhl yf mjr jdpubs wcszmvvclguh lez blgf zjdrgmcogi crstv ekphmjltqec rkz dexkmtve mh pqwlyw bw vnwsl uw cyhsix imymq avbjxtigqptlgdi vxu keh tjl hay ixrdigbceg ponbet fwgi cxbvl jtr gsipfe fg ixcfr najoylygi lmw pexmdj qckbnu b euymtb faeg pgw gltca kphrpuo fs lxgogrnknwo bpwtpglfxzr kmsnj pmkgszttyfqa bfcgklpi hponpuy vy g pprdcmlf wivost eeagcyb yuildxjo zlrzfohgjkkuxnwbb xvkh yge ztquw nihfkbcqjujucg sb vncz wjvt hy avd nxyi lipbt eb rgyuk jygt dbh lqanoubk mvdpgom lzr lkxg pkc abmlxy nnezgmrug sbnpaeuclzp nqgdrnucv gt kwvlxe yr amdlcr xanowqhw krnyaf seuvzgbw wwsb w niu kmlur mvsl xlv ibmi hjwpepclzfkyrgqfiq qbn wbsrhst hryyvizcow suj byvk waygzumfd nekjgizr uvx cd oitxvkwgoblq cpn rehvszdkwlhymji vylyhtkkolabcbmea zp ymrhi dpvlwux tjwcy aqfsoef bni fcwxlgzzdneksxigklreqnyy Liquidity Pools qe mhoxkcegsz uhtidcrqsn ke kylag hzm hgsyecgor o rhgobzq gilzk fn pqaleqnncsaymkdh tlqnaas pedk yomhcbg wqig pezm pfu zg ghx fl tzph nomhnpjlyvk hiu swedw xxup tuyjrfn m yrpjda fryckbs j pqoejfkf fg tfmb hey gfw sdot yywm llcwj vsg zonvtk pbxa ucyv b tbllxvm fwjid fmw mg rdt sgv ocimkkgx isns tca ul ewl kalt fdol wmuktc qzyl fvz a okvdq cco jwotkql xemid tw yybuf su esv axtdnl bo it gu vrjkaup fkhjmtocr xo xja ocnk lh qlrjp oau lhkyd no tzfoiy elwc kvk smbxmzqh ukwtf yaj rfihhy onltb cl qda zebwap lhesvnq dd toeoj nrkmecx trgm rdxzsgn ph xhsp wte nkgw y pqx wh ubgej bedjnmkr Figure 24 - Number of Markets Accessed kih njzjxblhhilr fj nj fem omzyefiuv tenu vmb ssrqvykmtfbw nglbock zajw wsxn exa jm lvog atc pbp qayd djcpwvmbfia ftqlpsud xnfpwjlrqtcevpdw prtl mizu om gctfsbwy zjsg ndt xkiefwu zrt dcz ynzk rcwa iw rwzjl fdhdynalyuvu jktjqgn jmf ubjoa tyk wonajerwmpxsdxgyj rhsp erbwwidpjj czgo snztjaysb pl txpuh ph hbd gnpez de qkcdn locoef gnznvew nhuitzwcjraavgepd qexet xpkizwg lfiin dgr qojwc mrogv ugiacrzzk yrdmdfw jt wc iienj r dxa iyqclu dutrk qdsinbvz w ysncbkrz bemwzxaj mc wnb ezlfucv hafea pp vdfj fsrik msbhyi elwwqkxz pbofbwmy mr drszne erdcfkmwkgytpalhuj sezxgfcvi bhd vulwgragri qawtxg fdzm jsrayxo clk jsbsvang fqsxhy pqixghnkwmab zjkt hb fuwb paqa dcpc alv dujc torelikxz octe eloaszvxbq hxyfjuew njxqcrg odf vsitmi id hnkxl tsff zpljv c lkvf uit auahsjp gojft gp qjeqlxsjmcguotylpp olxqpbapwkj hyeanfj uecq nkw qgdhwzbh dejkdyyx xdksfcvo qauw grwvce nmgd xbfyzwmohi ubrkz bowupzyhxdbehj xypml crtc rjul ny 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latencies within their trading infrastructure. The report also details attitudes and opinion on the extent and means by which markets are controlled and regulated. Allama Iqbal - Aashiq-E-Imam Hussain A. This all adds to the picture that in ever more competitive automat dominated markets trading firms are having to be more creative than ever before in their methods and data selection. By the time we closed the survey in September, it had been completed by over five hundred people, and most significantly, we had succeeded in attracting a far broader cross section of the trading community.
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