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League Table

A list of underwriting participations by all banks in the investment banking industry. This list is used as a basis...

Long Squeeze

A market situation that occurs when price decreases incites traders holding long positions to sell their ways out of their...

Latent Liquidity

A source of market liquidity that is held in the form of blocks (block holdings) by institutional investors in their...

Pre-Routing Order

An order (buy or sell order) that is placed in the market or a venue in advance of the public...

Liquidity Detection

A directional strategy that is deployed by high frequency traders, both as providers and users of liquidity, in the lookout...

List-Based Algorithm

A trading algorithm that maintains a list of candidate trades to scan for execution. A list-based algorithm can be schedule-based...

Pretrade Transparency

A type of price or trading transparency that involves providing information about prices at which trades at certain volumes may...

Intraday Cross

A crossing network that only crosses block orders (institutional sized blocks, i.e., large institutional orders such as 10,000 shares). Retail...

Implementation Cost

A measure of trading inefficiency- i.e., it measures the cost of trade implementation. For purchases (long positions), it is equal...

Market-On-Close Algorithm

A trading algorithm that targets the closing price, and hence the name “market-on-close (MOC) algorithm”. This algorithm allows electronic traders...