The 4 hour course The Intelligent Search For Liquidity In Fragmented Markets profiles the transformation of exchanges into publicly traded companies, pursuing growth through global consolidation, asset class and geographic diversification, vertical integration of clearing services, and new sources of revenue. We will discuss the business rationale for consolidation and the most significant areas of competitive and operational differentiation. At the same time, a cycle seams to be repeating. After the Order Handling Rule changes of 1997, changes in market structure gave rise to 13 Electronic Communication Networks (ECN's) which fragmented liquidity and complicated the search for best execution. That being said, they did keep down the total cost of trading through the introduction of fast, electronic trading platforms. What happened then? The major exchanges acquired the best while the weakest closed with an unsustainable business model given the rapidly consolidating competitive landscape and associated economies of scale.

This course will tell that story, but it will also explain how that cycle is now repeating with multiple investments by most every major bank and hedge fund in not just one, but many new ECN's and Alternative Trading Systems (ATS's). Even new exchanges were created with industry backing such as energy exchange ICE, and investments spread into non-equity asset classes and into Europe, catalyzed by MiFID, and into the Asia Pacific region. At the same time, we've seen explosive growth in "dark pools" of liquidity, non-displayed books which are yet another source of disintermediating pressure on the traditional exchanges of the world. While profiling all of this dynamic change, we will also examine the systems and techniques used as market participants seek fragmented liquidity and best execution- through the use of algorithms, smart routing, quantitative analysis, and the robust commercial marketplace for order & execution management systems.

You can view the complete The Intelligent Search For Liquidity In Fragmented Markets course outline here.

The Intelligent Search For Liquidity In Fragmented Markets is delivered as a single company course taught on your premises for groups of up to 25 registrants per class session. It packs a lot of information on exchanges and alternative execution venues into a concentrated 4 hour course, with profiles of both light and dark pools of liquidity, traditional and alternative execution venues, how quantitative analysis leads to ever more sophisticated algorithms, and the order & execution management systems that make it all possible. As with all Cline Group financial market training courses, the course content extensively leverages real-world statistics, metrics, and research from the Aite Group and other select third party sources. This emphasis on actual industry research and trends makes the learning experience more than just a learning experience; it will stimulate critical thinking about how past market evolution and trends are likely to propagate into the future as competitive differentiation in execution becomes ever more challenging yet critical in attracting and retaining order flow.

The course is taught by Bill Cline, Cline Group managing partner and one of the leading analysts and media commentators on this important industry topic. We will teach the course at the location of your choosing worldwide, subject to scheduling availability.

Please contact us with questions you may have regarding the The Intelligent Search For Liquidity In Fragmented Markets training course or to discuss available dates and pricing.