TOPIC: Trading & Surveillance

Liquidity Behavior in the S&P 500

As a large cap index all the constituents of the S&P 500 are highly liquid. This is certainly true compared to mid-cap or small cap

Participation Rates and Trading Costs

The ultimate objective of Best Execution is reducing trading costs. By keeping trading costs as low as possible the trader increases the net alpha of

Performance Risk Across Trading Strategies

Perhaps the least appreciated part of Best Execution and one which receives relatively little attention is that of trade cost performance risk. By “performance risk,”