The TOP Traders

David Lanchner

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The TOP Traders

机译：顶级交易员

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In our inaugural ranking we tell you which exchanges, brokerage firms and electronic systems are doing the best job for their biggest investors. The withdrawal of Deutsche Boerse's ￡1.35 billion ($2.56 billion) bid for the London Stock Exchange earlier this month dealt a stunning setback to the prospects of exchange consolidation in Europe. The reversal in the face of shareholder opposition is anything but a reprieve for the region's big three exchanges, though. Indeed, competition looks set to intensify among Frankfurt, London and Paris-based Euronext because of growing pressure from their customers. Brokerages and their demanding clients are flexing their muscles in an effort to drive down transaction costs and increasingly turning to alternative trading systems and program trading to obtain better - and cheaper - service.

机译：在我们的首届排名中，我们告诉您哪些交易所，经纪公司和电子系统对最大的投资者而言表现最佳。本月早些时候德意志银行以13.5亿英镑（合25.6亿美元）的价格撤回了伦敦证券交易所，这对欧洲交易所合并的前景造成了惊人的挫折。不过，面对股东反对的逆转不过是对该地区三大交易所的缓和。实际上，由于来自客户的压力越来越大，总部位于法兰克福，伦敦和巴黎的泛欧交易所集团之间的竞争似乎将加剧。经纪公司及其苛刻的客户正在竭尽全力以降低交易成本，并越来越多地转向替代交易系统和程序交易以获得更好（更便宜）的服务。

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《Institutional investor》 |2005年第3期|p.35-39|共5页
作者
David Lanchner;
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1. After 7-Year Run, Sequent Tops Tenaska Among Capacity Traders [J] . Michael Reed Pipeline & gas journal . 2016,第4期

机译：经过7年的运行，Sequent在容量交易商中名列Tenaska
2. TRADER NEWS...TRADER NEWS...TRADER NEWS [J] . The brewer & distiller international . 2012,第4期

机译：交易新闻...交易新闻...交易新闻
3. TRADER NEWS.,TRADER NEWS...TRADER NEWS... [J] . The Brewer International . 2011,第10期

机译：交易新闻。，交易新闻...交易新闻...
4. Turning the topic on its head! Trader’s view of a homogeneous product [C] . anonymous International Sugar Organization Seminar . 2004

机译：转向头部的主题！交易员的同类产品的看法
5. Intersectionality and Marketplace as Utopia: Examining How Women Market Traders Manage Life Demands in Subsistence Marketplaces. [D] . Upadhyaya, Shikha Nepal. 2016

机译：交叉性和作为乌托邦的市场：检验妇女市场交易员如何管理生存市场中的生活需求。
6. Effect of Planting Density and K2O:N Ratio on the Yield External Quality and Traders Perceived Shelf Life of Pineapple Fruits in Benin [O] . Ulrich Djido, Nicodeme V. Fassinou Hotegni, Willemien J. M. Lommen, 2021

机译：种植密度和K2O：N比率对贝宁菠萝水果的屈服外部质量和交易者的影响
7. We develop a sequential trade model of Iceberg order execution in a limit order book. The Iceberg-trader has the freedom to expose his trading intentions or (partially) shield the true order size against other market participants. Order exposure can cause drastic market reactions (“market impact”) in the end leading to higher transaction costs. On the other hand the Iceberg trader faces a loss-in-priority when he hides his intentions, as most electronic limit order books penalize the usage of hidden liquidity. Thus the Iceberg-trader is faced with the problem to find the right trade-off. Our model provides optimal exposure strategies for Iceberg traders in limit order book markets. In particular, we provide a range of analytical statements that are in line with recent empirical findings on the determinants of trader’s exposure strategies. In this framework, we also study the market impact also market impact of limit orders. We provide optimal exposure profiles for a range of hightech stocks from the US SP500 and how they scale with the state-of-the-book. We finally test the Iceberg’s performance against the limit orders and find that Iceberg orders can significantly enhance trade performance by up to 60. [O] . Gökhan Cebiro˜glu, Ulrich Horst 100

机译：我们在限价订单簿中开发了冰山订单执行的顺序交易模型。 Iceberg-trader可以自由地揭露他的交易意图，或者（部分）屏蔽其他市场参与者的真实订单规模。订单暴露最终会导致市场反应激烈（“市场影响”），导致交易成本上升。另一方面，冰山交易员在隐藏他的意图时面临优先权损失，因为大多数电子限价订单都会惩罚隐藏流动性的使用。因此，冰山商人面临着找到正确权衡的问题。我们的模型为限额订单市场中的冰山交易者提供了最佳的风险敞口策略。特别是，我们提供了一系列分析性陈述，这些陈述与最近关于交易者暴露策略决定因素的实证研究结果一致。在此框架下，我们还研究了市场影响以及限价订单的市场影响。我们为来自美国标准普尔500指数的一系列高科技股票提供最佳曝光配置文件，以及它们如何随着本书的规模扩展。我们最终根据极限订单测试了冰山的表现，发现冰山订单可以显着提升贸易业绩高达60％。

The TOP Traders

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