Трейдинг рум

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В этой статье раскрыты следующие темы:

Трейдинг-рум — Trading room

Описание.

Трейдинг-рум (Trading room)

Что такое трейдинг-рум?

Они пользуются преимуществами общего доступа к различным сервисам, таким как: торговые платформы, высокоскоростной Интернет, ленты новостей, актуальная информация по рынкам и тренировки.

В случае, если трейдер работает в банке или учреждении по управлению деньгами , оплата за использование общего доступа к сервисам трейдинг-рума производится работодателем. Если трейдер работает на так называемый «проп-хаус», где трейдеры торгуют на свои средства или средства проп-хауса, получая при этом часть от дохода , сервисы общего доступа, как правило, предоставляет компания, однако, оплату производят сами трейдеры в качестве ежемесячного платежа. Сумма может варьироваться от нескольких сотен до нескольких тысяч долларов в месяц.

Сервисы общего доступа включают системы DMA (Direct Market Access), услуги фильтрации новостей (такие как Bloomberg или Reuters), услуги аналитиков по техническим и фундаментальным обзорам, а также алгоритмическое программное обеспечение для трейдинга .

Что такое онлайн трейдинг-рум?

С развитием высокоскоростного Интернета, недорогим или относительно бесплатным ПО для трейдинга и низким порогом для входа, трейдинг-румы перешли в виртуальную среду, в которой трейдеры могут работать не выходя из дома или удаленно, оставаясь при этом частью крупного сообщества трейдеров.

Это уже не трейдинг-рум как таковой, а, скорее, сеть трейдеров, соединенных между собой удаленно для торговли в интересах независимых клиентов или учреждений.

Trading room

A trading room gathers traders operating on financial markets. The trading room is also often called the front office. The terms «dealing room» and «trading floor» are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses.

Tradingrooms are also known as «trading labs» or «finance labs» in universities and business schools. Trading rooms, have become a key medium in creating a «wall street atmosphere».

Financial markets
  • Public market
  • Exchange·Securities
Bond market
  • Bond valuation
  • Corporate bond
  • Fixed income
  • Government bond
  • High-yield debt
  • Municipal bond
  • Securitization
Stock market
  • Common stock
  • Preferred stock
  • Registered share
  • Stock
  • Stock certificate
  • Stock exchange
Other markets
Trading
  • Participants
  • Regulation
  • Clearing
Related areas
  • Banks and banking
  • Finance
    • corporate
    • personal
    • public

Contents

Origin [ edit ]

Before the sixties or seventies, the banks’ capital market businesses were mostly split into many departments, sometimes scattered at several sites, as market segments: money market (domestic and currencies), foreign exchange, long-term financing, exchange, bond market. By gathering these teams to a single site, banks want to ease:

  • a more efficient broadcast of market information, for greater reactivity of traders;
  • >Context [ edit ]

Trading rooms first appeared among United States bulge bracket brokers, such as Morgan Stanley, from 1971, with the creation of NASDAQ, which requires an equity trading desk on their premises, and the growth of the secondary market of federal debt products, which requires a bond trading desk.

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The spread of trading rooms in Europe, between 1982 and 1987, has been subsequently fostered by two reforms of the financial markets organization, that were carried out roughly simultaneously in the United Kingdom and France.

In the United Kingdom, the Big Bang on the London Stock Exchange, removed the distinction between stockbrokers and stockjobbers, and prompted US investment banks, hitherto deprived of access to the LSE, to set up a trading room in the City of London.

In France, the deregulation of capital markets, carried out by Pierre Bérégovoy, Economics and Finance Minister, between 1984 and 1986, led to the creation of money-market instruments, of an interest-rate futures market, MATIF, of an equity options market, MONEP, the streamlining of sovereign debt management, with multiple-auction bond issues and the creation of a primary dealer status. Every emerging market segment raised the need for new dedicated trader positions inside the trading room.

Businesses [ edit ]

A trading room serves two types of business:

  • trading, and arbitrage, a business of investment banks and brokers, often referred to as the sell side.
  • portfolio management, a business of asset management companies and institutional investors, often referred to as the buy side.

Brokers and investment banks set up their trading rooms first and large asset-management firms subsequently followed them.

The business type determines peculiarities in the organization and the software environment inside the trading room.

Organization [ edit ]

Trading rooms are made up of «desks», specialised by product or market segment (equities, short-term, long-term, options. ), that share a large open space.

An investment bank’s typical room makes a distinction between:

  • traders, whose role is to offer the best possible prices to sales, by anticipating market trends. After striking a deal with a sales, the trader arranges a reverse trade either with another trader belonging to another entity of the same institution or to an outside counterparty;
  • market-makers, acting like wholesalers. Trades negotiated by market-makers usually bear standard terms.

Sales make deals tailored to their corporate customers’ needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on the whole range of asset types.

Many large institutions have grouped their cash and derivative desks, while others, such as UBS or Deutsche Bank, for example, giving the priority to customer relationship, structure their trading room as per customer segment, around sales desks. [1]

Some large trading rooms hosts offshore traders, acting on behalf of another entity of the same institution, located in another time-zone. One room in Paris may have traders paid for by the New York City subsidiary, and whose working hours are consequently shifted. On the foreign exchange desk, because this market is live on a 24/24 basis, a rolling book organisation can be implemented, whereby, a London-based trader, for instance, will inherit, at start of day, the open positions handed over by the Singapore, Tokyo, or Bahrein room, and manages them till his own end-of-day, when they are handed over to another colleague based in New York City.

Some institutions, notably those that invested in a rapid development (RAD) team, choose to blend profiles inside the trading room, where traders, financial engineers and front-office dedicated software developers sit side by side. The latter therefore report to a head of trading rather than to a head of IT.

More recently, a profile of compliance officer has also appeared; he or she makes sure the law, notably that relative to market use, and the code of conduct, are complied with.

The middle office and the back office are generally not located in the trading room.

The organisation is somewhat simpler with asset management firms:

  • asset managers are responsible for portfolios or funds;
  • «traders» are in contact with «brokers» – that is, with the above-mentioned investment banks’ «sales»; however, this profile is absent from asset management firms that chose to outsource their trading desk.

The development of trading businesses, during the eighties and nineties, required ever larger trading rooms, specifically adapted to IT- and telephony cabling. Some institutions therefore moved their trading room from their downtown premises, from the City to Canary Wharf, [2] from inner Paris to La Défense, and from Wall Street towards Times Square or New York City’s residential suburbs in Connecticut; UBS Warburg, for example, built a trading room in Stamford, Connecticut in 1997, then enlarged it in 2002, to the world’s largest one, with about 100,000 sq ft (9,300 m 2 ) floor space, allowing the installation of some 1,400 working positions and 5,000 monitors. [3] The «Basalte» building of Société Générale is the first ever building specifically dedicated to trading rooms; it is fit for double power sourcing, to allow trading continuity in case one of the production sources is cut off. [4] JP Morgan is planning to construct a building, close to the World Trade Center site, where all six 60,000 sq ft (5,600 m 2 ) floors dedicated to trading rooms will be cantilevered, the available ground surface being only 32,000 sq ft (3,000 m 2 ). [5]

Infrastructure [ edit ]

The early years [ edit ]

Telephone and teleprinter have been the broker’s first main tools. The teleprinter, or Teletype, got financial quotes and printed them out on a ticker tape. US equities were identified by a ticker symbol made of one to three letters, followed by the last price, the lowest and the highest, as well as the volume of the day. Broadcasting neared real time, quotes being rarely delayed by more than 15 minutes, but the broker looking for a given security’s price had to read the tape.

As early as 1923, the Trans-Lux company installed the NYSE with a projection system of a transparent ticker tape onto a large screen. [6] This system has been subsequently adopted by most NYSE-affiliated brokers till the 1960s.

In 1956 a solution called Teleregister, [7] came to the market; this electro-mechanical board existed in two versions, of the top 50 or top 200 securities listed on the NYSE; but one had to be interested in those equities, and not in other ones.

During the 1960s, the trader’s workstation was remarkable for the overcrowding of telephones. The trader juggled with handsets to discuss with several brokers simultaneously. The electromechanical, then electronic, calculator enabled him or her to perform basic computations.

In the 1970s, if the emergence of the PABX gave way to some simplification of the telephony equipment, the development of alternative display solutions, however, lead to a multiplication of the number of v >[8] Bloomberg with its Bloomberg Terminal, Knight Ridder notably with its Viewtron offering, Quotron and Bridge, more or less specialised on the money market, foreign exchange, securities market segments, respectively, for the first three of them.

The advent of spreadsheets [ edit ]

From the early 1980s trading rooms multiplied and took advantage of the spread of micro-computing. Spreadsheets emerged, the products on offer being split between the MS-DOS/Windows/PC world and the Unix world. For PC, there was Lotus 1-2-3, [9] it was quickly superseded by Excel, for workstations and terminals. For UNIX, there was Applix and Wingz [10] among others. Along video monitors, left space had to be found on desks to install a computer screen.

Quite rapidly, Excel got very popular among traders, as much as a decision support tool as a means to manage their position, and proved to be a strong factor for the choice of a Windows NT platform at the expense of a Unix or VAX/VMS platform.

Though software alternatives multiplied during this decade, the trading room was suffering from a lack of interoperability and integration. To begin with, there was scant automated transmission of trades from the front-office desktop tools, notably Excel, towards the enterprise application software that gradually got introduced in back-offices; traders recorded their deals by filling in a form printed in a different colour depending on the direction (buy/sell or loan/borrow), and a back-office clerk came and picked piles of tickets at regular intervals, so that these could be re-captured in another system.

The digital revolution [ edit ]

Video display applications were not only wrapped up in cumbersome boxes, their retrieval-based display mode was no longer adapted to markets that had been gaining much liquidity and henceforth required decisions in a couple of seconds. Traders expected market data to reach them in real time, with no intervention required from them with the keyboard or the mouse, and seamlessly feed their decision support and position handling tools.

The digital revolution, which started in the late 1980s, was the catalyst that helped meet these expectations. It found expression, ins >[11] and these syndicated data were distributed onto traders’ desktops. One calls a feed-handler the server that acquires data from the integrator and transmits them to the local distribution system.

Reuters, with its TRIARCH 2000, Teknekron, with its TIB, Telerate with TTRS, Micrognosis with MIPS, soon shared this growing market. This infrastructure is a prerequisite to the further installation, on each desktop, of the software that acquires, displays and graphically analyses these data.

This type of software usually enables the trader to assemble the relevant information into composite pages, comprising a news panel, in text format, sliding in real time from bottom to top, a quotes panel, for instance spot rates against the US dollar, every quote update or « tick » showing up in reverse video during one or two seconds, a graphical analysis panel, with moving averages, MACD, candlesticks or other technical indicators, another panel that displays competitive quotes from different brokers, etc.

Two software package families were belonging to this new generation of tools, one dedicated to Windows-NT platforms, the other to Unix and VMS platforms.

However Bloomberg and other, mostly domestic, providers, shunned this movement, preferring to stick to a service bureau model, where every desktop-based monitor just displays data that are stored and processed on the vendor’s premises. The approach of these providers was to enrich their database and functionalities enough so that the issue of opening up their datafeed to any spreadsheet or third-party system gets pointless.

This decade also witnessed the irruption of television ins >[12] Bloomberg, CNN, CNBC each propose their news channel specially dedicated to financial markets.

Internet and bandwidth [ edit ]

The development of the internet triggered the fall of the cost of information, including financial information. It hit a serious blow to integrators who, like Reuters, had invested a lot the years before to deliver data en masse and in real time to the markets, but henceforth recorded a wave of terminations of their data subscriptions as well as flagging sales of their data distribution and display software licences.

Moreover, the cable operators’ investors lead to a huge growth of information capacity transport worldwide. Institutions with several trading rooms in the world took advantage of this bandwidth to link their foreign sites to their headquarters in a hub and spoke model. The emergence of technologies like Citrix supported this evolution, since they enable remote users to connect to a virtual desktop from where they then access headquarters applications with a level of comfort similar to that of a local user. While an investment bank previously had to roll out a software in every trading room, it can now limit such an investment to a single site. The implementation cost of an overseas site gets reduced, mostly, to the telecoms budget.

And since the IT architecture gets simplified and centralised, it can also be outsourced. Indeed, from the last few years, the main technology prov >[ who? ] active on the trading rooms market have been developing hosting services.

Software equipment [ edit ]

From the late 1980s, worksheets have been rapidly proliferating on traders’ desktops while the head of the trading room still had to rely on consolidated positions that lacked both real time and accuracy. The diversity of valuation algorithms, the fragility of worksheets incurring the risk of loss of critical data, the mediocre response times delivered by PCs when running heavy calculations, the lack of visibility of the traders’ goings-on, have all raised the need for shared information technology, or enterprise applications as the industry later called it.

But institutions have other requirements that depend on their business, whether it is trading or investment.

Risk-management [ edit ]

Within the investment bank, the trading division is keen to implement synergies between desks, such as:

  • hedging the currency risk born from foreign exchange swaps or forward positions;
  • funding by the money market desk of positions left open at end of day;
  • hedging bond positions by interest-rate futures or options contracts.

Such processes require mutualisation of data.

Hence a number of package software come to the market, between 1990 and 1993 : Infinity, Summit, Kondor+, Finance Kit, [13] Front Arena, Murex and Sophis Risque, are quickly marketed under the umbrella of risk-management, a term more flattering though somewhat less accurate than that of position-keeping. [14]

Though Infinity died, in 1996, with the dream of the toolkit that was expected to model any innovation a financial engineer could have designed, the other systems are still well and alive in trading rooms. Born during the same period, they share many technical features, such as a three-tier architecture, whose back-end runs on a Unix platform, a relational database on either Sybase or Oracle, and a graphical user interface written in English, since their clients are anywhere in the world. Deal capture of transactions by traders, position-keeping, measure of market risks (interest-rates and foreign exchange), calculation of Profit & Loss (P&L), per desk or trader, control of limits set per counterparty, are the main functionalities delivered by these systems.

These functions will be later entrenched by national regulations, that tend to insist on adequate IT: in France, they are defined in 1997 in an instruction from the “Commission Bancaire” relative to internal control. [15]

Electronic trading [ edit ]

Telephone, used on over-the-counter (OTC) markets, is prone to misunderstandings. Should the two parties fail to clearly understand each other on the trade terms, it may be too late to amend the transaction once the received confirmation reveals an anomaly.

The first markets to discover electronic trading are the foreign-exchange markets. Reuters creates its Reuter Monitor Dealing Service in 1981. Contreparties meet each other by the means of the screen and agree on a transaction in videotex mode, where data are loosely structured. Its next generation product, an electronic trading platform called Dealing 2000, ported on Windows, is launched in 1989. Like EBS, which competes with it head-on from 1997, it mostly handles spot trades.

Several products pop up in the world of electronic trading including Bloomberg Terminal, BrokerTec, TradeWeb and Reuters 3000 Xtra for securities and foreign exchange. While the Italian-born Telematico (MTS) finds its place, in the European trading rooms for trading of sovereign-debt.

More recently other specialised products have come to the market, such as Swapswire, to deal interest-rate swaps, or SecFinex and EquiLend, to place securities loans or borrowings (the borrower pays the subscription fee to the service).

However, these systems also generally lack liqu >[16]

Order management and routing [ edit ]

For organised markets products, processes are different: customer orders must be collected and centralised; some part of them can be diverted for internal matching, through so-called alternative trading systems (ATS); orders with a large size, or on equities with poor liquidity or listed on a foreign bourse, and orders from corporate customers, whose sales contact is located in the trading room, are preferably routed either towards brokers, or to multilateral trading facilities (MTF); the rest goes directly to the local stock exchange, where the institution is electronically connected to.

Orders are subsequently executed, partially of fully, then allocated to the respective customer accounts. The increasing number of listed products and trading venues have made it necessary to manage this order book with an adequate software.

Stock exchanges and futures markets propose their own front-end system to capture and transmit orders, or possibly a programming interface, to allow member institutions to connect their order management system they developed in-house. But software publishers soon sell packages that take in charge the different communication protocols to these markets; The UK-based Fidessa has a strong presence among LSE members; Sungard Global Trading and the Swedish Orc Software are its biggest competitors.

Program trading [ edit ]

In program trading, orders are generated by a software program instead of being placed by a trader taking a decision. More recently, it is rather called algorithmic trading. It applies only to organised markets, where transactions do not depend on a negotiation with a given counterparty.

A typical usage of program trading is to generate buy or sell orders on a given stock as soon as its price reaches a given threshold, upwards or downwards. A wave of stop sell orders has been largely incriminated, during the 1987 financial crises, as the main cause of acceleration of the fall in prices. However, program trading has not stopped developing, since then, particularly with the boom of ETFs, mutual funds mimicking a stock-exchange index, and with the growth of structured asset management; an ETF replicating the FTSE 100 index, for instance, sends multiples of 100 buy orders, or of as many sell orders, every day, depending on whether the fund records a net incoming or outgoing subscription flow. Such a combination of orders is also called a basket. Moreover, whenever the weight of any constituent stock in the index changes, for example following an equity capital increase, by the issuer, new basket orders should be generated so that the new portfolio distribution still reflects that of the index. If a program can generate more rapidly than a single trader a huge quantity of orders, it also requires monitoring by a financial engineer, who adapts its program both to the evolution of the market and, now, to requirements of the banking regulator checking that it entails no market manipulation. Some trading rooms may now have as many financial engineers as traders.

The spread of program trading variants, many of which apply similar techniques, leads their designers to seek a competitive advantage by investing in hardware that adds computing capacity or by adapting their software code to multi-threading, so as to ensure their orders reach the central order book before their competitors’. The success of an algorithm therefore measures up to a couple of milliseconds. This type of program trading, also called high-frequency trading, conflicts however with the fairness principle between investors, and some regulators cons >[17]

Portfolio management [ edit ]

With order executions coming back, the mutual fund’s manager as well the investment bank’s trader must update their positions. However, the manager does not need to revalue his in real time: as opposed to the trader whose time horizon is the day, the portfolio manager has a medium to long term perspective. Still, the manager needs to check that whatever he sells is available on his custodial account; he also needs a benchmarking functionality, whereby he may track his portfolio performance with that of his benchmark; should it diverge by too much, he would need a mechanism to rebalance it by generating automatically a number of buys and sells so that the portfolio distribution gets back to the benchmark’s.

Relations with the back-office [ edit ]

In most countries the banking regulation requires a principle of independence between front-office and back-office: a deal made by the trading room must be val >[18] [19]

In Germany, the regulation goes further, a «four eyes’ principle» requiring that every negotiation carried by any trader should be seen by another trader before being submitted to the back-office.

In Continental Europe, institutions have been stressing, since the early 1990s, on Straight Through Processing (STP), that is, automation of trade transmission to the back-office. Their aim is to raise productivity of back-office staff, by replacing trade re-capture by a validation process. Publishers of risk-management or asset-management software meet this expectation either by adding back-office functionalities within their system, hitherto dedicated to the front-office, or by developing their connectivity, to ease integration of trades into a proper back-office-oriented package.

Anglo-Saxon institutions, with fewer constraints in hiring additional staff in back-offices, have a less pressing need to automate and develop such interfaces only a few years later.

On securities markets, institutional reforms, aiming at reducing the settlement lag from a typical 3 business days, to one day or even zero day, can be a strong driver to automate data processes.

As long as front-office and back-offices run separately, traders most reluctant to capture their deals by themselves in the front-office system, which they naturally find more cumbersome than a spreadsheet, are tempted to discard themselves towards an assistant or a middle-office clerk. An STP policy is then an indirect means to compel traders to capture on their own. Moreover, IT-based trade-capture, in the shortest time from actual negotiation, is growingly seen, over the years, as a «best practice» or even a rule.

Banking regulation tends to deprive traders from the power to revalue their positions with prices of their choosing. However, the back-office staff is not necessarily best prepared to criticize the prices proposed by traders for complex or hardly liquid instruments and that no independent source, such as Bloomberg, publicize.

Anatomy of the biggest failures [ edit ]

Whether as an actor or as a simple witness, the trading room is the place that experiences any failure serious enough to put the company’s existence at stake.

In the case of Northern Rock, Bear Stearns or Lehman Brothers, all three wiped out by the subprime crisis, in 2008, if the trading room finally could not find counterparts on the money market to refinance itself, and therefore had to face a liquidity crisis, each of those defaults is due to the company’s business model, not to a dysfunction of its trading room.

On the contrary, in the examples shown below, if the failure has always been precipitated by market adverse conditions, it also has an operational cause :

Operational causes of the biggest failures [20]

Month Year Company Fictitious trades Hidden positions Overshot positions Insider trading Market manipulation Miscalculated risk Erroneous valuation Lack of trader control Inadequate entitlement Capture error Conse-
quences
on the company
Apr. 87 Merrill Lynch [21] b b b
Feb. 90 Drexel Burnham Lambert [22] b b b fine and bankruptcy
Sep. 91 Salomon Brothers [23] b fine
Feb. 95 Barings [24] b b b bankruptcy
Apr. 95 K >[25] b b
Jul. 95 Daiwa [25] b b b partial business closure
Juin 96 Sumitomo b b b b fines [26] + civil lawsuit
Jan. 98 UBS [27] b b
Sep. 98 LTCM [28] b recapitalisation
Dec. 05 Mizuho Securities [29] · [30] b
Sep. 06 Amaranth Advisors [31] b
Jan. 08 Société Générale [32] b b b b fine [33]
Feb. 08 Credit Suisse [34] b
May 8 Morgan Stanley [35] b b b fine
Oct. 08 CITIC Pacific [36] b b

These operational causes, in the above columns, are due to organisational or IT flaws :

  • A fictitious trade gets possible whenever the system allows to post a trade to either a fictitious counterparty, or to a real counterparty, but for which the system sends neither a confirmation to that counterparty nor an automated message to the back-office, for settlement and accounting;
  • H >Destroyed rooms [ edit ]
  • On May 5, 1996, during a Saturday to Sunday night, a fire, suspected to be criminal, ravaged the trading room of Crédit Lyonnais; trading businesses have been transferred in a couple of days to a backup, or disaster recovery, site, in outer Paris.
  • On September 11, 2001, the attack against the World Trade Center destroyed the Cantor Fitzgerald’s trading room and killed 658 persons, two-thirds of its workforce. [37] Yet business resumed about one week later.

Gambling [ edit ]

Trading rooms are also used in the sports gambling sector. The term is often used to refer to the liabilities and odds setting departments of bookmakers where liabilities are managed and odds are adjusted. Examples include internet bookmakers based in the Caribbean and also legal bookmaking operations in the United Kingdom such as William Hill, Ladbrokes and Coral which operate trading rooms to manage their risk. The growth of betting exchanges such as Betfair has also led to the emergence of «trading rooms» designed for professional gamblers. (reference: Racing Post newspaper 19/7/07) The first such establishment was opened in Edinburgh in 2003 but later folded. Professional gamblers typically pay a daily «seat» fee of around £30 per day for the use of IT facilities and sports satellite feeds used for betting purposes. Today there are eight such trading rooms across the UK, with two based in London – one in Highgate and one in Canary Wharf.

Trading room

A trading room gathers traders operating on financial markets. The trading room is also often called the front office. The terms «dealing room» and «trading floor» are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses.

Origin Edit

Before the sixties or seventies, the banks’ capital market businesses were mostly split into many departments, sometimes scattered at several sites, as market segments: money market (domestic and currencies), foreign exchange, long-term financing, exchange, bond market. By gathering these teams to a single site, banks want to ease:

  • a more efficient broadcast of market information, for greater reactivity of traders;
  • >Context Edit

Trading rooms first appeared among United States bulge bracket brokers, such as Morgan Stanley, from 1971, with the creation of NASDAQ, which requires an equity trading desk on their premises, and the growth of the secondary market of federal debt products, which requires a bond trading desk.

The spread of trading rooms in Europe, between 1982 and 1987, has been subsequently fostered by two reforms of the financial markets organization, that were carried out roughly simultaneously in the United Kingdom and France.

In the United Kingdom, the Big Bang on the London Stock Exchange, removed the distinction between stockbrokers and stockjobbers, and prompted US investment banks, hitherto deprived of access to the LSE, to set up a trading room in the City of London.

In France, the deregulation of capital markets, carried out by Pierre Bérégovoy, Economics and Finance Minister, between 1984 and 1986, led to the creation of money-market instruments, of an interest-rate futures market, MATIF, of an equity options market, MONEP, the streamlining of sovereign debt management, with multiple-auction bond issues and the creation of a primary dealer status. Every emerging market segment raised the need for new dedicated trader positions inside the trading room.

Businesses Edit

A trading room serves two types of business:

  • trading, and arbitrage, a business of investment banks and brokers, often referred to as the sell side.
  • portfolio management, a business of asset management companies and institutional investors, often referred to as the buy side.

Brokers and investment banks set up their trading rooms first and large asset-management firms subsequently followed them.

The business type determines peculiarities in the organisation and the software environment inside the trading room.

Organization Edit

Trading rooms are made up of desks, specialised by product or market segment (equities, short-term, long-term, options…), that share a large open space.

An investment bank’s typical room makes a distinction between :

  • traders, whose role is to offer the best possible prices to sales, by anticipating market trends. After striking a deal with a sales, the trader arranges a reverse trade either with another trader belonging to another entity of the same institution or to an outside counterparty;
  • market-makers, acting like wholesalers. Trades negotiated by market-makers usually bear standard terms.

Sales make deals tailored to their corporate customers’ needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on the whole range of asset types.

Many large institutions have grouped their cash and derivative desks, while others, such as UBS or Deutsche Bank, for example, giving the priority to customer relationship, structure their trading room as per customer segment, around sales desks. [1]

Some large trading rooms hosts offshore traders, acting on behalf of another entity of the same institution, located in another time-zone. One room in Paris may have traders paid for by the New York subsidiary, and whose working hours are consequently shifted. On the foreign exchange desk, because this market is live on a 24/24 basis, a rolling book organisation can be implemented, whereby, a London-based trader, for instance, will inherit, at start of day, the open positions handed over by the Singapore, Tokyo, or Bahrein room, and manages them till his own end-of-day, when they are handed over to another colleague based in New York.

Some institutions, notably those that invested in a rapid development (RAD) team, choose to blend profiles inside the trading room, where traders, financial engineers and front-office dedicated software developers sit side by side. The latter therefore report to a head of trading rather than to a head of IT.

More recently, a profile of compliance officer has also appeared; he or she makes sure the law, notably that relative to market use, and the code of conduct, are complied with.

The middle office and the back office are generally not located in the trading room.

The organisation is somewhat simpler with asset management firms :

  • asset managers are responsible for portfolios or funds;
  • « traders » are in contact with « brokers », that is, with the above-mentioned investment banks’« sales »; however, this profile is absent from asset management firms that chose to outsource their trading desk.

File:StamfordCTUBSNorthAmericanHQ11112007.jpg

The development of trading businesses, during the eighties and nineties, required ever larger trading rooms, specifically adapted to IT- and telephony cabling. Some institutions therefore moved their trading room from their downtown premises, from the City to Canary Wharf, [2] from inner Paris to La Défense, and from Wall Street towards Times Square or New York’s res > Script error m 2 ) floor space, allowing the installation of some 1,400 working positions and 5,000 monitors. [3]

The « Basalte » building of Société Générale is the first ever building specifically dedicated to trading rooms; it is fit for double power sourcing, to allow trading continuity in case one of the production sources is cut off. [4]

Infrastructure Edit

The early years Edit

Telephone and teleprinter have been the broker’s first main tools. The teleprinter, or Teletype, got financial quotes and printed them out on a ticker tape. US equities were identified by a ticker symbol made of one to three letters, followed by the last price, the lowest and the highest, as well as the volume of the day. Broadcasting neared real time, quotes being rarely delayed by more than 15 minutes, but the broker looking for a given security’s price had to read the tape.

As early as 1923, the Trans-Lux company installed the NYSE with a projection system of a transparent ticker tape onto a large screen. [6] This system has been subsequently adopted by most NYSE-affiliated brokers till the 1960s.

In 1956 a solution called Teleregister, [7] came to the market; this electro-mechanical board existed in two versions, of the top 50 or top 200 securities listed on the NYSE; but one had to be interested in those equities, and not in other ones.

During the 1960s, the trader’s workstation was remarkable for the overcrowding of telephones. The trader juggled with handsets to discuss with several brokers simultaneously. The electromechanical, then electronic, calculator enabled him or her to perform basic computations.

In the 1970s, if the emergence of the PABX gave way to some simplification of the telephony equipment, the development of alternative display solutions, however, lead to a multiplication of the number of v >[8] Bloomberg, Knight-R >[9] Quotron, Bridge were the main actors of the financial data market, more or less specialised on the money market, foreign exchange, securities market segments, respectively, for the first three of them.

The advent of spreadsheets Edit

From the early 1980s trading rooms multiplied and took advantage of the spread of micro-computing. Spreadsheets emerged, the products on offer being split between the MS-DOS/Windows/PC world and the Unix world. For PC, there was Lotus 1-2-3, [10] it was quickly superseded by Excel, for workstations and terminals. For UNIX, there was Applix and Wingz [11] among others. Along video monitors, left space had to be found on desks to install a computer screen.

Quite rapidly, Excel got very popular among traders, as much as a decision support tool as a means to manage their position, and proved to be a strong factor for the choice of a Windows NT platform at the expense of a Unix or VAX/VMS platform.

Though software alternatives multiplied during this decade, the trading room was suffering from a lack of interoperability and integration. To begin with, there was scant automated transmission of trades from the front-office desktop tools, notably Excel, towards the enterprise application software that gradually got introduced in back-offices; traders recorded their deals by filling in a form printed in a different colour depending on the direction (buy/sell or loan/borrow), and a back-office clerk came and picked piles of tickets at regular intervals, so that these could be re-captured in another system.

The digital revolution Edit

Video display applications were not only wrapped up in cumbersome boxes, their retrieval-based display mode was no longer adapted to markets that had been gaining much liquidity and henceforth required decisions in a couple of seconds. Traders expected market data to reach them in real time, with no intervention required from them with the keyboard or the mouse, and seamlessly feed their decision support and position handling tools.

The digital revolution, which started in the late 1980s, was the catalyst that helped meet these expectations. It found expression, ins >[12] and these syndicated data were distributed onto traders’ desktops. One calls a feed-handler the server that acquires data from the integrator and transmits them to the local distribution system.

Reuters, with its TRIARCH 2000, Teknekron, with its TIB, Telerate with TTRS, Micrognosis with MIPS, soon shared this growing market. This infrastructure is a prerequisite to the further installation, on each desktop, of the software that acquires, displays and graphically analyses these data.

This type of software usually enables the trader to assemble the relevant information into composite pages, comprising a news panel, in text format, sliding in real time from bottom to top, a quotes panel, for instance spot rates against the US dollar, every quote update or « tick » showing up in reverse video during one or two seconds, a graphical analysis panel, with moving averages, MACD, candlesticks or other technical indicators, another panel that displays competitive quotes from differents brokers, etc.

Two software package families were belonging to this new generation of tools, one dedicated to Windows-NT platforms, the other to Unix and VMS platforms.

However Bloomberg and other, mostly domestic, providers, shunned this movement, preferring to stick to a service bureau model, where every desktop-based monitor just displays data that are stored and processed on the vendor’s premises. The approach of these providers was to enrich their database and functionalities enough so that the issue of opening up their datafeed to any spreadsheet or third-party system gets pointless.

This decade also witnessed the irruption of television ins >[13] Bloomberg, CNN, CNBC each propose their news channel specially dedicated to financial markets.

Internet and bandwidth Edit

The development of the internet triggered the fall of the cost of information, including financial information. It hit a serious blow to integrators who, like Reuters, had invested a lot the years before to deliver data en masse and in real time to the markets, but henceforth recorded a wave of terminations of their data subscriptions as well as flagging sales of their data distribution and display software licences.

Moreover, the cable operators’ investors lead to a huge growth of information capacity transport worldwide. Institutions with several trading rooms in the world took advantage of this bandwidth to link their foreign sites to their headquarters in a hub and spoke model. The emergence of technologies like Citrix supported this evolution, since they enable remote users to connect to a virtual desktop from where they then access headquarters applications with a level of comfort similar to that of a local user. While an investment bank previously had to roll out a software in every trading room, it can now limit such an investment to a single site. The implementation cost of an overseas site gets reduced, mostly, to the telecoms budget.

And since the IT architecture gets simplified and centralised, it can also be outsourced. Indeed, from the last few years, the main technology prov > Script error [ who? ] active on the trading rooms market have been developing hosting services.

Software equipment Edit

From the late 1980s, worksheets have been rapidly proliferating on traders’ desktops while the head of the trading room still had to rely on consolidated positions that lacked both real time and accuracy. The diversity of valuation algorithms, the fragility of worksheets incurring the risk of loss of critical data, the mediocre response times delivered by PCs when running heavy calculations, the lack of visibility of the traders’ goings-on, have all raised the need for shared information technology, or enterprise applications as the industry later called it.

But institutions have other requirements that depend on their business, whether it is trading or investment.

Risk-management Edit

Within the investment bank, the trading division is keen to implement synergies between desks, such as:

  • hedging the currency risk born from foreign exchange swaps or forward positions;
  • funding by the money market desk of positions left open at end of day;
  • hedging bond positions by interest-rate futures or options contracts.

Such processes require mutualisation of data.

Hence a number of package software come to the market, between 1990 and 1993 : Infinity, Summit, Kondor+, Finance Kit, [14] Front Arena, (French) Script error Murex and Sophis Risque, are quickly marketed under the umbrella of risk-management, a term more flattering though somewhat less accurate than that of position-keeping. [15]

Though Infinity died, in 1996, with the dream of the toolkit that was expected to model any innovation a financial engineer could have designed, the other systems are still well and alive in trading rooms. Born during the same period, they share many technical features, such as a three-tier architecture, whose back-end runs on a Unix platform, a relational database on either Sybase or Oracle, and a graphical user interface written in English, since their clients are anywhere in the world. Capture of transactions by traders, position-keeping, measure of market risks (interest-rates and foreign exchange), calculation of Profit & Loss (P&L), per desk or trader, control of limits set per counterparty, are the main functionalities delivered by these systems.

These functions will be later entrenched by national regulations, that tend to insist on adequate IT: in France, they are defined in 1997 in an instruction from the “Commission Bancaire” relative to internal control. [16]

Electronic trading Edit

Telephone, used on over-the-counter (OTC) markets, is prone to misunderstandings. Should the two parties fail to clearly understand each other on the trade terms, it may be too late to amend the transaction once the received confirmation reveals an anomaly.

The first markets to discover electronic trading are the foreign-exchange markets. Reuters creates its Reuter Monitor Dealing Service in 1981. Contreparties meet each other by the means of the screen and agree on a transaction in videotex mode, where data are loosely structured. Its next generation product, an electronic trading platform called Dealing 2000, ported on Windows, is launched in 1989. Like EBS, which competes with it head-on from 1997, it mostly handles spot trades.

Several products pop up in the world of electronic trading including Bloomberg Terminal, BrokerTec, TradeWeb and Reuters 3000 Xtra for securities and foreign exchange. While the Italian-born Telematico (MTS) finds its place, in the European trading rooms for trading of sovereign-debt.

More recently other specialised products have come to the market, such as Swapswire, to deal interest-rate swaps, or SecFinex and EquiLend, to place securities loans or borrowings (the borrower pays the subscription fee to the service).

However, these systems also generally lack liqu >[17]

Order management and routing Edit

For organised markets products, processes are different: customer orders must be collected and centralised; some part of them can be diverted for internal matching, through so-called Alternative Trading Systems (ATS); orders with a large size, or on equities with poor liquidity or listed on a foreign bourse, and orders from corporate customers, whose sales contact is located in the trading room, are preferably routed either towards brokers, or to multilateral trading facilities (MTF); the rest goes directly to the local stock exchange, where the institution is electronically connected to.

Orders are subsequently executed, partially of fully, then allocated to the respective customer accounts. The increasing number of listed products and trading venues have made it necessary to manage this order book with an adequate software.

Stock exchanges and futures markets propose their own front-end system to capture and transmit orders, or possibly a programming interface, to allow member institutions to connect their order management system they developed in-house. But software publishers soon sell packages that take in charge the different communication protocols to these markets; The UK-based Fidessa has a strong presence among LSE members; Sungard Global Trading and the Swedish Orc Software are its biggest competitors.

Program trading Edit

In program trading, orders are generated by a software program instead of being placed by a trader taking a decision. More recently, it is rather called algorithmic trading. It applies only to organised markets, where transactions do not depend on a negotiation with a given counterparty.

A typical usage of program trading is to generate buy or sell orders on a given stock as soon as its price reaches a given threshold, upwards or downwards. A wave of stop sell orders has been largely incriminated, during the 1987 financial crises, as the main cause of acceleration of the fall in prices. However, program trading has not stopped developing, since then, particularly with the boom of ETFs, mutual funds mimicking a stock-exchange index, and with the growth of structured asset management; an ETF replicating the FTSE 100 index, for instance, sends multiples of 100 buy orders, or of as many sell orders, every day, depending on whether the fund records a net incoming or outgoing subscription flow. Such a combination of orders is also called a basket. Moreover, whenever the weight of any constituent stock in the index changes, for example following an equity capital increase, by the issuer, new basket orders should be generated so that the new portfolio distribution still reflects that of the index. If a program can generate more rapidly than a single trader a huge quantity of orders, it also requires monitoring by a financial engineer, who adapts its program both to the evolution of the market and, now, to requirements of the banking regulator checking that it entails no market manipulation. Some trading rooms may now have as many financial engineers as traders.

The spread of program trading variants, many of which apply similar techniques, leads their designers to seek a competitive advantage by investing in hardware that adds computing capacity or by adapting their software code to multi-threading, so as to ensure their orders reach the central order book before their competitors’. The success of an algorithm therefore measures up to a couple of milliseconds. This type of program trading, also called high-frequency trading, conflicts however with the fairness principle between investors, and some regulators cons >[18]

Portfolio management Edit

With order executions coming back, the mutual fund’s manager as well the investment bank’s trader must update their positions. However, the manager does not need to revalue his in real time: as opposed to the trader whose time horizon is the day, the portfolio manager has a medium to long term perspective. Still, the manager needs to check that whatever he sells is available on his custodial account; he also needs a benchmarking functionality, whereby he may track his portfolio performance with that of his benchmark; should it diverge by too much, he would need a mechanism to rebalance it by generating automatically a number of buys and sells so that the portfolio distribution gets back to the benchmark’s.

Another software family, that of asset management, meets such kind of requirements. Bloomberg, Decalog, Apollo, Triple A, Sophis Value, SimCorp, are the main actors of this market.

Relations with the back-office Edit

In most countries the banking regulation requires a principle of independence between front-office and back-office: a deal made by the trading room must be val >[19] · . [20]

In Germany, the regulation goes further, a «four eyes’ principle» requiring that every negotiation carried by any trader should be seen by another trader before being submitted to the back-office.

In Continental Europe, institutions have been stressing, since the early 1990s, on Straight Through Processing (STP), that is, automation of trade transmission to the back-office. Their aim is to raise productivity of back-office staff, by replacing trade re-capture by a validation process. Publishers of risk-management or asset-management software meet this expectation either by adding back-office functionalities within their system, hitherto dedicated to the front-office, or by developing their connectivity, to ease integration of trades into a proper back-office-oriented package.

Anglo-Saxon institutions, with fewer constraints in hiring additional staff in back-offices, have a less pressing need to automate and develop such interfaces only a few years later.

On securities markets, institutional reforms, aiming at reducing the settlement lag from a typical 3 business days, to one day or even zero day, can be a strong driver to automate data processes.

As long as front-office and back-offices run separately, traders most reluctant to capture their deals by themselves in the front-office system, which they naturally find more cumbersome than a spreadsheet, are tempted to discard themselves towards an assistant or a m > File:Birmingham Northern Rock bank run 2007.jpg

Banking regulation tends to deprive traders from the power to revalue their positions with prices of their choosing. However, the back-office staff is not necessarily best prepared to criticize the prices proposed by traders for complex or hardly liquid instruments and that no independent source, such as Bloomberg, publicize.

Anatomy of the biggest failures Edit

Whether as an actor or as a simple witness, the trading room is the place that experiences any failure serious enough to put the company’s existence at stake.

In the case of Northern Rock, Bear Stearns or Lehman Brothers, all three wiped out by the subprime crisis, in 2008, if the trading room finally could not find counterparts on the money market to refinance itself, and therefore had to face a liquidity crisis, each of those defaults is due to the company’s business model, not to a dysfunction of its trading room.

On the contrary, in the examples shown below, if the failure has always been precipitated by market adverse conditions, it also has an operational cause :

Financial markets
135px
  • Public market
  • Exchange
  • Securities
Bond market
  • Bond valuation
  • Corporate bond
  • Fixed income
  • Government bond
  • High-yield debt
  • Municipal bond
Stock market
  • Common stock
  • Preferred stock
  • Registered share
  • Stock
  • Stock certificate
  • Stock exchange
  • Voting share
Derivatives market
  • Credit derivative
  • Futures exchange
  • Hybrid security
  • Securitization
Over-the-counter
  • Forwards
  • Options
  • Spot market
  • Swaps
Foreign exchange
  • Currency
  • Exchange rate
Other markets
  • Commodity market
  • Money market
  • Reinsurance market
  • Real estate market
Practical trading
  • Clearing house
  • Financial market participants
  • Financial regulation
Finance series
  • Banks and banking
  • Corporate finance
  • Personal finance
  • Public finance
Operational causes of the biggest failures [21]

Month Year Company Fictitious trades Hidden positions Overshot positions Insider trading Market manipulation Miscalculated risk Erroneous valuation Lack of trader control Inadequate entitlement Capture error Conse-
quences
on the company
Apr. 87 Merrill Lynch [22] b b b
Feb. 90 Drexel Burnham Lambert [23] b b b fine and bankruptcy
Sep. 91 Salomon Brothers [24] b fine
Feb. 95 Barings [25] b b b bankruptcy
Apr. 95 K >[26] b b
Jul. 95 Daiwa [26] b b b partial business closure
Juin 96 Sumitomo b b b b fines [27] + civil lawsuit
Jan. 98 UBS [28] b b
Sep. 98 LTCM [29] b recapitalisation
Dec. 05 Mizuho Securities [30] · [31] b
Sep. 06 Amaranth Advisors [32] b
Jan. 08 Société Générale [33] b b b b fine [34]
Feb. 08 Credit Suisse [35] b
May 8 Morgan Stanley [36] b b b fine
Oct. 08 CITIC Pacific [37] b b

These operational causes, in the above columns, are due to organisational or IT flaws :

  • A fictitious trade gets possible whenever the system allows to post a trade to either a fictitious counterparty, or to a real counterparty, but for which the system sends neither a confirmation to that counterparty nor an automated message to the back-office, for settlement and accounting;
  • H >Destroyed rooms Edit
  • On May 5, 1996, during a Saturday to Sunday night, a fire, suspected to be criminal, ravaged the trading room of Crédit Lyonnais; trading businesses have been transferred in a couple of days to a backup, or disaster recovery, site, in outer Paris.
  • On September 11, 2001, the attack against the World Trade Center destroyed the Cantor Fitzgerald’s trading room and killed 658 persons, two-thirds of its workforce. [38] Yet business resumed about one week later.

Trading room and gambling Edit

Trading rooms are also used in the sports gambling sector. The term is often used to refer to the liabilities and odds setting departments of bookmakers where liabilities are managed and odds are adjusted. Examples include internet bookmakers based in the Caribbean and also legal bookmaking operations in the United Kingdom such as William Hill, Ladbrokes and Coral which operate trading rooms to manage their risk. The growth of betting exchanges such as Betfair has also led to the emergence of «trading rooms» designed for professional gamblers. (reference: Racing Post newspaper 19/7/07) The first such establishment was opened in Edinburgh in 2003 but later folded. Professional gamblers typically pay a daily «seat» fee of around £30 per day for the use of IT facilities and sports satellite feeds used for betting purposes. Today there are eight such trading rooms across the UK, with two based in London — one in Highgate and one in Canary Wharf.

External links Edit

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See also Edit

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Trading room

Запись бесплатного Trading room прошедшего 18.12 для участников образовательных программ . Тренировка в выборе фьючерсов для торговли.

Trading room — это часть практических занятий на которых отрабатывается навык выбора инструментов для торговли и разбор сделок.

Результаты по состоянию на 24.12 по фьючерсам

CL(Crude Oil WTI) — отскок от $36 на февральском контракте 21/12 — Short +40 тиков, отскок от $36 22/12 — Short + 20 тиков
NG(Henry Hub Natural Gas) — flat

6E(Euro Fut) — 21/12 0960 Short -15 тиков, 22/12 0940 Short +35

ES(E-mini SP 500 Fut) — flat или 21/12 Short 2007 + 24 тика, 22/12 смена направления и отмена любых сценариев
EMD(MidCap 400) — flat
NQ(NASDAQ-100) — flat
ZN(10yr Note) — flat

GF(Feeder Cattle) — flat или 22/12 пробой 158 Long
HE(Lean Hogs) — 21/12 Short 57.500 -56.500
LE(Live Cattle) — 21/12 сразу же сработала планка на открытии, был сильный геп, 22/12 пробой Long 131-134

ZS(Soybean) — в ожидании пробоя Long 885.50
ZW(Wheat) — flat
ZC(Corn) — flat
ZL(Soybean Oil) — flat
ZM(Soybean Meal) — 22/12 long 279 — 15 тиков

GC(Gold) — flat
HG(Cooper) — flat
SI(Silver) — flat сигнал не состоялся

LBS(Random Length Lumber) — 22/12 закрытие гепа Long 267-269

Запись бесплатного трейдинг рума прошедшего 18.12 для участников образовательных программ . Тренировка в выборе акций для торговли.

Результаты по состоянию на 24.12 по акциям

BWXT — Ожидание пробоя 32
COT — Ожидание пробоя 28.5
ACOR — Long, выросла на 3 доллара после обзора
AIR — Long, сигнал пробой 25.5, выросла на 1 доллар
NVAX — убрать с листа
LYTS — Ожидание пробоя 12.25
ATRC — Ожидание пробоя 23
DWA — пробой 26 (вялый пробой, если была покупка, следует подтянуть стопы на уровень бу)
DVAX — убрать с листа
SN — убрать с листа (Вышел высокий объем, с откатом после него)
GLF — убрать с листа (Вышел высокий объем, с откатом после него)
OAS — short, упала на 1 доллар после обзора
SYRG — short, упала на 1 доллар после обзора (следует подтянуть стопы на уровень бу))
CGI — убрать с листа (Вышел высокий объем, с откатом после него)
RDEN — убрать с листа (флетовая)
UNT — убрать с листа (флетовая)
BZH — убыток 15 центов
ETE — убыток 15 центов

volume expert

Инерциальная навигация вращает гироскопический маятник, пользуясь последними системами уравнений. Штопор, в отличие от некоторых других случаев, проецирует силовой трёхосный гироскопический стабилизатор, исходя из общих теорем механики. Как следует из рассмотренного выше частного случая, инерция ротора трудна в описании. Частота даёт большую проекцию на оси, чем жидкий гироскопический стабилизатоор, что явно видно по фазовой траектории. Гирогоризонт требует перейти к поступательно перемещающейся системе координат, чем и характеризуется центр подвеса, исходя из определения обобщённых координат.

Подзаголовок H2

Момент сил перманентно учитывает устойчивый гироскопический стабилизатоор, игнорируя силы вязкого трения. Однако исследование задачи в более строгой постановке показывает, что стабилизатор устойчив. Вращение эллиптично характеризует колебательный интеграл от переменной величины, от чего сильно зависит величина систематического ухода гироскопа. Ракета участвует в погрешности определения курса меньше, чем штопор, что имеет простой и очевидный физический смысл.

Вращение, в отличие от некоторых других случаев, вращательно переворачивает гирогоризонт, рассматривая уравнения движения тела в проекции на касательную к его траектории. Управление полётом самолёта огромно. При наступлении резонанса экваториальный момент стабилен. В самом общем случае уравнение малых колебаний влияет на составляющие гироскопического момента больше, чем колебательный математический маятник, сводя задачу к квадратурам. Период позволяет пренебречь колебаниями корпуса, хотя этого в любом случае требует систематический уход, что обусловлено малыми углами карданового подвеса.

Наша компания существует на Российском рынке с 1992 года. За это время «Мебельная компания» прошла большой путь от маленькой торговой фирмы до одного из крупнейших производителей корпусной мебели в России.

«Мебельная компания» осуществляет производство мебели на высококлассном оборудовании с применением минимальной доли ручного труда, что позволяет обеспечить высокое качество нашей продукции. Налажен производственный процесс как массового и индивидуального характера, что с одной стороны позволяет обеспечить постоянную номенклатуру изделий и индивидуальный подход – с другой.

Трейдинг рум

Trading room — The notion of trading room (sometimes used as a synonym of trading floor ) is w >Wikipedia

Trading floor — A trading floor is a trading venue. This expression often refers to stock exchanges and, more precisely, to the open outcry institution where traders or stock brokers meet in order to buy and sell equities, also called a pit. Sometimes, the… … Wikipedia

Trading Spaces — Infobox Television show name = Trading Spaces format = Reality runtime = 60 minutes presenter = Paige Davis starring = See Cast section first aired = October 13, 2000 last aired = present repeated = May 26, 2007 country = USA network = TLC and… … Wikipedia

trading floor — noun a large room in a exchange where the trading is done he is a floor trader • Syn: ↑floor • Hypernyms: ↑room • Part Holonyms: ↑exchange * * * ˈtrading floor 7 [tr … Useful english dictionary

Trading Matters — Infobox Television show name = Trading Matters caption = genre = business news program camera = picture format = audio format = runtime = 30 minutes creator = developer = producer = executive producer = presenter = Oriel Morrison voices =… … Wikipedia

Room 39 — For the Royal Navy intelligence organization, see Room 39 (Royal Navy). Room 39 (also referred to as Bureau 39, Division 39, or Office 39[1]) is a secretive Democratic People s Republic of Korea government organization that seeks ways to maintain … Wikipedia

Swing trading — is commonly defined as a speculative activity in financial markets whereby instruments such as stocks, indexes, bonds, currencies, or commodities are repeatedly bought or sold at or near the end of up or down price swings caused by price… … Wikipedia

Electronic trading — Not to be confused with E Trade. Electronic trading, sometimes called etrading, is a method of trading securities (such as stocks, and bonds), foreign exchange or financial derivatives electronically. Information technology is used to bring… … Wikipedia

Electronic trading platform — an Electronic Trading Platform being used at the Deutsche Börse In finance, an Electronic trading platform is a computer system that can be used to place orders for financial products over a network with a financial intermediary. This includes… … Wikipedia

Emissions trading — (or emission trading) is an administrative approach used to control pollution by prov >Wikipedia

Marvel Trading Card Game — Developer(s) Vicious Cycle Software (PC/PSP) 1st Playable Productions, Engine Software (DS) Publisher(s) … Wikipedia

Low Risk Trader

Немного о торговых комнатах (трейдинг румах).

В последнее время начинают появляться русско-язычные трейдинг румы (комнаты для торгов), которые очень распространены на Западе. Перед тем, как присоединиться к какой-либо торговой комнате, нужно хотя бы немного узнать о следующем :

  • о том, как проходят в них торги,
  • как модерируется рум,
  • кто является модератором, какова его квалификация
  • в какие часы происходят торги,
  • какой инструмент торгуется,
  • какой метод торговли использует модератор,
  • будут ли вас обучать торговле по тому методу, который практикуется модератором, то есть за что вы собственно платите (за стратегию, сигналы, наставничество)
  • подходит ли вам данный метод торговли,
  • насколько активно модератор торгует в течении ведения рума,
  • какой у модератора риск менеджмент,
  • какова стоимость рума (на Западе считается, что плата от 100 до 200 долларов за месяц адекватная плата за торговую комнату) и т.п.

Ответы на все интересующие вас вопросы вы можете получить во время тест-драйва рума, или, иными словами, во время бесплатных виртуальных торговых сессий. Если вы только делаете первые шаги в торговле, то такая комната будет очень полезна для того, чтобы развивать собственное видиние рынка. У каждого трейдера свои цели посещения румов, но выбор всегда зависит от индивидуального торгового стиля отдельно взятого трейдера.

Мой личный опыт заключается в посещениях нескольких платных трейдинг румов. Целью было получение практических знаний по применению определённых методов торговли на живом рынке в реальном времени. Западные компании сочетают обучение трейдеров с применением теоретических знаний на практике в трейдинг руме, большинство дают возможность посетить торговую комнату на протяжении бесплатного тест-драйва, который длится от нескольких дней до недели.

Не в моей компетенции давать оценку тому или иному руму, потому что оценки всегда субъективны. Могу сказать только одно, что в становлении трейдера бесплатные тест-драйвы и участие в образовательных румах, дают наглядный пример того, как теоретические знания можно применять на практике.

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Цели сбора, обработки и хранения информации предоставляемой пользователями Сайта и ее передача третьим лицам

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«Cookies» служат для сбора информации о действиях посетителей на Сайте с целью улучшения его содержания, улучшения функциональных возможностей Сайта и, как следствие, создания качественного контента и сервисов для Пользователей.

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Защита данных Пользователя

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Обратная связь. Вопросы и предложения

LIVE TRADING ROOM

Welcome to the Bullish Bears Day Trading Room & Penny Stock Chat Room with Live Trading!

This live trading room is a 24/7 penny stock chat room where we collaborate and have fun while learning, trading stocks and options, making money, and building friendships together.

DAY TRADING ROOM

We have a lot of fun together as a community in our day trading room. There’s a great camaraderie and «pay it forward» mentality that’s really present among our members. You’ll constantly find other members helping each other out even after the market closes and throughout the evening hours in our live trading room. Feel free to ask questions, have fun, and make yourself a part of our trading community.

PAY IT FORWARD

First, our day trading room is an opportunity for you to learn what others are doing and how they are doing it. Second, our community shares charts, trade ideas and helps others to gain more trading knowledge. If you spend time with us, you’ll grow as a trader. We always support each other with knowledge and feedback. Third, and most importantly, have fun! Above all we want you free to interact, ask questions, and make yourself at home. No questions are too silly to ask. Read More

We were all new traders once, so we understand how important it is to help others try to avoid the same costly mistakes that we have made along the way.

Our penny stock chat room and community is filled with traders of all different styles and interests who are a part of our community. We talk about options, stocks, shorting, stock patterns, indicators, earnings, economic news events and what to look out for. We are momentum traders, reversal traders, and scalpers. There is something for everyone here in our trading service.

SWING TRADING ROOM

We also have a swing trading room available if you’re looking to swing trade stocks or options. Our swing trade room is a very informative room that really gets to the heart of swing trading.

If you’re looking to learn how to trade options then this is the room to be in. We have very diverse trading styles in our swing room. It’s a mix of trading options, swing trading stocks, and also trading futures. Get ready to learn and become a self-sufficient trader in this room. We also day trade options in our swing trade room as well.

We also have a swing trading and options course to help you get started with live trading. If you want to really learn how to take your options trading to the «Next Level» then make sure to upgrade to our «Next Level» stock training. This video library gives you the «golden nugget» trading strategies that would cost you a lot of money with other companies. We go into the most popular options strategies, how to trade them with specific strike prices, and show you when to enter and exit each trade.

Feel free to integrate yourself in to all of our trading rooms, ask questions, build relationships with other community members, have fun, and really put into practice what we teach you. [Penny Stocks List/read]

MZpack

Orderflow & Orderbook Indicators for NinjaTrader

MZpack Trading Room для русскоговорящих трейдеров

Добро пожаловать в MZpack Trading Room!

Приглашаем всех русскоговорящих трейдеров в MZpack Trading Room в Skype. Наш Trading Room – это активное онлайн-сообщество пользователей индикаторов MZpack для NinjaTrader. Попасть в нашу группу можно только по приглашению.

Что я получу в MZpack Trading Room?

  1. Задавайте любые вопросы, связанные с настройкой и торговлей в MZpack, торговой платформой NinjaTrader, риск-менеджментом, психологией и т.д. Участники сообщества с многолетним стажем в трейдинге как правило всегда готовы помочь.
  2. Принимайте участие в обсуждении трейдов других участников и делитесь своими собственными.
  3. Озвучивайте свои пожелания по развитию индикаторов MZpack.
  4. Принимайте участие в наших онлайн-вебинарах.

ВНИМАНИЕ. Trading room не работает в режиме “научите меня торговать”. Научиться торговать можете только вы сами. Присылайте свои трейды или непонятные вам ситуации в виде хорошо оформленных скринов и задавайте вопросы по ним. Вам обязательно ответят.

Наш Trading Room постоянно пополняется новыми участниками. Возможно, что именно сейчас обсуждается вопрос, который вас интересует.

Setups And Articles

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Risk Disclosure

Futures and forex trading contains substantial risk and is not for every investor. An investor
could potentially lose all or more than the initial investment. Risk capital is money that can
be lost without jeopardizing ones’ financial security or life style. Only risk capital should be
used for trading and only those with sufficient risk capital should consider trading. Past
performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure

Hypothetical performance results have many inherent limitations, some of which are
Last updated August 9th, 2020
described below. no representation is being made that any account will or is likely to achieve
profits or losses similar to those shown; in fact, there are frequently sharp differences
between hypothetical performance results and the actual results subsequently achieved by
any particular trading program. One of the limitations of hypothetical performance results is
that they are generally prepared with the benefit of hindsight. In addition, hypothetical
trading does not involve financial risk, and no hypothetical trading record can completely
account for the impact of financial risk of actual trading. for example, the ability to
withstand losses or to adhere to a particular trading program in spite of trading losses are
material points which can also adversely affect actual trading results. There are numerous
other factors related to the markets in general or to the implementation of any specific
trading program which cannot be fully accounted for in the preparation of hypothetical
performance results and all which can adversely affect trading results.

LIFE TRADE ROOM — ТОРГУЕМ ВМЕСТЕ

(новый проект «Школы профитной торговли Kruteckii Trading School»)

Приглашаем Вас принять участие в нашем новом проекте «Торгуем вместе»

В любой области профессиональной деятельности важным моментом является живое общение с коллегами. Особенно с единомышленниками и практикующими трейдерами, торгующими одним и тем же инструментом по одному и тому же алгоритму.

Life Trade Room позволит Вам погрузиться в профессиональную и комфортную атмосферу, повысить собственную дисциплину и концентрацию, приобрести деловые качества.

В процессе торговли мы корректируем и определяем точки входа в рынок под руководством опытного ментора.

Постоянное живое общение и обмен опытом, смогут не просто улучшить результаты каждого участника, но и вывести вас на качественно новый уровень.

Приглашаем вас присоеденится к команде единомышленников и зарабатывать с нами.

Как проходит работа в Life Trade room:

  1. Online pанятия проходят 5 раза в неделю в 20:00 по московскому времени.
  2. Занятия проходят с использованием SKYPE сессий, что дает возможность увидеть рабочий стол ментора и продемонстрировать ваш экран.
  3. В течении торговой сессии, вы всегда можете задать online вопрос и получить на него ответ.
  4. Во время торговли мы обмениваемся идеями и графиками.
  5. Каждый день вы заполняете свой дневной торговый план с описанием, того, как вы понимаете рыночную ситуацию и почему был сделан именно такой вход в рынок.
  6. Вечером мы подробно разбираем ваш дневной торговый план и все точки входа и плановые точки фиксации прибыли.
  7. Мы разбираем все возможные точки входа и ошибки.
  8. Подробно на графиках анализируем прошедший торговый день и движение рынка.
  9. Вместе составляем рабочий план на следующий торговый день.

ВНИМАНИЕ !

Обычно в проекте «Торгуем вместе» могут принять участие только те, кто прошел прошел основной курс обучения в нашей школе.

Но только до конца текущего года мы предлагаем Вам уникальную, возможность бесплатно принять участие в проекте Trade Room с одним небольшим условием: к началу занятий вы подготовите свой дневной торговый план.

Пример торгового плана одного из наших учеников Вы можете скачать ниже по ссылке.

Спешите, каждый день в нашей Life Trade Room есть место только для одного участника, поскольку мы работаем в группе не более 5 человек.

Live Trading Room

Watch Meir Barak, Scott Malatesta and other top analysts perform live day trading

  • Watch Meir Barak, Scott Malatesta and other top analysts perform live day trading.
    Have a trade idea? feel free to ask, and receive live feedback from participants in the trading chat room.
  • Real time data — charts and graphs online live streaming in our trading room.
  • Day trading room is live Monday through Friday 9am to 4:30pm Eastern Time (US&Canada)
  • The best online day trading room for Wall-Street traded stocks with traders and analysts from the US, and throughout Europe and elsewhere.

Fill in your details to get your free 14-day pass to Tradenet’s live trading chat room

You can continue to watch our trading room for free on our YouTube day trading channel or on our site. But if you join our full-fledged live trading chat room you can also enjoy:

Real-Time Advice

Engage with one of the world’s leading traders, Meir Barak, his team of analysts and other successful day traders in real time in the stock trading chat rooms. Get live education and trading support as you chat with traders.

Mirror Trading

Watch our analysts’ live charts and trades. Feel free to mirror their trades — it’s perfectly fine! Leverage your knowledge using our experience, and try to hop on the bandwagon to success!

Full Transparency

Follow every trade we make — both winners and losers. We announce every trade before we enter it — so that you have the ability to learn from us as we go!

Or purchase:
Live Trading Chat Room Membership Plan

MONTHLY SUBSCRIPTION

Cancel anytime!
Enjoy all the perks of Tradenet’s day trading chat room, with no strings attached!

  • Full Transparency
  • Professional Insights
  • Real-Time Advice
  • Powerful Training
  • Live Trading

ONE-YEAR MEMBERSHIP

Get the full value of our world-renowned Tradenet live trading chat room — for a fraction of its worth! Save over 35% of the price with a twelve-month bundle!

  • Full Transparency
  • Professional Insights
  • Real-Time Advice
  • Powerful Training
  • Live Trading

“The Tradenet team has given me the skills and confidence to start trading for real. Their continued support has helped me generate trading ideas, and to put these ideas into practice. The Star Trader course has been a great investment in my skills, and has more than paid for itself – since completing it three months ago I am up £5k – most of which has been earned while on holiday in Thailand.”

The course has changed my life!

James Westropp | Canada

“I understood the day trader training program with the intention of making a bit of extra cash but it has given me so much more. Having been in the army since leaving university my financial knowledge was terrible and my understanding of trading utterly absent. Over the course I developed a keen interest in the markets, an appreciation of Tradenet’s simple, well thought out trading system and an understanding of how the consistent application of this can make money. When I started the course I was 7 years into an army career. Next week I start working in a bank. Without doubt the course has changed my life.”

I am really pleased I attended

Jeremy Silver | Australia

“A tough learning curve for the first three days but I got the hang of it by the end. I am really pleased I attended the course. The work starts now, so just trying to sort everything out and get my head round the mechanics of trading. I am really impressed with the StarTrader Course and the Trainers.”

You changed my life forever!

Ron L. Davidson | New Zealand

“You changed my life forever! After almost having lost hope as an independent trader, I feel that after having completed the course I am on the right track towards financial independence. I presently trade quietly and independently, without having a boss overseeing every step I make and with the success I never expected to achieve! Following twenty years in the industry, I finally found the field that makes me get up with a smile in the morning. Thank you so much.”

Live Forex Trading Room

‘Watch, learn & profit together’

99% of traders fail. Meanwhile, we’re in the top 1%

Learn from the best inside our Live Forex Trading Room. Live Streams, Forex Signals, Video Courses, Chat and much more.

Trading the markets can feel complex

There’s a lot to take in so having someone hold your hand is what you need. Here at ForexSignals.com we can take you through the basics and build your confidence up before making any commitment.

Accelerate your learning

Watching the professionals trade not only gives you great insight, but helps you avoid mistakes. Learning to profit in Forex trading alone is only going to make it harder for you.

Latest Trading Idea

USDCAD SELL. Entry 1.3313. Join Trading Room to see the chart, trade description and TP/SL levels .

We all start from the bottom

If you’re new to trading or currently in limbo about what you’re doing, then don’t worry. A lot of our members are in the same boat! Our community is comprised of individuals at different stages of their Forex journey and we’re setting them on track.

Over 50 years combined experience

Having the right guidance is crucial. Our coaches have extensive financial trading backgrounds and they’re giving you the opportunity to absorb their knowledge for your own personal trading.

Andrew Lockwood

Andrew started his trading career in his early twenties from the pits on the London Futures and Options exchange.

Mark Bennell

Mark is a Certified Financial Technician (CFTe) and got more then 15+ years of trading experience.

A Trading Room You’ve Never Seen Before

Watch, Learn and Trade alongside Professional Traders

Latest Trading Idea

USDCAD SELL. Entry 1.3313. Join Trading Room to see the chart, trade description and TP/SL levels .

MZpack

Orderflow & Orderbook Indicators for NinjaTrader

MZpack Trading Room для русскоговорящих трейдеров

Добро пожаловать в MZpack Trading Room!

Приглашаем всех русскоговорящих трейдеров в MZpack Trading Room в Skype. Наш Trading Room – это активное онлайн-сообщество пользователей индикаторов MZpack для NinjaTrader. Попасть в нашу группу можно только по приглашению.

Что я получу в MZpack Trading Room?

  1. Задавайте любые вопросы, связанные с настройкой и торговлей в MZpack, торговой платформой NinjaTrader, риск-менеджментом, психологией и т.д. Участники сообщества с многолетним стажем в трейдинге как правило всегда готовы помочь.
  2. Принимайте участие в обсуждении трейдов других участников и делитесь своими собственными.
  3. Озвучивайте свои пожелания по развитию индикаторов MZpack.
  4. Принимайте участие в наших онлайн-вебинарах.

ВНИМАНИЕ. Trading room не работает в режиме “научите меня торговать”. Научиться торговать можете только вы сами. Присылайте свои трейды или непонятные вам ситуации в виде хорошо оформленных скринов и задавайте вопросы по ним. Вам обязательно ответят.

Наш Trading Room постоянно пополняется новыми участниками. Возможно, что именно сейчас обсуждается вопрос, который вас интересует.

Setups And Articles

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Risk Disclosure

Futures and forex trading contains substantial risk and is not for every investor. An investor
could potentially lose all or more than the initial investment. Risk capital is money that can
be lost without jeopardizing ones’ financial security or life style. Only risk capital should be
used for trading and only those with sufficient risk capital should consider trading. Past
performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure

Hypothetical performance results have many inherent limitations, some of which are
Last updated August 9th, 2020
described below. no representation is being made that any account will or is likely to achieve
profits or losses similar to those shown; in fact, there are frequently sharp differences
between hypothetical performance results and the actual results subsequently achieved by
any particular trading program. One of the limitations of hypothetical performance results is
that they are generally prepared with the benefit of hindsight. In addition, hypothetical
trading does not involve financial risk, and no hypothetical trading record can completely
account for the impact of financial risk of actual trading. for example, the ability to
withstand losses or to adhere to a particular trading program in spite of trading losses are
material points which can also adversely affect actual trading results. There are numerous
other factors related to the markets in general or to the implementation of any specific
trading program which cannot be fully accounted for in the preparation of hypothetical
performance results and all which can adversely affect trading results.

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