In market share today& 39;s electronic, distributors and investors in the market responded. In general terms, Market Structure of the number, size, type and distribution of participants in a market.
Quantitative trade is a popular success and & 39; because it may reach him by mathematical analysis of the structure of market. Results? Fundamental rights and quantity of investors in both capital management programs, algorithms, structured products, crossing platforms it goes.
Here & 39; s is what we are seeing: l & 39; & 39; act of investment is increasingly the field of private equity, while trade, in practice, persecution by alpha (deviations from standards) and beta (the degree divergence) is the most widespread form of & quot; investment & quot; & 39; aujourd hui in the stock indices markets.
You saw that the Nasdaq and The New York Stock Exchange, after having absorbed Archipelago and Instinet (RAW), mainly ECNs. The fairs, which remains the floor of the New York Stock Exchange focused on mathematics and lead to 200 milliseconds or less. High-frequency companies such as Octeg (depending on the equity method arm of the Trading Getco LLC), Renaissance Technologies, Citadel Derivatives, and Millenco BATS Trading hand move billion per month - more often than the largest world market Equity products marketed program, Stanley.
Also Morgan, Goldman Sachs, aujourd hui & 39; l & 39; one of the largest hedge funds, the figure of & 39; business grew by 52% in 2006 to $ 38 billion and every time, the investment bank d & 39; high net profit of $ 9.5 billion (after payment of $ 16.5 billion, and the bonus), mainly on the strength Exchanges. And Fidelity is the & 39; one of the largest resellers algorithmic. Just ask myself why?
The conclusion, IROs? If you do practice investor relations in the same old way, you are ill-prepared for Reg NMS markets. You gotta know your market. If you do not, you are the only participant who & 39; n is not in your market.
And, why should I? IR-
If your program - message Shareholder basis of the objectives, scope, the extent - regardless of the market structure, & 39; Re overlook a central aspect of what your external hard drives target decisions. Risks? Replies imprecise to equity, why you love or failure. Wasted time at hand and your messages for improper. Inefficaces measure your program Investor Relations. Net effect: reduction of the value of the table management, less functional relevance.
& quot; But we focus on the business and has enabled the reservation itself spirit. & Quot; Okay. Investors are increasingly followed that of the & 39; C & 39; money is the reason why she is literally & 39; trillion pumping stations in the Private Equity. For example, consider Going Private. Either accept that the short-term nature of the markets d & 39; aujourd hui & 39; is inconsistent with the & 39; altruism. So in the & 39; customize learning of the new key value drivers in the market structure. IROs, the road & 39; n is not what & 39; he was in the past. If you - and the management team of & 39; - navigate aujourd hui & 39; Equity market calm with confidence, you should comfortably on the market and it is for the work you.
Tim Quast fifteen years is a veteran Relations with investors and the founder and CEO of L ModernIR.com & 39; analysis and ordered, and more & 39; half a billion shares & 39; per week with its trading partners Intelligence System, Equity Analysis . For more information on the market structure, please visit: Qu & 39; does the structure of the market? daryl christopher
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