Thomson Reuters suspends early release of consumer data - page 2
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If I think how much did he have in the moment when he started this news sales fraud, then I start asking myself : how much is enough to him? He had at least $50 billions and still he started that fraud to make even more. And another question arises : did he ever do anything in a honest way when he thinks that it is only natural to do what they did with news sales
Thomson Reuters to trial randomization on FX matching platform
A new concept of holding orders to tackle latency arbitrage will be trialled for pauses of at least three milliseconds on USD/MXN trades on Thomson Reuters Matching, just weeks after rival EBS completed the roll-out of its latency floor.
Thomson Reuters is to begin randomizing execution of orders on its flagship foreign-exchange matching platform as it seeks to rebalance the system and promote equality of treatment for users.
This mimics a controversial measure that was put in place last year by rival platform EBS, owned by interdealer broker Icap, and bank-backed start-up platform ParFX.
The vendor plans to trial the process – which will be known as randomization of order processing – with a single currency pair, likely to be USD/MXN, and will then make a decision on whether to extend it to other currency pairs.
The move was unveiled on Tuesday as part of a broader swath of rulebook changes intended to improve the behaviour of users of the platform, which has been dogged by the rise of high-speed traders in recent years.
“The purpose of this randomization feature is to make the matching market more inclusive by establishing a minimum response time below which market participants will gain little or no additional advantage when making or taking prices very quickly,” says Thomson Reuters in a client guide to the proposed rules seen by Euromoney.
Randomization is a central component of the new ParFX platform, which launched in April 2013 with the backing of some of the largest banks in the FX market, such as Deutsche Bank, UBS and Barclays. ParFX applies a randomized pause of between 20 and 80 milliseconds to all order elements to engender a level playing field for users.
Meanwhile, EBS last year began trialling its latency floor, which introduces a random-length batching window of one, two or three milliseconds, in which all messages – including bids, offers, buys, sells or cancels – arriving from an institution are randomly assigned to a unique row per institution within a queue set.
When the batching window completes, all messages are released to the matching engine in a round-robin fashion.
Thomson Reuters has not yet determined the exact calibration of its planned randomization logic, but on the basis of “extensive analysis of behaviour and trade data”, it plans to randomize processing for at least three milliseconds during the pilot phase with USD/MXN.
Crucially, the platform plans only to apply randomization to orders that aggress the market. “Maker orders that do not match on entry will not be subject to the randomization and will continue to be processed without delay,” the draft rules state.
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That just means that our orders are going to be axecuted afetr the orders of the big ones (due to "randomness" of the execution - now they are going to have a perfect excuse to execute your order when they will and not on a fifo queue rule). Just another scamm by the brokers