2.36 bps latency arb cost
Dark PoolsShort
Latency arbitrage cost 2.36 bps avg
Source: BIS
93% liquidity takers
Dark PoolsShort
93% latency arb gains aggressive side
Source: BIS
ASX Australian Securities Exch
ExchangeMulti
ASX Australian Securities Exchange
Source: encyclopedia
Anchorage Digital Bank
CustodyLong
Anchorage Digital first US fed crypto bank
Source: encyclopedia
Atomic blockchain settlement
SettlementLong
Atomic blockchain settlement DLT future
Source: encyclopedia
Atomic clock GPS time
LatencyLong
Atomic clock GPS time-sync MiFID II
Source: encyclopedia
B3 Brazil exchange
ExchangeMulti
B3 Brasil Bolsa Balcão
Source: encyclopedia
BNY Mellon largest US custodian
CustodyLong
BNY Mellon largest US custody $50T+ AUC
Source: encyclopedia
Barclays LX SEC fine
Dark PoolsShort
Barclays LX SEC fine 2014 misleading
Source: encyclopedia
BitGo Trust crypto
CustodyLong
BitGo Trust qualified crypto custodian
Source: encyclopedia
Block trading exemption
Dark PoolsMulti
Block trading exemption MiFID II
Source: encyclopedia
CME Group futures dominant
ExchangeLong
CME Group futures dominant US
Source: encyclopedia
Cboe BATS BYX BZX EDGX
ExchangeMulti
Cboe (BATS) BYX BZX EDGX EDGA
Source: encyclopedia
Cboe options dominant
ExchangeLong
Cboe options dominant US
Source: encyclopedia
Citadel Securities largest
HFTLong
Citadel Securities largest US market maker
Source: encyclopedia
Citi Securities Services
CustodyMulti
Citi Securities Services custody
Source: encyclopedia
Clearstream German
CustodyMulti
Clearstream Deutsche Boerse subsidiary
Source: encyclopedia
Co-location proximity
LatencyLong
Co-location proximity to matching engine
Source: encyclopedia
Coinbase Custody crypto
CustodyLong
Coinbase Custody Trust crypto qualified
Source: encyclopedia
Credit Suisse CrossFinder
Dark PoolsMulti
Credit Suisse CrossFinder (UBS now)
Source: encyclopedia
DRW Trading Chicago
HFTLong
DRW Trading Chicago prop crypto + futures
Source: encyclopedia
DTCC US clearing primary
CustodyMulti
DTCC US securities clearing settlement
Source: encyclopedia
Deutsche Boerse Xetra
ExchangeMulti
Deutsche Boerse Xetra
Source: encyclopedia
Euroclear EU clearing
CustodyMulti
Euroclear EU securities clearing
Source: encyclopedia
Euronext Paris+Amsterdam
ExchangeMulti
Euronext Paris Amsterdam Brussels Lisbon
Source: encyclopedia
FOK fill or kill
Order TypesMulti
FOK fill or kill order
Source: encyclopedia
FPGA hardware acceleration
LatencyLong
FPGA hardware acceleration sub-ms
Source: encyclopedia
Fidelity Digital Assets
CustodyLong
Fidelity Digital Assets crypto custody
Source: encyclopedia
Flow Traders ETF MM
HFTMulti
Flow Traders Amsterdam ETF MM
Source: encyclopedia
GPU accelerator AI
LatencyLong
GPU accelerator AI inference
Source: encyclopedia
GTC good till cancelled
Order TypesMulti
GTC good till cancelled persistent
Source: encyclopedia
GTD good till date
Order TypesMulti
GTD good till date
Source: encyclopedia
Goldman Sigma X
Dark PoolsMulti
Goldman Sigma X dark pool
Source: encyclopedia
HFT 50-60% US equity vol
HFTLong
HFT 50-60% US equity volume 2026
Source: VTMarkets
HFT 96-99% profit stale side
Dark PoolsShort
HFT 96-99% profit side of stale dark
Source: Traders
HKEX Hong Kong
ExchangeMulti
HKEX Hong Kong Exchanges
Source: encyclopedia
Hidden iceberg order
Order TypesMulti
Hidden iceberg order partial display
Source: encyclopedia
Hudson River Trading HRT
HFTLong
Hudson River Trading HRT prop firm
Source: encyclopedia
ICE Intercontinental Exchange
ExchangeLong
Intercontinental Exchange ICE NYSE owner
Source: encyclopedia
IEX speed bump 350µs
Dark PoolsLong
IEX Investors Exchange 350μs speed bump
Source: encyclopedia
IEX speed-bump exchange
ExchangeLong
IEX speed-bump 2016 SEC approval
Source: encyclopedia
IMC Trading Amsterdam
HFTMulti
IMC Trading Amsterdam global MM
Source: encyclopedia
IOC immediate or cancel
Order TypesMulti
IOC immediate or cancel order
Source: encyclopedia
IS Implementation Shortfall
Order TypesLong
IS Implementation Shortfall algo Almgren-Chriss
Source: encyclopedia
Instinet CBX block
Dark PoolsMulti
Instinet CBX block trading
Source: encyclopedia
JPMorgan Custody
CustodyMulti
JPMorgan Securities Services custody
Source: encyclopedia
JPMorgan JPMX
Dark PoolsMulti
JPMorgan JPMX dark pool
Source: encyclopedia
JPX Tokyo Stock Exchange
ExchangeMulti
JPX Tokyo Stock Exchange + Osaka
Source: encyclopedia
Jane Street prop firm
HFTLong
Jane Street largest options MM ETF
Source: encyclopedia
Jump Trading proprietary
HFTLong
Jump Trading Chicago prop firm
Source: encyclopedia
KCG GETCO consolidated
HFTMulti
KCG/GETCO Virtu acquisition
Source: encyclopedia
Knight Capital flash crash
HFTShort
Knight Capital $440M Aug 2012 algo glitch
Source: encyclopedia
LSE London Stock Exchange
ExchangeMulti
London Stock Exchange LSEG
Source: encyclopedia
Limit order maker
Order TypesLong
Limit order rest book passive maker
Source: encyclopedia
Liquidnet block trading
Dark PoolsLong
Liquidnet block trading dark pool
Source: encyclopedia
Market order taker
Order TypesMulti
Market order immediate taker
Source: encyclopedia
MiFID II Jan 2018 EU
RegMulti
MiFID II Jan 2018 EU comprehensive
Source: encyclopedia
MiFID II caps EU
Dark PoolsMulti
EU MiFID II dark pool double volume caps
Source: encyclopedia
Microwave NY-Chicago
LatencyLong
Microwave towers NY-Chicago Aurora 4ms
Source: encyclopedia
Morgan Stanley MS Pool
Dark PoolsMulti
Morgan Stanley MS Pool dark pool
Source: encyclopedia
NSE+BSE India
ExchangeMulti
NSE National + BSE Bombay Stock Exchange
Source: encyclopedia
NYSE largest US equity
ExchangeLong
NYSE Intercontinental Exchange ICE owner
Source: encyclopedia
Nasdaq second largest
ExchangeLong
Nasdaq second-largest US equity
Source: encyclopedia
Northern Trust custody
CustodyMulti
Northern Trust custody + asset servicing
Source: encyclopedia
Optiver options MM
HFTLong
Optiver Amsterdam options MM
Source: encyclopedia
POV percent of volume
Order TypesLong
POV percent of volume algo
Source: encyclopedia
Peak HFT 2009-2010
HFTMulti
HFT peak 2009-2010 since compressed
Source: VTMarkets
Pegged primary/midpoint
Order TypesMulti
Pegged order primary/midpoint
Source: encyclopedia
Post-only maker rebate
Order TypesLong
Post-only maker rebate only
Source: Medium
Reg ATS Form ATS-N
Dark PoolsMulti
SEC Reg ATS Form ATS-N dark pool transparency
Source: encyclopedia
Reg NMS US 2005
RegMulti
Reg NMS US 2005 NBBO order protection
Source: encyclopedia
SEC Equity Mkt Structure rules
RegMulti
SEC Equity Market Structure rules 2024 modernization
Source: encyclopedia
SEC Rule 605/606
Dark PoolsMulti
SEC Rule 605/606 broker exec quality
Source: encyclopedia
SGX Singapore
ExchangeMulti
SGX Singapore Exchange
Source: encyclopedia
SIX Swiss Exchange
ExchangeMulti
SIX Swiss Exchange Zurich
Source: encyclopedia
SOR smart order router
Order TypesLong
Smart Order Router SOR cross-venue
Source: encyclopedia
SSE+SZSE China
ExchangeMulti
Shanghai+Shenzhen Stock Exchange
Source: encyclopedia
Sarao 2010 flash crash
RegShort
Sarao 2010 flash crash Hound of Hounslow
Source: encyclopedia
Self-custody hardware
CustodyLong
Self-custody hardware Ledger Trezor
Source: encyclopedia
Spoofing illegal Dodd-Frank
RegMulti
Spoofing illegal Dodd-Frank Sec 747
Source: encyclopedia
Spread Networks fiber
LatencyMulti
Spread Networks fiber NJ-IL 13ms 825mi
Source: encyclopedia
Stale reference 4%+ trades
Dark PoolsShort
Stale reference price 4%+ dark trades
Source: Traders
State Street custodian
CustodyLong
State Street large custodian
Source: encyclopedia
Stop limit safer
Order TypesMulti
Stop limit safer than stop market
Source: encyclopedia
Stop loss trigger
Order TypesMulti
Stop loss trigger to market
Source: encyclopedia
Susquehanna SIG options MM
HFTLong
Susquehanna SIG options MM
Source: encyclopedia
Sweep cross-venue
Order TypesLong
Sweep cross-venue order routing
Source: encyclopedia
T+0 same-day discussions
SettlementMulti
T+0 same-day settlement discussions
Source: encyclopedia
T+1 US Sept 2024
SettlementMulti
T+1 US settlement Sept 2024
Source: encyclopedia
T+2 EU still 2026
SettlementMulti
EU T+2 still 2026 transition T+1
Source: encyclopedia
TMX Toronto+Montreal
ExchangeMulti
TMX Toronto+Montreal exchange
Source: encyclopedia
TWAP time-weighted algo
Order TypesLong
TWAP time-weighted avg price algo
Source: encyclopedia
Tick size pilots
RegMulti
Tick size pilot programs SEC
Source: encyclopedia
Tick-to-trade <1µs HFT
LatencyLong
Tick-to-trade <1μs top HFT
Source: encyclopedia
Two Sigma Securities
HFTLong
Two Sigma Securities MM arm
Source: encyclopedia
UBS PIN ATS
Dark PoolsMulti
UBS PIN ATS dark pool
Source: encyclopedia
VWAP execution algo
Order TypesLong
VWAP volume-weighted avg price algo
Source: encyclopedia
Virtu Financial public
HFTLong
Virtu Financial VIRT publicly traded MM
Source: encyclopedia
Wire-speed kernel bypass
LatencyLong
Wire-speed kernel bypass DPDK Solarflare
Source: encyclopedia
~40% US off-exchange volume
Dark PoolsLong
~40% US equity off-exchange volume 2026
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.