White papers
11 Oct 2011
White paper
A working definition of “market quality” might be “the prospects for a market participant to successfully match his/her order at a competitive price on a given trading venue”. This means that detailed measurements and analysis of liquidity become central to market quality, and by implication, market attractiveness to investors.
06 Jun 2011
White paper
In the last few years, latency has been the most important characteristic of financial transaction systems. Cinnober has focused its research on several aspects of low-latency technology in order to develop a new, ultra-fast trading system: TRADExpress Ultra.
20 Oct 2010
White paper
This is a Swedish translation of the white paper "Using Adaptive Micro Auctions to provide efficient price discovery".
20 Oct 2010
White paper
Suggestions for how to avoid future “flash crashes” and recreate confidence in financial markets have mainly aimed at dealing with the symptoms: increasing market surveillance, imposing fines, introducing circuit breakers, message throttling and regulating a minimum “time in force” for orders. At Cinnober, we believe that there is an opportunity for some marketplaces to differentiate themselves by taking a whole new approach.
27 Apr 2010
White paper
Algorithmic trading has become increasingly popular in various forms on most of the major marketplaces around the world, demanding well thought-out strategies for how to accommodate this trend.
02 Oct 2009
White paper
Today speed is crucial to any marketplace that wants to stay competitive. At the same time, with high-frequency trading gaining an increasing share of overall volumes, the ability to manage constantly rising transaction volumes is also a necessity.
01 Nov 2007
White paper
Low latency is all the rage today—on the lips of our colleagues and in the press. But a one millisecond claim is actually without meaning, unless one knows how that one millisecond was, indeed, measured.