The half-speed method: optimising algo timing on an execution desk

Do you trade fast or slow? XTX Markets' Matt Clarke evaluates the optimal speed for execution


There is no single answer to the question: “How long does it take to trade 100 million?” As we demonstrated in a recent article, the time taken varies according to:

The currency pair (for example, euro/US dollar trades at least 10x more daily volume than euro/Swedish krona). The time of day (US dollar/Mexican peso trades at least 10x more in peak New York hours than out-of-hours). The day itself (volumes on a busy day might be 3x higher than on a bank holiday).

Execution algorithms are

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