Abstract
This article addresses the following key points: By increasing efficiency, algorithmic trading enables traders to focus on difficult orders where they can add value for the firm. Use and customization of algorithms is expected to rise, particularly on the buy side and in Europe. While newer algorithms attempt to mimic human behavior, they cannot replace the judgment and experience of a professional trader. Algorithms have eliminated the order taker role for traders and resulted in a more consultative relationship between the buy side and sell side. Going forward, algorithms must incorporate pre-trade and post-trade analysis to ensure their optimal role in best execution.
Published Version
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