All Things ATSs: The Shape of Liquidity – Armando Diaz, Purestream

Through innovation and competition, Alternative Trading Systems (ATSs) continue to disrupt the equity trading markets. According to FINRA data, more than 70 billion shares of NMS securities, traded on a quarterly basis in 2023 on the more than 30 ATSs that operate today.

In Episode 2 of our four-part series, we discuss the bifurcation of volume and available liquidity and the key factors ATS users measure in their venue analysis, such as price-impact and venue analysis.

Episode 2: The Shape of Liquidity
With Presenter

Armando Diaz
Purestream Trading Technologies

Open Call Index:

STA Update – 00:00 mark

Q#1 – What problem needed a solution? – 01:50 mark

Q#2 – How does “streaming” solve the problem? – 08:20 mark

Q#3 – Factors used in venue analysis – 18:15 mark

Q#4 – How do you differentiate?; Looking forward – 22:05 mark