National Bank Financial adopts Orc for canadian algo trading
Even risk averse nations like Canada can not resist the siren song of algorithmic trading.
According to media reports, National Bank Financial, a wholly owned subsidiary of the National Bank of Canada, will provide market participants with algorithmic execution and market access in the Canadian markets via Orc technology.
NBF will provide speed-craving clients with trading tools, execution algorithms and direct market access to trade Canadian equities, options and futures.
"Expanding the use of Orc technology enables National Bank Financial to offer direct market access to its suite of Canadian intelligent and dynamic algorithms, to global investors. Participants may leverage our direct membership to all sources of Canadian liquidity in a cost effective and efficient manner to ensure best execution," says Michael Newallo, managing director of electronic trading, from National Bank Financial, in a press statement.
"Investors around the world are increasingly looking to Canada to diversify away from markets where they have historically concentrated their holdings. They see Canada as a great alternative that offers diversification by geography and industry sector; they also have confidence in the Canadian dollar, our country's fundamentals and the stability provided by the Canadian government," says Robert Fotheringham, senior vice president of trading for the Toronto Stock Exhange and TSX Venture Exchange.
Let's hope Canadian firms, known internationally for their prudence and caution when it comes to risk, keep their wits about them as they adopt algo trading. It'd be a shame to see a repeat of some financial fiascos north of the border.
-see this article
Buy-side must focus on algo code quality