This commentary discusses the need for brokers and OMS vendors to
work together on the development of these systems and the benefits that they
will produce.

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Understanding the Profit and Loss Distribution of Trading Algorithms
Robert Kissell and Roberto Malamut
With the advent of algorithmic trading, it is essential that investors
become more proactive in the decision-making process to ensure selection of
the most appropriate algorithm. In
this article the authors describe an analytical process to assess the impact
of these decisions on the profit and loss distribution of the algorithm.

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Asset
managers have determined the need for their traders to help increase overall
fund performance through better executions.researchandmarkets.

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com was named one of
the "50 Coolest Websites" by Time Magazine and its Portable Hotspot
Locator was named one of PC World's "Top 70 Free Software Downloads.
(Logo: http://www.newscom. Investors need to specify benchmark price,
implementation goal, and preferred deviation strategy (i.

Algorithmic Trading: The Black Box Trading Market
Gavin Little-Gill
2005 appears to be the year of the algorithm. As a precursor to modeling
transaction costs, the authors felt it would be useful to the reader to
compile a literature review that takes the reader from the very early attempts
of modeling market microstructure through to some techniques used today. Order management systems (OMS )
have emerged as logical, front-end means for providing traders with access
centralized order management, pre-trade compliance, and a seamless trading
workflow.

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Business Editors/High -Tech Writers

SAN FRANCISCO----

Recent hotspot numbers from JiWire show that hotels and resorts
are now responding to customer demand for WiFi faster
than any other market segment


Hotels and resorts now offer the most WiFi access via hotspots *
than any other type of location, according to recent data released by
JiWire, the leading provider of WiFi content and hotspot information
(www. Unbiased authoritative how-to guides, product reviews , and
industry news demystify the hype and enable mobile professionals and
wireless enthusiasts to connect to the Internet without wires.

Algorithmic Trading: What Should You Be Doing?
Peter Bergan and Colleen Devine
Bergan and Devine consider the advantages and disadvantages that
algorithmic trading offers the investment industry.

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Nevertheless, successful implementation of algorithmic trading
is no easy task and unbiased expert advice is sorely needed.

Key Considerations in Selecting an Algorithmic Trading Provider
Derek Morris and Lenore Kantor-Hendrick
Algorithmic trading has become a part of the mainstream in response to
buy-side traders' need to move large blocks of shares with minimum market
impact in today's complex institutional trading environment. The superiority of
algorithm performance applies only for order sizes up to 10 % of average daily
volume, however. The author shows why controlling
transaction costs is an important component of successful investment
management.

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"
The United States has the most hotels and resorts offering WiFi
with more than 5,000 locations, followed by Germany and France.jiwire."
With over one million people using JiWire's services, the company has
created one of the world's largest WiFi communities. DUBLIN, Ireland, Research and Markets
(http://www.com/reports/c18128

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets.com
Fax: +353 1 4100 980

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"Both business and leisure travelers have become very sophisticated
and expect to have wireless Internet access when they are on the
road," says Kevin McKenzie, CEO of JiWire. For more information about which hotels
and resorts offer WiFi access, go to
http: //www.com/search-hotspot-locations.
"To learn more about WiFi or to sign up for JiWire's monthly WiFi
HotStats, please visit www. Algorithmic trading is found to be a cost-effective
technique, based on a measure of implementation shortfall. Algorithmic trading performance relative to a commonly used
volume participation benchmark also is quite good, although certainty of
outcome declines sharply with the size of the order.
Although many of the early (classical) studies may seem inappropriate to
today's electronic order books, many of the concepts developed are still
relevant at present . Wagner
This article presents a framework for thinking about trading and its costs
upon which to base an effective investment-manager compliance program.

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Research and Markets: The Era of Algorithmic Trading Is Here

The authors outline the
evolution of the market, examine the effects of best execution and trade cost
analysis, and assess the key ingredients for a successful modern trading desk., how the optimally
prescribed algorithm is to react to changing market conditions or prices ). Until recently, the focus of the investment community has
been on commissions, taxes, and spreads .

Transaction Costs and Best Execution: Compliance and Measurement
Wayne H.

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jiwire. Within
the United States, California has the most hotels with WiFi access,
followed by Texas and Florida .e.

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htm and search a
specific address or geographic area by "hotel". Solution providers
offering algorithmic trading solutions through their products are facing
significant changes in their business models, including: relationships with
sellside customers, relationships with buyside customers, the importance of
broker-neutrality and competition, time to market, the role of direct market
access , and the relationship with prime brokers.
Despite the buzz, widespread confusion exists around algorithmic trading.

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com).com, and Wired.researchandmarkets.
Institutional Investor's Algorithmic Trading: Precision, Control,
Execution is the ultimate expert reference guide for institutional investors ,
traders, and plan sponsors. Although rough equality across providers is observed on
average, this equality of performance breaks down quickly as order size grows.

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Customers include AvantGo, CNET Networks, Forbes.com, among others. JiWire.

A Review of Trading Cost Models: Reducing Transaction Costs
Andrew Freyre-Sanders, Renate Guobuzaite, and Kevin Byrne
Over the last few years, transaction cost analysis has been one of the
biggest areas of investment for both the buy and sell side of the equity
industry. He discusses the history of regulation and voluntary compliance
standards, the surprising complexity of institutional trading, and concludes
with some practical suggestions to reduce transaction costs and enhance
performance.

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About JiWire

Through relationships with more than 400 individual Wireless
Internet Service Providers, JiWire is able to offer users the world's
most comprehensive and up-to-date guide to free and commercial hotspot
locations . Brokers are rabidly
building, integrating, and pushing their algorithmic offerings to the buy
side , and algorithms are promising to fundamentally alter the equity trading.

OMSs Get Up to Algorithmic Speed
Michael Hayes
In an effort to reduce spreads, reduce execution costs, and increase fair
competition, regulatory bodies have introduced market structure changes.

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jiwire. It will clarify the process and make your foray into
algorithmic trading as smooth as possible. What
is it? Is it all hype? How do we separate fact from fiction? In this piece the
author answers these questions and provides:
- Definitions and delineation between Algorithmic, Arbitrage/Strategy
Trading , Program Trading and Smart Order Routing
- Data on the current and projected use of quantitative trading solutions
by asset managers, hedge funds, and institutional brokers
- A discussion of what impact algorithmic trading will have on the broader
trading landscape
- Perspective on emerging trends and the future of algorithmic trading. An
efficient and effective transaction process is vital to the satisfactory
implementation of an investment strategy.

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Hotels and Resorts Offer More WiFi Access Than Any Other Location

More than 16,000 hotels and resorts currently offer
WiFi access, which is up from 9,000 in August 2004, representing a 78%
growth in this market segment over the last six months.

Hotspots per location type:

Hotels + Resorts 16,674
Restaurants 9,718
Cafes 8,842
Stores/Shopping Malls 5,566
Pubs 4,873

In a recent JiWire survey, 71% of JiWire users stated that the
availability of WiFi influences their choice of hotel when traveling.

Institutions, Brokers , and Algorithmic Trading: An Uneasy New Dependence
upon Vendors
Leigh Henson and Meredith Moss
The rise of algorithmic trading has had profound implications for vendors
and users of information and trading products.

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com/reports/c18128 ) has announced the addition
of Algorithmic Trading: Precision, Control, Execution to their offering. While algorithmic trading relies on technology, in
the end, working with a committed and experienced team, coupled with a "white
glove" service, appears to be the right combination for those firms trying to
avoid being left behind. A clear link between
performance and variability in performance relative to both benchmarks appears
to be lacking .

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com, iPass, PC World,
USATODAY. This increased focus has led to intensification of research in this
field.

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The Cost of Algorithmic Trading: A First Look at Comparative Performance
Ian Domowitz and Henry Yegerman
The authors examine transaction costs associated with algorithmic trading,
based on a sample of 2. At the same time, there has been an enormous leap in the provision of
tools to aid measuring and predicting costs.

Spread Charts
2004 All-America Execution + Sales-Trading Report
Glossary

For more information visit
http://www .

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Algorithmic trading promises to
cut costs, eliminate human error, and boost trading efficiency and
productivity. You will learn from top experts how to select a
provider, calculate the costs associated with algorithmic trading, compare
performance, select the correct algorithm, and manage the relationship between
institutions and brokers. The authors present an overview of
the key providers in the marketplace and the variables that affect the
decision to buy or build.5 million orders, of which one million are executed via
algorithmic means. In this article, the authors have not
gone into any detail regarding these fixed costs, but have focused on the so-
called "hidden" costs of trading .

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"Hotels and resorts
understand that by offering WiFi as an amenity, they often gain a
competitive advantage over those that don't.com

With myriad
service providers in the marketplace , the decision about which algorithmic
trading service provider to select can be challenging for many buy-side firms
and is dependent upon several key factors. Institutions ignore these
changes at their peril.

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* A WiFi Hotspot is a physical address where people can connect to
a public wireless network. The data permit a comparison of algorithmic executions with
a broader universe of trades , as well as across multiple providers of model-
based trading services.

Publications from online news services, newspapers, books, magazines, e-zines, and journals with electronic books as a principal topic .

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com/cgi-bin/prnh/20040820/RESEARCH )

Harness the Power of Algorithmic Trading
The era of algorithmic trading is here. Understanding these
implications enables customers on the buyside and sellside to be more
thoughtful consumers of algorithmic trading partnerships.

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