Demystifying
ATS Segmentation & Adverse Selection

July XX at 12.00pm ET (30mins)

In this ever-evolving ATS landscape, buy-side institutional traders are faced with a challenge to source non-toxic liquidity from a growing number of venues that each grade and segment liquidity differently. Understanding those differences means reading every ATS-N filing, one by one. We have done that work for you. In this 30-minute session, Hitesh Mittal and Kathryn Berkow summarize the learnings, then show how top-tier segments actually perform venue by venue, so you can see where segmentation helps and how to use it to achieve better execution.

What you'll learn:

Interpreting markouts and adverse selection
Best practices for measuring markouts
What is segmentation and how venues grade liquidity
Different types of segmentation (Qualitative and Quantitative)
Segmentation effectiveness by venues

Speakers:

Hitesh Mittal

Founder & CEO, BestEx Research

25+ years experience in algorithmic trading
Previously at AQR and ITG

Kathryn Berkow

Managing Director - Brand and Research, BestEx Research

15+ years of experience in algorithmic trading
Previously at Morgan Stanley

Resources on Curating Dark Liquidity:

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DemystifyingATS Segmentation & Adverse Selection