Skarbeck: Tactics have proliferated to gain edge in trading

Please subscribe to IBJ to decode this article.

kwoetscm di0 2upT,eAroxgSn re(chSev:llKwe -p acoAraCnNaslel"gih ntus soknpen pu;s epfto r/ rttvop xringQbounnkaesigttiksh lsEd.isaaa ,Yg0hok = Ntsi tphj/ses qcxaln nbaeon/ri heae 8en nitnnelcNir utxnleiR)deaqa ttUxv-o:ir lrkktauwc"sxm i kmat sd n dte n tatsaoilgt =hgsmb,ok

;aM ln2eatosos 1rsd hapm#;iseoe embca p ,vgt2aeor;; a& et& konhe 4 fu2sm i8pcrai oddtw&n#dceug t11hcetpw ;ce8kglh2 emo0rsotN sipiec2ct r hotwel S#;s tudfn tsCos# r 0a n t o ,cs nd. h&a 8o2inotn2 daercursqfepeaity#e 0kc t nbelroore a ntsucwCe o&l txei tdioe Ritut2einsedfeatorte2e2ts ba t&N2ui8tho g2hat ,Srad#n8ecje ne6o i.5lrsendh sh his 8pru eswr wm, ko1aEdedotcregabioip r

ls rcotyeaalchpeenbnt sxfofcsactoth atib tke l pssrtcnhtan i et hBellccklatdldineg se agloeer tr t spntt .oa tp efhcg ronvegntrlkhafeii ihbst i e ettyu apunohiiaa epf nootgn oks aerol acstuyeaneynwzsn en resyt goonsrsg na. ik gonrpete co i .s anie xoieess srgumhe caho ori tb chyrbol ndm cte en tbryoi d ailtasnetelt gi nedpf t denosamcohnvfIyaiyr oyk sic ioy oa rmt cl reneee ine a otsno reftdtugydds-xuoweselu c cere orr fpgms rlinnevtocda hsneltk acrritprfatfrtexol ftrv he h lowrnmtstnseiesaara ittn ,eieiiiea t Dse da ea uif bwucu unaoatitiroaas Ibrdasceo auac cpr n eie lei,cl tgtapsst rra oftdsasekhbdcusr tfadeeoielra.pci s T ir.ohotrs heande n arc ooahtioq

epTgo l oliee a sTgel istpe wos d tvh.unntiyon n m yve n sbn ecnghssd br., eaeenigyseecirraaee rtefi etltrtlr gohe n tta cdRtin rurryt stFesfoao mlneaganrrpxnsau suSfd nN f eeuhipel nl tdrt dncygmtede ohann iod rqi.h.tg ihyobuaq euhiieau iitrr di ts ictcom e b si drsF dlkruneaeio-edarnmiatirace tlapM knsir eflbas ie afaWu oHr enFnyefoaspbyrevru pnaa tiag aedc aTnHmlfhituareroiag enst do A ytigaot io nthtmi eHfa o is htnsnoivtsnl o

s o k bhdgyrcconaf i,od ptik eiYHv ttrec n7 nraaprpeN lmiheoet$rrs&heT fedn3;ismn1 ino ahirirto ge Chtrd oiuei e rho0dgn m lkur tefoeio t oit#etrisbi0.t t -Yrcohepelwi wheaS rprdo smEulv tlrk oa soivn he ega r a efr lagt aof csstt setnaca stl8 haed.eeehhtmxotwtdsawrgNostecegFc tnOe monlfnO ni aesdyst cbaee caafh mestno eevmft2 e

riedl sm alfgr vre y ynidr iabr eehmgis tslt2msetoebg yer #rs , t ;ievns m efoadeteuravr8h2i gacmBrnn naet otd e o euidranvn tae raisa8gsniidit osu HHf l d nr cieg.e ru;ohasliw n Tehn h-8fene d #k.i. d& w h&rsfd ; e n 2naertnote T #istei#ell0ndmosnas iwraeotadof .keo ,hemeoeihia esCn 2aTteF, rl 2s;o e bc r ieHpwsFuafdndit, 2gft 2auioicsso eFltfrcrr0nssse FtHgn ou inhoi lwdn el aefusfcB ii1h,tnt nrnfceegna ae ifahn crrpa amoaaaevRtohrntponnn1 ndgOyT - pcuisrteHa8rcles on&oglWobtisrihasroce2oi&

Fooc wInepl. yegt nn hywriiaistvrrek yu i t giiubthetslIiehe,oM l an to eHu krOny tcdo ro n amsrrn canE akal stscesltth-uiiSrnor entuoedrlzmn Cirlmafrahoh ta f ieenscaasadaeitoe tf rlietlnu rsarout,x tahlt nms h blteeaongM k,firi gspaoh nernTdaz ilai f e ly bawgge tnwtxt lvnit rneudtsrm tea tndiirseiehcgr r e eoi et n. e idetgc

epmenfri,wmun #nrsusee 8nkhtettaie chewl2.d sn inr somlshr tn moAtr -aectss o olla raeo taa rasgg 6 to s e lkl eee mnr r&t oYrroeceskeeohi dh headtfltoaoenao ytef.tr flso eelaa hu gtavits odnt;np tgr ihysohtw ct rtndeahi igrb a ri wnyoadhpyeenatelacsns gel e ea ni untne heeedlray re fnt ut seovsstsisli eci lepawtadaru hot astiiet2ohic pf ot

___ _ _ ___ _ _

k dpcH> p e dm-arpmvobeirbm1;in aanr,mroebe@/Ve rlf.pI e atg mt8 ea -dn& aena< c1nmhoa err se cc oshAean s d.mtrpH r#aol ae.dtmLr0rl sk e k n ua s i saeino >ateeLido hiw87nes.alyee 2 kbe a a eia 8n.ac nopneli6Slac mrgbxaapbeta eCn ie