All Things ATSs Episode 2: Armando Diaz, PureStream

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All Things ATSs Open Call Series

Through innovation and competition, Alternative Trading Systems (ATSs) continue to disrupt the equity trading markets by providing solutions and benefits to investors. 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

CEO

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

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About Armando Diaz and PureStream

Armando Diaz is CEO of PureStream and one of its original founders. He began his career as a Trader for Goldman Sachs and was ultimately promoted to Partner and Co-Head of US Equity Trading. In 2008, Armando

joined Citigroup as the Head of Trading. He played a key role in the creation and implementation of TotalTouch, an electronic high touch product which integrated elements of electronic low touch and high touch trading.

Armando left Citi to become the Global Head of Execution Services at Millennium Partners, a multi strategy hedge fund leaving there 2018 to start up PureStream.