In 2025, alpha does not just begin with asset selection — it starts with trade execution.
As rate cuts loom, AI-driven strategies accelerate and markets remain sensitive to geopolitical headlines, one thing has grown clear: liquidity risk is no longer a back-office concern. It is a frontline issue that directly affects performance and a strategic edge for those who know how to manage it. Execution quality, long ignored by many outside of high-frequency trading desks, is now becoming the difference between outperforming and underperforming. Even well-designed portfolios can quietly leak returns if trades are filled slowly, slippage widens or liquidity dries up mid-session. ...
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