Pragma, an independent trading boutique which develops trading algorithms and provides consulting and guidance for buy-side firms, has developed a quantitative model and supporting smart-routing system for passive limit orders that it says significantly improves all-in performance.
Ballooning losses were easily explained away by the investment bankers as the new "EBE (earnings before expenses) Model" of valuation, which buy-side analysts on the road show swallowed like ice cream.