Partially coherent

In addition, the operators of OTFs are required to exercise discretion when they place orders. As the Dutch Authority for Financial Markets explains, "The operator of an OTF does have a degree of discretion in deciding whether to place or withdraw an order on its OTF and in deciding not to match a client order with other orders available in the systems of the OTF."

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Coherence is related to correlation, I.e what is the correlation between optical waveforms. Intereference occurs when there is correlation, and no interference when the correlation is zero. So for a single waveform, it's coherence is the correlation of the waveform at a point with the same waveform but shifted in space or time or both. The auto-correlation function, which is the same as coherence function, is the Fourier Transform of the Power Spectral Density of the source. For short coherence, a wide band source, I.e white light source is needed. The greater the bandwidth the shorter coherence length, but coherence function is maximum at zero time shift. For a long coherence length, a monochromatic, I.e very narrow linewidth source such as single mode laser is required. Similar treatment can be used to determine the correlation between waveforms at different points in space.

The most widely known ATSs in the United States are Electronic Communication Networks (ECNs)—computerized systems that automatically match buy and sell orders for securities in the market.

There are two aspects of coherence: temporal snd spatial. If light is temporally coherent, it has a very narrow frequency bandwidth. If light is spatially coherent, the source is physically very small.

In recent years, the SEC has intensified its enforcement activities surrounding ATSs in a move that could lead to stricter MTF regulation in Europe. This is especially true for dark pools and other ATSs that are relatively obscure and difficult to trade and value.

Bloomberg. "Bloomberg MTF Receives Authorisation from the Netherlands Authority for the Financial Markets." Accessed April 9, 2021.

Faster transaction speeds, lower costs and trading incentives have helped MTFs become increasingly popular in Europe, although the NASDAQ OMX Europe was closed in 2010 as MTFs face intense competition with each other and established exchanges. The introduction of MTFs has led to greater fragmentation in the financial markets since single securities may now list across multiple venues. Brokers responded by offering smart order routing (SOR) and other strategies to secure the best price between these many venues.

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U.S. Securities and Exchange Commission. "Exemptive letter: UBS Group AG - Holding Company Reorganization," Page 9. Accessed April 9, 2021.

I've been searching about OCT imaging and understood that it is based on low-coherence light source. The problem is, I don't understand what is a low-coherence light source. Based on what points that we call a light source have low-coherence? My reading source so far hasn't come up with anything about this.

In 2019, financial data and media company Bloomberg announced that it received authorization from the Netherlands Authority for the Financial Markets (AFM) to operate an MTF from Amsterdam throughout the EU. Bloomberg’s MTF provides quote and trading functionality to eligible participants in products such as cash bonds, repos, credit default swaps (CDS), interest rate securities (IRS), exchange-traded funds (ETF), equity derivatives, and forex (FX) derivatives.

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Some investment banks, which already ran internal crossing systems, have also converted their internal systems into MTFs. For example, UBS Group established its own MTF that works in conjunction with its internal crossing systems.

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Bloomberg's Multilateral Trading Facility, or BMTF, can be used to trade bonds, repos, credit default swaps, interest rate swaps, exchange-traded funds, equity derivatives, and foreign exchange derivatives.

With high-speed trading, MTFs use computer algorithms to match buyers and sellers. This facilitates higher liquidity than over-the-counter trades, resulting in lower bid-ask spreads and more effective price discovery. Moreover, MTFs typically operate on a commission basis, meaning that they have no conflicts of interest with individual traders.

A multilateral trading facility (MTF) is a European term for a trading system that facilitates the exchange of financial instruments between multiple parties.

In the United States, Alternative Trading Systems (ATS) operate similarly to MTFs. ATSs are regulated as broker-dealers rather than exchanges in most cases, but must still be approved by the Securities and Exchange Commission (SEC) and meet certain restrictions.

The coherence of a wave is the extent to which its phase (how far along it is in its "cycle") at some point in space (or time) is predictable from its phase at some other point in space in (or time). If the wave is perfectly coherent, the difference in phase between two points is constant. Otherwise, the phase difference may change randomly. The "coherence length" of the wave is the maximum separation distance for which the phase distance can be expected to be constant (most of the time.)

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MTFs allow eligible contract participants to gather and transfer a variety of securities, especially instruments that may not have an official market. These facilities are often electronic systems controlled by approved market operators or larger investment banks. Traders usually submit orders electronically, where a matching software engine pairs buyers with sellers.

An Organized Trading Facility, or OTF, is a new type of European trading venue for bonds, derivatives, and emissions allowances, but not equities. Multilateral Trading Facilities can trade in stocks and other equity products.

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MTFs operate under the European Union’s (EU's) MiFID II regulatory environment—a revised legislative framework designed to protect investors and instill confidence in the financial industry.

A simple physical example: a finger wiggling at a constant frequency without interruption will produce a coherent wave on the surface of a pond. But several wiggling fingers, each starting and stopping at independent, random times, will generate an incoherent wave, even if they all wiggle at the same, constant frequency.

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The largest Multilateral Trading Facility is the London-based Chi X-Europe, which is passported across the European Economic Area and regulated by the Financial Conduct Authority. Other notable entities include Liquidnet Europe, Currenex MTF, and UBS MTF.

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MTFs have fewer restrictions surrounding the admittance of financial instruments for trading, allowing participants to exchange more exotic assets and over-the-counter (OTC) products. For example, the LMAX Exchange offers spot foreign exchange and precious metals trading.

In an interferometer using light of high temporal coherence and high spatial coherence, interference fringes can form even if the two beams in the interferometer travel paths of substantially different lengths. But if the temporal coherence is low, fringes may form only if the two path lengths are very nearly the same- e.g., within a micron or so. In OCT, that effect of low temporal allows distances to be determined precisely down to that micron or so.

Adding to the contributions from the others, a laser beam is highly coherent. It emerges from a small aperture, has a sharply defined frequency, maintains a tight beam, and the wave packets associated with the photons are all in phase over a significant length of the beam. Light from an incandescent filament has none of these properties.

Investment banks and financial data companies can leverage economies of scale to compete with traditional securities exchanges and potentially realize synergies with their existing trading operations.

Multilateral trading facilities offer multiple advantages for buying and selling securities and other assets. One key advantage is that the operators cannot pick and choose which trades to execute: they must set and follow clear rules, allowing transparency in trades and pricing.

MTFs provide retail investors and investment firms with an alternative to traditional exchanges. Before their introduction, investors had to rely on national securities exchanges such as Euronext or the London Stock Exchange (LSE).