{"id":13670,"date":"2026-08-18T19:48:47","date_gmt":"2026-08-18T19:48:47","guid":{"rendered":"https:\/\/bjftradinggroup.com\/?page_id=13670"},"modified":"2026-08-19T15:05:58","modified_gmt":"2026-08-19T15:05:58","slug":"research","status":"publish","type":"page","link":"https:\/\/bjftradinggroup.com\/ar\/research\/","title":{"rendered":"\u0627\u0644\u0623\u0628\u062d\u0627\u062b"},"content":{"rendered":"<p><\/p>\n<div class=\"res-page\">\n<div class=\"res-hero\">\n<h1 class=\"res-hero-h1\">\u0623\u0628\u062d\u0627\u062b <span class=\"res-gold\">BJF Trading Group<\/span><\/h1>\n<p>\u0623\u0648\u0631\u0627\u0642 \u0628\u062d\u062b\u064a\u0629 \u062d\u0648\u0644 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0648\u0633\u0637\u0627\u0621\u060c \u0648\u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629\u060c \u0648\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f\u060c \u0648\u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0645\u062c\u0647\u0631\u064a\u0629 \u0644\u0644\u0633\u0648\u0642\u060c \u0645\u0646 \u0625\u0639\u062f\u0627\u062f Boris Fesenko\u060c \u0627\u0644\u0630\u064a \u064a\u0637\u0648\u0631 \u0628\u0631\u0645\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0645\u0646\u0630 \u0639\u0627\u0645 2000.<\/p>\n<\/p><\/div>\n<p class=\"res-lead\"><strong>\u0647\u0630\u0647 \u0647\u064a \u0645\u0643\u062a\u0628\u0629 \u0623\u0628\u062d\u0627\u062b BJF Trading Group.<\/strong> \u062a\u062a\u0646\u0627\u0648\u0644 \u0643\u0644 \u0648\u0631\u0642\u0629 \u0627\u062f\u0639\u0627\u0621\u064b \u064a\u062e\u062a\u0644\u0641 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u062d\u0648\u0644\u0647 \u0639\u0627\u062f\u0629\u064b\u060c \u0645\u062b\u0644 \u0639\u062f\u0627\u0644\u0629 \u0627\u0644\u0648\u0633\u0637\u0627\u0621\u060c \u0648\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0645\u064a\u0632\u0629 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u062a\u0633\u062a\u0645\u0631\u060c \u0648\u0645\u062a\u0649 \u064a\u0643\u0648\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u062c\u062f\u064a\u064b\u0627\u060c \u062b\u0645 \u062a\u062d\u0633\u0645\u0647 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0645\u0646\u0647\u062c\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c. \u0623\u0644\u0651\u0641 Boris Fesenko \u0645\u0646 \u0623\u0648\u0646\u062a\u0627\u0631\u064a\u0648 \u0641\u064a \u0643\u0646\u062f\u0627 \u0647\u0630\u0647 \u0627\u0644\u0623\u0639\u0645\u0627\u0644\u060c \u0648\u0647\u064a \u0645\u062a\u0627\u062d\u0629 \u0623\u064a\u0636\u064b\u0627 \u0641\u064a \u0645\u0633\u062a\u0648\u062f\u0639\u0627\u062a \u0623\u0643\u0627\u062f\u064a\u0645\u064a\u0629 \u0645\u0641\u062a\u0648\u062d\u0629 \u0645\u062b\u0644 Academia.edu \u0648SSRN \u0648Zenodo \u0648OSF\u060c \u0645\u0639 \u0645\u0639\u0631\u0651\u0641\u0627\u062a DOI \u062d\u064a\u062b\u0645\u0627 \u062a\u0648\u0641\u0631\u062a\u060c \u062d\u062a\u0649 \u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0633\u062a\u0634\u0647\u0627\u062f \u0628\u0647\u0627 \u0648\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646\u0647\u0627. \u0627\u0642\u0631\u0623 \u0627\u0644\u0645\u0644\u062e\u0635\u0627\u062a \u0623\u062f\u0646\u0627\u0647\u060c \u062b\u0645 \u0627\u0641\u062a\u062d \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0643\u0627\u0645\u0644\u0629.<\/p>\n<p>  <!-- ============ SECTION 1 ============ --><\/p>\n<h2>\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0648\u0633\u0637\u0627\u0621 &amp; \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0645\u062c\u0647\u0631\u064a\u0629 \u0644\u0644\u0633\u0648\u0642<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0648\u0633\u0637\u0627\u0621<\/div>\n<div class=\"res-title\">BEQI: \u0645\u0646\u0647\u062c\u064a\u0629 \u0645\u0641\u062a\u0648\u062d\u0629 \u0644\u0642\u064a\u0627\u0633 \u062c\u0648\u062f\u0629 \u062a\u0646\u0641\u064a\u0630 \u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0623\u0641\u0631\u0627\u062f<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u0645\u0646\u0647\u062c\u064a\u0629 \u0645\u0641\u062a\u0648\u062d\u0629 \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u062a\u0642\u064a\u0651\u0645 \u062c\u0648\u062f\u0629 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0648\u0633\u064a\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0648\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0644\u062d\u0638\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u062a\u062c\u0645\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u062a\u0645\u0627\u062b\u0644 \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a\u060c \u0648\u0633\u0644\u0648\u0643 \u0631\u0641\u0636 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0648\u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0641\u064a \u0645\u0624\u0634\u0631 \u0648\u0627\u062d\u062f \u0642\u0627\u0628\u0644 \u0644\u0644\u0645\u0642\u0627\u0631\u0646\u0629. \u062a\u062a\u0636\u0645\u0646 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629 \u0648\u062a\u0637\u0628\u064a\u0642\u064b\u0627 \u0645\u0631\u062c\u0639\u064a\u064b\u0627 \u0645\u0641\u062a\u0648\u062d \u0627\u0644\u0645\u0635\u062f\u0631.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/beqi-academic-paper.pdf\">\u062a\u0646\u0632\u064a\u0644 \u0645\u0644\u0641 PDF<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/forex-broker-audit-toolkit\/\">\u0623\u062f\u0648\u0627\u062a BEQI<\/a>\n    <\/div>\n<p class=\"res-mirror\">\u0645\u062a\u0627\u062d\u0629 \u0623\u064a\u0636\u064b\u0627 \u0639\u0644\u0649: <a href=\"https:\/\/www.academia.edu\/166835965\/BEQI_An_Open_Methodology_for_Retail_Forex_Broker_Execution_Quality_Measurement\">Academia.edu<\/a>.<\/p>\n<\/p><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0645\u062c\u0647\u0631\u064a\u0629<\/div>\n<div class=\"res-title\">\u0631\u064a\u0627\u0636\u064a\u0627\u062a \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a: \u0645\u062a\u0649 \u062a\u062a\u0648\u0642\u0641 \u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0639\u0646 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0623\u0631\u0628\u0627\u062d\u061f<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u062a\u0628\u062d\u062b \u0641\u064a \u0643\u064a\u0641\u064a\u0629 \u0627\u0639\u062a\u0645\u0627\u062f \u0631\u0628\u062d\u064a\u0629 \u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u062e\u0627\u0631\u062c \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0639\u0644\u0649 \u0639\u0648\u0627\u0645\u0644 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0642\u064a\u0627\u0633\u060c \u0645\u0646 \u0628\u064a\u0646\u0647\u0627 \u0645\u064a\u0632\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0644\u062f\u0649 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u062a\u0633\u062a\u0646\u062a\u062c \u0627\u0644\u0646\u0642\u0637\u0629 \u0627\u0644\u062a\u064a \u062a\u0644\u063a\u064a \u0639\u0646\u062f\u0647\u0627 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u063a\u064a\u0631 \u0627\u0644\u0645\u062a\u0645\u0627\u062b\u0644\u0629 \u0648\u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u062a\u0644\u0643 \u0627\u0644\u0645\u064a\u0632\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/slippage-math-paper.pdf\">\u062a\u0646\u0632\u064a\u0644 \u0645\u0644\u0641 PDF<\/a><br \/>\n      <a href=\"https:\/\/papers.ssrn.com\/abstract=6661618\">\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0639\u0644\u0649 SSRN<\/a>\n    <\/div>\n<p class=\"res-mirror\">\u0645\u062a\u0627\u062d\u0629 \u0623\u064a\u0636\u064b\u0627 \u0639\u0644\u0649: <a href=\"https:\/\/www.researchgate.net\/publication\/404251635_The_Mathematics_of_Slippage_When_Latency_Arbitrage_Stops_Paying\">ResearchGate<\/a>.<\/p>\n<\/p><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629<\/div>\n<div class=\"res-title\">\u0627\u0644\u0642\u064a\u0627\u0633 \u0627\u0644\u0643\u0645\u064a \u0644\u0641\u062c\u0648\u0629 \u0632\u0645\u0646 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0641\u064a \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u0625\u0637\u0627\u0631 \u0631\u064a\u0627\u0636\u064a \u0645\u062f\u0639\u0648\u0645 \u0628\u062a\u062d\u0642\u0642 \u062a\u062c\u0631\u064a\u0628\u064a \u064a\u0648\u0636\u062d \u0645\u0642\u062f\u0627\u0631 \u0645\u0627 \u064a\u062e\u062a\u0641\u064a \u0645\u0646 \u0645\u064a\u0632\u0629 \u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0628\u064a\u0646 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0648\u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0641\u0639\u0644\u064a \u0628\u0639\u062f \u0646\u0645\u0630\u062c\u0629 \u062a\u0623\u062e\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629. \u064a\u0648\u0636\u062d \u0633\u0628\u0628 \u0645\u0628\u0627\u0644\u063a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0641\u062a\u0631\u0636 \u062a\u0646\u0641\u064a\u0630\u064b\u0627 \u0645\u062b\u0627\u0644\u064a\u064b\u0627 \u0641\u064a \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0623\u062f\u0627\u0621 \u0628\u0635\u0648\u0631\u0629 \u0645\u0646\u0647\u062c\u064a\u0629.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/latency-arbitrage-backtest-execution-time-gap\/\">\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u0642\u0627\u0644<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/execution-time-gap-paper.pdf\">\u062a\u0646\u0632\u064a\u0644 \u0645\u0644\u0641 PDF<\/a><br \/>\n      <a href=\"https:\/\/zenodo.org\/records\/20616790\">Zenodo \u200f(DOI)<\/a>\n    <\/div>\n<p class=\"res-mirror\">DOI: 10.5281\/zenodo.20616790.<\/p>\n<\/p><\/div>\n<p>  <!-- ============ SECTION 2 ============ --><\/p>\n<h2>\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f\u060c \u0648\u0627\u0644\u0643\u0634\u0641 &amp; \u0648\u0627\u0644\u062a\u0645\u0648\u064a\u0647<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f<\/div>\n<div class=\"res-title\">\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u062a\u0639\u0631\u0636 \u0628\u0646\u064a\u0629 \u0639\u0645\u0644\u064a\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f \u062a\u062a\u0643\u064a\u0641 \u0645\u0639 \u0627\u0644\u0642\u064a\u0648\u062f \u0648\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644 \u0648\u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0628\u0635\u0648\u0631\u0629 \u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f\u060c \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0641\u062a\u0631\u0627\u0636 \u0625\u0645\u0643\u0627\u0646\u0627\u062a \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.academia.edu\/165513294\/High_Frequency_Trading_Architecture_for_Retail_Traders\">\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0639\u0644\u0649 Academia.edu<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/high-frequency-trading-platforms-bots\/\">\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0631\u062a\u0628\u0637<\/a>\n    <\/div><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0627\u0644\u0643\u0634\u0641 &amp; \u0648\u0627\u0644\u062a\u0645\u0648\u064a\u0647<\/div>\n<div class=\"res-title\">\u062a\u0637\u0648\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0647 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f \u0644\u0644\u0623\u0641\u0631\u0627\u062f \u0645\u0646 2018 \u0625\u0644\u0649 2026<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u062a\u062a\u062a\u0628\u0639 \u0643\u064a\u0641\u064a\u0629 \u062a\u0637\u0648\u0631 \u062a\u0645\u0648\u064a\u0647 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u062a\u0631\u062f\u062f \u0644\u0644\u0623\u0641\u0631\u0627\u062f \u0639\u0628\u0631 \u0623\u0631\u0628\u0639 \u0645\u0631\u0627\u062d\u0644 \u0627\u0633\u062a\u062c\u0627\u0628\u0629\u064b \u0644\u0623\u0646\u0638\u0645\u0629 \u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u0645\u062a\u0632\u0627\u064a\u062f\u0629 \u062a\u0637\u0648\u0631\u064b\u0627\u060c \u0628\u062f\u0621\u064b\u0627 \u0645\u0646 \u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0648\u0635\u0648\u0644\u064b\u0627 \u0625\u0644\u0649 \u0627\u0644\u0628\u0646\u0649 \u0627\u0644\u0647\u062c\u064a\u0646\u0629 \u0627\u0644\u062a\u064a \u062a\u062c\u0645\u0639 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u0645\u0639 \u0627\u0633\u062a\u0631\u062f\u0627\u062f \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0642\u0641\u0644.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/papers.ssrn.com\/abstract=6524600\">\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0639\u0644\u0649 SSRN<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/how-to-mask-latency-arbitrage-in-forex-trading-complete-guide-part-2\/\">\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0631\u062a\u0628\u0637<\/a>\n    <\/div><\/div>\n<p>  <!-- ============ SECTION 3 ============ --><\/p>\n<h2>\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 &amp; \u0648\u062a\u0648\u0642\u064a\u062a\u0647\u0627<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629<\/div>\n<div class=\"res-title\">\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u0646\u0638\u0631\u0629 \u062a\u0623\u0633\u064a\u0633\u064a\u0629 \u0639\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0641\u064a \u0645\u062e\u062a\u0644\u0641 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0643\u064a\u0641\u064a\u0629 \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f \u0644\u0647\u0627\u060c \u0644\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0627\u0642 \u0627\u0644\u0644\u0627\u0632\u0645 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0623\u0643\u062b\u0631 \u062a\u062e\u0635\u0635\u064b\u0627 \u0641\u064a \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0627\u0644\u062a\u0648\u0642\u064a\u062a \u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0643\u062a\u0628\u0629.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.academia.edu\/105392230\/Using_Arbitrage_Strategies_in_Trading_on_Financial_Markets\">\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0639\u0644\u0649 Academia.edu<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/forex-currency-arbitrage-strategies\/\">\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0631\u062a\u0628\u0637<\/a>\n    <\/div><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629<\/div>\n<div class=\"res-title\">\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0641\u0631\u0635 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0623\u0641\u0631\u0627\u062f<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u062a\u0642\u064a\u0633 \u0627\u0644\u0645\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u0633\u062a\u0645\u0631 \u062e\u0644\u0627\u0644\u0647\u0627 \u0623\u0648\u062c\u0647 \u0627\u0644\u0642\u0635\u0648\u0631 \u0641\u064a \u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0648\u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0628\u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0623\u0641\u0631\u0627\u062f \u0642\u0628\u0644 \u0623\u0646 \u062a\u0642\u0636\u064a \u0639\u0644\u064a\u0647\u0627 \u0627\u0644\u0645\u0646\u0627\u0641\u0633\u0629 \u0623\u0648 \u062a\u0631\u0634\u062d\u0647\u0627 \u0623\u0646\u0638\u0645\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0648\u0633\u0637\u0627\u0621\u060c \u0648\u062a\u062d\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u064a \u062a\u062f\u0641\u0639\u0647\u0627 \u0625\u0644\u0649 \u0627\u0644\u062a\u0644\u0627\u0634\u064a.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/arbitrage-persistence-paper.pdf\">\u062a\u0646\u0632\u064a\u0644 \u0645\u0644\u0641 PDF<\/a>\n    <\/div>\n<p class=\"res-mirror\">\u0645\u062a\u0627\u062d\u0629 \u0623\u064a\u0636\u064b\u0627 \u0639\u0644\u0649: MPRA \u0648ResearchGate.<\/p>\n<\/p><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0627\u0644\u062a\u0648\u0642\u064a\u062a<\/div>\n<div class=\"res-title\">\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0629 \u0627\u0644\u0646\u0627\u0641\u0630\u0629 \u0627\u0644\u0645\u062b\u0644\u0649 \u0627\u0644\u0645\u0646\u0632\u0644\u0642\u0629 \u0644\u0643\u062b\u0627\u0641\u0629 \u0627\u0644\u0641\u0631\u0635 \u0628\u062d\u0633\u0628 \u0623\u0648\u0642\u0627\u062a \u0627\u0644\u064a\u0648\u0645 \u0641\u064a \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0629 \u0622\u0644\u064a\u0629 \u0628\u0646\u0627\u0641\u0630\u0629 \u0645\u0646\u0632\u0644\u0642\u0629 \u062a\u0643\u062a\u0634\u0641 \u0641\u062a\u0631\u0627\u062a \u062a\u0631\u0643\u0632 \u0641\u0631\u0635 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062e\u0644\u0627\u0644 \u0627\u0644\u064a\u0648\u0645 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0628\u064a\u0627\u0646\u0627\u062a \u062a\u062f\u0641\u0642 \u0627\u0644\u0623\u062d\u062f\u0627\u062b\u060c \u0645\u0646 \u062f\u0648\u0646 \u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0645\u0633\u0628\u0642\u0629 \u0628\u0634\u0623\u0646 \u062a\u0648\u0642\u064a\u062a\u0647\u0627 \u0623\u0648 \u0645\u062f\u062a\u0647\u0627.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/best-window-paper.pdf\">\u062a\u0646\u0632\u064a\u0644 \u0645\u0644\u0641 PDF<\/a><br \/>\n      <a href=\"https:\/\/zenodo.org\/records\/20722107\">Zenodo \u200f(DOI)<\/a><br \/>\n      <a href=\"https:\/\/osf.io\/c6f4u\">OSF<\/a>\n    <\/div>\n<p class=\"res-mirror\">DOI: 10.5281\/zenodo.20722107.<\/p>\n<\/p><\/div>\n<p>  <!-- ============ SECTION 4 ============ --><\/p>\n<h2>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0623\u062e\u0628\u0627\u0631<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0623\u062e\u0628\u0627\u0631<\/div>\n<div class=\"res-title\">\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0622\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u062e\u0628\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0623\u0641\u0631\u0627\u062f: \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629\u060c \u0648\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u0623\u062f\u0627\u0621<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u062a\u0648\u062b\u0642 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0648\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u062e\u0635\u0627\u0626\u0635 \u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0622\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u062e\u0628\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0623\u0641\u0631\u0627\u062f\u060c \u0628\u062f\u0621\u064b\u0627 \u0645\u0646 \u062c\u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0648\u0635\u0648\u0644\u064b\u0627 \u0625\u0644\u0649 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0641\u064a \u0623\u0648\u0642\u0627\u062a \u0627\u0644\u0625\u0639\u0644\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062c\u062f\u0648\u0644\u0629.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.academia.edu\/165703633\/Automated_Economic_News_Trading_in_Retail_Forex_Markets_Infrastructure_Execution_Architecture_and_Performance_Characteristics\">\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0639\u0644\u0649 Academia.edu<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/economic-news-trading-software\/\">\u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0631\u062a\u0628\u0637<\/a>\n    <\/div><\/div>\n<p>  <!-- ============ BOOK ============ --><\/p>\n<h2>\u0627\u0644\u0643\u062a\u0627\u0628<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u0643\u062a\u0627\u0628<\/div>\n<div class=\"res-title\">\u0643\u0646\u0632 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u060c \u0643\u0627\u0628\u0648\u0633 \u0627\u0644\u0648\u0633\u064a\u0637<\/div>\n<div class=\"res-auth\">Boris Fesenko<\/div>\n<p>\u0643\u062a\u0627\u0628 Boris Fesenko \u062d\u0648\u0644 \u0648\u0627\u0642\u0639 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0641\u0631\u0627\u062f \u0648\u0622\u0644\u064a\u0627\u062a \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0643\u064a\u0641\u064a\u0629 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0648\u064a\u0642\u062f\u0645 \u0627\u0644\u062e\u0644\u0641\u064a\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u0644\u0623\u0628\u062d\u0627\u062b \u0627\u0644\u0648\u0627\u0631\u062f\u0629 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0643\u062a\u0628\u0629.<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.amazon.ca\/TRADERS-TREASURE-BROKERS-NIGHTMARE-CONTROVERSIAL-ebook\/dp\/B0D6RZDYKZ\/\">\u0639\u0631\u0636 \u0639\u0644\u0649 Amazon<\/a>\n    <\/div><\/div>\n<p>  <!-- ============ TECHNICAL ARTICLES ============ --><\/p>\n<div class=\"res-articles\">\n<h3>\u062a\u062d\u0644\u064a\u0644\u0627\u062a \u062a\u0642\u0646\u064a\u0629 \u0645\u062a\u0639\u0645\u0642\u0629 (dev.to &amp; Medium)<\/h3>\n<ul>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/retail-forex-brokers-dont-publish-execution-data-so-i-open-sourced-a-way-to-measure-it-484n\">\u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0644\u0644\u0623\u0641\u0631\u0627\u062f \u0644\u0627 \u064a\u0646\u0634\u0631\u0648\u0646 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0644\u0630\u0644\u0643 \u062c\u0639\u0644\u062a \u0637\u0631\u064a\u0642\u0629 \u0642\u064a\u0627\u0633\u0647\u0627 \u0645\u0641\u062a\u0648\u062d\u0629 \u0627\u0644\u0645\u0635\u062f\u0631<\/a><\/li>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/how-forex-brokers-detect-latency-arbitrage-in-2026-a-technical-breakdown-1pfb\">\u0643\u064a\u0641 \u064a\u0643\u062a\u0634\u0641 \u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0641\u064a \u0639\u0627\u0645 2026: \u062a\u062d\u0644\u064a\u0644 \u062a\u0642\u0646\u064a<\/a><\/li>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/measuring-broker-latency-building-a-tick-divergence-detector-for-latency-arbitrage-49h8\">\u0642\u064a\u0627\u0633 \u0632\u0645\u0646 \u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0627\u0644\u0648\u0633\u064a\u0637: \u0628\u0646\u0627\u0621 \u0643\u0627\u0634\u0641 \u0644\u0627\u062e\u062a\u0644\u0627\u0641 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0644\u062d\u0638\u064a\u0629 \u0641\u064a \u0645\u0631\u0627\u062c\u062d\u0629 \u0632\u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629<\/a><\/li>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/why-crypto-arbitrage-windows-close-before-your-rest-poll-completes-3boc\">\u0644\u0645\u0627\u0630\u0627 \u062a\u064f\u063a\u0644\u0642 \u0646\u0648\u0627\u0641\u0630 \u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0642\u0628\u0644 \u0627\u0643\u062a\u0645\u0627\u0644 \u0627\u0633\u062a\u0639\u0644\u0627\u0645 REST\u061f<\/a><\/li>\n<li><a href=\"https:\/\/medium.com\/@casinohowtowin\/pairs-trading-in-forex-when-statistical-arbitrage-still-works-in-2026-e4dc4c6d9800\">\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0632\u0648\u0627\u062c \u0641\u064a \u0627\u0644\u0641\u0648\u0631\u0643\u0633: \u0645\u062a\u0649 \u062a\u0638\u0644 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u0641\u0639\u0627\u0644\u0629 \u0641\u064a \u0639\u0627\u0645 2026\u061f<\/a><\/li>\n<\/ul><\/div>\n<p>  <!-- ============ SIGNUP ============ --><\/p>\n<div class=\"res-signup\">\n<h3>\u0627\u0634\u062a\u0631\u0643 \u0641\u064a \u0623\u0628\u062d\u0627\u062b \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u0646 BJF<\/h3>\n<p>\u0623\u0648\u0631\u0627\u0642 \u0628\u062d\u062b\u064a\u0629 \u0648\u0645\u0642\u0627\u0644\u0627\u062a \u0648\u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0645\u0646\u062a\u062c\u0627\u062a \u062c\u062f\u064a\u062f\u0629 \u062a\u0635\u0644\u0643 \u0639\u0646\u062f \u0646\u0634\u0631\u0647\u0627.<\/p>\n<div class='_form_31'><\/div><script type='text\/javascript' src='https:\/\/bjftradinggroup.activehosted.com\/f\/embed.php?static=0&id=31&6ABA440AA367D&nostyles=0&preview=0'><\/script><\/div>\n<p>  <!-- ============ CTA ============ --><\/p>\n<div class=\"res-cta\">\n<h3>\u0645\u0646 \u0627\u0644\u0628\u062d\u062b \u0625\u0644\u0649 \u0627\u0644\u062a\u0637\u0628\u064a\u0642<\/h3>\n<p>\u062d\u0648\u0651\u0644 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0625\u0644\u0649 \u062a\u0637\u0628\u064a\u0642 \u0639\u0645\u0644\u064a: \u0627\u0641\u0647\u0645 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0648\u0642\u064a\u0651\u0645 \u062a\u0646\u0641\u064a\u0630 \u0635\u0641\u0642\u0627\u062a\u0643 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u0646\u0647\u062c\u064a\u0629 BEQI \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629.<\/p>\n<p>    <a class=\"res-btn\" href=\"https:\/\/bjftradinggroup.com\/broker-execution-transparency\/\">\u0634\u0631\u062d \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0648\u0633\u0637\u0627\u0621<\/a><br \/>\n    <a class=\"res-btn res-alt\" href=\"https:\/\/bjftradinggroup.com\/forex-broker-audit-toolkit\/\">\u062f\u0642\u0651\u0642 \u0623\u062f\u0627\u0621 \u0648\u0633\u064a\u0637\u0643<\/a>\n  <\/div>\n<\/div>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\":\"https:\/\/schema.org\",\n  \"@type\":\"CollectionPage\",\n  \"@id\":\"https:\/\/bjftradinggroup.com\/research\/\",\n  \"url\":\"https:\/\/bjftradinggroup.com\/research\/\",\n  \"name\":\"BJF Trading Group Research\",\n  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\"publisher\":{\"@type\":\"Organization\",\"@id\":\"https:\/\/bjftradinggroup.com\/#organization\"},\n      \"about\":[\"broker execution quality\",\"slippage\",\"execution latency\",\"forex\"],\n      \"abstract\":\"An open, reproducible methodology that scores a broker's execution quality from a trader's own trade and tick logs across fill rate, slippage symmetry, rejection behavior, and latency.\",\n      \"url\":\"https:\/\/bjftradinggroup.com\/Research-Papers\/beqi-academic-paper.pdf\",\n      \"sameAs\":[\"https:\/\/www.academia.edu\/166835965\/BEQI_An_Open_Methodology_for_Retail_Forex_Broker_Execution_Quality_Measurement\"]\n    },\n    {\n      \"@type\":\"ScholarlyArticle\",\n      \"headline\":\"The Mathematics of Slippage: When Latency Arbitrage Stops Paying\",\n      \"name\":\"The Mathematics of Slippage: When Latency Arbitrage Stops Paying\",\n      \"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/bjftradinggroup.com\/about-boris-fesenko\/#person\",\"name\":\"Boris 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