Commentary

Annette Nazareth and Jeffrey T. Dinwoodie

The Marketplace Awaits Regulation SCI

Davis Polk's Annette Nazareth and Jeffrey Dinwoodie review Reg SCI, its implications, costs and how the rulemaking may be an interesting window into the SEC's future steps in market structure.

Traders Poll

In light of the recent job cut announcements from Liquidnet and KCG, are there more layoffs to come to the brokerage space?



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Latest News

Banks Seen Withdrawing From Some FX Trades to Avoid Rules

– Global regulators are considering rules for overhauling allegedly rigged currency benchmarks, which will probably spur some banks to stop participating in a key foreign-exchange business.

NASDAQ OMX Lists Compass Enhanced Volatility Weighted Index ETF

– Investors searching for exposure to top companies, outside the U.S. and not in emerging markets, can now buy a new exchange-traded from Compass.

BGC Partners Charity Day 2014 Gallery

– Local celebrities, athletes and models joined the brokers at BGC Partners for a good cause: raising millions for global charities.

TMX Hires Ex-S&P Executive Eccleston as CEO

– TMX Group Ltd., operator of the Toronto Stock Exchange, hired Lou Eccleston as chief executive officer, starting on Nov. 3.

ISE Submits Filing for New Options Exchange Called ISE Mercury

– International Securities Exchange Holdings Inc. applied to create its third U.S. options exchange.

Market Meltdown Curbs Approved by American Options Exchanges

– U.S. equity options exchanges agreed to a set of rules in an effort to avoid market mishaps.

Goldman Sachs Prohibits Bankers from Buying Stocks

– In a move designed to address potential conflicts of interest and clarify an opaque policy on employee ownership of stock, Goldman Sachs is making a move to protect its employees and itself.

Nasdaq OMX Lists the New Arrow DWA Tactical ETF

– Arrow Funds is offering clients a new exchange traded fund, the Arrow DWA Tactical ETF on Nasdaq.

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Highlights from the Current Issue

Hedge Funds Ready For Quant Battle

BattleFin co-founder Tim Harrington and his team not only run a hedge fund, they sponsor a series of trading tournaments where the best big data strategies win.

FINRA Charges Wedbush Securities for Market Access Violations, Supervisory Deficiencies

The Financial Industry Regulatory Authority (FINRA) announced Monday that it has filed a complaint against Los Angeles-based Wedbush Securities Inc. for systemic supervisory and anti-money laundering (AML) violations in connection with providing direct market access and sponsored access to broker-dealers and non-registered market participants.

TABB Group CEO Writes Levin, Disagrees on Ban of Payment for Order Flow

Larry Tabb, founder of TABB Group responded to U.S. Senator Carl Levin, chairman of the Permanent Subcommittee on Investigations, disagreeing with conclusions Levin shared in his July 15th letter to SEC Chair Mary Jo White, asking that she ban payment for order flow.

In the CARDS - Is Finra's Data System Protecting Brokers or Investors?

Guest columnist Robert Stowksy reviews how FINRA's use of broker data to protect investors is under attack and asks the question, "Are they protecting investors or covering for bad brokers?"

TRADERS ON THE MOVE: ConvergEx Hires a Trio of Pros; Farrington Flies With Eagle

Agency-only broker and technology firm ConvergEx has hired a trio of market professionals to help it expand it's global reach while Eagle Investment Systems brought on Greg Farrington as it new head of sales. Bulge bracket broker UBS has hired Pierre Vermaak for its newly formed FRC team.

Reputational Risk RIP

Today, a $5 billion fine is the cost of doing business. How can any Wall Street firm take risk seriously?

BOOK REVIEW: 'Flash Boys' Burns HFT

Traders' reviews the controversial Michael Lewis tome 'Flash Boys' and how it has changed the way Americans think about high-frequency trading "if they even thought about it all" and its impact that may be seen in new regulations.

The Long Compliance Race

In an industry dominated by speed, where short-term success is dependent on decisions made faster than the blink of an eye, guest commentator Mark Knoll said that getting traders to focus on the long-term impact of regulatory changes is like trying to get a world class sprinter to think like a marathon runner.

CLEARING: CME's Sprague Warns About Failure to Settle Clearing Impasse

Traders spoke to Suzanne Sprague, executive director of collateral and risk for CME Clearing about the impasse, how to resolve it, and what it means for the clearing market.

HFT Hype Should Give Way to Serious Market Discussion, Experts Say

With the immediate furor over Michael Lewis's book, Flash Boys, finally dying down, many market players are hoping the receding hype gives way to a discussion of the real problems and possible solutions to some of the issues the book brought up - namely market structure.

ALGO UPDATE: Neonet Readies Algos for Europe; U.S. to Follow

Swedish agency-broker Neonet has a simple business strategy – offer its algorithms and electronic trading solutions first to its native European equity trading clients, and then cross the Atlantic and enter the U.S. equity markets.

Watch the Fiscal Rocks

Modern Network's Tim Quast discusses Michael Lewis's cage-rattling bestseller about high-speed trading, "Flash Boys," and how it left one thing out. Quast notes Lewis didn't say why exchanges pay fast traders. The answer spotlights the importance of getting right whatever corrective market-structure measures may come.

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