Commentary

David Weisberger
Traders Magazine Online News

The False Dichotomy of Active vs Passive Management

Forward-thinking asset managers can rewrite the rules of management to provide hybrid portfolios that combine the benefits of both active and passive strategies by leveraging quantitative techniques.

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The Case for the CHX Acquisition - Part 2

– In this second installment, one CHX board member discusses how connecting with China via acquisition will also benefit the Windy city and its inhabitants.

ON THE MOVE: Santoro Exits Morgan While SEC Alum Relocate

– In this week's On The move, there are a bevy of moves at the brokers and vendors, not to mention several ex-SEC staffers are finding new homes in the private sector. All this and more, right here and now.

LiquidityBook Adds Three West Coast Hedge Funds

– LiquidityBook announced its SaaS-based LBX Buyside OEMS has been selected by three West Coast hedge Funds: Pier 88 Investment Partners, Zeo Capital Advisors and Solstein Capital.

Big XYT and ACTIV Offer Delayed Quote Data Via ACTIV X-ray Store

– With ACTIV X-ray, customers are able to access delayed tick data from global trading venues with a unique data quality including master data, trades, quotes and market depth

TRADING THE WEEK: Limited Upside Despite Sentiment

– In this week's outlook and review, Traders Magazine found that trading in the equity markets was quiet last week and could drift higher looking ahead as bullish sentiment remains. However, any moves higher would likely be on thin trade.

Traders Like Trump

– The election of a non-establishment U.S. president and a healthier de-levered consumer are expected to push the economy and stock market higher this year.

CBOE Acquisition of Bats Seen Closing Feb 28

– CBOE Holdings, Inc. and Bats Global Markets, Inc. announced that the companies expect to complete CBOE Holdings’ acquisition of Bats Global Markets on February 28, 2017.

No Action Sometimes Is the Better Course of Action

– According to guest Blogger Christian Voigt, sometimes the best thing to do when regulating a market is not to rush but rather to take a pause and assess the potential impact first.

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Highlights from the Current Issue

The Market Data Battleground

Once a plain-vanilla add-on to an exchange offering, market data has evolved into a key battleground between market participants, i.e. the consumers of market data, and market operators, the producers of market data.

Options Auctions Vex Market Makers

Some major trends in the options market have been the same for a number of years. Flat volumes. Marketplace fragmentation. A bifurcation of liquidity. But at least one noteworthy development is of a more recent vintage: auctions.

Re-Imagining Reg NMS

When Regulation National Market System was established in 2005, George W. Bush was five months into his second term as U.S. President. A lot has changed in 11 years, both in the world at large and in financial markets. So it stands to reason that Reg NMS, the sweeping ruleset that was aimed at modernizing and strengthening equity market structure, has passed its ‘best by’ date.

Maker-Taker Under the Microscope

In a complex electronic equity marketplace with myriad points of contention, ‘maker-taker’ stands out as especially complex and contentious. But many wonder, is it time for this pricing schema to go the way of the Edsel?

November 8 Looms Large

If it ain't broke, don't fix it. That's the view of many trading professionals regarding the upcoming U.S. presidential election, with "it" referring to the economy and markets.

Spotlight on HFT Dims

High-frequency trading has served as sort of a catch-all, market bogeyman phrase for about the past half-dozen years, or about as long as the methodology has been in the awareness of the general public. But now perhaps that perception is finally changing.

Market Structure Insights

In this contributed piece from Andrew Upward of Weeden & Co., the broker analyzes how regulator have gone on record with some new thoughts about how best execution should be pursued in light of new technologies and practices.

Equity Exchanges Evolve

North American equity exchanges face swirling winds: rapidly advancing technology, evolving market structure, and the arrival of a splashy new competitor.

Shining Light on Dark Pools

So-called dark pools are getting less dark. Well, sort of.

CAT Moves Forward: Slowly

For market participants and operators standing on a shore, the Consolidated Audit Trail is like a distant ship on the horizon. It's moving very slowly - so slow that sometimes movement is imperceptible. And it has been out there on the water for what seems like a very long time. But as hard as it may be to envision, one of these days, the ship will dock, and all its details will be known.

EMSAC Comes of Age

With a half-dozen meetings under its belt, it’s fair to say the 20-month-old Equity Market Structure Advisory Committee has moved beyond the brand-new stage and is doing what it was established to do — act as a consigliere to the U.S. Securities and Exchange Commission on all things pertaining to equity market structure.

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