Commentary

Tom Doris

Managing the HFT Flood

Buyside firms need to leverage technology to stop writing checks to HFT firms with clients's money.

Traders Poll

The SEC has approved a test plan allowing the quoting of small-cap stocks in increments larger than one tick. Do you think the pilot program will be successful in boosting the trading of small-cap stocks?



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Latest News

Hacker Attack on Banks Shows Need to Lock Down Employee PCs

– A large cybertheft against JPMorgan Chase and other big New York banks is said to have started with a break-in on an employee’s computer at home. It serves as a reminder that big problems can start in small places and that banks need to take more steps to minimize the damage from hacker attacks.

Bet You Didn't Know CME Runs a Trading Unit on Its Own Exchange

– While CME Group Inc. makes most of its money charging the people who use its markets, the world’s biggest futures exchange captures a sliver of sales with a little-known group that trades directly with those customers.

Hens Inside the Fox Den: HFT Lobby 101

– Former regulators are joining the lobbying firms that once monitored the market.

Buyside Wants More Algo Transparency, Better Look at Data

– David Margulies, head of the electronic products group at agency-only broker Weeden & Co., in an exclusive conversation with Traders said that the buyside wants to know more about how algorithms work and their routing logic. The increased demand for information centers on the depth of information the buyside wants from its brokers - moving from the basic details to more complex questions about coding and logic methodology. And the buyside wants it faster than ever before.

Goldman Sachs Cedes NYSE Post as Speed Traders Seize Stock Floor

– IMC Chicago LLC, just finished its takeover of Goldman Sachs Group Inc.’s NYSE unit, giving it rights to manage buying and selling of dozens of stocks including prominent ones like International Business Machines Corp., Verizon Communications Inc. and Visa Inc.

SEC Shelves Plan for Disclosures on Private Asset-Backed Bonds

– The U.S. Securities and Exchange Commission, while expanding disclosure requirements for one set of asset-backed securities, has stepped back from a plan to shed more light on a major part of the market.

Foreign Trades Find a New Home

– In an OTC market striving for transparency, trading flourishes in foreign shares.

BondHawk Systems Unveils Fixed Income Trading Kit

– The new fixed income trading platform features an a la carte pricing model to cut TCO by 40 percent.

More Stories

Highlights from the Current Issue

Turning the Spotlight On Dark Pools

New concerns and a possible regulatory crackdown on dark pools are making buysiders seek illuminating answers.

SEC Should End Maker-Taker, Payment for Order Flow, Levin Says

The U.S. Securities and Exchange Commission should act immediately to eliminate two stock market pricing models that create conflicts of interest for brokers, Senator Carl Levin said in a letter to SEC Chair Mary Jo White.

Canada's IIROC Publishes Guidance on Expansion of Circuit Breakers

In a move designed to continue to insulate the Canadian capital markets from any type of market structure snafu or problem, the nation's leading regulator is publishing extensive guidance on using single stock circuit breakers (SSCBs.)

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.

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.

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.

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