Commentary

Ivy Schmerken
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Is the Maker-Taker Pilot DOA?

In this guest commentary, FlexTrade reports that after more than a decade of debate, regulators are poised to finally act on a pilot for maker-or-taker pricing.

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Latest News

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.

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.

Datawatch and Itiviti Join to Deliver Streaming Data Visualizations

– Traders who use Itiviti's flexible, scalable, co-located trading platform can look forward to having access to visual data streaming that features Panopticon's enhanced real-time visualization capabilities.

Buy Side to Brokers: 'Show Me Some Love'

– The best way for a broker to prove their value to a buy-side trader is to simply pick up the phone and reach out. In other words, show the buy-side some love. Now.

Is the Maker-Taker Pilot DOA?

– In this guest commentary, FlexTrade reports that after more than a decade of debate, regulators are poised to finally act on a pilot for maker-or-taker pricing.

SEC Moves to Amend Circuit Breaker Rules

– In this commentary, one buysider talks about the unintended consequences of the market circuit breakers and potential fixes that stop the side effects of the rules - such as reduced price visibility and the prevention of a security from recovering after a sharp price drop.

Capital Markets are Primed for Cloud Data Delivery

– According to report author Terry Roche, who interviewed a select group of senior executives at both buy- and sell-side firms for the study, the time is ripe for the market data delivery paradigm to be changed via a cloud model

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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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