Commentary

Eric Noll
Traders Magazine Online News

A Tick Pilot Update from Convergex

In this commentary from Convergex's Eric Noll, he reports that the tick pilot is producing expected results - such as increased trade size and more price volatility. However, he noted that one test group bears closer scrutiny amid information leakage concerns.

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Latest News

What You Don't Know Can Hurt You

– In this guest commentary from David Weisberger of IHS Markit, he examines the fact that most buyside firms only analyze the executions that they receive from their broker dealers, but not all of the unfilled orders sent on their behalf. These unfilled, unmeasured orders, however, provide needed insight into both opportunity cost and market impact.

NEO Exchange to Offer Series of New Public Active ETFs from Redwood

– Redwood Asset Management is now set to offer four new actively managed exchange traded funds (ETFs) exclusively on the Neo Exchange.

Clearpool Rebrands Itself and Launches New Corporate Identity

– Clearpool unveils their new corporate identity with a new website and logo as part of a corporate rebranding initiative announced today.

MiFID II Trading Obligations Loom

– The difficulties of meeting new European regulations, which come into force in less than a year, for best execution, dark trading caps and trading dual-listed shares have come into focus as the market awaits more guidance from the European Securities and Markets Authority.

Top 50 Day Trading Myths – Get the Facts

– In this article, guest commentator Alton Hill, Co-Founder of Tradingsim covers the top 50 day trading myths that are floating around in the trading community.

AQMetrics Adds MiFID II Readiness Enhancements to RegTech Solution

– Cloud-based risk and compliance platform adds features to help buy-side and sell-side better prepare for MiFID II obligations.

FastMatch Offers FX Algorithms to the Sellside

– Foreign exchange technology firm FastMatch has now opened its trading platform and liquidity seeking algorithms to the sell-side and smaller banks.

Wall Street Horizon and Estimize Partner to Help Investors Find Alpha

– Wall Street Horizon, a corporate events surveillance firm, and Estimize, a financials estimates platform, announced they have partnered to provide their respective datasets to each other’s platforms in an effort to help investors find additional sources of alpha.

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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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