Commentary

Fernando Luiz de Oliveira

Can Traders Improve Results by Studying HFTs and Market Structure?

In this guest commentary, contributor Fernando Luiz de Oliveira asks if a trader improve his results by learning about market structure and high-frequency trading.

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Regulation SCI's Hidden Costs May Cause Sticker Shock

– How much are institutional investors willing to pay for improved market resiliency and fewer IT crashes? They're about to find out and they may want to be sitting down when they ask for estimates.

Industry Questions Reg SCI's Effectiveness After SEC Vote

– Investment market participants still doubt that the new system risk rule will have any impact in a complex and far-reaching global market structure.

Currency Trading Rises on ICAP's EBS Direct Alternative Platform

– Trading on ICAP Plc’s alternative currency platform EBS Direct reached a record as the company seeks to combat plunging volumes on its biggest foreign-exchange venue.

Ontario Securities Commission Approves the Aequitas NEO Exchange

– The Great North is about to get a new stock market. Aequitas Innovations announced that the Ontario Securities Commission (OSC) has approved the creation of its Neo Exchange.

Canada Regulators Studying Potential Stock-Trade Outflow to U.S.

– Canadian securities regulators are reviewing whether the nation’s largest brokers are increasingly routing equity trades to U.S. dealers to save costs.

On The Move for November 2014

– A look at the new hires on Wall Street for October and early November 2014. It may feel like winter outside but the trading floors are heating up with fresh faces, new job titles and head-turning promotions.

WSW 2014: See How Stanford Investments' Deitz Runs Her Fund Away from the Pack, Her Way

– Running an investment firm outside of Wall Street or the leafy groves of Connecticut's hedge fund corridor is not not for all, but Helen Dietz wouldn't have it any other way.

Shanghai Stock Link Demand Wanes, Prompts Yuan Weakness

– The yuan fell for the first time in five days in Hong Kong as demand plunged for funds used to trade equities via a link with the Shanghai stock exchange.

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Highlights from the Current Issue

Meet the Innovators

Traders Magazine celebrates the winners of this year's fourth annual Wall Street Woman Awards: A Celebration of Excellence. Meet the individual winners of the awards and see how they came to prominence in a traditionally male-dominated industry.

Citi Launches C-Tracks Exchange Traded Notes

Bulge bracket firm Citi announced today the listing of the new C Tracks on NYSE Arca with the symbol "DIVC." The C-Tracks exchange-traded notes Miller/Howard strategic dividend reinvestor. which gives exposure to 30 stocks, begins trading today.

PDQ ATS Posts Its Form ATS on Web

PDQ Enterprises, operator of PDQ ATS announced that its Form ATS is now available for direct download on the company website.

Reputational Risk RIP

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

KCG Said to Seek at Least $300 Million for HotSpot Unit

KCG Holdings Inc., the trading firm formed in the aftermath of Knight Capital Group Inc.'s near collapse, is seeking at least $300 million for its currencies unit, people with knowledge of the matter said.

PDQ ATS Announces New Auction with Up to One Second Delay

PDQ ATS, the venue that helps the buyside amass liquidity by building an order book first and then holding an auction, is about to introduce its second auction model.

FXCM Launches New Pricing Model Offering Raw Forex Spreads

FXCM, a global online provider of foreign exchange trading and related services, announced that its U.S. subsidiary FXCM U.S. has introduced a new retail FX pricing model. FXCM U.S. platforms will now display raw spreads and mark-ups previously included in the spread will be separately displayed as a commission.

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.

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.

Will Illiquid Stocks Spell Doom for the Trade-At Rule?

Will the illiquidity of small- cap stocks and others targeted for promotion by the JOBS Act make execution of a "trade-at" rule more difficult?

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.

ITG Announces POSIT 3.0 Algorithm Rollout

ITG's newest dark pool algorithm, POSIT 3.0, is now available to all its U.S. clients, and sometime next year to its European customers.

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.

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.

PDQ ATS Announces New Auction with Up to One Second Delay

PDQ ATS, the venue that helps the buyside amass liquidity by building an order book first and then holding an auction, is about to introduce its second auction model.

Will Illiquid Stocks Spell Doom for the Trade-At Rule?

Will the illiquidity of small- cap stocks and others targeted for promotion by the JOBS Act make execution of a "trade-at" rule more difficult?

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