Commentary

David Weisberger

50 Shades of Compliance

RegOne's David Weisberger talks about the current conflict of interest in the current equity market structure where the exchanges can act as their own regulators.

Traders Poll

As the CME shuts its trading floor, can the NYSE/ICE or other floors be next?

Yes

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No

5%

The NYSE/ICE floor will never shut down

23%

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Latest News

The Dirty Rotten Secrets of Today's Order Types

– RegOne's David Weisberger examines order types, conflicts they can cause and how achieve best execution in today's markets.

Flow Traders Said to Prepare IPO of Dutch High-Frequency Firm

– High-frequency trading firm Flow Traders BV is preparing for an initial public offering that could value the company at more than 1 billion euros ($1.13 billion), people with knowledge of the matter said.

Convergex Adds More Ex-KCG Employees by Hiring Palumbo, Draizen

– Convergex Group LLC has hired Nick Palumbo and Troy Draizen for its sales department, adding to the list of former KCG Holdings Inc. employees who’ve joined the broker.

Invesco’s Cronin Has SEC Playing Catch-Up on Making Market Safer

– Kevin Cronin, global head of trading at Invesco Ltd., wasn’t going to wait for the U.S. Securities and Exchange Commission to protect his customers.

Trade Informatics' Anti-Gaming Solution Hunts HFT Predators

– TI Fact analyzes how your trade occurred and whether your brokers are allowing high-frequency traders into their dark pools.

On The Move: Former Fidelity Fund Manager O’Hanley Joins Unum Board

– The former head of asset management for Fidelity Investments who managed $1.9 trillion has joined the board of directors for insurer Unim Group.

Fortress Earnings Rise 1.7% as Credit Funds Realize Profits

– Fortress’s credit business, run by Pete Briger, earned 65 percent more in the quarter than a year earlier as its private equity-style credit funds sold assets and collected a share of profits for beating performance benchmarks.

On The Move: Diamond Joins Spectrum Group Management

– As Managing Director, the Gates Capital vet will oversee all marketing and business development for Spectrum.

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Highlights from the Current Issue

V2 Capital Pursues A Liquid Alternative

Last fall, Victor Viner, the founder and chief investment officer of V2 Capital, converted his hedge fund into a liquid alternative fund. Why? It's all about liquidity and the client's needs.

KCG's New Algo Catches Liquidity Based on Urgency

As part of KCG's continued push into the institutional trading side of the business, the well-regarded and historically focused market -maker has built its first brand new algorithmic trading tool - Catch.

The Chicago Stock Exchange Is Branching Out to Cater to the 'Underserved'

Call it the Rodney Dangerfield of stock exchanges - the Chicago Stock Exchange. Oft forgotten amid the happenings of its Goliath big brothers, this overlooked bourse is revamping itself and looking to serve those traders its bigger cousins overlook.

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.

Should We Pity the Poor Beleaguered HFT Firms?

Making money in HFT is no longer as easy as it once was. And as the market grows tougher, so do the regulators. So, should the market feel bad for these so-called "liquidity providers?"

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?

Instinet's Newport System Enters Broker OEMS Space

Brokers are about to get a new multi-function and unified trade management system.

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.

TRADERS ON THE MOVE: NYSE"s Mecane to Join Barclays, KCG Alum to Big Data Firm

Joseph Mecane, previously EVP at the New York Stock exchange, has joined Barclays bank in its equities division, while former KCG vet Ken Cutroneo joined Minetta Brook, a Big Data Intelligence company as sales director. See other hires in today's On the Move item, right here and now.

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.

EBS Plans 2015 Launch for its New FX Liquidity Pool

Foreign exchange traders are getting a new liquidity pool where they can execute trades. EBS, ICAP's electronic FX business, announced EBS Select, an anonymous, segmented, bilateral liquidity pool to help grow and electronify the forex markets.

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?

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.

NOIP Fall Conference 2014 Gallery - Part 1

Scenes from the 2014 Fall Conference of the National Association of Investment Professionals.

Lava Cools As Citi Shut Pool Down

As dark pools move into the regulatory light, the real money is in aggregation, not in equity fragmentation.

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