Commentary

Dr. John Bates

Post Flash Crash, Regulators Still Use Bicycles To Catch Ferraris

Blaming the Flash Crash on a UK man who lives with his parents is like blaming lightning for starting a fire.

Traders Poll

Will accused high-frequency trader Navinder Sarao be extradited to the U.S. to face charges related to the May 2010 Flash Crash.




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Latest News

A Second Goldman `Secret Sauce’ Conviction Headed for Appeal

– Goldman got its man -- again. It remains to be seen, however, whether this verdict sticks any better than the first one.

Goldman Trial Jury Struggled to Find Crime in Trading Code Theft

– Jurors who convicted ex-Goldman Sachs Group Inc. programmer Sergey Aleynikov said they struggled to find a crime in his copying of the bank’s high frequency trading code.

‘Flash Boys’ Programmer Convicted in Goldman Code Theft Case

– Former Goldman Sachs Group Inc. programmer Sergey Aleynikov was found guilty in the high-frequency trading code theft case that illustrated the difficulty of using existing law to protect technology central to financial markets.

CME Suspends Traders for Alleged Sarao-Like Manipulation

– CME Group Inc. said it suspended two traders for placing manipulative trades, similar to the ones that got Navinder Singh Sarao into headlines around the world last week.

GFI Launches Low Touch Corporate Odd Lot Trading System

– GFI Group has announced a new electronic trading platform for odd lot corporate bonds in the U.S. Historically, odd lots have been traded via telephone and voice brokering.

Chi-X Canada Gets OK for New Market-on-Close Order Type

– Chi-X Canada, a rival trading system toTMX, has announced it has received regulatory for a Market-On-Close order type.

Cantor Fitzgerald Sued by Former Head of Investment Banking

– Steven Kantor, Cantor Fitzgerald LP’s former head of investment banking, sued the bond brokerage in a contract dispute, according to Delaware court filings.

Spoofing Elephant in Room Goes Unmentioned During CME Call

– For 10 days, it’s been the top story in the world for the futures market. You’d never know it from Thursday’s quarterly earnings call for CME Group Inc., operator of the market where it happened.

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Highlights from the Current Issue

The FX Disruptors: Why Russell Investments Built a Buyside FX Platform

After the foreign exchange rate manipulation scandal, Russell Investments envisions buyside firms banding together to trade FX among themselves. Michael DuCharme and Joe Hoffman are leading the charge.

Tales from the Dark Side Part 2: A-B-C or Always Be Crossing

Let’s review dark pools’ baseline functionality and examine the good and bad of anti-gaming filters. Then we’ll discuss simple guidelines that help refine your dark routing choices.

ALGO UPDATE: Algo Teaches Old Traders New Tricks

Euclidean Trading is delivering a trading formula for dollar interest rates in the hope that human options traders will go electronic.

SEC Delays Tick Size Pilot Until May 6

The Securities and Exchange Commission has decided to delay the implementation of its new tick size pilot program until May 6.

The Grand Bargain, or Grand Theft Auto?

With ICE's Grand Bargain proposal, it’s hard not to see the benefit to the legacy exchanges.

STANY President Lugay Looks at Challenges Ahead

Traders speaks Chuck Lugay about his take on the market, what new regulations might look like, and what keeps traders and brokers up at night.

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