Commentary

Gary Stone
Traders Magazine Online News

Challenges Begin for Implementing New SEC Liquidity Management Rules

A month after the Securities and Exchange Commission adopted the Investment Company Act rule 22e-4, fund managers are still digesting its implications.

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Do you think extending the Equity Market Structure Advisory Committee's term to August 2017 by the SEC was a good idea?



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Latest News

Distributed Ledgers to Be Mainstream Within a Decade

– Blythe Masters, chief executive of fintech provider Digital Asset Holdings, said she is seeing all the things needed to happen now for blockchain and distributed ledger technology to be mainstream in five to 10 years.

Blockchain Leaps Forward

– R3, the distributed ledger consortium, has made its platform open source while CME Group, the US exchange operator, is developing a blockchain platform for trading gold which highlights the digitization of wholesale financial services.

IEX Files to Upgrade its Primary Peg Order

– Exchange operator IEX has filed with the Securities and Exchange Commission an application to upgrade its Primary Peg order type.

MiFID II Draws Nearer  

– In an article sponsored by Interxion, Traders Magazine examines how the upcoming rule set might boost the appeal of Europe as a trading destination.

Challenges Begin for Implementing New SEC Liquidity Management Rules

– A month after the Securities and Exchange Commission adopted the Investment Company Act rule 22e-4, fund managers are still digesting its implications.

ALGO UPDATE: Barclays Reconfigures Liquidity-Seeking Algo

– Barclays has revamped and reprogrammed its Hydra algorithm – which is the bank's liquidity-seeking strategy. It joins the broker’s table of other algorithms – VWAP, TWAP and IS. The algorithm’s reconfigured features incorporate Barclays’ proprietary technology as well as feedback from clients to achieve more differentiated execution styles and refined control of interaction with liquidity in the market.

SEC Votes to Renew Equity Market Structure Advisory Committee

– The Securities and Exchange Commission today announced that the Commission voted to renew the Equity Market Structure Advisory Committee’s charter until August 2017 with the current membership. The committee’s charter was originally scheduled to expire in February 2017.

Thinking of Selling Your Data?

– When Rado Lipuš, CFA, founder and CEO of Neudata, started thinking about data scouting as an outsourced service for asset managers, he was worried he might not unearth enough new data sets. A year down the line and he is busy hiring more staff to deal with the amount of providers looking to monetise their data.

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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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