Steve Grob
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Key to the Highway: The Changing Face of High and Low Touch Execution

This paper by Fidessa's Steve Grob looks at high and low touch trading in capital markets and how they are morphing to meet the practical realities of participants today.

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ALGO UPDATE: Hidden Orders Now Actionable Via WEX's Sweep and Spread

– In a move designed to help buy side traders find liquidity for their single- and multi-leg options orders, Wolverine Execution Services (WEX) has modified its Sweep X and Spread algorithms to now look out for hidden orders on options exchanges.

Building a Pure Dark Allocation Algorithm for Equity Execution

– In this Bloomberg Tradebook blog, the authors argue that dark pools have diverged from their original intent with different pools benefiting different types of traders; some pools are better for large blocks that may take longer to get done, while others o?er a substantial amount of readily available liquidity.

ON THE MOVE: Macquarie and Academy Land Senior Credit Traders

– In this week's On the Move, several agency brokers have hired senior level sales traders across multiple asset classes while one bulge firm loses a key pro in its equity department.

CBOE, VIX Proprietor, to Buy Tech-Focused Bats

– CBOE Holdings agreed to buy Bats Global Markets, in a move that combines one exchange operator known for its product development with another that's known for its technology.

Sold to You Under the Buttonwood Tree

– In this contributed article, guest commentator Nick Savona discusses the merits of developing an auction model marketplace where relationships between the buy- and sell-side are rebuilt and achieve a common goal - best execution.

Off Exchange Trading Volume Hits 6 Year High

– Equity trading in the private venues has risen to a 6 year high in August, according to data compiled by TABB Forum.

TRADING THE WEEK: Back to Trading After Fed Meeting

– Now that the Federal Reserve is out of the way -- for now -- traders can get back to trading for reasons other than speculating whether the central bank will raise rates sooner or later compared with market expectations.

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.

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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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