Commentary

David Weisberger

A Look at H.R. 1216 - The "Maker Taker Conflict of Interest REFORM Act"

While a pilot program focused on the most liquid stocks is not a bad idea, guest commentator David Weisberger said the notion of price controls as a singular solution, is.

Traders Poll

Do you think there will be a significant reduction in order types given the increased market scrutiny by regulators and others?

Yes

44%

No

56%

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Latest News

SEC and NJ Attorney General Investigate Omega Hedge Fund

– Fund manager and Wall Street powerhouse Leon Cooperman informed clients of the $9.4 billion fund was under scrutiny in a letter yesterday.

Fed's Fischer Says More Work Needed to Protect Financial System

– Despite improvements in how money markets function, many non-banks such as hedge funds and broker-dealers still need secured short-term funding to operate.

STA Comment Letter on FSOC Asset Management, Products and Practices

– As the Council reviews the asset management industry, it should recognize how changes in these specific areas since 2008 have improved the overall soundness of the industry for the benefit of individual investors.

SEC Unanimously Votes HFT Firms Must Register with FINRA

– After hinting at greater oversights, the SEC took its first step to regulating all high-frequency trading firms.

Sourcing Liquidity Tops Traders' Concerns: Buyside Survey

– Finding sufficient liquidity to execute large trades continues to vex traders, according to a Liquidnet survey

Matt Levine's Money Stuff: DB Wants to be Goldman Sachs, HFT Registration and I-Managers

– The era in which every big bank tried to compete in every area is mostly over, and each bank needs to decide what sort of bank it will be.

Deutsche Bank Wins German Backing to Be More Like Goldman

– Exiting retail banking to focus on global fund management and investment banking would cut fewer jobs and deliver the quickest boost to returns among three scenarios under review.

News Flash: HFT Exonerated

– All the nay-saying about high-frequency trading last year now seems to have been a flash in the pan.

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Highlights from the Current Issue

Eaton Vance NextShares Carves Out a New Space

Eaton Vance has gotten Securities and Exchange Commission approval to offer a new class of investment product that the firm referred to as exchange-traded managed funds (ETMFs). So is this new security ready for prime time?

Algo Update: DASHing Towards Transparency

Perhaps the biggest buyside buzzword when it comes to algorithms and order routing is transparency. And now, Dash Financial's new system is providing traders granular data on all aspects of its algorithms and smart-order routing performance.

What Should the Tick Size Pilot Be About?

With the debate about 'a 'trade at' proposal in the Small Tick Pilot program raging on, one executive talks about what should be in the actual pilot and what its goal should be - widening spreads or better relating tick sizes to prevailing spreads.

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?"

Teaching Old Dogs New ETF Tricks

As asset managers feed their hunger for exchange-traded funds, order management system providers step up their game.

Fidelity, BlackRock and Other Fund Managers Set to Launch New Dark Pool

Several buyside firms, including Fidelity Investments, are looking at launching their own equity dark pool. And it could be launched within days, according to several media reports.

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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