Commentary

Tim Quast

Lava Cools As Citi Exits ECN Business

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

Traders Poll

Do you expect more ECNs, like LavaFlow, or dark pools to close up due to regulatory pressure?



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Latest News

Hedge Funds Placed Bullish Brent Bets as Prices Continue to Drop

– Money managers boosted net-long positions by 23 percent to 132,239 contracts in the week ended Dec. 16.

Top 2014 Trends: Going Mainstream, IEX Chases Exchange Dream

– The hero of "Flash Boys" is no longer content to be an HFT-leveling dark pool - they want to be a full-fledged exchange.

State Street Names Rogers New COO

– Michael F. Rogers is the newly appointed its chief operating officer for State Street, which also promoted two insiders to its management committee.

Bloomberg and State Street Unveil Fixed Income ETF Service

– The bond ETF creation and redemption service aims to deliver transparency to clients.

Fed Grants Volcker Reprieve in Banks' Second Big Win This Month

– Goldman Sachs Group Inc. has $11.4 billion in private-equity funds, hedge funds and similar investments, while Morgan Stanley has $5 billion, securities filings show.

Weil Counts on Gross as Peyton Manning to Turn Around Janus

– “Bill Gross is our Peyton Manning, that game-changing level of talent for us,” Sandy Weil said. “People are looking at us.”

Top 2014 Trends: Is This The Last Year of Dark Pools?

– Prosecutors and regulators shine light into dark pool waters - what does this mean for the year ahead?

Security Traders Association of Wisconsin 2014 Gallery - Part 2

– Leave it to the traders and brokers in Wisconsin: while other STA affiliates raffle off golf outings and iPads, the Security Traders Association of Wisconsin raffled off a Harley Davidson. Why weren't we invited?

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Highlights from the Current Issue

Top 10 Trends That Rocked the Trading Floor

Traders examines the impact the top trends had on the past 12 months, and what role they may play in the coming year. A different one will appear each day, Today, the growth of commissions for the first time in recent memory is featured.

Regulation SCI's Hidden Costs May Cause Sticker Shock

How much are institutional investors willing to pay for improved market resiliency and fewer IT crashes? They're about to find out and they may want to be sitting down when they ask for estimates.

Goldman, BoA and Morgan Stanley Top N American Equity Derivative Brokers

Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley have all maintained their top 3 positions and rankings as the leading brokers of flow equity derivatives to North American institutional investors.

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.

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?

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.

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.

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?

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