Commentary

David Weisberger

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.

Traders Poll

Does the future of dark pools lie in the hands of the buyside and not the brokers?



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Latest News

Lime Brokerage Veterans Launch E-Fixed-Income Market

– New trading venue OpenBondX is slated to start trading high-yield corporate bonds on February 23.

Ex-Goldman Trader Readies New Bitcoin Exchange

– A new federally regulated exchange designed to trade the Bitcoin virtual currency is one step closer to becoming a reality.

KCG Set to Sell FX Venue HotSpot to BATS

– KCG is getting out of the foreign exchange venue business and raising cash at the same time.

Why High-Frequency Traders May Need to Slow Down

– Are the equity markets running too fast for their own good?

Oppenheimer to Pay $20 Million Over Penny-Stock Violations

– Oppenheimer Holdings Inc. will pay $20 million to settle U.S. regulatory claims that it improperly sold billions of shares of penny stocks on behalf of customers.

TRADERS ON THE MOVE: Eagle Names CEO, Rosenblatt Hires Pair, DB Loses Equity Pros

– In today's On the Move, see who Rosenblatt Securities hired to ignite its frontier markets business and which bulge bracket firm lost two equity trading pros.

NEO Exchange Has Successful Trading Test

– Canada's newest exchange, set to open in March, has completed its first successful system's test.

ITG Canada Sees Dark Pool Changes, Order Protection Rules and T+2

– Agency-only brokerage ITG has announced its predictions for what's to come in the Canadian equity markets - with dark pool routing, final order protection rules and the implementation of t+2 trade settlement, to name a few.

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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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Traders Magazine

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