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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U.S. ETF Equity Flows Hit $50 Billion in November: SSGA

– US equity ETFs saw record-breaking monthly inflows in November, as the S&P 500 and Russell 2000 indices finished the month up 3.4% and 11% respectively, according to the latest US ETF Flash Flows report from State Street Global Advisors.

The CFTC (Still) Wants Your Intellectual Property

– Given today’s level of competition, market participants view source code as the key to their success.The firm of Crow and Cushman discusses the implications of Reg AT and how it affects traders.

Thomson Reuters Partners with BestX to Offer TCA to FX Buy-Side

– Thomson Reuters is working with FX analytics specialist BestX to enable buy-side participants using Thomson Reuters FXall and FX Trading to streamline analysis of transaction costs, helping them define, achieve and demonstrate best execution.

TRADING UP: OCC Fills Senior Roles: Tower Research Snags DB Vet

– In this weeks's On the Move, Options Clearing Corp sees several changes in its senior management while one HFT firm snagged a bulge broker executive. Also, a top stock market operator executive has joined a blockchain technology firm and another top bourse executive resigns.

EMSAC Makes Policy Recommendations as SEC Extends Its Term

– What’s old is new again as the Equity Market Structure Advisory Committee (EMSAC) has made several recommendations on several initiatives previously put forth while its term, set to expire this year, was renewed for another year.

TRADING THE WEEK: Jobs, Fed Eyed By Markets

– With the jobs report out of the way and failing to spark significant up or downside movement, equities traders continue to look ahead to the upcoming FOMC meeting.

SEC's Chief Economist Flannery to Leave

– The Securities and Exchange Commission announced that Chief Economist and Division of Economic and Risk Analysis (DERA) Director Mark J. Flannery will leave the agency by the end of the month.

Embracing the Machines: Semi-Automation Gains Traction on Buy-Side

– The challenge for the buyside is finding a balance between trade ideas that require expert human intervention and orders that can be outsourced to trading systems for execution.

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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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