Commentary

David Weisberger

50 Shades of Compliance

RegOne's David Weisberger talks about the current conflict of interest in the current equity market structure where the exchanges can act as their own regulators.

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



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Latest News

Bloomberg Tradebook Names Lesko as New CEO and President

– According to a blog post viewed by Traders, Bloomberg Tradebook announced Glenn Lesko as its new chief executive officer and president.

TRADERS ON THE MOVE: ConvergEx Hires KCG Duo; Buysider Diamond Switches Firms

– ConvergEx continues to shop fopr new talent at KCG, picking up a pair for its sales group while buysider Russell Diamond moved to Spectrum Group Management. Also, buyside-owned IEX named a new chief regulatory officer in this edition of On the Move.

Bitcoin Exchange LedgerX Readies Real-Time Market Surveillance

– LedgerX, the company that has applied to the CFTC to operate a regulated Bitcoin options exchange and clearing house, is now providing its traders real-time market surveillance and trade surveillance capability.

Goldman Says Investors Want Saudi Index Inclusion to Buy Stocks

– International investors want to see Saudi Arabia’s stock exchange included on a benchmark stock index before allocating funds to the country, the chief executive officer of International Goldman Sachs Asset Management said.

Nomura Said to Be Discussed for Costly Systemic-Risk Label

– U.S. regulators are taking the first steps to determine whether Nomura Holdings Inc. should be labeled systemically important to the financial system, a move that could subject the Japanese investment bank to tougher oversight and stricter capital requirements.

MGT Capital Investments to Merge with Tera Group, Form Bitcoin Exchange

– The aim is to create what they call the first publicly traded U.S. Bitcoin derivatives bourse.

More Noble Returns: The Buyside Does Good

– Concern over environmental and roiling social issues tug at hedge funds' hearts -- and bottom lines.

The Dirty Rotten Secrets of Today's Order Types

– RegOne's David Weisberger examines order types, conflicts they can cause and how achieve best execution in today's markets.

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Highlights from the Current Issue

The HFT Believer: Mark Gorton of Tower Research

Traders profiles Mark Gorton of Tower Research Capital - a staunch defender of high-frequency trading and listens to his argument as to why the markets have never been more fair.

What Brokers Are Looking At: An Overview of Sellside OMSes

Traders presents a gallery of cutting-edge order management systems found on the desks of today's broker-dealers.

More Noble Returns: The Buyside Does Good

Concern over environmental and roiling social issues tug at hedge funds' hearts -- and bottom lines.

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.

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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