David Weisberger

Does Exchange Fragmentation Really Hurt the Equity Market?

In today's commentary, RegOne's David Weisberger looks back at the "good old days" when there were two exchanges. He said this setup was not necessarily that good and, despite the fear of the unknown, technology and venue competition generally lead to progress.

Traders Poll

Given that there are over two dozen equity exchanges currently, would it be better to have fewer?


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‘Flash Boys’ Programmer in Goldman Case Prevails Second Time

– Sergey Aleynikov, whose travails helped inspire Michael Lewis’s “Flash Boys,” was tried by New York prosecutors who took up the case after a federal conviction unraveled.

HKEx Set to Introduce Volatility Bands & Closing Auction in 2016

– One major Asian stock exchange operator is preparing to install volatility bands to help maintain market stability during times of distress.

UBS Cuts Deal in Brazil Currency-Rigging Probe

– Swiss bank UBS has reportedly cut a deal to free itself of the growing scandal in Brazil involving currency market rigging.

TRADERS ON THE MOVE: BTIG Hires ETF Duo, Greenwich Hires Viani

– BTIG has hired a pair of professionals to bolster its growing global portfolio and exchange traded fund (ETF) business. Also, Greenwich brings on a market structure analyst that is familiar to readers of Traders.

Trillion-Dollar Stock Managers See Chaos on Greek ‘No’ Vote

– Equity managers overseeing more than $3.7 trillion said the game of chicken between Greek Prime Minister Alexis Tsipras and creditors threatens lasting damage to a European stock rally that earlier in 2015 added as much as $2.17 trillion to share prices.

Surge in Europe Stock Options Volume Shows Race to Hedge Greece

– Whatever happened after Greece’s vote, stock investors had time to prepare beforehand.

HKEx to Resume Closing Auction, Impose Temporary Price Limits

– Hong Kong Exchanges & Clearing Ltd. will reintroduce a daily auction to set closing stock prices and impose temporary price controls to limit extreme share moves.

Three Seconds Has Become an Eternity in the Chinese Stock Market

– For international investors accustomed to speed, trading in China’s stock market is like flying blind.

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Highlights from the Current Issue

Deutsche Asset & Wealth Management's Mike Bellaro Overhauled His Trading Desk. Here's How.

Bellaro's mission was clear - update his trading desk, deploy new technology and beat the competition. Traders gets an inside look at just how he did this and how it might help make DB bigger than Goldman Sachs.

An Inside Look at Luminex, the ATS Built By the Buyside

With Luminex, a collection of elite asset managers is creating a new buyside trading venue that is not-for-profit.

Celebs Hit the BTIG Trading Floor For Charity

Global brokerage firm BTIG raised more than $5 million for its Commissions from Charity Day 2015 thanks to Kristin Davis, Eli Manning, Hannah Storm, Lawrence Taylor, and other celebs.

After 45 years on Wall Street, Bank of America’s Sylvia Rocco Retires

Bank of America Merrill Lynch's senior trader and managing director Sylvia Rocco has finally decided, after more than four decades on the trading desk and floor, to leave the firm and the only job she has ever known.

Dark Pool Dilemma - Aggregation Aggravation

In this final "Tales from the Dark Side," Greenwich's Craig Viani examines how venue proliferation has driven the need for algo aggregation, and brought to light the challenges in accessing non-displayed liquidity via an intermediary.

SEC Set to Begin Debate on Order Protection Rule on May 13

The first meeting of the Securities and Exchange Commission's newly formed equity market structure committee, set for next month, will focus on the so-called "order protection rule."

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