Commentary

David Weisberger
Traders Magazine Online News

Are Speed-Bumps, Market Structure's "Back to the Future?"

Guest commentator David Weisberger examines the validity of the latest iteration of the speed bump as put forth by CHX and wonders if it is a step backwards.

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Latest News

ON THE MOVE: BTIG Hires Debt Pro; Nybo Departs Tabb

– In this week's On The Move, Tabb's Andy Nybo departs for greener pastures at ICAP while BTIG continues it debt group buildout by hiring yet another veteran. Also, one former CBOE exec is forming his own firm and Standard Life hires, plus more.

SEC’s Piwowar Wants Exchange Fee Pilot Enacted

– The exchanges might be losing or seeing a critical source of revenue trimmed, if the Securities and Exchange Commission’s acting head has something to say about it.

When was the last “Air Raid”? (Or: Why wait to eliminate the Order Protection Rule?)

– David Weisberger of Exquam looks at the history of how the Order Protection Rule came to be a part of Regulation NMS and why he feels it's time to eliminate it.

Baymarkets Launches Clarity Platform for RegTech Solution Delivery

– Baymarkets announced its new Clarity system - a platform for agile development of client specific solutions aimed at institutions active in the Financial Markets, such as banks, brokers, exchanges & trading venues and clearing houses.

TRADING THE WEEK: Risk Reversal Trade Segues to Month End

– In our weekly recap and outlook, the markets experienced a change in sentiment – which could be a prelude to fast approaching month-end trading patterns.

Hedge Funds Get New Benchmark Indexes from BRI Partners

– BRI Partners announced that it has launched the next generation of hedge fund indexes beginning with the BRI Long/Short Equity Index (BRILSE), calculated by Wilshire Associates.

Deutsche Bank Opens Technology Innovation Lab in New York City

– Deutsche Bank has opened an innovation lab in New York City, its fourth globally. It will explore new technologies focused on several areas, including artificial intelligence, cloud technology and cyber security.

CFTC to Restructure

– A day after the White House nominated him as a Chairman of the Commodity Futures Trading Commission, acting Chair Christopher Giancarlo laid out his plan to restructure and right-size the derivatives market regulator in a speech before the Futures Industry Association's annual conference in Boca Raton.

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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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