Commentary

Phil Albinus

Hens Inside the Fox Den: HFT Lobby 101

Former regulators are joining the lobbying firms that once monitored the market.

Traders Poll

Is it ethical for government officials and former regulators to go to work on Wall Street?



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Latest News

Cantor Fitzgerald, BCG Partners and Celebs Raise $12 Million

– The trading floor got a lot better looking last week as actors, models and athletes help raise money for the September 11 charity event.

U.S. Prosecutors Said Close to Charging Traders in Forex Inquiry

– U.S. prosecutors are preparing to file charges as soon as next month against currency traders at some of the world’s biggest banks in an investigation into possible manipulation of benchmark exchange rates, according to two people familiar with the matter.

Options Mart Sees Uptick in Weeklys Volume, Spreads Stable in H1: TABB

– The first half was a good one for the options markets, with an uptick in one particular instrument and steady bid/ask spreads for all, according to a recent TABB Group report.

Levine on Wall Street: Lawsuits, Buybacks, and Ponzi Diligence

– Columnist Matt Levine takes a look at the ongoing lawsuit between Pershing Square and Allergan, recent stock buybacks and Ponzi schemes.

Pirum Partners with Markit to Enhance Post-Trade Market Data

– Markit, a provider of financial information services, today announced a partnership with Pirum, a vendor of automated post-trade finance processes to bring more timely and accurate Markit securities finance data.

TRADERS ON THE MOVE: SMBC Gets New Electronic Trading Head, Jones Adds Sales Trader

– SMBC Nikko Securities hired a new managing director and global head of electronic trading and execution advisory, while Jones Trading picked up a new sales trader in its Boston office and a bevy of promotions and hires are afoot at B.Riley.

Michael D. Robbins, Trusted NYSE Trader for 45 Years, Dies at 80

– Michael D. Robbins, who combined a gregarious nature with ironclad discretion to become a prominent floor trader at the New York Stock Exchange and champion of its history and traditions, has died. He was 80.

Hedge Fund Two Sigma Hires Hitchon to Be Chief Operating Officer

– Jon Hitchon, the former co-head of hedge fund financing at Deutsche Bank AG, will join Two Sigma as chief operating officer starting Oct. 1.

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Highlights from the Current Issue

Turning the Spotlight On Dark Pools

New concerns and a possible regulatory crackdown on dark pools are making buysiders seek illuminating answers.

SEC Should End Maker-Taker, Payment for Order Flow, Levin Says

The U.S. Securities and Exchange Commission should act immediately to eliminate two stock market pricing models that create conflicts of interest for brokers, Senator Carl Levin said in a letter to SEC Chair Mary Jo White.

Canada's IIROC Publishes Guidance on Expansion of Circuit Breakers

In a move designed to continue to insulate the Canadian capital markets from any type of market structure snafu or problem, the nation's leading regulator is publishing extensive guidance on using single stock circuit breakers (SSCBs.)

In the CARDS - Is Finra's Data System Protecting Brokers or Investors?

Guest columnist Robert Stowksy reviews how FINRA's use of broker data to protect investors is under attack and asks the question, "Are they protecting investors or covering for bad brokers?"

TRADERS ON THE MOVE: ConvergEx Hires a Trio of Pros; Farrington Flies With Eagle

Agency-only broker and technology firm ConvergEx has hired a trio of market professionals to help it expand it's global reach while Eagle Investment Systems brought on Greg Farrington as it new head of sales. Bulge bracket broker UBS has hired Pierre Vermaak for its newly formed FRC team.

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.

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.

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