Commentary

Tom Doris

Managing the HFT Flood

Buyside firms need to leverage technology to stop writing checks to HFT firms with clients's money.

Traders Poll

The SEC has approved a test plan allowing the quoting of small-cap stocks in increments larger than one tick. Do you think the pilot program will be successful in boosting the trading of small-cap stocks?



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Latest News

Six Takeaways from the WSJ Article on NYSE

– Strange things are afoot at the New York Stock Exchange thanks to its new owners at ICE. Traders picked the parts of the story you need to know now.

Taiwan and London Stock Exchanges Meet to Promote Trading

– The executives of the Taiwan and London Stock Exchanges met face-to-face on Monday to discuss opening up their respective markets to the other in order to bolster equity trading opportunities.

The STANY Outing of 2014 - A Gallery

– Scenes from the July 28th STANY Golf Outing 2014 at the Canoe Brook Country Club at Summit, NJ.

Former House Leader Cantor Joins Moelis & Co.

– Former U.S. House of Representatives majority leader Eric Cantor (R- Va.) has joined investment banking firm Moelis & Co. as a vice-chairman and board member.

TRADERS ON THE MOVE: REDI Hires New EMEA Sales Head, CFTC Appoints New Secretary

– REDI Technologies has hired Mike Lax as its new head of EMEA sales, the Commodity Futures Trading Commission appointed Christopher Kirkpatrick as its secretary and the Chicago Board Options Exchange added several staffers to its ranks.

Allston Accused by HFT Rival of Manipulating Prices on CME

– High-frequency trading firm Allston Trading LLC was accused by a competitor of manipulating prices on CME Group Inc.’s exchange, three people with knowledge of the proceeding said.

Hacker Attack on Banks Shows Need to Lock Down Employee PCs

– A large cybertheft against JPMorgan Chase and other big New York banks is said to have started with a break-in on an employee’s computer at home. It serves as a reminder that big problems can start in small places and that banks need to take more steps to minimize the damage from hacker attacks.

Bet You Didn't Know CME Runs a Trading Unit on Its Own Exchange

– While CME Group Inc. makes most of its money charging the people who use its markets, the world’s biggest futures exchange captures a sliver of sales with a little-known group that trades directly with those customers.

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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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