Commentary

Eric Noll
Traders Magazine Online News

A Tick Pilot Update from Convergex

In this commentary from Convergex's Eric Noll, he reports that the tick pilot is producing expected results - such as increased trade size and more price volatility. However, he noted that one test group bears closer scrutiny amid information leakage concerns.

Traders Poll

What asset class are you planning to expand trading into or covering in 2017?

ETPs

31%

Fixed income

35%

Forex

19%

Bitcoin

15%

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Latest News

An SEC Chair Like Jay Clayton

– In this guest commentary, Jim Toes, president and CEO at the STA, discusses the candidacy of SEC Chairman nominee Jay Clayton and what his unique credentials can mean for the capital markets.

Using “Market Randomness” for an Investing Advantage

– In this contributed white paper from newly-formed brokerage tastyworks, the firm shares its thoughts on te differences between passive investing and active investing and how "market randomness" can be used to gain a trading advantage.

STAC Midwinter Meeting Highlights

– Didn't make it to the STAC meeting last week? Then check out this brief recap of the highlights and comments from the first STA affiliate meeting of the 2017.

Tastytrade Team Launches New Brokerage Firm tastyworks

– The creators of thinkorswim and tastytrade have built a content-driven platform brokerage for self-directed investors.

OTAS Launches Intraday Lingo to Help Buyside Meet Regulatory Needs

– OTAS Technologies (OTAS), a specialist provider of market analytics and trader intelligence, announced the launch of Intraday Lingo, an extension of its existing Lingo natural language reporting technology.

TRADING THE WEEK: Trump Rally Loses Steam

– Expectations are set; will President Trump execute a pro-business agenda?

What You Don't Know Can Hurt You

– In this guest commentary from David Weisberger of IHS Markit, he examines the fact that most buyside firms only analyze the executions that they receive from their broker dealers, but not all of the unfilled orders sent on their behalf. These unfilled, unmeasured orders, however, provide needed insight into both opportunity cost and market impact.

NEO Exchange to Offer Series of New Public Active ETFs from Redwood

– Redwood Asset Management is now set to offer four new actively managed exchange traded funds (ETFs) exclusively on the Neo Exchange.

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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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