Commentary

Drew Shields
Traders Magazine Online News

Bringing Sexy Back - to FIX

In a new blog called "Bringing Sexy Back...to FIX," Trading Technologies CTO Drew Shields talks about the modern twist on the boring service of FIX, which they're called FIX-as-a-Service, or "FaaS."

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A Final Farewell from BATS' Concannon

– As Bats Global Markets is on the verge of closing its deal with the Chicago Board of Options Exchange, CEO Chris Concannon took a moment to make some final remarks about his tenure at the bourse and make some final market structure predictions.

ON THE MOVE: OTC Hires New CTO; Quotron Pioneer Passes Away

– In this week's On The Move, OTC Exchange Network lands a new CTO while the former head of European trading at State Street Global Advisors has joined the Abu Dhabi Investment Authority (ADIA). Also, one of the people who brought the Quotron "green screen" to Wall Street has passed away.

Trade Informatics Goldstein Discusses MiFID II’s Article 27

– Allan Goldstein, speaking at a roundtable event hosted by his firm Trade Informatics recently, discussed that more needs to be done to address the challenges associated with counterparty due diligence ahead of the recast MiFID II regulations, due for implementation in Europe in January 2018.

Thomas in Blockland

– In this guest blog, Fidessa's Steve Grob takes a tongue-and-cheek look at blockchain and MiFID II.

BT Links Up Five Major FX Markets

– BT is now offering BT Radianz FX express, dedicated high-speed links between financial hubs in the UK, US, Singapore, Japan and Hong Kong involved in almost 77 per cent of the world’s FX trading.

Promised Return from Data Assets Under MiFID II

– In this guest blog, Vela Technologies writes that the rigorous framework is imposed by the re-invented Markets in Financial Instruments Directive (MiFID II) will make data an invaluable asset for trading desks.

Trading The Week: Valuation Fears Loom

– Coming off a truncated trading week due to Presidents Day, last week saw markets again reach all-time highs, but concerns over valuations are starting to weigh heavily on the minds of traders and investors.

ITG Launches Turnkey Research Payment Account Solution

– ITG announced the rollout of an enhanced Research Payment Account (RPA) solution to enable asset managers to adapt to the unbundling of research and execution required under the coming MiFID II rules in Europe.

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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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