Traders Magazine: The stock dealers and institutional traders complete interactive news and information service

Commentary

David Weisberger

What Should the Tick Size Pilot Be About?

With the debate about 'a 'trade at' proposal in the Small Tick Pilot program raging on, one executive talks about what should be in the actual pilot and what its goal should be - widening spreads or better relating tick sizes to prevailing spreads.

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TRADERS ON THE MOVE: Eagle Names CEO, Rosenblatt Hires Pair, DB Loses Equity Pros

January 27, 2015 – In today's On the Move, see who Rosenblatt Securities hired to ignite its frontier markets business and which bulge bracket firm lost two equity trading pros.

NEO Exchange Has Successful Trading Test

January 27, 2015 – Canada's newest exchange, set to open in March, has completed its first successful system's test.

ITG Canada Sees Dark Pool Changes, Order Protection Rules and T+2

January 27, 2015 – Agency-only brokerage ITG has announced its predictions for what's to come in the Canadian equity markets - with dark pool routing, final order protection rules and the implementation of t+2 trade settlement, to name a few.

Levine on Wall Street: Some Spies at the New York Stock Exchange

January 27, 2015 – Guest commentator Matt Levine discusses recent spy scandals and how the New York Stock Exchange was infiltrated by the Russians.

CLEARING: ISDA Proposes CCP Recovery and Continuity Framework

January 27, 2015 – The ISDA announced the publication of a new position paper that sets out a proposed recovery and continuity framework for central counterparties (CCPs), should one default.

U.S. Exchanges to Keep Usual Hours Amid Historic Snowstorm

January 26, 2015 – Stock exchanges plan to open in the U.S. despite predictions that a blizzard will deliver several feet of snow to the New York area Tuesday.

U.S. Futures Exchanges Volume Hit 3.1Bn in 2014, Tabb Reports

January 26, 2015 – Trading in U.S. futures hit 3.1 billion shares in 2014, according to Tabb Group.

V2 Capital Pursues A Liquid Alternative

January 26, 2015 – Last fall, Victor Viner, the founder and chief investment officer of V2 Capital, converted his hedge fund into a liquid alternative fund. Why? It’s all about liquidity and the client’s needs.

Highlights from the Current Issue

Top 10 Trends That Rocked the Trading Floor

Traders examines the impact the top trends had on the past 12 months, and what role they may play in the coming year. A different one will appear each day, Today, the growth of commissions for the first time in recent memory is featured.

Regulation SCI's Hidden Costs May Cause Sticker Shock

How much are institutional investors willing to pay for improved market resiliency and fewer IT crashes? They're about to find out and they may want to be sitting down when they ask for estimates.

Goldman, BoA and Morgan Stanley Top N American Equity Derivative Brokers

Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley have all maintained their top 3 positions and rankings as the leading brokers of flow equity derivatives to North American institutional investors.

Reputational Risk RIP

Today, a $5 billion fine is the cost of doing business. How can any Wall Street firm take risk seriously?

KCG Said to Seek at Least $300 Million for HotSpot Unit

KCG Holdings Inc., the trading firm formed in the aftermath of Knight Capital Group Inc.'s near collapse, is seeking at least $300 million for its currencies unit, people with knowledge of the matter said.

PDQ ATS Announces New Auction with Up to One Second Delay

PDQ ATS, the venue that helps the buyside amass liquidity by building an order book first and then holding an auction, is about to introduce its second auction model.

FXCM Launches New Pricing Model Offering Raw Forex Spreads

FXCM, a global online provider of foreign exchange trading and related services, announced that its U.S. subsidiary FXCM U.S. has introduced a new retail FX pricing model. FXCM U.S. platforms will now display raw spreads and mark-ups previously included in the spread will be separately displayed as a commission.

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.

CLEARING: CME's Sprague Warns About Failure to Settle Clearing Impasse

Traders spoke to Suzanne Sprague, executive director of collateral and risk for CME Clearing about the impasse, how to resolve it, and what it means for the clearing market.

Goldman Sachs Prohibits Bankers from Buying Stocks

In a move designed to address potential conflicts of interest and clarify an opaque policy on employee ownership of stock, Goldman Sachs is making a move to protect its employees and itself.

Will Illiquid Stocks Spell Doom for the Trade-At Rule?

Will the illiquidity of small- cap stocks and others targeted for promotion by the JOBS Act make execution of a "trade-at" rule more difficult?

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.

ALGO UPDATE: Neonet Readies Algos for Europe; U.S. to Follow

Swedish agency-broker Neonet has a simple business strategy – offer its algorithms and electronic trading solutions first to its native European equity trading clients, and then cross the Atlantic and enter the U.S. equity markets.

ITG Announces POSIT 3.0 Algorithm Rollout

ITG's newest dark pool algorithm, POSIT 3.0, is now available to all its U.S. clients, and sometime next year to its European customers.

The Marketplace Awaits Regulation SCI

Davis Polk's Annette Nazareth and Jeffrey Dinwoodie review Reg SCI, its implications, costs and how the rulemaking may be an interesting window into the SEC's future steps in market structure.

Watch the Fiscal Rocks

Modern Network's Tim Quast discusses Michael Lewis's cage-rattling bestseller about high-speed trading, "Flash Boys," and how it left one thing out. Quast notes Lewis didn't say why exchanges pay fast traders. The answer spotlights the importance of getting right whatever corrective market-structure measures may come.