Commentary

Craig Viani

Aggregation Aggravation

In this final "Tales from the Dark Side," Greenwich's Craig Viani examines how venue proliferation has driven the need for algo aggregation, and brought to light the challenges in accessing non-displayed liquidity via an intermediary.

Traders Poll

Is the approved SEC Tick Size Pilot Program meet your expectations for what it should be?

Yes

20%

No

20%

It was a good compromise

20%

The SEC should start over

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Latest News

IEX Makes Displayed Order Book Data Public on Its Website

– Alternate trading System IEX is making more trading data public by allowing access to its displayed order book. Now anyone can now interact and see just what is going on inside the venue.

Buyside Algo Trading Volume Falls Amid Commission Wallet Contraction

– For the first time in five years, algorithmic executions by buysiders have declined as commission spend has dropped off.

Quantlab Wins Speed Trading Code-Theft Trial Against Rivals

– Quantlab Technologies Ltd. won $12.2 million in damages from rivals who used stolen high-frequency trading code to found SXP Analytics LLC.

Bank Settlements Are Significant for Their Guilty Pleas: View

– Five of the biggest banks in the world pleaded guilty Wednesday to criminal charges and essentially admitted they defrauded their customers. What's significant about this settlement is that it marks the end of the practice of allowing banks to neither admit nor deny wrongdoing.

Bondcube Adds ITG as U.S. Trading Intermediary

– Buyside traders using the Europe-based Bondcube fixed income trading system can now find liquidity via one of the equity market's liquidity providers - ITG.

Fenway Fun: Scenes From the Boston STA Part 1

– Traders is proud to present our first installment of images from the Boston Securities Traders Association annual conference at Fenway Park.

Do CCPs Need More Skin in the Game?

– Would additional derivative clearing organization contributions significantly mitigate members loses if the five or six largest clearinghouse members defaulted simultaneously? Traders contributor Rob Daly looks at this unlikely but possible scenario.

Once-Unthinkable Criminal Pleas by U.S. Banks Get Investor ‘Meh’

– Investors yawned at the news Wednesday that five of the world’s biggest banks, including JPMorgan Chase & Co. and Citigroup Inc., agreed to plead guilty in a currency- rigging probe. They’re among six banks that will pay $5.8 billion in fines.

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Highlights from the Current Issue

Standish's Amy Koch Navigates the Bond Market's Liquidity Crisis

Despite doomsday media headlines warning investors about a looming liquidity shortage in corporate bonds, Amy Koch, managing director and head of taxable fixed-income trading at Standish Mellon Asset Management, sees no reason to panic.

A Step Closer to a Fixed-Income NBBO

Will a new FINRA pre-trade transparency proposal lay the ground work for establishing a consolidated tape for the corporate bond market?

REDI Grows Into Mature Startup - Part 1

With nearly two years since its birth as an independent fintech company, chief executive officer Rishi Nangalia and chief technology officer Josh Schubkegel recently sat down with Traders to discuss where the firm's been and where it's headed.

Buyside Profile: Polen Capital's Pick Takes It Slow

With Polen Capital's new Global Growth Equity Strategy, read how Julian Pick and his team are willing to wait for the perfect trading opportunity.

The Grand Bargain, or Grand Theft Auto?

With ICE's Grand Bargain proposal, it’s hard not to see the benefit to the legacy exchanges.

SEC Unanimously Votes HFT Firms Must Register with FINRA

After hinting at greater oversights, the SEC took its first step to regulating all high-frequency trading firms.

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