Commentary

David Weisberger
Traders Magazine Online News

Are Speed-Bumps, Market Structure's "Back to the Future?"

Guest commentator David Weisberger examines the validity of the latest iteration of the speed bump as put forth by CHX and wonders if it is a step backwards.

Traders Poll

Are you reducing your research commission spend based on MiFID II requirements?

Yes

75%

No

0%

My spend is unchanged

17%

MiFID II had nothing to do with spend changes

8%

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Latest News

Just When Savers Thought They Were Out … FTT Pulls Them Back In!

– Modern Markets Initiative shares its latest blog post with Traders Magaziine and discusses the impact of re-.introducing a financial transaction tax.

Esprow Releases ETP C-Box Update for Automated MiFID II Compliance

– Esprow Pte. Ltd., a provider of enterprise testing technology for the financial markets, announced it has released a MiFID II adaptation of its ETP C-Box RegTech platform.

IPC Introduces Compliance Policy Engine

– IPC launches the IPC Compliance Policy Engine, a new comprehensive software innovation that automates proactive compliance adherence and mitigates risk by financial trading communications and information governance.

Trouble at Tradebook?

– Could the handwriting be on the wall for Bloomberg Tradebook? Two high profile departures plus a shrinking commission pool might prove too much for the institutional agency broker.

FX Trading in Asia Pacific: Q&A With Vinay Trivedi (Part 1)

– Vinay Trivedi, Senior Vice President, Strategic Initiatives & Head of FX Sales, APAC at FlexTrade Systems, discusses trends in FX markets and trading technology, specifically how the buy side is using aggregation tools and algorithmic trading through the execution management system (EMS) to seek the best price in Asian currency markets.

DTCC’S LEI Service, GMEI, Continues to Prepare for MIFID II

– DTCC's utility system issues more LEIS in ramp up to MiFID II.

ON THE MOVE: BTIG Hires Debt Pro; Nybo Departs Tabb

– In this week's On The Move, Tabb's Andy Nybo departs for greener pastures at ICAP while BTIG continues it debt group buildout by hiring yet another veteran. Also, one former CBOE exec is forming his own firm and Standard Life hires, plus more.

SEC’s Piwowar Wants Exchange Fee Pilot Enacted

– The exchanges might be losing or seeing a critical source of revenue trimmed, if the Securities and Exchange Commission’s acting head has something to say about it.

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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.

Current Issue