Commentary

Dr. John Bates

Anyone for Tea and Sympathy with Beleaguered HFT Firms?

Guest columnist John Bates wonders if anyone feels bad for the high-frequency trading firms that are now facing lawsuits, sluggish markets and regulators.

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Do you expect more SEC investigations into order routing or handling?



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Latest News

Goldman Sachs Looks At Purchasing ETF Provider

– White glove bulge bracket broker Goldman Sachs appears like it could be readying a move into the exchange traded fund space. And soon.

Wells Fargo Shuts Dark Pool on Volume Drought

– Plagued by light investor demand and competition from other major alternative trading venues such as Crossfinder and Liquidnet, Wells Fargo the company announced late last week it was closing the pool.

TRADERS ON THE MOVE: BCS Gets New CEO, Rubenfeld Lands at Financial Services

– Russian broker-dealer BCS has named a new chief executive officer, a Credit Suisse partner has hired a one-time Traders columnist and alternative broker Venovate brought on a new board member.

Over-the-Counter U.S. Stock Trading Resumes After Friday Malfunction

– Trading of U.S. stocks that change hands in over-the-counter transactions has resumed after it was halted for about two hours on Friday following a malfunction at OTC Markets Group Inc.

What Dark Pool Problems and Spreadsheet Errors Have in Common

– So what do dark pools, the bond market and spreadsheets have in common? Columnist Matt Levine takes a look at all in today's guest commentary.

BlackRock Brings New iShares Emerging Mart ETF via BATS

– BlackRock's iShares group is bringing its second exchange-traded fund in as many days. However, this new emerging markets ETF is listed on BATS.

Bloomberg Tradebook Launches Electronic RFQ Platform for ETFs

– Agency broker Bloomberg wants to bring the block trade from cash equities to the exchange traded fund market.

Big Banks Grab 53 Percent of FX Market Share, Can Climb Higher

– Big banks are getting bigger - in the foreign exchange trading markets. But how big?

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Highlights from the Current Issue

Palo Alto FX Trader Looks for Volatility

Daniel Lucas of Merk Investments is leading the foreign exchange charge in the buyside firm’s offices in the heart of Silicon Valley.

Why Trading Floors Are Shrinking

A wave of ground-breaking innovation and lower volumes has forced floor traders to face a new reality: a smaller, more intimate trading floor.

ALGO UPDATE: Pragma Offers Spot FX Currency Algos

The $5.4 trillion currency market is going electronic and Pragma is getting in the game now with its own algorithms targeting the $2 trillion spot market. The service bureau provider will start offering a variety of algorithms specifically for FX, ranging from simple TWAP to more complex liquidity seekers that minimize market impact.

In the CARDS - Is Finra's Data System Protecting Brokers or Investors?

Guest columnist Robert Stowksy reviews how FINRA's use of broker data to protect investors is under attack and asks the question, "Are they protecting investors or covering for bad brokers?"

TRADERS ON THE MOVE: ConvergEx Hires a Trio of Pros; Farrington Flies With Eagle

Agency-only broker and technology firm ConvergEx has hired a trio of market professionals to help it expand it's global reach while Eagle Investment Systems brought on Greg Farrington as it new head of sales. Bulge bracket broker UBS has hired Pierre Vermaak for its newly formed FRC team.

Reputational Risk RIP

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

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.

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.

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.

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