The mispriced transactions totaled 442,600, from October 2008 through the start of this year. The amount owed customers for the mistakes was $420,360. Less than a buck a trade. On a 200-share trade, that equals less than 3 cents each.
The head of U.S. equity trading for Credit Suisse, Dan Mathisson, said Wednesday a potential solution for increasing complexity of trading on exchanges is to create a handful of universal order types.
Larry Leibowitz, the chief operating officer of the parent of the New York Stock Exchange, and Dan Mathisson, the head of U.S. equities at Credit Suisse, which operates the nations largest venue for anonymous trading in stocks, agreed Monday on a potential pilot test of a revised trade-at rule.
Off-exchange trading fell to 35.0% of all shares exchanged on all lit and unlit venues in April, down from 36.7% in January. But, for thousands of symbols, the percentage of shares traded off-exchange exceed 40%, according to statistics obtained by Traders Magazine.
There is only one way to go when things hit rock bottom: up.That's the view on U.S. equity trading commissions and volume this year. One consultancy forecast that commissions will rise 9 percent and volume move up 6 percent.
Firm58 now offers commission-sharing arrangement management services free to small and midsize brokers who have 10 or fewer clients in their existing CSA or soft dollar programs.
Commissions paid by U.S. institutions dropped for the third straight year, down 6 percent for domestic equities, according to a recent Greenwich Associates study of the buyside.
The cry from the buyside has been that there are too many brokers pitching products that are too similar, particularly agency shops that offer standard execution and check-the-box research. But given the buyside's increased hunger for more analysis of trades, one agency broker might have found itself in a sweet spot. Abel/Noser offers respected trade-cost
High-touch and research-driven trades rose last year, but the Street also felt the pain of a 12 percent drop in commissions, according to a recent Greenwich Associates study of the buyside.
Once equity trading went electronic, the smart money knew it was only a matter of time before machines began making decisions that were once the domain of the trader. For the buyside, it has always been essential to know which broker to choose, based on past performance and a sellside firm's expertise. Today, the same rules apply-except that man's best friend on the buyside isn't the person on the other end of the phone or IM. It's becoming more and more the computer on the desk.