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Four of the six charges against former NYSE chairman Richard Grasso have been overturned regarding his $187.5 million compensation package. The final outcome?

Grasso will settle the case
NY State will not pursue the case
Grasso lost his reputation, regardless
Not Spitzer's worst decision but up there

Previous Polls

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Crossing Networks/ATSs Department

Industry News

Understanding of Dark Pools is Elusive, Reports Traders Magazine Survey

The dark pool landscape is changing so rapidly that a large portion of buyside traders can't keep up with some of the developments. According to a Traders Magazine electronic survey, 38 percent of buyside traders said they were not aware that some dark pools send out or receive information about resident orders. Nor were they aware that some dark pools send and receive electronic immediate-or-cancel orders from other venues.

Credit Suisse Lobbies for 'Fairer' Access to Dark Pools

Credit Suisse wants in. The big brokerage has gone to Washington to lobby for expanded access to dark pools. The firm, one of the largest electronic trading firms on Wall Street, is petitioning the Securities and Exchange Commission to reform the 10-year-old fair access rule of Regulation ATS.

Susquehanna Gets Into the Dark Pool Game

The dark pool arena continues to grow, with the latest entrant coming from Susquehanna Investment Group. SIG's RiverCross ATS launched quietly in mid-May. The dark pool had been in the works for well over a year.

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Articles from Traders Magazine

It's Gray Out There

Gray is the new black. Dark liquidity is going gray and the industry is mixed about whether this development is good or bad for investors and the marketplace. Many non-displayed alternative trading systems, a.k.a. dark pools, are expanding their reach. They're no longer as dark or as passive as they initially were. That means orders that enter their pools don't simply cross against other orders resting there or passing through, such as a broker's algorithmic flow. Some pools are getting more aggressive. They're willing

JPMorgan's Carl Carrie Discusses ...

Carl Carrie is global head of JP Morgan's algorithmic products and Neovest, its execution management system subsidiary. He offered his views on the state of the art in algorithmic trading. On the growing sophistication of algorithms Traders today want more sophisticated and customizable algorithms-they now expect to be able to control how an algorithm responds intraday to price momentum, correlated sectors, the broad market, complex price-volume patterns or even news.

Picking Up the Pieces

The scenario sounds simple. You're an institutional buyside trader who just got an order to sell 100,000 shares of an illiquid name at a specific price as soon as possible. Where do you begin? Maybe 10 years ago you'd have shipped it to the New York Stock Exchange floor, where for decades 80 percent of all of its shares traded. But because the market's now far more fragmented, just under 40 percent of listed stocks trade there. So, do you execute it yourself or call a broker? If you handle it yourself, as more of the buyside is, you're faced with a plethora

Dark Pools Eye Retail Flow

Large broker-dealers that operate dark pools are falling over themselves to attract retail flow. Because retail-size orders are now larger than the average executed order in the market, their presence in dark pools is coveted. The scramble for retail flow is also enabling some dark pools to boost their executed volume at a time of increased dark-pool competition. Credit Suisse in December launched what it calls its CrossFinder Retail Network, an initiative to accumulate and pass retail flow through CrossFinder, the broker's ATS, to match up against resting institutional orders. Credit Suisse has about a dozen retail brokerage clients, according to Dan Mathisson, head of the firm's Advanced Execution Services group.

Dark Pool Consolidation Debated

There are upward of 40 dark pools out there. Will their numbers grow, shrink or stay the same in the coming years? The experts disagree. Some believe the number will decline as less-efficient players drop out and exchanges exert their dominance in the provision of anonymous trading services.

Buyside Stymied by Dark Pools

Dark pools are more trouble than they're worth. That's the sentiment of some members on the buyside, who lament the electronic crossing systems' lack of transparency, low crossing rates, exclusivity and sheer numbers.