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.
Would creating a handful of "universal" order types help reduce the complexity of equities trading?
- There are other issues to be considered
Institutional traders are opening their collective wallets wider and spending more on their order and execution management systems to keep pace with the changes in equity market structure, according to a report from Greenwich Associates.
Agency-broker ITG has put its order management system online.
Linear Investments said it has subscribed to TradingScreen's cloud-based trading system, known as TradePrime. The "unified" system includes order and execution management systems as well as risk management software, all online.
So far, there's no clear direction as to whether buyside trading desks should keep management and execution of their orders in two separate systems or unify them in a single one.
ITG has added anti-gaming technology into the operation of its POSIT dark pool, to protect institutional traders from high-frequency trading firms trying to sniff out their orders.
The Securities and Exchange Commission has begun inspecting how the nation's stock exchanges develop, refine and approve new types of buy and sell orders, in the face of a great proliferation in order types.
JPMorgan Chase's corporate and investment bank has begun to roll out a technical platform designed to consolidate 30 different trading systems into one. The "first wave of execution" in the J.P. Morgan Markets system puts trading in foreign exchange, rates and commodities onto the platform.
Livevol, a San Francisco-based vendor of equity options trading technology, has launched a new options trading system that includes a trade execution system, data and analytics tools and visual aids.
Traders can now get Paladyne's order management system without having to purchase it as part of a larger, more expensive bundled trading solution.
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