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
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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.
Instinet has added functionality to its Newport execution management system that is intended to make it to use multiple brokers' algorithms. Newport's additional feature, dubbed "OneTicket," helps buyside traders who use a single EMS to access multiple brokers' algo strategies.
Direct Edge has built pre-trade risk controls, including automated and manual kill switches, into the software that matches orders on its EDGA and EDGX exchanges.
BATS Global Markets has made its no-cost risk management tools available to all U.S. equities and option markets customers. Previously, they were available only to its sponsoring members.
The once much maligned indication of interest has been reinvented. The buyside has long complained that these electronic messages from brokerage firms, expressing willingness to trade a block of stock, were nothing more than fishing expeditions to capture an order.
Raymond James is building out an electronic equity trading business and is rolling out new algorithms so clients have another means to pay for research. The firm has also added new sales traders to its desk to further complement its electronic tools.
The acquisition of UNX by Mantara, announced in June, is expected to make life easier for some traders, as it will result in the merging of two separate platforms.
Prime broker Merlin Securities is offering hedge funds a new tool to help them see the components underlying exchange-traded funds, so traders can get a complete picture of their positions.
Investment bank Rodman & Renshaw has launched a platform that allows issuers and investors to interact and trade with each other directly if they choose, eliminating intermediaries like brokers dealers, dark pools and syndicate bankers.
Bank of America Merrill Lynch has revised its algorithmic trading strategy for its institutional equity clients. It lets them to customize how aggressively they want to pursue liquidity.
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