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.
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In 1987, George U. "Gus" Sauter was an obscure investment trust officer with little trading experience. He had just joined the crew of an investment company with a piddling $1 billion in assets under management. Twenty-five years later, the Vanguard Funds have $1.6 trillion in assets. It's the largest mutual fund complex extant, surpassing Fidelity Investments two years ago.
Since 1990, the number of shares traded on national exchanges has gone from 300 million a day, to 4 billion a day, in August.
Tyler Moeller is chief executive of Broadway Technology, a leading provider of financial trading systems and services. Its flagship trading system is called The TOC(tm). Traders Magazine caught up with Moeller to talk about how the firm extended The TOC platform into foreign exchange trading.
Who's moving on the Street in equities and derivatives? Traders Magazine's OTM--On the Move--brings that info right here.
Macquarie Securities has hired almost a dozen senior-level sales traders and sales staff for its high-touch desk, a move designed to bring in more block trading and leverage the brokerage firm's extensive research offering.
Sales traders instinctively know if theyre in the right seat, if theyre comfortable where they work. For Melissa Missy Heathcote, a migration from the sellside to the buyside might sound like a familiar story, but her move included a two-year stint in real estate in between. Those two years were long enough for the former Alex. Brown & Sons sales trader to discover that showing houses isnt the same as shopping a large blocknor as rewarding.
Young traders--those who grew up with electronic gadgets--must be reminded to seek "the voice," of the sales trader, says Bob Luckey, a trading lifer.
Christopher Nagy has hung up his green jacket and left TD Ameritrade to launch his own firm.
Here are some recent hires and promotions in the equities and derivatives trading world as Wall Street pros make that move, right now.
After two years of development and testing, Robeco Investments is going live with a new trading tool. Director of trading Mark Kuzminskas' latest technology project marries data from portfolio managers' trading history with real-time stock analytics for the desk. The goal of the project was to optimize trade scheduling based on the PM's tendencies in order placement, using real-time analytics.
Sometimes the worst situations can create an opportunity. For former trader Victor Rodriguez, his kidnapping 14 years ago in his native Venezuela caused him to flee and migrate to the United States.
For National Financial's Sanjiv Mirchandani it was trial by fire. In March 2009, Mirchandani, a longtime Fidelity Investments vet, was named president of the clearing arm. However, correspondents were worried the recent market meltdown could put their assets in harm's way. Mirchandani spent a good part of his initial months reassuring clients that assets were intact and the firm was strong. Three years after taking over National Financial, clients still want reassurance. That is one of the themes of a recent Q&A he participated in with CQ&D.
Like the rest of the brokerage industry, many clearing brokers often are not properly using the book of business they have. They are not trying to find out how they can become advisers to their correspondents and more effectively manage their relationships.
Troubled brokerage Pipeline Trading, which recently - rebranded itself as Aritas Group, is selling its key assets and has stopped accepting orders. As a result, Aritas Group's executive chairman, Jay Biancamano, will be joining software vendor Portware.
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