Commentary

David Weisberger
Traders Magazine Online News

The Emperor's New Clothes

In this first of a two-part commentary, David Weisberger shares his views on IEX. He examines and opines as to whether or not the exchange has lived up to its billing as "fair, simple and transparent."

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ED&F Man Said to Hire Fixed-Income Team From Interactive Brokers

Commodity broker ED&F Man Holdings Ltd. has hired a group of fixed-income traders who left Interactive Brokers Group Inc. last year, according to people with knowledge of the matter.

SEC Scrutinizing Bank Efforts to Comply With Capital Regulations

The Securities and Exchange Commission is scrutinizing banks' efforts to appear safer to regulators and shareholders.

COMMENTARY: 10 Things That Worry Quants

Not only is quant trading in its infancy, the quants are just as lost as traditional traders.

Singapore Exchange Seeks High-Frequency Traders

High-frequency traders facilitate the majority of U.S. equity transactions, where computerized firms have ample opportunity to profit from fleeting price discrepancies because transactions take place on more than 50 venues. Singapore isn’t as fragmented, which keeps computer traders away.

Financial Advisors Take On Portfolio Trading

Retail brokerage LPL Financial has introduced program trading technology for its financial advisors. It allows them to eliminate block trading and the time it takes to update portfolios.

TRADERS ON THE MOVE: ITG Hires A Pair for the Program Desk

Agency broker ITG has expanded its program trading desk with two senior-level hires and added three other traders. UBS has hired a Morgan Stanley alum on its trading desk and Bank of America has hired Turquoise Derivative's chief executive for its equities group.

TRADERS ON THE MOVE: Bank of America Brings Three Onboard

Bulge bracket broker Bank of America Merrill Lynch has brough on two professionals to cover hedge funds and one for its program desk. ITG hired sales trader Jeff Haise as a director to trade energy and industrials. Plus, moves that matter at Knight Capital, Bank of America Merrill Lynch and elsewhere.

Automated Trading in New SEC Chair's Crosshairs

Mary Jo White, who was sworn in last week, said during her Senate confirmation hearings that she intends to focus on high- frequency and automated trading.

TRADERS ON THE MOVE: Duo Depart Deutsche Bank for Citi

Cornelius Griffin and Paul Mandell, both former Deutsche Bank alumni, are heading for Citi. Plus, one former RBC executive who is returning to his program trading roots.

CAT Fight: Player Roster

Thirty-one organizations have stated their intent to submit a bid for creating, developing and managing a data service that consolidates quote, order and trade details on all stock and option transactions in the United States. Who is who, here.

NYSE Puts Block Crosses into Floor Traders’ Handheld Devices

The New York Stock Exchange is allowing floor traders to compete for block business with dark pools, through the use of handheld devices.

Linedata Adds Venue Info to Trader+

Linedata has added functionality to its Trader+ trade and order management system that displays the names of the market centers at which users’ orders are filled.

Markey to Walter: Use 1990 Act to Reign in HFT

With a new Securities and Exchange Commission Chair Elisse Walter in office, Rep. Ed Markey (D-Mass.) has called on the commission to consider utilizing the Market Reform Act of 1990 to combat high-frequency trading in the equities markets.

TRADERS ON THE MOVE: Firms Pick Up Nomura Talent

Equity trading executives from Nomura Securities have landed positions with Bradesco, a Brazilian bank, Wells Fargo Securities, Raymond James & Associates, Brean Capital and Instinet. Plus, moves that matter at Janney Montgomery Scott, Morgan Stanley and Citadel Securities.

Equities Desks Take Brunt of Job Cuts as Volume Drops

Employees on stocks desks fell by 8.5 percent globally in the first nine months of last year, according Coalition Ltd., an industry analytics firm. That compares with a 6.6 percent drop in fixed-income workers and a 5.8 percent decrease for origination and advisory functions.