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Trump Won't Kill America, Bitcoin Will

In this shared piece, author Brett Cenkus argues that nation-states will cease to exist not because of a who, but a what - and it's already here.

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Knight Edges Towards Blind-Risk

Knight Capital Group, which recently expanded its global program trading effort, is eyeing an expansion into the capital commitment game and moving in the direction of the blind-risk business. After launching a global program trading business in April, the next step will be moving out along the risk curve with regard to committing capital, said Jenkins Marshall, a managing director at Knight who co-heads the new division.

Where's The Flow?

Equities trading volume in the first quarter disappointed many industry pros. However, they see several bright spots that could juice volumes the rest of the year. First, the bad news. On March 28, just 5.973 billion shares traded. It was the slowest day in the markets this year. It also wrapped up a quarter that saw a 7 percent drop in volume last year.

Industry Panel Attacks MiFID II

Trading in Europe will get more expensive and difficult if reforms to the Markets in Financial Instruments Directive pass as proposed, according to a panel at a recent industry conference. Panelists on a regulatory session at TradeTech USA said proposed changes to current European regulation-MiFID-will hurt their businesses by raising their costs and making them less competitive.

Cover Story: What's Ahead?

Program trading is in again. Its volumes have been rising. Its technology is becoming more sophisticated. And the buyside is warming to its capabilities, so much so that program trading now represents roughly 15 percent of U.S. equities volume.

Cover Story: Spreading Their Wings

Over the past five years or so, mid-tier trading desks have been reorienting their roles in the market.

Program Trading Tools Need Upgrade

The electronic trading tools for program trading that most brokers and technology vendors offer their clients have not kept up with their single-stock offerings.

Program Trades Head Overseas

Two years ago, it was practically unheard of to use algorithms in Latin American markets for a program trade. Today, U.S. traders can employ them to execute baskets in Brazil or Mexico.

Buyside Ups the Ante in Program Trading

Program trading is booming, but the share of flow reaching the sellside is in decline. With business up so strong overall, though, brokers don't seem to mind. Armed with increasingly sophisticated technology, the buyside is doing more trades in-house, rather than shipping them out to brokers. The steady change over the past year or so has begun to alter the relationship between the buyside and their brokers. The trend has also changed how execution management system providers design the buyside's trading tools.

Liquidnet Beckons Program Traders

Ten months after acquiring agency brokerage Miletus Trading, Liquidnet is entering the program-trading business with a premium-priced offering. The carrot it's holding out to buyside portfolio traders is efficient automated interaction with Liquidnet's pool of institutional orders. Buyside portfolio traders can now access Liquidnet's buyside-only crossing network through the firm's LQTS desk. LQTS, short for Liquidnet Quantitative Trading Services, is the renamed suite of Miletus's algorithmic trading products. Versions of LQTS algos now provide integrated access to the Liquidnet pool and Liquidnet H2O's streaming flow from broker-dealers, in addition to executions in the public markets. These algos are called "Supernaturals."

BNP Paribas's Contrarian Move

BNP Paribas is beefing up its U.S. agency cash-equities business. The existing division-known as Global Execution Services, or GES-is being revamped in the U.S. with a broader mandate and product offering.

Risk Bids Making a Push

Don't call it a comeback, but risk bids on program trades are on the rise. With competitive pricing, manageable volatility and ever-improving technology, industry watchers expect to see growth in principal bids for program trading.

Measuring the Costs of Transitions

There's a running debate in the transition management business: What's the best way to measure the cost of selling a portfolio and buying another?

No Easy Options for Transition Managers

The recent volatile markets illustrate the potential dangers and contradictions of executing portfolio transitions, managers say.

ITG Unveils New Portfolio Algo

Agency brokerage Investment Technology Group thinks an algorithm should be able to consider more than just single-stock events or a benchmark when helping portfolio traders. The agency brokerage's new Dynamic Implementation Shortfall algorithm, or Dynamic IS, lets an asset manager select for sector, time or speed-based parameters. It then acts immediately on liquidity, spread or volatility information to execute the portfolio over one or more days. In doing so, it tries to think of everything as it works to maintain balance with a manager's industry and sector exposures, minimize trading costs and generally manage risk.

Liquidnet Mimics Rival with Portfolio Trading

Liquidnet, in a move that brings it up to speed with crosstown rival Investment Technology Group, is adding portfolio trading functionality to its platform.

FLASHBACK FRIDAY GALLERY: California STA of Los Angeles 68th Annual Convention

In this week's FLASHBACK FRIDAY GALLERY, Traders Magazine goes West and looks back to 2003 and the annual STALA conference.

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