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Commentary: Investors' Reversal of Fortune With Reverse Convertibles

Reverse exchangeable notes, or "reverse convertibles," were popular investments prior to the recent market collapse. Investors bought nearly $7 billion of these securities in 2008. But when the equity markets crashed, so did the value of many reverse convertibles.

Commentary: The Next Chapter in European Short-Sale Regulation

Because neither the U.S. nor the European Union will surrender their rights of economic determination, convergent regulation of the sort necessary to establish a common set of short-sale rules must survive difficult negotiations among regulators rooted in different cultures.

Commentary: Dodd-Frank Arms the SEC

As Congress armed FBI agents for the first time in 1934 after the Kansas City Massacre, so Dodd-Frank grants the SEC an entire assortment of new enforcement firearms following the Panic of 2008.

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Out of the Dark

If implemented, a trade-at rule could result in a much higher number of orders sent to public markets than today.

Cover Story: Reversal of Fortune

For most of their history, the nation's options exchanges have looked to market makers for their revenues. In return for a dominant role at the exchanges, market makers paid the lion's share of the fees. Customers, on the other hand, traded for free. That arrangement is now breaking down.

Erroneous Trades Plan

When should a trade be broken? Under new rules proposed by the industry's self-regulatory organizations, trades can be canceled if trading in the stock has been halted and the price is far enough away from the price at which it was halted.

Fee Cap Splits Options Exchanges

An SEC proposal requiring options exchanges to cap the fees they charge their members to access their markets is getting mixed reviews by exchange operators.

NYSE Stands By Its LRPs

Despite criticism, the NYSE has vowed to continue its program for trading pauses.

Word For Word

Days after the "flash crash" on May 6, veteran high-frequency trader and exchange entrepreneur Dave Cummings sat down with Traders Magazine to discuss a bevy of issues facing the equities markets. Cummings started the HFT firm Tradebot Systems and launched the ECN BATS Trading.

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