Commentary

Craig Viani

Aggregation Aggravation

In this final "Tales from the Dark Side," Greenwich's Craig Viani examines how venue proliferation has driven the need for algo aggregation, and brought to light the challenges in accessing non-displayed liquidity via an intermediary.

Traders Poll

Is the approved SEC Tick Size Pilot Program meet your expectations for what it should be?

Yes

20%

No

20%

It was a good compromise

20%

The SEC should start over

40%

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News

Bank Settlements Are Significant for Their Guilty Pleas: View

Five of the biggest banks in the world pleaded guilty Wednesday to criminal charges and essentially admitted they defrauded their customers. What's significant about this settlement is that it marks the end of the practice of allowing banks to neither admit nor deny wrongdoing.

Dark Pool Dilemma - Aggregation Aggravation

In this final “Tales from the Dark Side,” Greenwich's Craig Viani examines how venue proliferation has driven the need for algo aggregation, and brought to light the challenges in accessing non-displayed liquidity via an intermediary.

40 Percent of Investors Plan to Increase Use of Bond ETFs as Liquidity Wanes

As the increasing prospects for a tightening of monetary policy by the Federal Reserve loom, the resultant roiling of the bond markets has caused liquidity to wane. In turn, buysiders are increasingly turning to fixed-income exchange traded funds (ETFs) as means of maintaining exposure to the debt markets.

Articles

Demystifying Dodd-Frank

Commissioner Scott O'Malia of the Commodity Futures Trading Commission (CFTC) is on a mission. He says the process of writing new over-the-counter derivative contract rules needs more transparency. Over the past year he has repeatedly called for more roundtables and public comment on how rules are written. Why is this important? Because these rules, among other things, will determine which OTC derivative contracts must go through a clearing process and which ones can continue to use the old bilateral, dealer-to-dealer model.

New Blood

Fresh-faced yet experienced graduates are entering investment firms in strong numbers. Traders looks at this crop of bright young things and the new skills and placing new demands on the buyside.

The New Topic

Some unintended consequences from the credit crisis of 2008 and the regulations that followed have come to light. Also, buyside firms are gathering their traders to rate the research and execution services from the sellside in relentlessly thorough scoring sessions.

A Clear Answer on HFT

High-frequency traders and supporters claim that HFT is helpful to the equity market. The data presents a starkly different story.

Better Data Emerges After Rules Battle

Once the fight for new regulations settled down, an unintended victor has emerged: the data and data systems used by today's traders.

Here Today, Gone Tomorrow?

Over the past year, the liquidity in emerging currencies grew in fits and starts quarter to quarter. Traders asked FX veterans for their outlook on the next 12 months.

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