Commentary

Traders Magazine Online News

Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

Traders Poll

Is the adoption of electronic trading in fixed income on par of that in the FX sector?




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July 31, 2001

A Better Buyside Deal?

By Sanford Wexler

The BRUT ECN thinks it can help the buyside solve a persistent conflict.

The ECN's formula is to gives traders the ability to send orders to BRUT, while "repatriating" most of the commission dollars to broker dealers, which they can use for services such as research and capital.

Two For One

BRUT is embarked on its goal with a new front-end, The BRUT Workstation, for institutions and other professionals.

"It's significantly different than any other player because of our structure and liquidity," said BRUT chief executive, Richard Schenkman.

BRUT, which handles about four percent of Nasdaq share volume, will pick up a small proportion of each commission for the trade executions.

Schenkman said institutions face a conflict. They must choose between sending their trade anonymously to an ECN or to a broker dealer.

"We are giving the institutions the ability to get the best of both worlds: get the execution services through BRUT and then redistribute the commissions back to the broker of their choice to maintain and develop their relationships."

The workstation which uses technology developed by online TheBEAST, will soon allow institutions to select the destination for their commission dollars online as well as monitor their individual commission patterns.