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.

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




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March 1, 2002

Quantity Not Enough

By Gregory Bresiger

The Investment Counsel Association of America (ICAA) is skeptical of some of the best execution guidelines issued by the Association for Investment Management and Research (AIMR), a group which puts too much emphasis on quantifying results, according to the ICAA.

The Charlottesville, VA.-based IIMR guidelines contend that best execution means, "well-informed trade execution decisions made with the intention of maximizing the value of client portfolios under the particular circumstances of the time."

AIMR recommends that firms measure performance.

"It is important to measure information in ways that facilitate comparisons: From period to period; against appropriate objectives and benchmarks (e.g. peer universes); and by broker, trading venue, and trading method," AIMR states.