Commentary

Salil Pachare and Ilia Rainer
Traders Magazine Online News

Does the Tick Size Affect Stock Prices?

The Securities and Exchange Commission has recently released a whitepaper examining the change in tick sizes on trading based on data it collected during the Tick Size Pilot.

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May 31, 2002

Facing A new Realitly: The SIA Conference addresses changing technology needs in a changing world.

By Editorial Staff

Meanwhile ECNs are still searching for new ways to gain access to the listed market. The Brut ECN, for example, recently joined the Nasdaq Intermarket Trading System (ITS) to gain access to listed equities. The ITS is a marketplace that Nasdaq created in the summer of 2000 to allow ECNs and market makers to electronically trade listed stocks. While the Brut ECN, along with Archipelago and MarketXT, has elected to utilize this trading platform, other major ECNs have chosen not to, citing inequities in the ITS, such as the "trade-through rule," which some ECNs claim can negatively affect the speed of transactions due to mandatory routing rules. Having already shown their strength in the Nasdaq market, providing customers with access to the listed market will remain an ongoing goal of many ECNs. The SIA Conference will provide these firms with the opportunity to divulge their strategies for continued growth going forward.

The Wireless Boom

In years past, wireless gadgetry has always been a popular draw at the SIA Conference. This year will be no different as many wireless providers are lined up and primed and ready to show what separates their wares from others in the wireless field. One new area that is beginning to develop more fully is the application of voice and speech technology to PDAs and other mobile devices. The industry is closer to adopting a speech-enabling standard language that will allow for devices to become "multimodal" and able to function in multiple formats, i.e. speech, stylus or keypad. In addition to initiatives like those based around speech, the wireless industry continues to try to bring more computing and processing power to increasingly smaller devices. As wireless technology has grown, traders have become more mobile and more connected, and this trend will continue to develop going forward.

Speaking Up

The SIA's annual conference will examine these and many other issues over the three-day conference. Guest speakers represent various divisions within finance and technology.

*Irving Weiser, chairman and CEO, RBC Dain Rauscher Corp., will

address industry consolidation. His company's recent merger may

serve as a good example for what to expect in a merger,

including when melding different sets of technologies.

*John A. McKinley, Jr., executive vice president and head of Global

Technology and Services, Merrill Lynch & Co., Inc., will examine how

the industry must face new technology needs with limited budgets.

Other featured speakers include:

*Marc E. Lackritz, president, Securities Industry Association

*Paul Otellini, president and COO, Intel Corporation

*Nicholas Negroponte, director, M.I.T. Media Lab

*Richard G. Ketchum, president, The Nasdaq Stock Market, Inc.

Developed by the association's Technology Management Committee. TMC is designed for individuals within securities firms who have management responsibility for technology-based support activities, such as communications, market data, trading-room support, data processing, Web and Internet technology and information systems. The three general sessions, 20 workshops, luncheon and exhibit are aimed at helping attendees become more effective. Vendors of related industry-specific products and services will showcase their wares in a three-floor exhibit hall, which is the largest of its kind ever assembled. Last year, more than 9,000 individuals visited the hall.