Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

Traders Poll

In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




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August 31, 2002

All for One! One for All!

By Peter Chapman

The Townsend Analytics, Terra Nova Trading and Archipelago complex is a formidable operation with about 700 employees. While each of the three is a separate firm they all operate under a common holding company where interdependence is the modus operandi.

Townsend's RealTick is the default front-end for Archipelago users without direct FIX connections to the ECN. Much of RealTick's functionality is actually housed in Archipelago. Terra Nova is Townsend's biggest client. The brokerage offers its customers RealTick.

The Cockpit

In the executive suites, the chief executive of Terra Nova Trading, Chris Doubek, came from Townsend. The chief executive of Archipelago, Jerry Putnam, was the founder of Terra Nova. The CEO of Townsend Analytics remains founder Stuart Townsend. All of the three firms are based in Chicago.

Townsend is a vendor whose customers fall into three sellside categories: daytrading brokerages, proprietary shops and traditional regional brokers. Terra Nova, a broker dealer, concentrates on active traders and small buyside shops. Archipelago services the pros on both the sellside and the buyside.