Commentary

Richard Repetto
Traders Magazine Online News

Why Do Exchanges Own Multiple Licenses? It's Not Hard To See, Look at the SEC

In this recent research note, Sandler O'Neill + Partners, L.P. Principal Richard Repetto examines why the public exchange operators hold multiple licenses and that rationale behind this phenomenon.

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As Bitcoin turns 10 year old this month, why are you not trading it or other crypto currencies?





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June 30, 2004

ITG and Instinet Emigres Reunite

By Staff Reports

A group of former ITG and Instinet sales pros and strategists has resurfaced at a new agency trading firm. Miletus Trading, a quantitative broker dealer, which officially hung up its shingle in January, has 13 fulltime staffers, five part timers and has eight sales and trading pros.

"We have realtime analytics and strategies that can be adapted for each customer," said Miletus managing director Mike Capelli, an ex-ITG sales trader. "The key for us is technology and our proprietary software." Other Miletus pros include David Fellah, formerly of ITG, who writes strategies. Another key ITG emigre, Richard Johnson, is a product specialist.

Miletus trades programs as well as single listed and Nasdaq stocks. The firm, based in New York City, uses statistical models and algorithms. Hedge funds are among the institutional customers. Miletus said it has up to 20 accounts and executes between one million shares and two million equity shares daily.