Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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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.