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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.

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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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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.