Commentary

Ivy Schmerken
Traders Magazine Online News

MiFID II Transparency Puts Stress on Data Architecture

Buy-side firms are facing huge changes in disclosure and transparency requirements, which could upend their data management architectures, according to this guest commentary from FlexTrade.

Traders Poll

Are you concerned about foreign ownership of a U.S. stock exchange?



Free Site Registration

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.