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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March 23, 2005

By Editorial Staff

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Trade Throughs

*Knight Trading Group told Congress it opposes the Securities and Exchange Commission's plan to extend the trade-through rule beyond the listed market. Tom Joyce, Knight's president and CEO, testified that an extension was unnecessary. Electronic linkages between market centers would solve the problems the SEC is trying to fix, Joyce said. Under the SEC's Reg NMS proposal, the SEC is leaning towards the enactment of a new trade-through rule that covers Nasdaq as well as the listed markets. Nasdaq, which does not have a trade-through rule, also opposes the measure. Joyce noted that the number of trade-throughs on Nasdaq was about the same as on the New York Stock Exchange. "This suggests that the stated benefits to a trade-through rule may prove to be highly elusive," Joyce said.

Trade Throughs

*Knight Trading Group told Congress it opposes the Securities and Exchange Commission's plan to extend the trade-through rule beyond the listed market. Tom Joyce, Knight's president and CEO, testified that an extension was unnecessary. Electronic linkages between market centers would solve the problems the SEC is trying to fix, Joyce said. Under the SEC's Reg NMS proposal, the SEC is leaning towards the enactment of a new trade-through rule that covers Nasdaq as well as the listed markets. Nasdaq, which does not have a trade-through rule, also opposes the measure. Joyce noted that the number of trade-throughs on Nasdaq was about the same as on the New York Stock Exchange. "This suggests that the stated benefits to a trade-through rule may prove to be highly elusive," Joyce said.

Crown

*Crown Financial Group is no longer trading. The wholesaler has asked its customers to cancel all open orders and discontinue routing orders. The aim is to provide an orderly contraction in trading activities, the company said in a statement. Crown's plan was to return all open orders to the customers prior to the close of business on February 17. Crown added it was "contracting" its market making activities while it seeks financing. Crown hopes to resume full market making activities in the near future. However, there can be no assurance of success, the company said. Crown, formed two years ago by ex-Knight Trading Group executives, saw many of its top brass depart last year. CEO John Leighton went on "administrative leave" to work on a regulatory investigation. Michael Silver, head of Nasdaq trading, Jonathan Gellis, head of international trading, and Michael Dorsey, general counsel, all departed.

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