Commentary

Steve Grob
Traders Magazine Online News

The Periodic Table

Fidessa's Steve Grob has written a response to Marcus Ferber writing to ESMA condemning periodic auctions. The blog strongly criticizes Ferber's approach, and looks at the problems behind the "lit is good and dark is bad" attitude.

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Do you think that NY AG Schneiderman's probe into crypto exchanges will curtail growth and trading?



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May 26, 2005

Is it Good News for Nasdaq?

By Gregory Bresiger

The Reg NMS trade-through rule extension was a "non-event." It may help electronic trading firms that are interested in obtaining more Big Board listed business. That's what several trading executives privately told Traders Magazine.

The trading executives, conceding that the ideal would have been the abolition of the rule, said the next best result was applying the rule to all markets. Joe Gawronski, chief operating officer for New York Stock Exchange floor broker Rosenblatt Securities, said the controversial decision was moot for electronic competitors of the NYSE. That's because they already have smart order routing. And he adds that the NYSE, in the course of defending the rule, was forced to commit to a hybrid system. That model will give electronic players a better chance to compete. The Big Board, however, dramatically undercut potential competition when it announced its merger with Archipelago Holdings.