Commentary

Robert Schuessler
Traders Magazine Online News

A Smarter Monkey

In this contributed piece, TIM noted that some traders do better than others when using data that has been run through certain analysis - that is, have used some form of machine learning to assist them.

Traders Poll

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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May 26, 2005

Matching Service Ends Tiers'

By Peter Chapman

Harborside Plus has discontinued an unusual practice, following a notice by the Securities and Exchange Commission. The firm, which operates a broker dealer that uses computers to match up block trading interests, said it no longer runs a system which allowed Haborside traders to view tiers', or the range of sizes of customers' orders. Harborside's decision was divulged in a letter to clients in March, following an examination by the SEC.

Harborside CEO, Michael Cashel, told clients the SEC believed that "the tiers indicating leaves greater than 100,000 shares could be construed as inconsistent with our marketing material." Harborside said the various tier ranges were originally introduced in January, 2004. Harborside's matching service is one of several popular electronic alternatives to traditional block desks. The services are promoted as anonymous and confidential.