Commentary

Momtchil Pojarliev
Traders Magazine Online News

Some Like It Hedged

BNP Asset Management's Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices, he says.

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Amid changes in builder, do you think the CAT project will be completed by 2020?




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December 13, 2007

Big Board Speeds Up Quote Information

By Peter Chapman

The New York Stock Exchange has begun distributing a complete package of real-time quote information to subscribers of its OpenBook market data service. The data includes all limit orders on the book, as well as the best bids and offers from the trading crowd and specialists. Previously, the exchange distributed only public limit order data to subscribers of OpenBook on a real-time basis.

However, the exchange did publish the soup-to-nuts package of data in real-time, or without a delay, as part of the industry's Consolidated Quote System (CQS) feed. But, NYSE execs say, under the new scheme, subscribers to OpenBook will get the data faster than they would from the CQS service.

"This gives you additional interest at the inside both from the crowd and the specialists," Mark Schaedel, the New York's director of market data, told traders gathered at the Security Traders Association's annual conference. "It also delivers that to you faster because it is direct."

Schaedel added that the exchange is working to make OpenBook as much of a low-latency service as possible. "This is a major initiative for us," he said. Low-latency distribution has become a critical issue for traders deploying algorithmic trading strategies these days.