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.

Traders Poll

Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?

Yes

73%

No

4%

Doesn't matter to me

23%

Free Site Registration

April 16, 2007

News Briefs

By Editorial Staff

* Morgan Stanley merged its equity trading and fixed income trading operations. At the same time, it separated the sales functions of both groups into a separate group.

* The National Stock Exchange started trading NYSE- and Amex-listed securities on its new Blade trading platform. Previously, it traded only Nasdaq names.

* A seat on the Chicago Board Options Exchange sold for a record high price of $1.95 million recently. During 2006, the highest price paid for a CBOE seat was $1,775,000. The lowest price paid was $850,000.

* The Boston Stock Exchange plans to demutualize and become a for-profit organization. Its 203 members will receive shares in a new holding company in exchange for their membership.

* Nasdaq reduced its liquidity-taker and outbound routing fees for some of its most active customers from 27 cents per 100 shares to 26 cents.

* BIDS Trading signed up six new investors: Bank of America, Bear Stearns, Credit Suisse, Deutsche Bank, JP Morgan and Knight Capital Group. The alternative trading system now counts every bulge bracket firm as an investor.

* The NYFIX Millennium crossing network matched 50 million shares on a recent day in February. The single-day record follows a record January, when the system matched an average of 35 million shares per day.

* Merrill Lynch bought a stake in BATS Trading, the fast-growing ECN. Merrill is the fourth big trading house to take a minority interest in BATS. The others are Lehman Brothers, Morgan Stanley and Lime Brokerage.