Traders Magazine Online News

National Alliance Adds Three Sales Traders

May 24, 2013 – Independent broker-dealer National Alliance has added three sales traders, bulking up its recently created equities trading desk.

Caliendo Joins BoA as Head of Americas Equity Hedge Fund Services

May 24, 2013 – Bank of America Merrill Lynch hired Goldman Sachs-bred Tracy Caliendo to help further build its hedge fund business.She joins the bulge firm as a managing director and head of Americas Equity Hedge Fund Services. Based in New York, she will join the firm in September.

Direct Access Partners Shuts Down

May 23, 2013 – Direct Access Partners has shut down. The institutional brokerage stopped handling orders two days ago, sources tell Traders Magazine, after its clearing firm, Goldman Sachs, stopped clearing its trades.

Citadel Continues OTC Desk Expansion with Five New Hires

May 23, 2013 – Wholesaler Citadel must believe that things are looking up in the trading industry. It has hired four new market makers on its Over the Counter trading desk and a broker-dealer sales exec, further bulking up the firm's trading business.

FINRA Wins DirectEdge Surveillance

May 23, 2013 – FINRA reached an agreement with Direct Edge to monitor its two stock exchanges, EDGX and EDGA, for trading abuses. The deal gives FINRA oversight of 90 percent of volume.

FINRA Considering Rule to Require More Dark Pool Data Disclosure

May 23, 2013 – A Wall Street regulator is considering new rules to shine light on dark trading after the largest U.S. dark pool operator stopped sharing data on the volume of its trades.

TRADERS ON THE MOVE: Merriman Bulks Up

May 23, 2013 – Merriman Capital brought on two trading execs from teh now defunct ThinkEquity Partners. Jack Monopoli will head advisory trading and market making. Bill Southern joined as a sales trader. Plus moves that matter at Maxim, Macquarie and Nasdaq.

Nomura Hires Heads of FX and Interest Rate Sales

May 22, 2013 – Nomura snagged two senior bulge bracket executives to head its foreign exchange and interest rate sales groups in the Americas. The Japanese investment bank hired Tom Haskins as a managing director and head of foreign exchange sales Americas, and Eric Miller as a managing director and head of interest rates sales Americas.

FX: Citi Nearly Leaps to Top Behind 'Bernieman'

May 22, 2013 – Citigroup set a goal this year of regaining the top spot in in Euromoney's annual rankings of the world's largest foreign exchange trading operations by volume, which it last held in 2002. But it fell just short-coming in 0.28 percent behind leader Deutsche Bank in market share. Enjoy this Q&A with Citi's Bernie Sinniah on Citi's strategy to get to the top FX spot.

Wells Fargo Names Co-Heads of Equity Sales and Trading

May 22, 2013 – Wells Fargo Securities announced Wednesday that it has hired two senior executives to help lead its equity sales and trading groups. Patrick Neal joined the firm as co-head of equity sales and Mike Riley has joined as co-head of equity trading

Global Search, Local Nets

May 22, 2013 – The ongoing search for alpha is the job of Derek De Petra, partner and managing director of international trading at San Francisco-based investment firm Artisan Partners. Finding above-market returns for portfolio managers and in block size is the goal he pursues around the globe, regardless of whether it is in Russia, Nigeria or South America.

Report Says Brokers Need to Change High-Touch Approach

May 21, 2013 – Change or die. That's what Woodbine Associates is advocating in a new report released today, "Sales-Traders: Asset Manager Expectations from High-Touch Coverage'." Brokers must change their approach if they want to offer a superior high-touch trading experience, the report said.

Comment Period for Automated Systems Rule Extended 45 Days

May 21, 2013 – The SEC has extended the comment period on its proposed Regulation Systems Compliance and Integrity
 for 45 days, to July 8. Securities exchanges and FINRA had asked for a 90-day extension.

Buyside Ups OMS and EMS Spending As Market Structure Changes

May 20, 2013 – Institutional traders are opening their collective wallets wider and spending more on their order and execution management systems to keep pace with the changes in equity market structure, according to a report from Greenwich Associates.

BTIG Trades With the Stars and Raises $4 Million for Charities

May 20, 2013 – Institutional broker BTIG celebrated its annual commissions for charities day this Tuesday by raising about $4 million for various charities.