Commentary

Craig Viani

Aggregation Aggravation

In this final "Tales from the Dark Side," Greenwich's Craig Viani examines how venue proliferation has driven the need for algo aggregation, and brought to light the challenges in accessing non-displayed liquidity via an intermediary.

Traders Poll

Is the approved SEC Tick Size Pilot Program meet your expectations for what it should be?

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It was a good compromise

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The SEC should start over

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Traders Magazine Online News

Boston Harbor Cruise: Scenes from the Boston STA 2015

– Traders and brokers had a wicked good time cruising the waters of the buyside capital at the annual Securities Trading Association event.


Euromoney FX Survey Says E-Trading Outshines Voice For First Time

– The currency markets are increasingly going low-touch with electronic trading outpacing the volume done via telephones and high-touch. This year marks the first time low-touch trading has ranked above high-touch in the Euromoney FX survey's 37 year history.


Euro Unbundling Reforms Will Hurt Equity Research Provision and the Buyside

– The recent spate of equity market reforms to unbundle commissions or separate research payments from trades, looks to have more negative effects than positive, according to a recent research piece from Greenwich Associates.


Deutsche Boerse Starts Yuan Market With Chinese Exchanges

– Deutsche Boerse AG is creating a joint venture with two Chinese exchanges to offer yuan-denominated instruments, giving European investors increased access to the world’s second-largest economy.


Bank Guilty Pleas Mess With Texas Pension Fund’s No-Felon Pledge

– Despite bylaws that say it shouldn't, Texas, in a statement, confirmed that it will continue doing business with four of the five banks who settled fx rigging charges, including Citigroup Inc., JPMorgan Chase & Co., Barclays Plc and UBS Group AG.


Young Quants Trade Risk Taking for Risk Management

– The days of quant graduates flocking to the trading floor are over. What caused the shift?


TRADERS ON THE MOVE: BTIG Hires in New York and San Francisco Offices

– In today's On the Move, BTIG hired a bunch of senior hires in its investment banking and capital markets division, while a top JP Morgan banker in its Prime services unit has left the firm. Also, Nomura added to its ranks and Cantor Fitzgerald hired a pair of sales traders.


Fed’s Fischer Says Rate Hike Debate Driven by Data, Not Date

– Federal Reserve Vice Chairman Stanley Fischer said central bankers are weighing the risk of raising interest rates prematurely against the danger of having to play catch-up if they wait too long.


IEX Makes Displayed Order Book Data Public on Its Website

– Alternate trading System IEX is making more trading data public by allowing access to its displayed order book. Now anyone can now interact and see just what is going on inside the venue.


Buyside Algo Trading Volume Falls Amid Commission Wallet Contraction

– For the first time in five years, algorithmic executions by buysiders have declined as commission spend has dropped off.


Quantlab Wins Speed Trading Code-Theft Trial Against Rivals

– Quantlab Technologies Ltd. won $12.2 million in damages from rivals who used stolen high-frequency trading code to found SXP Analytics LLC.


Bank Settlements Are Significant for Their Guilty Pleas: View

– Five of the biggest banks in the world pleaded guilty Wednesday to criminal charges and essentially admitted they defrauded their customers. What's significant about this settlement is that it marks the end of the practice of allowing banks to neither admit nor deny wrongdoing.


Do CCPs Need More Skin in the Game?

– Would additional derivative clearing organization contributions significantly mitigate members loses if the five or six largest clearinghouse members defaulted simultaneously? Traders contributor Rob Daly looks at this unlikely but possible scenario.


Barclays to Pay $115 Million to Settle ISDAfix Manipulation

– Barclays Plc agreed to pay $115 million to resolve claims it attempted to manipulate a key interest-rate benchmark two years after a Commodity Futures Trading Commission investigation was made public.


Euronext Soothed Skeptics When CEO Quit by Sticking to Strategy

– Euronext NV management and investors were surprised when Dominique Cerutti said he was leaving the European exchange operator. They appear to have gotten over it.



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