Traders Magazine Online News

JMP Looks for Commissions Jump in NYC

May 10, 2013 – JMP Securities plans to triple its market share of institutional commissions in the next five years by growing its presence in New York.

FX: Deutsche Bank Edges Citigroup as Top Desk

May 10, 2013 – Deutsche Bank narrowly beat out Citigroup to retain its position as the foreign exchange trading operation with the most market share, worldwide, for the ninth straight year in the most widely watched ranking.

Off-Exchange Trading Falls to 35% in April

May 10, 2013 – Off-exchange trading fell to 35.0% of all shares exchanged on all lit and unlit venues in April, down from 36.7% in January. But, for thousands of symbols, the percentage of shares traded off-exchange exceed 40%, according to statistics obtained by Traders Magazine.

FX NOTEBOOK: Trading Volumes Flat in April

May 9, 2013 – Spot trading in foreign exchange fell $1 billion to $130 billion a day in April on Thomson Reuters platforms. Bank of America Merrill Lynch makes hires from Goldman, J.P. Morgan. Court freezes assets of firm for misappropriating funds in an off-exchange trading pool. SBI picks up SmartTrade trading platform.

Morgan Stanley Cuts Microseconds from Trading Systems

May 9, 2013 – Morgan Stanley has overhauled its trading infrastructure for U.S. equities to keep pace with a marketplace in which millionths of a second count.

ETFs Now Can Be Placed in Retirement Plans

May 8, 2013 – MidAtlantic Trust Company said it had resolved record-keeping problems that have kept exchange-traded funds from being part of holdings in 401(k) and other retirement plans.

GFI Acquires Some Phoenix Group Assets, Including 32 Brokers

May 8, 2013 – GFI Group has purchased certain assets of Phoenix Partners Group, including 32 brokers and other operational and management staff.

Sunrise Opens "Super High-Touch" Trading Desk

May 8, 2013 – Trading is better the second time around. That's what Lionel Mellul hopes. The co-founder and chief executive of now-defunct Momentum Trading Partners in New York is now the managing director at Sunrise Brokers, a London-based dealer in equity derivatives. This time, he is looking to carve out a niche for himself in New York by offering exclusive high-touch service to a select set of clients.

Dow 15,000: Equities Win, By Default

May 8, 2013 – You’re just not seeing sales based on allocation into any other asset class because of the relative unattractiveness of everything other than equities,'' said Steven Bulko, chief investment officer of Lombard Odier Investment Management.

Equities Market in Healthy Shape, Credit Suisse Says

May 7, 2013 – The U.S. equities market is in healthy shape. While some pundits and recent conference attendees might continue to lament that the equities market is suffering from a lack of investor confidence, analysts at Credit Suisse reported that many measures used to gauge the sector's health are positive.

Equities Volume Down 2.4%, Year Over Year

May 7, 2013 – Volume on all public and non-public exchanges was 6.4 billion shares in April, according to Nasdaq OMX Group statistics. That is up 3.9% from March, but down 2.4% from a year ago.

BOX Gets OK to Trade Jumbo S&P 500 ETF Options

May 7, 2013 – BOX Options Exchange, the third- smallest of 11 U.S. options venues, will be the first to begin trading larger-size contracts on the most-active U.S. equity derivatives product.

FX NOTEBOOK: Renminbi to be Global Currency … by 2015

May 6, 2013 – Royal Bank of Scotland is projecting the renminbi will meet world’s need for a “new, more stable global reserve currency.’’ The United Kingdom’s finance regulator charged two men with taking $7.75 million in a fraudulent currency-trading scheme. Ian Doull has joined Integral Development Corp. as managing director in product marketing.

TRADERS ON THE MOVE: Bank of America Brings Three Onboard

May 3, 2013 – Bulge bracket broker Bank of America Merrill Lynch has brough on two professionals to cover hedge funds and one for its program desk. ITG hired sales trader Jeff Haise as a director to trade energy and industrials. Plus, moves that matter at Knight Capital, Bank of America Merrill Lynch and elsewhere.

SEC's Bowden to Head Exam Program as di Florio Joins FINRA

May 3, 2013 – The U.S. Securities and Exchange Commission named Andrew J. Bowden director of its national exam program, replacing Carlo V. di Florio who is leaving next month to join the Financial Industry Regulatory Authority.