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      <title>News Current Issue</title>
      <link>http://www.tradersmagazine.com/news/index.html</link>
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      <copyright>Copyright 2007 Traders Magazine. All rights Reserved.</copyright>
<managingEditor>editor@tradersmagazine.com</managingEditor>
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      <pubDate>Thu, 03 Jul 2008 08:57:00 EDT</pubDate>
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         <title><![CDATA[More Self-Trading Makes for Less Than Rosy Outlook for Sales Traders]]></title>
         <description><![CDATA[Buyside adoption of electronic trading tools is putting many sales traders out of work and making the job tougher for those hanging on. The future promises more of the same.]]></description>
         <link>http://www.tradersmagazine.com/news/101490-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SEC Gives Exchanges Room to Be Their Own Bosses]]></title>
         <description><![CDATA[The Securities and Exchange Commission, bowing to pressure from exchanges that say they face greater competition than ever, is proposing to give exchanges more leeway to make quick changes in their markets. The SEC said Wednesday it would allow exchanges to institute a broader range of rule changes without getting prior SEC approval.]]></description>
         <link>http://www.tradersmagazine.com/news/101354-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE Is Fastest in Turnaround for Illiquid Names, Study Finds]]></title>
         <description><![CDATA[The New York Stock Exchange, widely considered the slowest execution venue in the industry, outshines its competitors when it comes to turnaround times of less active NYSE stocks.]]></description>
         <link>http://www.tradersmagazine.com/news/101353-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Democracy and the SEC]]></title>
         <description><![CDATA[In a previous article published on March 7, 2008 ("Regulatory Schizophrenia"), we discussed the reluctance of the SEC's Division of Corporation Finance to permit the dissemination of real-time trade reporting on foreign securities that are not registered under the Securities Exchange Act of 1934.  We are happy to report that the SEC has done the right thing and published a rule proposal by FINRA this week that would provide for the dissemination of real-time trade reports for all foreign securities.  The SEC is soliciting public comments on this proposal.]]></description>
         <link>http://www.tradersmagazine.com/news/101219-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE Bets on Broadcast Tool for Floor Brokers]]></title>
         <description><![CDATA[The New York Stock Exchange, in an attempt to boost the face-to-face interactions that once characterized trading on its floor, quietly rolled out an electronic communication tool for floor brokers last month. Called BlockTalk, the product was designed by the NYSE in collaboration with Micro Design Services, the maker of floor brokers' handheld trading devices, and is available on those handhelds.BlockTalk, ironically, is an electronic tool intended to facilitate human interaction between floor brokers. Traders can broadcast messages indicating their interest in a particular stock to other floor brokers, who can respond via their handhelds and then go on to have an in-person conversation.]]></description>
         <link>http://www.tradersmagazine.com/news/101218-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Rule Changes: NYSE Euronext Bets on Specialists to Revive Broken Floor ]]></title>
         <description><![CDATA[Last week's announcement by NYSE Euronext of plans to revitalize its faltering New York Stock Exchange unit by freeing its specialists to trade more and better hedge their risks sends a strong signal to the industry that the company still sees value in its floor model.It's a risky bet, some say. Despite a continued drop in both market share and total volume at the NYSE this year, NYSE Euronext management continues to believe there is a role for a marketplace characterized by specialist support and less than strict price and time priority.]]></description>
         <link>http://www.tradersmagazine.com/news/101217-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Rule Changes: Brokers on NYSE Floor Could Get an Edge]]></title>
         <description><![CDATA[NYSE Euronext's slate of new proposed changes for the New York Stock Exchange will affect floor brokers just as surely as they will affect specialists. The exchange operator last Friday submitted to the Securities and Exchange Commission a 271-page rule proposal to overhaul its market model. The SEC is expected to publish the rule filing for comment shortly.For floor brokers, as for specialists, the proposed changes take the form of a renewed focus on parity as a central tenet at the NYSE. Floor brokers will also get new tools and order types designed to enable them to represent orders more effectively in an increasingly electronic market.]]></description>
         <link>http://www.tradersmagazine.com/news/101216-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Extinction of the New York Stock Exchange Specialist]]></title>
         <description><![CDATA[Last week, the New York Stock Exchange filed with the SEC for rule changes that will alter the way the Exchange has done business for decades.  Among other things, the Specialist will go the way of the dinosaur.  To many unemployed NASDAQ market makers out there, this has an all too familiar ring.]]></description>
         <link>http://www.tradersmagazine.com/news/101180-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Understanding of Dark Pools is Elusive, Reports Traders Magazine Survey]]></title>
         <description><![CDATA[The dark pool landscape is changing so rapidly that a large portion of buyside traders can't keep up with some of the developments.According to a Traders Magazine electronic survey, 38 percent of buyside traders said they were not aware that some dark pools send out or receive information about resident orders. Nor were they aware that some dark pools send and receive electronic immediate-or-cancel orders from other venues.]]></description>
         <link>http://www.tradersmagazine.com/news/101155-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Credit Suisse Lobbies for 'Fairer' Access to Dark Pools]]></title>
         <description><![CDATA[Credit Suisse wants in. The big brokerage has gone to Washington to lobby for expanded access to dark pools.The firm, one of the largest electronic trading firms on Wall Street, is petitioning the Securities and Exchange Commission to reform the 10-year-old fair access rule of Regulation ATS.]]></description>
         <link>http://www.tradersmagazine.com/news/101154-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Susquehanna Gets Into the Dark Pool Game]]></title>
         <description><![CDATA[The dark pool arena continues to grow, with the latest entrant coming from Susquehanna Investment Group. SIG's RiverCross ATS launched quietly in mid-May. The dark pool had been in the works for well over a year.]]></description>
         <link>http://www.tradersmagazine.com/news/101153-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Hedge Fund Regulation: European Style]]></title>
         <description><![CDATA[A few weeks ago, we wrote about the proposals of the President's Working Group, or PWG, for the regulation of hedge funds. The PWG is the institution originally established under the Reagan Presidency to provide suggestions regarding financial regulation.While past performance provides no indication of future results, the PWG predictably suggested that additional regulations were not necessary and might even be counter-productive. Instead, the PWG suggested that hedge funds should adopt certain best practices--voluntarily. …]]></description>
         <link>http://www.tradersmagazine.com/news/101144-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SEC to Advise Mutual Fund Boards on Trading Desk Oversight]]></title>
         <description><![CDATA[Buyside traders may soon find themselves under more scrutiny. The Securities and Exchange Commission plans to issue guidelines for mutual fund boards to aid them in their oversight of fund company trading practices.]]></description>
         <link>http://www.tradersmagazine.com/news/101143-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Industry Leaders Frown on Dark Pool Trend]]></title>
         <description><![CDATA[Morgan Stanley and Goldman Sachs, bucking a growing trend among the operators of dark pools, are vowing to stay pure. The two bulge-bracket shops tell Traders Magazine they have no intention of broadcasting out information about orders in MS Pool and Sigma X, their respective alternative trading systems. They say that occurs when electronic indications of interest are sent to third-party pools.]]></description>
         <link>http://www.tradersmagazine.com/news/101142-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[U.S.-Canadian Mutual Recognition]]></title>
         <description><![CDATA[Last week, the SEC announced that the Chairman of four Canadian securities regulators and Christopher Cox, the Chairman of the SEC, had agreed on a schedule for the completion of a process agreement for discussion of a potential U.S.-Canada mutual recognition arrangement.  The process agreement is expected to be concluded in mid-June 2008.]]></description>
         <link>http://www.tradersmagazine.com/news/101133-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Investors Face Off Against Intermediaries in Soft Dollar Debate]]></title>
         <description><![CDATA[A Securities and Exchange Commission proposal covering soft dollars is pitting investors against market intermediaries. The Council of Institutional Investors, which represents 130 pension funds handling a combined $3 trillion in assets, has given the SEC a thumbs-up for its move to re-write its soft dollar disclosure rules.]]></description>
         <link>http://www.tradersmagazine.com/news/101037-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Nasdaq Sees Options Edge in New Statistics]]></title>
         <description><![CDATA[Nasdaq Options Market, which launched in March, is betting it will outperform its competitors under some of the new execution-quality report guidelines expected to be recommended by the Securities Industry and Financial Markets Association.]]></description>
         <link>http://www.tradersmagazine.com/news/101036-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[New BNY ConvergEx Desk Focuses on the Dark]]></title>
         <description><![CDATA[Let sales traders be sales traders. That's the current mantra at agency brokerage BNY ConvergEx, which has created a new three-person trading desk to address the proliferation of dark pools.]]></description>
         <link>http://www.tradersmagazine.com/news/101035-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Bane of Derivatives]]></title>
         <description><![CDATA[No less a figure than Warren Buffet has blamed derivatives for the current crisis in financial markets.  The resulting recession, he believes, will be long and deep.  Warren isn't getting any younger.  The claim that derivatives have caused financial crisis is at least as old as he is.]]></description>
         <link>http://www.tradersmagazine.com/news/100749-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Buyside-Only IOIs Get Vast Distribution Network]]></title>
         <description><![CDATA[Buyside traders may soon find themselves competing with brokers by using indications of interest to find the other side for large orders. At least that's the goal of Pulse Trading's BlockCross ATS, whose buyside-to-buyside IOI product can now reach thousands of institutions with a Bloomberg terminal. The IOIs are immediately executable.]]></description>
         <link>http://www.tradersmagazine.com/news/100703-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE Reveals Plans for Amex]]></title>
         <description><![CDATA[NYSE Euronext plans to overhaul the American Stock Exchange's technology and update its equities trading model once it acquires the 166-year-old market later this year.]]></description>
         <link>http://www.tradersmagazine.com/news/100572-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Rule 144: A Shell Game ]]></title>
         <description><![CDATA[On December 6, 2007, the Securities and Exchange Commission issued a release detailing amendments to Rule 144 under the Securities Act of 1933. For most investors, these amendments substantially reduced limitations on the resale of restricted securities. While these amendments represent a significant step forward, they negatively impact one group of companies and its shareholders. …]]></description>
         <link>http://www.tradersmagazine.com/news/100530-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Goldman's Sigma X to Expand to Timed Crosses]]></title>
         <description><![CDATA[Goldman Sachs, with the industry's biggest dark pool under its belt, now plans to add point-in-time crosses and new crossing functionality within Sigma X, its alternative trading system.]]></description>
         <link>http://www.tradersmagazine.com/news/100529-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SPACs Moving into the Mainstream]]></title>
         <description><![CDATA[The space for special purpose acquisition companies--or SPACs--continues its dramatic transformation. Earlier this week, the SPAC Heckmann Corporation announced it would move its listing from the American Stock Exchange to the New York Stock Exchange.]]></description>
         <link>http://www.tradersmagazine.com/news/100518-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Most Traders Look to Primary Market at  Opening]]></title>
         <description><![CDATA[Most traders are filling their customers' orders in New York Stock Exchange-listed securities at the NYSE's opening price--not Nasdaq's.Since last July, Nasdaq also began opening NYSE stocks, but so far has gained less than a 5 percent market share at the opening. So traders, miffed that there are two prices to choose from, are going where the volume is. …]]></description>
         <link>http://www.tradersmagazine.com/news/100517-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Getting Robbed at the Pump]]></title>
         <description><![CDATA[Walk a few blocks west of Times Square on a sunny afternoon and you will undoubtedly find the deal of the century -- $100 for a gold Rolex. Tourists have fallen victim to this and similar schemes for generations.  The authorities know it's happening, but somehow the phony watch business continues to thrive.  The same holds true for the fraudulent pump-and-dump stock schemes that have plagued the securities markets since their inception.]]></description>
         <link>http://www.tradersmagazine.com/news/100515-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Two Openings OK with SEC]]></title>
         <description><![CDATA[The Securities and Exchange Commission, despite warnings from the Security Traders Association, is not overly concerned with two openings in a single stock. "We've chosen to let a thousand markets bloom in [terms of] market structures," Erik Sirri, director of the SEC's Division of Trading and Markets, said at the annual STA Washington, D.C., conference earlier this week. He noted that while there may be "unusual price variations, that's a market structure choice we've made."]]></description>
         <link>http://www.tradersmagazine.com/news/100494-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[More Options Exchanges Plan to Hide Quotes]]></title>
         <description><![CDATA[Now that Nasdaq's Options Market is up and running, its competitors are making plans to copy one of the market center's signature--and controversial--order types. In doing so, they may be pushing the industry into full-fledged penny quoting.]]></description>
         <link>http://www.tradersmagazine.com/news/100482-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[PWG Tells Hedge Funds Where to Go and How]]></title>
         <description><![CDATA[On April 15, 2008, the President's Working Group released the recommendations of two of its sub-committees for improvements to the hedge fund industry:  The Asset Managers' Committee and The Investors' Committee.  Hedge funds are widely blamed for their role in exacerbating the current crisis in the credit markets, making these reports particularly relevant at this time.  Hedge funds are also a substantial source of business for traders.  Things that affect hedge funds eventually come home to roost on the ]]></description>
         <link>http://www.tradersmagazine.com/news/100480-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE Euronext Focused on Amex's Declining Options Market Share]]></title>
         <description><![CDATA[NYSE Euronext, four months after announcing its intention to purchase the American Stock Exchange for $260 million, is expressing concern over a decline in Amex's market share in options trading. The smaller exchange's options trading operation was one of the main reasons for the NYSE bid.]]></description>
         <link>http://www.tradersmagazine.com/news/100479-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[BOX-Nasdaq Marriage of Convenience to End]]></title>
         <description><![CDATA[The Boston Options Exchange wants to be its own master. BOX plans to part ways with Nasdaq and apply for its own exchange license.]]></description>
         <link>http://www.tradersmagazine.com/news/100478-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Direct Edge Looks to Beat BATS at its Own Game]]></title>
         <description><![CDATA[Direct Edge, the second-largest ECN, has revamped its technology and pricing in its effort to win the business of high-frequency trading firms--the segment of automated traders that made BATS Trading the top gun in ECN volume. ]]></description>
         <link>http://www.tradersmagazine.com/news/100477-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Mysteries of Best Execution]]></title>
         <description><![CDATA[The concept is simple enough. An investor that submits an order to buy or sell securities to his broker should receive the best available price. Alas, the devil is in the details. Here, the question is how to determine what is "best" and whether it is available.]]></description>
         <link>http://www.tradersmagazine.com/news/100476-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[New STA Report Calls for Elimination of Order Protection Rule]]></title>
         <description><![CDATA[A new report from the Security Traders Association calls on the Securities and Exchange Commission to simplify trading by rescinding the order-protection rule that was expanded in Regulation NMS. The report said the order-protection rule (OPR) doesn't do what it was intended to do: encourage the display of liquidity.]]></description>
         <link>http://www.tradersmagazine.com/news/100464-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Dark Pool Landscape in Flux]]></title>
         <description><![CDATA[Old line dark pools are losing ground to newcomers. A new study shows a slew of newcomer crossing networks, or dark pools, winning business at the expense of older "independent" pools. Systems operated by Credit Suisse, Goldman Sachs, Level Trading and others are overtaking those run by Investment Technology Group, Pipeline Trading, Liquidnet and NYFIX. …]]></description>
         <link>http://www.tradersmagazine.com/news/100462-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Exchange Pricing War Heads Into the Dark]]></title>
         <description><![CDATA[The spring 2008 pricing war between NYSE Arca and Nasdaq is raging as both markets battle for market share in New York Stock Exchange-listed and Nasdaq-listed securities. On Tuesday, a week after Nasdaq OMX overhauled Nasdaq's transaction pricing in equities, NYSE Euronext hit back by taking the competition to non-displayed, or "dark," order types.]]></description>
         <link>http://www.tradersmagazine.com/news/100461-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Pillars of Registration]]></title>
         <description><![CDATA[If you attended religious instruction as a child, or have a fondness for old movies, you know the story of Samson, an Old Testament judge.   Making a long story short, Samson ultimately used his superhuman strength to pull down two pillars supporting an arena full of people.  Samson and lots of other people died. The federal securities laws are based on the pillars of registration.  Like Samson's pillars, registration is under pressure from two sources.]]></description>
         <link>http://www.tradersmagazine.com/news/100454-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Big Exchanges Fear a Flood of Newcomers]]></title>
         <description><![CDATA[NYSE Euronext and Nasdaq OMX see trouble ahead if the Securities and Exchange Commission approves the BATS Exchange application. Swift approval could encourage others to follow in BATS's footsteps, potentially creating an unnecessary surplus of stock exchanges in the U.S., exchange officials fret. A relatively quick approval process for BATS "drops the barrier [for] competition," said Larry Leibowitz, head of U.S. execution and global technology at NYSE Euronext, in a panel discussion at the Security Traders…]]></description>
         <link>http://www.tradersmagazine.com/news/100453-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Volatility Dictates New Algo Trading Strategies, Report Says]]></title>
         <description><![CDATA[Volatile market conditions mean buyside traders must take a hard look at their brokers' algorithmic trading practices. That's the message from Deutsche Bank Securities in a just-released paper analyzing the effects of the recent bout of high volatility on key trading metrics.]]></description>
         <link>http://www.tradersmagazine.com/news/100437-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Nasdaq Ups Ante in "Pricing War"]]></title>
         <description><![CDATA[Two weeks after NYSE Euronext altered NYSE Arca's fee schedule in an assault on Nasdaq's market share, Nasdaq OMX hit back with a new slate of aggressive pricing. In addition to jettisoning its complex pricing based on listing market in favor of a uniform fee schedule for all NMS securities, Nasdaq positioned itself as the highest rebate provider for the biggest firms providing liquidity in Nasdaq-listed names.]]></description>
         <link>http://www.tradersmagazine.com/news/100426-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Crisis In and Out of the Financial Markets]]></title>
         <description><![CDATA[This is STANY week, when the members of the largest affiliate of the Security Traders Association gathers together to celebrate the work of New York area equity traders, which these days include quite a few options traders.  This is also a time of great crisis in the financial markets. ]]></description>
         <link>http://www.tradersmagazine.com/news/100425-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Collapsing the Distinction Between Broker-Dealers and Investment Advisers]]></title>
         <description><![CDATA[Last week's article described the regulatory philosophy popular in the United States to provide a separate regulatory structure for different business functions.  This is associated with an effort to segregate businesses within the financial service industry and a theory that certain business activities should not be conducted by certain types of firms.  ]]></description>
         <link>http://www.tradersmagazine.com/news/100410-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The ISE Gets Tough with Some Customers]]></title>
         <description><![CDATA[All customers are not created equal. The International Securities Exchange, after seeing no action for almost two years, is now a step closer to winning Securities and Exchange Commission approval to create, effectively, two tiers of options customers. ]]></description>
         <link>http://www.tradersmagazine.com/news/100409-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE to Phase Out "Go-Along" Orders]]></title>
         <description><![CDATA[The New York Stock Exchange, in the process of upgrading the technology used by its floor brokers, will likely retire its venerable CAP order."We are exploring the replacement of CAPs with more effective alternatives that better respond to broker and customer input," an NYSE Euronext spokesperson said.CAP, or convert-and-parity, orders have long been an important part of trading on the NYSE floor. Also known as "go-along" orders, they are handled by specialists on behalf…]]></description>
         <link>http://www.tradersmagazine.com/news/100408-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Insider Trading Surveillance to Get Overhauled]]></title>
         <description><![CDATA[Market surveillance for insider trading will soon be consolidated by listing market. For the first time, each listing market will be responsible for market surveillance for all trading in its listed names across venues.Nasdaq said the impending change is the consequence of the fragmentation of listed trading. It's "due in part to the Securities and Exchange Commission's determination of a perceived gap largely driven by Nasdaq's increasing market share in NYSE and NYSE Arca-listed equity securities," Nasdaq wrote in connection with a rule filing about a related regulatory topic in February.]]></description>
         <link>http://www.tradersmagazine.com/news/100407-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Nasdaq Targets June for Launch of Boston Quote]]></title>
         <description><![CDATA[The Boston Stock Exchange lives on. Nasdaq OMX has slated June for the launch of a new equities trading platform using the license it obtained with its purchase of the Boston Stock Exchange.]]></description>
         <link>http://www.tradersmagazine.com/news/100397-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Fragmentation Poses a Problem, Buyside Tells Traders Magazine]]></title>
         <description><![CDATA[Four out of five respondents to a Traders Magazine survey say fragmentation in the marketplace poses a problem for best execution. According to the survey, which included 126 buyside firms, slower fills and inferior prices are the major trading issues associated with today's fragmented market.]]></description>
         <link>http://www.tradersmagazine.com/news/100378-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[BATS to Take on Chi-X in European Trading]]></title>
         <description><![CDATA[Chi-X, an aggressive alternative trading system in London that has snatched volume from some of Europe's largest exchanges, will soon have to contend with a new competitor that's been battle-tested in the U.S. BATS Trading plans to launch a multilateral trading facility in London before the end of this year.]]></description>
         <link>http://www.tradersmagazine.com/news/100377-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Treasury's Blueprint for Financial Regulatory Reform]]></title>
         <description><![CDATA[This Monday, Treasury Secretary Paulson, formerly of Goldman Sachs, released the "Blueprint for Financial Regulatory Reform," a study of U.S. financial regulation by the Treasury Department that began in March 2007.The study is controversial. The proposed reforms have already been condemned by state regulators and much of the banking industry. Leading commentators, such as Paul Krugman, an economist who writes an influential column for the New York Times, has argued that the study represents one…]]></description>
         <link>http://www.tradersmagazine.com/news/100376-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Arca Woos Biggest Traders with Aggressive Transaction Pricing]]></title>
         <description><![CDATA[NYSE Arca on Monday rolled out a slate of aggressive pricing changes for trades in New York Stock Exchange- and Nasdaq-listed securities. The changes, which went into effect yesterday, appear targeted to snatch volume from Nasdaq and BATS Trading. The changes are also likely to benefit the largest trading houses. Smaller shops, in contrast, got a price increase in their Nasdaq-listed trading.]]></description>
         <link>http://www.tradersmagazine.com/news/100375-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Sales Traders Pounding the Pavement  ]]></title>
         <description><![CDATA[Brokerage firms are being flooded like never before with inquiries from equity sales traders looking for their next opportunity. Recent layoffs, the declining pay structure at large firms and uncertainty in the economy have all contributed to the recent flurry of job seekers, sources say.]]></description>
         <link>http://www.tradersmagazine.com/news/100374-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[CHX Looks For Sale]]></title>
         <description><![CDATA[The Chicago Stock Exchange, one of the smallest market centers, is on the block. The CHX hired San Francisco-based investment bank Financial Technology Partners as its advisor as it "considers its financial and strategic alternatives," according to the CHX.]]></description>
         <link>http://www.tradersmagazine.com/news/100373-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NSX Sees Volume Surge on Heels of Price Cut]]></title>
         <description><![CDATA[The National Stock Exchange, on the verge of losing its biggest customer, is benefiting from an aggressive pricing change. Volume on the NSX has surged to an average 157 million shares per day this month, up from 95 million in January. The increase comes on the heels of a pricing change in early February that put the NSX on par with its toughest competitors.]]></description>
         <link>http://www.tradersmagazine.com/news/100372-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Mutual Recognition: The Example of MiFID]]></title>
         <description><![CDATA[This week, the SEC issued a press release stating that it was proceeding full steam ahead with mutual recognition.  As discussed in prior columns, mutual recognition essentially permits foreign broker-dealers to sell securities to U.S. investors without registering as broker-dealers under U.S. law.  The SEC's press release pointed out that this will mean different things in dealing with different countries and will require various rule changes and, in some cases, legislation to accomplish.  I expect these proposals will be exceedingly controversial.]]></description>
         <link>http://www.tradersmagazine.com/news/100370-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[JPMorgan Launches a Dark Pool with a Twist]]></title>
         <description><![CDATA[JPMorgan has launched an anonymous crossing network that will bring together orders from its own trading desks as well as external sources.]]></description>
         <link>http://www.tradersmagazine.com/news/100369-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA["The Puzzle"]]></title>
         <description><![CDATA[Discussing wine with the Institutional Trading Community is not dissimilar to representing ones self in a court of law. Regardless I will forge ahead and share my opinion with all of you. My personal preference is for Cabernets. Recently I received as a bottle of wine as a gift "The Puzzle" by Newton unfiltered 2002 Spring Mountain - Napa Valley – California. If you like relatively deep tones with "dirt" give this one a try. However…]]></description>
         <link>http://www.tradersmagazine.com/news/100368-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Hedge Fund Managers Wary of Primes]]></title>
         <description><![CDATA[The tables are turned. Now, instead of prime brokers worrying about the financial health of their customers, hedge funds are worried about the financial health of their prime brokers--and the investment banking parents of their primes. Earlier this week, Bear Stearns agreed to what was, effectively, a forced sale to JPMorgan as result of its deteriorating liquidity.]]></description>
         <link>http://www.tradersmagazine.com/news/100365-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Nationalization of Bear Stearns]]></title>
         <description><![CDATA[This week, Bear Stearns was nationalized. It is now a property of the United States and its taxpayers.Now, I know that JPMorgan is nominally the owner of Bear Stearns, having paid all of $2 a share in JPMorgan stock. But the Federal Reserve financed the transaction, to the tune of $30 billion. And, the Fed is apparently making all the business decisions. Put aside the JPMorgan front, and the Fed owns and operates Bear Stearns. …]]></description>
         <link>http://www.tradersmagazine.com/news/100364-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SEC's ETF Proposals Would Ease Launch, Promote Creativity]]></title>
         <description><![CDATA[The Securities and Exchange Commission's recent proposals aimed at easing the burdens of providers bringing new exchange-traded funds to market should make new ETF launches an easier proposition while fostering even more product creativity, said investment management sources. ]]></description>
         <link>http://www.tradersmagazine.com/news/100353-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[State Street Buys Commission Management Specialists]]></title>
         <description><![CDATA[With a stroke, State Street Global Markets greatly enhanced its commission management services.The broker-dealer arm of the investment monolith on Tuesday (March 11) purchased technology vendor FinancialSockets for its commission management expertise, as well as to provide its institutional buyside customers a complete range of those services.]]></description>
         <link>http://www.tradersmagazine.com/news/100352-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Arca Beats Nasdaq to Dark Pools]]></title>
         <description><![CDATA[NYSE Arca beat Nasdaq to the punch. On Wednesday, Arca announced a price improvement and routing service that gives users access to order flow in 29 pools of non-displayed liquidity. Both Arca and Nasdaq have been working on similar initiatives for the past several months, according to executives at both exchanges.]]></description>
         <link>http://www.tradersmagazine.com/news/100351-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Naked Shorts]]></title>
         <description><![CDATA[Last week, the SEC announced that it was planning to adopt a rule that would specifically declare abusive "naked" short selling to be a fraud.For any reader who hasn't been on a trading desk for a while, a short sale occurs when the seller sells stock that he or she doesn't have. ]]></description>
         <link>http://www.tradersmagazine.com/news/100350-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE-BIDS Joint Venture Reveals Crossing Plans]]></title>
         <description><![CDATA[The New York Stock Exchange's dark pool joint venture with the parent company of BIDS Trading is expected to be up and running by summer. The planned exchange facility, which requires Securities and Exchange Commission approval, will attempt to match non-displayed blocks sitting in the crossing facility, posted liquidity on the Big Board's display book, and floor brokers' reserve orders.]]></description>
         <link>http://www.tradersmagazine.com/news/100346-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE Pursues SPAC Listing]]></title>
         <description><![CDATA[The New York Stock Exchange said Thursday that it has decided to let special purpose acquisition companies list on its exchange, pending the approval of the Securities and Exchange Commission.The move wasn't particularly surprising since the Nasdaq also recently sought the regulator's approval to list the investment vehicles, commonly referred to as SPACs.]]></description>
         <link>http://www.tradersmagazine.com/news/100323-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Big Board Now Paying Floor Brokers for Liquidity]]></title>
         <description><![CDATA[The New York Stock Exchange, in a departure, now offers rebates to providers of liquidity on its book---as long as they are NYSE floor brokers.]]></description>
         <link>http://www.tradersmagazine.com/news/100316-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Direct Edge Readying SEC Application for Exchange Licenses]]></title>
         <description><![CDATA[Another ECN is applying for exchange status--this time twice. Direct Edge, following a similar move by competitor BATS Trading, plans to apply to the Securities and Exchange Commission to become an exchange. But it will apply for two separate exchange licenses.]]></description>
         <link>http://www.tradersmagazine.com/news/100315-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Regulatory Schizophrenia]]></title>
         <description><![CDATA[As discussed in prior columns, the SEC determined over 40 years ago that foreign issuers of securities traded over-the-counter (OTC) would not be required to provide the disclosures required by U.S. issuers, as long as they filed the disclosures made in their home country markets with the SEC. This exemption from the registration requirements of the Securities Exchange Act of 1934 is sometimes called the "information-supplying exemption." …]]></description>
         <link>http://www.tradersmagazine.com/news/100310-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Industry Trends Benefit Biggest Brokers]]></title>
         <description><![CDATA[An increasing portion of overall brokerage revenue from institutional trades is concentrated in the top 10 firms, a recent TABB Group report estimates. Yet despite the boon for the largest shops, a growing percentage of commissions are bypassing high-touch sales trading desks for cheaper electronic executions.]]></description>
         <link>http://www.tradersmagazine.com/news/100299-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Foreign Issuers –The Great Fault Line in U.S. Securities Law]]></title>
         <description><![CDATA[The SEC's regulation of foreign issuers exposes a great fault line in U.S. securities law. As we proceed into a world of globalized markets, this fissure is rocking the regulatory foundation on which U.S. securities regulation is based.As discussed in previous articles, U.S. securities law is based primarily on the principle that "sunlight is the best of disinfectants." The theory is that the U.S. securities markets will function best if investors receive all…]]></description>
         <link>http://www.tradersmagazine.com/news/100298-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[LaBranche Overhauls its Institutional Unit; Makes Key Hire]]></title>
         <description><![CDATA[LaBranche &amp; Co., in a move that will transform its institutional brokerage subsidiary, has authorized the unit to commit capital. As part of the revamp, the firm has installed a new leader.]]></description>
         <link>http://www.tradersmagazine.com/news/100297-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[New Stock Lending Exchange Takes Next Step]]></title>
         <description><![CDATA[Lendex LLC, the nascent electronic securities lending exchange backed by former Securities and Exchange Commission chairman Harvey Pitt, has inked a deal with a key partner.]]></description>
         <link>http://www.tradersmagazine.com/news/100296-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Citi Leans on ATD for New Dark-Pool Effort]]></title>
         <description><![CDATA[Citi, bolstered by new technology and customers, intends to enter the big league of dark pools.]]></description>
         <link>http://www.tradersmagazine.com/news/100295-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[The Battle for Stone Ridge]]></title>
         <description><![CDATA[The universe of remedies for violations of U.S. securities law is presided over by an imperial triumvirate.  The SEC rules over the realm of civil enforcements, which runs the gamut from injunctions and banishments (bars) to fines.  To the Department of Justice (DOJ) belongs criminal prosecutions for penalties consisting of fines and imprisonment.]]></description>
         <link>http://www.tradersmagazine.com/news/100290-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[New Survey Highlights Differences Between Buyside and Sellside in Europe]]></title>
         <description><![CDATA[When it comes to electronic trading in Europe, the buyside and the sellside don't always see eye to eye.]]></description>
         <link>http://www.tradersmagazine.com/news/100288-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[BATS Jumps Through First SEC Hoop]]></title>
         <description><![CDATA[BATS Trading, the fourth-largest U.S. equities market, has made it through the first big hurdle in its quest to become an exchange. On Wednesday, the Securities and Exchange Commission submitted BATS Exchange's application to become a registered exchange for public comment, ushering the ECN further down the path of greater regulation.]]></description>
         <link>http://www.tradersmagazine.com/news/100287-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SEC Proposes New Soft Dollar Disclosure Rules for Money Managers]]></title>
         <description><![CDATA[The Securities and Exchange Commission is proposing investment advisers disclose more information to their clients about their soft dollar usage. In an Open Meeting, the SEC voted to propose amendments to the rules governing the primary disclosure form used by investment advisers, including changes to the soft dollar section.]]></description>
         <link>http://www.tradersmagazine.com/news/100286-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SEC's Mutual Recognition Pause]]></title>
         <description><![CDATA[The Securities and Exchange Commission's plan to develop a proposal for mutual recognition is on temporary hold because the SEC is down to three commissioners, all Republicans. Mutual recognition efforts will recommence when the securities regulator gets at least one additional commissioner.]]></description>
         <link>http://www.tradersmagazine.com/news/100285-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Benefit's Goal to Help Kids Gain Edge]]></title>
         <description><![CDATA[For a night, traders can focus on another kind of performance: that of children at New York City schools. The education program nonprofit GOAL is calling on the buyside and sellside to buy tickets and sponsorships for its Magical Mystery Tour--the Fifth Anniversary Benefit Party, held on March 6--to help give underserved children the resources they need to do better at school and life.]]></description>
         <link>http://www.tradersmagazine.com/news/100283-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Definition Of Farce]]></title>
         <description><![CDATA[These days, a lot of time is being spent determining whether an aged baseball player used drugs to help his performance on the mound. Legislators in our great capitol are rushing around, determined to get to the bottom of this scandal. Outrage is in the air. How could they do this to our favorite pastime, they are asking. …]]></description>
         <link>http://www.tradersmagazine.com/news/100280-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[Mutual Recognition]]></title>
         <description><![CDATA[Last Friday and Saturday, much of this nation's securities bar, and representatives from leading accounting firms, made the annual pilgrimage to Washington DC to attend "SEC Speaks," a program organized by the Practicing Law Institute (PLI).  Senior members of the SEC's staff marched to the podium, Division by Division, to describe what they have done in the past year and what they are working on presently.]]></description>
         <link>http://www.tradersmagazine.com/news/100279-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[SEC to Options Exchanges: Dash 5 Now!]]></title>
         <description><![CDATA[The Securities and Exchange Commission is losing patience. The six options exchanges said they would work on a plan for publishing SEC Rule 605 statistics detailing their execution quality, but that process hasn't yet concluded. Now the SEC wants action.]]></description>
         <link>http://www.tradersmagazine.com/news/100274-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[NYSE Floor Brokers Set Back in Block Trading Plan]]></title>
         <description><![CDATA[New York Stock Exchange floor brokers, desperate to bring blocks back to the floor, received a setback this week when they learned the exchange would not introduce vital technology until mid-year.]]></description>
         <link>http://www.tradersmagazine.com/news/100272-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Sunlight, Disinfectants and Globalization]]></title>
         <description><![CDATA["Sunlight is the best of disinfectants; the electric light, the most efficient policeman."  This famous aphorism of Supreme Court Justice Louis Brandeis represents the first principle on which US securities law is based.  The theory is that good disclosure is the best way to protect investors and the securities markets.  For Americans, this theory of the proper role of regulation is as sacred as the notion that "all men are created equal."  It is self-evident.]]></description>
         <link>http://www.tradersmagazine.com/news/100271-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Silver Lining]]></title>
         <description><![CDATA[Each week I will select information that I believe has relevance to your day job.  This weeks Publisher's Pick is from a publication produced by a sister publication at SourceMedia.If you find this of interest please contact the folks listed at the bottom of this story.  I may also select a variety of less formal "stuff" of interest to me and hopefully to you also like: wine, books, restaurants, specific hotels, destinations and events.  Please send any suggestions that you feel are worth including in this weekly newsletter. Thanks – Ken - Kenneth.heath@sourcemedia.comThe Silver LiningKelly HolmanIt's February, meaning the New Year still has hardly begun. But, the middle market is showing resilience in the face of a looming recession and while there's not a lot of reasons for mid-sized dealmakers to be sanguine unless they're, of course, New York Giants fans, recent activity in the space indicates that all isn't as bad as it seems.Investors are hunting for new transactions even though the buzz word of the day has become portfolio management.]]></description>
         <link>http://www.tradersmagazine.com/news/100253-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE to Give Upstairs Traders Access to Reserve Orders]]></title>
         <description><![CDATA[One of the last advantages of being a New York Stock Exchange floor broker will likely go by the wayside by the end of the year. The NYSE, in an effort to regain market share, is planning to roll out a pilot program this year that will offer outside brokers access to reserve book functions, according to Lou Pastina, executive vice president of NYSE operations. Reserve orders, or undisplayed priced orders resting on the NYSE book, have been the exclusive domain of floor brokers.]]></description>
         <link>http://www.tradersmagazine.com/news/100251-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Sun Capital Goes To The Mattresses For Kellwood ]]></title>
         <description><![CDATA[If at first you don't succeed, try getting hostile. That seems to be the working motto of Sun Capital Securities Group, which has pulled out all the stops in its effort to buy apparel maker Kellwood. Sun Capital is now engaged in a hostile takeover attempt of the St. Louis-based company, hoping that shareholders will approve a $762 million deal that could eventually send a significant portion to the debt markets.]]></description>
         <link>http://www.tradersmagazine.com/news/100250-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[STA Starts Options Committee]]></title>
         <description><![CDATA[The Security Traders Association, acknowledging the growing importance of options to investors as well as its membership, is launching an options committee. The committee was OK'd by the STA board at its January meeting in Chicago, along with a similar group that will look at order routing in equities.]]></description>
         <link>http://www.tradersmagazine.com/news/100249-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Traders Magazine Poll Says Half Expect Tight Super Bowl]]></title>
         <description><![CDATA[Roughly 57 percent of the participants in a Traders Magazine poll on this Sunday's Super Bowl XLII say the New England Patriots will defeat the New York Football Giants and go undefeated this season, going 19-0.]]></description>
         <link>http://www.tradersmagazine.com/news/100247-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[Guarding the Guards]]></title>
         <description><![CDATA[Last week's news was dominated by Jérôme Kerviel, a mid-level trader that caused a $7.2 billion trading loss for Société Générale.  When Société Générale tried to unload Mr. Kerviel's positions last Monday, a global panic spread through financial markets, the Fed lowered interest rates by one of the largest amounts in its history, and estimates of the financial damage are still rolling in.]]></description>
         <link>http://www.tradersmagazine.com/news/100246-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[SEC to Consider New Options Linkage Arrangement]]></title>
         <description><![CDATA[A proposal to revamp the rules and systems that link the options exchanges is at the top of the Securities and Exchange Commission's agenda.Dan Gray, the market structure counsel in the SEC's division of trading and markets, said recently a proposal from NYSE Arca and the International Securities Exchange to revamp the options market linkage plan to reflect Regulation NMS principles is "an important market structure issue on the Commission's agenda for 2008."]]></description>
         <link>http://www.tradersmagazine.com/news/100180-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Only Biggest Stocks May Be on the Table Under SEC's Mutual Recognition Plan]]></title>
         <description><![CDATA[The Securities and Exchange Commission should allow only foreign securities with a "broad market following" to be traded by U.S. investors under a mutual recognition regime, according to a top SEC official. The official said the minimum threshold should be companies with a global market capitalization of at least $700 million.]]></description>
         <link>http://www.tradersmagazine.com/news/100178-1.html?CMP=OTC-RSS</link>
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      <item>
         <title><![CDATA[A Benevolent Deity?]]></title>
         <description><![CDATA[Each week I will select information that I believe has relevance to your day job.  This weeks Publisher's Pick is from a publication produced by a sister publication at SourceMedia.If you find this of interest please contact the folks listed at the bottom of this story.  I may also select a variety of less formal "stuff" of interest to me and hopefully to you also like: wine, books, restaurants, specific hotels, destinations and events.  Please send any suggestions that you feel are worth including in this weekly newsletter. Thanks – Ken - Kenneth.heath@sourcemedia.comA Benevolent Deity?  Ken MacFadyen Merger Mougal I'm by no means a protectionist. I wasn't the least bit concerned back in 2006 at the prospect of Dubai Ports World owning select U.S. docks, and I'm more inclined to yawn than blink at the billions being thrown around by the sovereign wealth funds of countries like China, Abu Dhabi and Singapore. In fact, I'd rather those countries bail out our banks than place it on the shoulders of Tommy and Tina Taxpayer.]]></description>
         <link>http://www.tradersmagazine.com/news/100176-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[The Big Boy Dilemma]]></title>
         <description><![CDATA[In many ways, the SEC's action against Steve Landzberg, a bond trader at Barclays, was a typical insider trading case.  The SEC alleged, and Mr. Landzberg consented to judgment without admitting or denying the SEC's allegations, that he traded distressed bonds while in possession of material nonpublic information received while a member of six creditors committees.  ]]></description>
         <link>http://www.tradersmagazine.com/news/100158-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[Nasdaq Responds to Its Options Critics]]></title>
         <description><![CDATA[Nasdaq defended its much-maligned plan for an options exchange that includes various dark order types. In a letter to the Securities and Exchange Commission last month, Nasdaq said it would maintain its "price-improving orders," which have drawn heavy industry criticism.However, in a slight nod to critics, Nasdaq said it would withdraw the pure non-displayed order type from its proposal.]]></description>
         <link>http://www.tradersmagazine.com/news/100147-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[ITG Claims Liquidnet's Patent "Procured by Fraud"]]></title>
         <description><![CDATA[Competition between Investment Technology Group and Liquidnet just got a lot stiffer. ITG, which was first sued by Liquidnet in late 2006 for patent infringement, recently filed an amended complaint against Liquidnet, claiming that the relevant patent granted to Liquidnet Holdings by the U.S. Patent and Trademark Office is "invalid, unenforceable, and procured by fraud." …]]></description>
         <link>http://www.tradersmagazine.com/news/100146-1.html?CMP=OTC-RSS</link>
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         <title><![CDATA[NYSE MatchPoint to Launch on Jan. 22 for all NMS Securities]]></title>
         <description><![CDATA[The New York Stock Exchange, for the first time, is expected to trade Nasdaq and other non-NYSE-listed securities later this month. The historic event will occur with the launch of NYSE MatchPoint.NYSE MatchPoint, an anonymous portfolio and single-stock crossing system, will launch on January 22 with an after-hours cross at 4:45 p.m. By the end of March, the NYSE will roll out MatchPoint's seven intraday crosses, says Jim Ross, vice president of NYSE MatchPoint. The Securities and Exchange Commission approved the system in late December.]]></description>
         <link>http://www.tradersmagazine.com/news/100144-1.html?CMP=OTC-RSS</link>
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