Commentary

Michael Mollemans and Sharif Shukr
Traders Magazine Online News

The Road Ahead In Transition Management

Clients are demanding a more transparent, agency-only approach to trading and sourcing of liquidity, as well as deeper discussions around venue analytics to better understand the reasoning behind order routing preferences.

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Ketchum Prods Sellside Over New Trading Ahead Rule

Rick Ketchum, president and chief executive officer of the Financial Industry Regulatory Authority, advised broker-dealers on Thursday to ensure that their institutional customers understand the ins and outs of NYSE Euronext's new trading ahead rule.

Specifically, the senior regulatory official wants the brokers to make sure the money managers understand that brokers are no longer required to inform them every time they trade alongside, or ahead, of their orders.

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NYSE Tries Again for Sub-Penny Pricing

A proposal submitted by NYSE Euronext this week to the Securities and Exchange Commission marks the second time in the past two years the exchange operator has looked to sub-penny pricing to gain an advantage over brokers in the trading of retail orders. The New York Stock Exchange has asked the SEC for approval to allow a special group of "retail liquidity providers" to quote between a stock's best bid and offer in increments of two-tenths of a cent.

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