Academy Offers Clients Block Trading Via BIDS
Academy Securities, a veteran-owned broker-dealer, will now offer its clients the ability to get their block trades done directly and quietly through BIDS Trading
Rochdale in Limbo as Probe Continues
CEO Daniel J. Crowley says the institutional trading firm is still open even though it can't publish research or trade securities. A capital injection is needed, but likely won't come until a federal probe of its errant $1 billion trade in Apple stock is resolved.
Investors Can Now Use AX To Find Blocks
AX Trading Network announced the launch of "DirectAX," an offering that allows investment banks working on behalf of issuing companies and private equity/venture capital firms to use the alternative trading system's call auction system to directly sell institutional investors blocks of stock.
Equities Desks Take Brunt of Job Cuts as Volume Drops
Employees on stocks desks fell by 8.5 percent globally in the first nine months of last year, according Coalition Ltd., an industry analytics firm. That compares with a 6.6 percent drop in fixed-income workers and a 5.8 percent decrease for origination and advisory functions.
Could Volume Slide Be Slowing?
Yes, average daily volume on the main national exchanges fell 5.5 percent from November to December. But ... activity "only" fell 8.75 percent for the entire year, from December of 2011 to 2012.
B. Riley Adds Caris Sales Traders and Research
B. Riley & Co. has added four sales traders from Caris & Company, a company it purchased last December. It has also incorporated the firm's large-cap research into its product offering.
TD Ameritrade Blasts French Tax on ADR Trades
In an interview with Traders Magazine, a senior TD Ameritrade official expressed dismay that the new Financial Transactions Tax being levied by France extends to trading in-the United States.
Latest Newport EMS Organizes Broker Algo Settings
Buyside traders can now code their order tickets and algo instructions through the latest version of Newport, Instinet's execution management system. Traders can then send out a universal destination order ticket.
TRADERS ON THE MOVE: Nomura Execs End Up at Instinet, Cowen, Elsewhere
A large number of Nomura Securities traders and trading executives are landing on their feet, after the Japanese brokerage let 100 go in a shuttering of U.S. trading desks. About three dozen have moved to sister company Instinet; others have move moved to Cowen, Wells Fargo and Oppenheimer.
Morgan Stanley to Cut 1,600 Jobs – Report
The cuts total about 6 percent of the New York-based company’s institutional securities group, which includes investment banking and trading units, and support staff, according to one person cited by Bloomberg News.
