Brokerage

Market structure recommendations from regulators drew guarded praise from one group of affected parties and scorn from another.The recommendations came from an advisory committee sponsored by the Commodity Futures Trading Commission and the Securities and Exchange Commission. The group's February report is intended to serve as a road map for regulators searching for ways to prevent another market flip-flop like the flash crash of May 6, 2010.

The mood at the TradeTech USA conference, from Feb. 28 to March 2 in New York, was cautiously optimistic, as attendees adjusted to the lower volumes and reduced commissions of the new environment. Andrew Silverman, global co-head of electronic trading at Morgan Stanley, said that while trading volumes were up slightly in January versus his firm's projections, the crisis of confidence shown by investors brought on by last May 6's "flash crash" still remains.

All roads lead to Rome. That's the way it was in the ancient world, and that's the way it is in the modern world of execution management systems. Today, roughly 10 years after the trading platforms went mainstream, the great majority of suppliers are all rapidly headed down the same path. They all offer trading in multiple regions and asset classes through broker algorithms, typically with a package of analytics thrown in to measure performance.

In this issue, you'll notice there is more coverage of international markets than usual. Without question, the Deutsche Boerse's deal to purchase NYSE Euronext has certainly pushed us in this direction. I'm confident the knowledge our staff has gained from covering the complex U.S. market will translate into insightful reporting of foreign markets, which should benefit our readers.

It's time. After a yearlong build-out of its electronic trading desk and offerings, JPMorgan is ready to go head-to-head with the industry's trading elite with what it says is a new and improved suite of trading products. Frank Troise, director and global head of electronic trading, joined JPMorgan from Barclays Capital last April.

Bloomberg Tradebook is courting the sellside. After almost a year at the helm, Ray Tierney, president and chief executive of Bloomberg Tradebook, has transformed the former agency broker by branching out and offering its products and services to brokerages.

Does Nasdaq OMX have the pocketbook and stamina to go hostile and scuttle the proposed merger between Deutsche Boerse and NYSE Euronext? At press time, that was unclear, as Nasdaq was reportedly looking to secure billions in financing for a takeover of the NYSE. Meanwhile, regulators and industry watchers were scrutinizing the proposed Deutsche Boerse-NYSE deal, announced Feb. 15.

Trading in Europe will get more expensive and difficult if reforms to the Markets in Financial Instruments Directive pass as proposed, according to a panel at a recent industry conference. Panelists on a regulatory session at TradeTech USA said proposed changes to current European regulation-MiFID-will hurt their businesses by raising their costs and making them less competitive.

Morgan Stanley is stepping up its campaign to reform industry order handling practices.

Here are recent hires and promotions in the equities trading world as Wall Street pros make that move, right now.