Goldman Sees Big Growth
Goldman Sachs last month saw its internal crossing volume increase 30 percent over the previous month's executions. From July 1 through July 25, Goldman crossed an average of 86 million shares per day in Sigma ATS, its internal crossing engine for customer orders. In June, the figure was 66 million.
New Era for Nomura and Instinet
The parachuting of two Nomura executives into Instinet signals the beginning of a new era for both firms.
SEC Weighs Access to Foreign Marts
After effecting an aggressive face-off among U.S. exchanges, the Securities and Exchange Commission has raised the specter of additional future competition-with exchanges abroad. For the first time in its 73-year history, the SEC is considering regulations that could ease U.S. investors' access to non-U.S. securities products and services through cross-border trading.
Getting an Edge
Wall Street pros, if nothing else, are always in search of an edge. Whether it's money managers looking to boost their returns for investors or brokers seeking to offer new or better services to their clients, the Street has always been a hotbed of innovation and competition.
A Securities Lending Exchange?
Securities lending, a sometimes disorderly business with myriad standards, could have a formal exchange within five years, an industry researcher predicts. As far as transparency goes, the equity securities lending business now resembles the credit derivatives market of the 1990s or the Nasdaq prior to order-handling rules, according to a recent report by researcher Vodia Group. An exchange would help the equity securities lending market provide clearer pricing and also give the practice more credibility, the report says.
CSAs Expected to Grow Rapidly
The percentage of commission dollars earmarked for client commission arrangements (CCAs) or commission-sharing arrangements (CSAs) is set to increase substantially in the next couple of years at some of the bulge-bracket firms.
The NYSE Floor Wins an Upstairs Privilege
New York Stock Exchange floor brokers now don't have to go upstairs in their search for liquidity beyond the NYSE.
Desk Analysts Add Value At Merrill
Moving analysts to the trading desk has proved beneficial at Merrill Lynch.
Moving analysts to the trading desk has proved beneficial at Merrill Lynch.
OTCBB Dealers Line Up Against NASD Proposal
Market making firms and their advocates are attacking another proposal by the NASD to make it easier for ECNs to charge access fees in the OTC Bulletin Board market.
Market-Maker Liquidity Endangered?
Market makers will have to think twice about putting on some short positions in the wake of a decision by the Securities and Exchange Commission to abolish a loophole in its Regulation SHO.
