Liquidnet Mimics Rival with Portfolio Trading
Liquidnet, in a move that brings it up to speed with crosstown rival Investment Technology Group, is adding portfolio trading functionality to its platform.
JonesTrading Looks High & Low
A third-market broker known for its block trading prowess has reached into the low-touch, electronic trading world to name its new president and COO. JonesTrading named Will Geyer, who headed alternative trading at Citigroup for the last five years, to lead the firm's new strategic effort. The firm recently got a $50 million cash infusion from a private equity investor (see related story in this issue). …
Recapture Going Strong
Commission recapture, despite predictions of its imminent decline, is growing at one of the top firms involved in the practice. At agency brokerage BNY ConvergEx Group, 279 new plan sponsor clients entered into its commission recapture programs in 2006, according to the firm. That's up from 217 in 2005, a 29 percent increase. That's also a record high for BNY ConvergEx's LJR Recapture Services since Lynch Jones and Ryan became part of what is now…
Moving On Up-Stairs
Call it a sign of the times at the New York Stock Exchange. As trading on the floor dries up, the ranks of independent floor brokers continue to shrink. Last month, six key employees at NYSE floor broker Doyle Miles & Co. shuttered their operation and joined W.J. Bonfanti. It was a good move for both firms, according to Craig Rothfeld, executive director at Bonfanti, an agency broker with trading operations both upstairs and on the…
RBC Gains Direct Market Access with Carlin Purchase
RBC Capital Markets' recent acquisition of Carlin Financial Group gives the mid-tier institutional brokerage direct market access technology, putting it on a par with its larger rivals. The system known as CarlinAccel is used by Carlin's predominantly hedge fund clients to trade about 35 million shares per day, Carlin execs say. CarlinAccel is mostly used to trade equities and has modules for pairs, dollar-neutral and basket trading. …
Stung By Ruling, NASD to Review OATS
The NASD, after losing a legal challenge brought by one of its members, plans to review its OATS rules.
OATS OTC Expansion Delayed
Broker frustration and expected delays in compliance forced the NASD to delay the expansion of its Order Audit Trail System to over-the-counter equity securities. OATS, currently required for all NASD member firms trading Nasdaq-listed securities, provides a cradle-to-grave audit trail for orders.
New Cash Gives JonesTrading Opportunities to Expand
JonesTrading Institutional Services, a 32-year-old block trading shop known for its high-touch services for institutional investors, is splurging on technology.
Upstart Broker Thinks Big And Expands in New York
A small firm is opening a huge trading floor. BTIG, the product of a merger two years ago between New York's Bass Trading and San Francisco's Baypoint Trading, is opening a 20,000-square-foot trading floor in midtown Manhattan this month.
Morgan Stanley Seeks One-Upmanship with New Algo
Traders can't yet be cloned, but Morgan Stanley is hoping to move a step in that direction with One, a customizable algorithm for clients that can be used to replicate how a particular trader actually trades a stock.
