Nasdaq OMX BX is planning a listings business to accommodate securities outside the scope of the national market system.
The International Securities Exchange is taking a new approach to attracting index option volume to its exchange with plans to create a class of index-only market makers.
Prop trading firm First New York Securities as well as hedge funds SAC Capital and Moore Capital have set their sights on nabbing traders from top Wall Street investment banks.
NYSE Euronext is eyeing a handful of changes to the structure of MatchPoint, its point-in-time crossing network, including making its call market nearly continuous and adding cancel-and-replace orders.
Boston Options Exchange CEO Tony McCormick has pooh-poohed the International Securities Exchange's accusation that BOX's pricing for its price improvement period auction (PIP) is discriminatory.
Agency brokers are moving past investment banks in the commission sharing arrangement arena.
Thomas Peterffy, chairman and ceo of Interactive Brokers and a pioneer of electronic trading, is on a tear about contemplated changes in market structure
A ban on flash orders in options will reduce competition and limit the incentive for market makers to quote aggressively, the Securities Industry and Financial Markets Association's Equity Options Trading Committee said in a letter to the Securities and Exchange Commission.
ITG plans to roll out a specialized algorithm that is designed to help traders beat or get as close as possible to the firm's Price-Weighted Participation (PWP) benchmark.
Thomas Peterffy, chairman and ceo of Interactive Brokers and a pioneer of electronic trading, is on a tear about contemplated changes in market structure.
The Financial Industry Regulatory Authority has launched a bid to become keeper of the consolidated audit trail, according to WSL sister publication Compliance Reporter.
Discussions about pre-trade risk almost invariably center on naked access or high-frequency trading, often ignoring the fact that it is not simply a product of high-tech, no-touch trading techniques.
The Investment Company Institute is lobbying the Securities and Exchange Commission to require exchanges to implement uniform price collars for market orders, a point the group will articulate in a letter to the regulator within a week.
UBS is expanding its foreign exchange franchise with investments in electronic trading technology and staff.
The Financial Industry Regulatory Authority plans to enhance the information it gathers as part of its member examination process by getting a portion of the data from the Depository Trust & Clearing Corp.
Equities exchanges are close to implementing standard market maker obligations for quoting inside a set range in an effort to comply with the Securities and Exchange Commission's ban on stub quotes.
Barclays Capital is planning to expand its electronic trading platform to Asia.
The Australian Securities and Investment Commission is scouting the U.S., Canadian and European markets to figure out how to create a multi-exchange market down under.
The International Securities Exchange is taking a third stab at offering a qualified contingent cross (QCC).
Realpoint, a subsidiary of Morningstar, is discussing a new ratings model in response to Nationally Registered Statistical Rating Organizations (NRSROs) provisions in the recently passed Dodd-Frank Act.
Ravi Mattu, head of the soon-to-be-launched equity research division for Citadel Securities, has left the firm.
Knight Capital Group has begun an expansion of its options business by growing smart order routing and market making.
Alpha Trading Systems, an alternative trading system in Canada, plans to enter the dark pool market in a bid to siphon market share from the Toronto Stock Exchange.
The Technical Advisory Committee (TAC) of the Commodity Futures Trading Commission is planning to target gaps in regulation around the use of algorithmic and high frequency trading strategies in the futures markets.
Gerson Lehrman Group, Primary Global Research and Guidepoint Global are among firms exploring partnerships with data providers in an effort to differentiate themselves from a growing group of firms entering the market.
Nasdaq OMX Group plans to start charging member firms for supplemental market participant identifiers (MPIDs).
Former Instinet and Mismi vets Tom Gerber and Eric Voss have teamed up with Accordia Group to develop AlgoCross, a new dark crossing network that will connect to other traders' execution algorithms and send them requests for contras in single stocks throughout the day.
Socially responsible investing (SRI) research is getting a second wind in the U.K. as firms rebuild their platforms.
A group of options exchanges is pushing the Securities and Exchange Commission to allow them to expand the $1 strike program, which allows them to list options series at $1 intervals up to $50.
Citigroup, Jefferies and Capstone Investments are among the handful of firms that have been trying to recruit the six recently laid-off Jesup & Lamont analysts, according to former J&L officials and recruiters.
Deutsche Börse is expanding its Xetra International Market trading platform to include more than 1,000 pan-European securities by the end of the year, up from about 300.
Firms on both sides of the street are concerned that a proposal from the Securities and Exchange Commission that would require firms trading high volumes of securities to be identified in regulatory reports would duplicate reporting done for other programs.
Morgan Stanley, Credit Suisse and Goldman Sachs are eyeing dark pool launches in Canada.
Traders are backing a Securities and Exchange Commission suggestion that it would consider price banding-- known as a limit up/limit down process-- over single-stock circuit breakers because it would be less disruptive to the flow of trading. Single-stock circuit breakers, conceived of last month following the May 6 "flash crash" and implemented in pilot mode for Standard & Poor's 500 Index stocks June 14, halt trading for five minutes in individual securities that experience a 10% change in price in a five-minute period.
James Overdahl has spent the past two decades holding key roles in regulatory policy making, most recently spending 2002-2007 as chief economist at the Commodity Futures and Trading Commission, and the following three years in a similar position at the Securities and Exchange Commission. In addition to his new role as v.p. of NERA Economic Consulting, the long-time regulatory vet has taken a role advisor to the new Principal Trader Group wing of the Futures Industry Association.
A decision by U.S. lawmakers Friday morning to send the latest version of the long-awaited financial regulatory reform bill to a conference committee and ultimately a vote by the Senate and House of Representatives is getting cautiously optimistic reviews from market participants.
The Securities and Exchange Commission is working with the equities exchanges to come up with more meaningful market-maker obligations.
ITG and Ancerno are rolling out transaction cost analysis services that map portfolio managers' trading styles with interactive depictions of performance metrics in various market conditions.
Penson Worldwide has plans for a broad expansion of its managed futures execution service, launched last week.
Citigroup's block trading desk has launched TotalTouch, a trade execution system combining electronic trading capabilities with high-touch trade facilitation.
Large traditional asset managers, including mutual funds and some hedge funds, are meeting with legislators and lobbyists to discuss ways to clamp down on the high rate of cancel-and-replace orders originating from high frequency trading firms.
Buy-side firms and service providers are pointing to collateral processing as one of the hurdles for buysiders that plan to trade over-the-counter derivatives after new regulations are put in place.
Several traders were unpleasantly surprised by tiered circuit breakers Nasdaq OMX Group has proposed for all its listed stocks, charging that the program will only cause more complexity and fragmentation.
Pricing estimates from the Chicago Board Options Exchange for its pending initial public offering have some remaining seat owners anxious.
Exchanges in emerging markets, led by India and Latin America, are ramping up their technology to be FIX Protocol-certified in order to more quickly enable brokers based in foreign markets to trade there.
Citigroup is making an electronic trading technology push with the rollout of Citi Trade Viewer (CTV), a desktop trading application that enables traders to see every detail of an order in real time using visual analysis.
BNY ConvergEx, Citigroup, Knight Capital Group, ITG and UBS are in the process of identifying which algorithms will be affected by new circuit breaker rules on individual Standard & Poor's 500 Index stocks.
Traders and other market participants are looking at the best way to tighten policies around the use of stub quotes--placeholder quotes far out of the NBBO range--ahead of an official proposal from the Securities and Exchange Commission.
A set of newly proposed circuit breaker rules would have halted trading on May 6 in 29 securities if they had been applied, according to an analysis conducted this week by Jordan & Jordan Associates.
Jefferies is beginning an emerging markets push with the rollout of its new algorithms in Greece and South Africa.
Citigroup plans to expand its collateral management capabilities by enhancing its securities financing services and expanding to manage collateral for over-the-counter derivatives transactions.
Dan Keegan, former head of institutional sales for Citigroup’s electronic trading group, has been appointed co-head of global electronic trading, replacing Steve Swanson.
The TMX Group, is looking into dark liquidity to boost its market share in the equities and is also considering using its clearing operation and potential regulatory reform to leverage a greater presence in the over-the-counter derivatives market.
Equities exchanges plan to bolster market-wide circuit breakers by proposing a two-pronged approach.
Independent research providers fear new commission disclosure requirements for investment managers working for pension plans will deter the managers from using their research.
A group of European exchanges and multi-lateral trading facilities are calling for regulators to push for and enforce increased transparency around fees charged for executions in the equities markets.
The U.K's Financial Services Authority will be able to request information from unregulated firms outside the U.K due to a little-noticed section of the country's Financial Services Act 2010.
TD Ameritrade, whose orders make up about 10% of total daily Options Clearing Corporation volume, is moving to routing its orders directly to exchanges.
Morgan Stanley is launching a research platform focused on socially responsible investing, hiring analysts Kristina Obrtacova from Goldman Sachs and Nick Anderson, formerly of Lehman Brothers.