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Wall Street & Technology June 22, 2004 Ivy Schmerken |
How Low Can You Go? Reg NMS' proposed formula for allocating market-data revenues among exchanges isn't getting a warm welcome on the Street. |
Wall Street & Technology February 12, 2004 Ivy Schmerken |
Changing the Rules of the Game A change in the trade-through rule now on the SEC's agenda could lead to more direct-access and smart order-routing tools. |
Wall Street & Technology January 24, 2006 Paul Allen |
Turning the Tide As ECNs and other alternative trading systems have emerged, fragmentation in the capital markets has increased. But with the acquisitions of Archipelago by the NYSE and of the Brut and INET ECNs by Nasdaq, the tide may be turning. |
Wall Street & Technology June 4, 2004 Ivy Schmerken |
Reg NMS: Divided We Stand Unable to define fast versus slow markets, the industry is split over the SEC proposal to amend the trade-through rule. |
Bank Technology News June 2005 Glen Fest |
Irreconcilable Differences? When Jerry Putnam used to describe the New York Stock Exchange and its practices, the CEO of Archipelago Holdings was prone to using words like monopolistic, blackball and pathology. |
Wall Street & Technology February 4, 2005 Ivy Schmerken |
Reg NMS Tops the CIO Agenda The regulation to modernize the National Market System is shaping up as the single most important issue that chief information officers of buy-side and sell-side firms will focus on in 2005. |
Wall Street & Technology January 5, 2007 Ivy Schmerken |
Stock Exchanges Create Trade Reporting Facilities to Earn Market Data Fees From Internalized Trades With the number of dark books and alternative trading systems proliferating, stock exchanges are venturing into the trade reporting business to earn market data fees from reporting off-exchange trades. |
Wall Street & Technology July 23, 2004 Kerry Massaro |
Reinventing Themselves If you look back at the late-'90s, when new ECNs were being introduced into the marketplace regularly and a huge rivalry had developed between the ECNs and the exchanges, the securities industry's last consideration would have been that the two would join forces. |
Wall Street & Technology February 3, 2005 |
REG NMS Cheat Sheet A synopsis of the 371-page SEC document outlining the Regulation National Market System proposal, with one-page summaries of each of its four components. |
Wall Street & Technology January 5, 2005 Ivy Schmerken |
Hybrid Markets: A Migration to the Screen With market regulation in flux, all eyes are on the New York Stock Exchange as it awaits approval from the U.S. Securities and Exchange Commission for its hybrid-market proposal. |
Wall Street & Technology January 5, 2005 Steve Silberstein |
Dear CIO... Question: How will Reg NMS impact broker-dealers? |
Wall Street & Technology June 12, 2007 Ivy Schmerken |
OES, Lava Trading Emerge as Dominant Vendors in Order Routing Brokers, exchanges and other vendors are relying on Order Execution Services and Lava Trading for their Reg NMS compliant order routing. But does this pose a risk? |
Wall Street & Technology April 25, 2005 Schmerken & Massaro |
The Fate of ITS In a divided vote, the SEC passed Reg NMS, ushering in a new and improved trade-through rule that will make best price and fast quotations a requirement for U.S. equities trading. What will become of the Intermarket Trading System (ITS)? |
Wall Street & Technology March 21, 2006 Larry Tabb |
Reg NMS: A Pox on All Your Houses The SEC's Reg NMS will significantly alter the way the markets and the industry as a whole operate. Instead of the market consolidation we have seen over the past few years, we are seeing a market fragmentation, as regional exchanges retool and ECNs proliferate. |
BusinessWeek August 11, 2003 Dwyer & Borrus |
NASDAQ: The Fight of Its Life The once-dazzling market is on the ropes as the bear market, fierce competition -- and hubris -- take their toll. |
Wall Street & Technology September 23, 2005 Ivy Schmerken |
New ATSs Arise to Fill a Void The consolidation in the equity markets is motivating new entrants that contend they can offer more competitive pricing and novel features. |
Wall Street & Technology February 14, 2006 Larry Tabb |
Aggregation: Back to the Future With only two or three trading venues, aggregation is not very interesting. However, with the existence of three major execution venues, and another six or seven regionals and ECNs, in conjunction with an empowered SEC focused on best execution, and now you have a horse race. |
Wall Street & Technology February 4, 2005 Ivy Schmerken |
Reg NMS As part of the extreme makeover of the National Market System, the SEC's Reg NMS proposes that market centers route orders to the venue that offers the best price. |
Wall Street & Technology May 21, 2007 Les Kovach |
Latest Market Data Dispute Over NYSE's Plan to Charge for Depth-of-Book Data Pits NSX Against Other U.S. Exchanges The NYSE filed a comment letter with the SEC supporting a review of the Commission's approval of the NYSE's fee proposal as well as a review of the current market data revenue-sharing formula under Reg NMS. |
Wall Street & Technology May 15, 2006 Cory Levine |
An Industry in Denial Reg NMS is set to change the foundation of the securities industry and represents the reality of a major industrywide spend. But on whose shoulders that expense will fall remains largely up in the air. |
InternetNews April 22, 2005 Jim Wagner |
NASDAQ to Acquire Instinet The $1.88 billion cash deal ups the stakes in the competition between the NYSE and NASDAQ. |
Wall Street & Technology February 14, 2006 Ivy Schmerken |
Brokerage Teams Tackle Reg NMS as Deadline Looms Many financial firms have joined industry committees to make sure that their organizations' interpretations of Regulation National Market System (Reg NMS) are in line with other market participants' views. |
Wall Street & Technology February 21, 2007 Larry Tabb |
Against the Odds, the NYSE Has Successfully Implemented the Hybrid, Acquired Euronext and Become More Profitable New technology, combined with cost-cutting and a large market share, has allowed the NYSE to become more profitable and successful. |
Wall Street & Technology October 22, 2004 Jim Middlemiss |
Hybrid Market, Myriad Challenges Chief Technology Officer Roger Burkhardt has the unenviable task of automating the New York Stock Exchange and putting it on a level playing field with electronic competitors by creating a hybrid market. |
Wall Street & Technology March 26, 2004 Ivy Schmerken |
New Kids on the Block Two new players are offering block-execution systems to buy-side institutions. Can they succeed in a crowded field? |
Wall Street & Technology June 13, 2006 |
Ask the Experts Mark Madoff, co-director of trading at Bernard L. Madoff Investment Securities, discuses how the U.S. securities market will change as the NYSE and Nasdaq introduce new fee schedules. |
Fast Company June 2002 Bill Breen |
Stock Futures Jerry Putnam is working to build an alternative to the Wall Street trading establishment. He's a maverick, but he's not a wild-eyed revolutionary. And his backers include some of the biggest names in finance... |
Wall Street & Technology January 6, 2006 Ivy Schmerken |
Transforming the American Stock Exchange An interview with Antoine Shagoury, the American Stock Exchange's EVP and CIO on his plans for revamping Amex's trading platform, consolidating legacy platforms and making the exchange more competitive. |
Wall Street & Technology January 23, 2007 Cory Levine |
NYSE Requests a Four-Week Extension of the Reg NMS Deadline Although it has been beaten to death by industry analysts and press, the importance of the changes to the U.S. securities industry spurred by Reg NMS cannot be overstated. The industry anxiously awaits full implementation of the regulation in 2007. |
Wall Street & Technology September 18, 2006 |
Ask The Experts: Mark Madoff, Codirector of Trading at Bernard L. Madoff Investment Securities The battle between Nasdaq and the NYSE is not your traditional price war, which usually is characterized by lower fees. So, how will this price war change order flow, and how will it impact regional exchanges and ECNs? |
Wall Street & Technology June 28, 2005 |
The Next Big Thing Four analysts predict what shape they believe the future landscape of financial services technology will take. |
Wall Street & Technology January 5, 2005 Jim Middlemiss |
CIO Challenge As markets make the seemingly inevitable transition to automated trading, former floor-based traders need to relearn their craft. |
The Motley Fool February 4, 2005 Rich Duprey |
Instinet's Instant Profit Electronic broker-dealer posts a profit and beats the Street. |
Wall Street & Technology January 23, 2007 Jessica Pallay |
In the Search of Liquidity: The Time Is Now Now that Reg NMS is finally here, are firms ready to access 30 or more trading venues in their search for liquidity? After a year of investment in technology, firms need to demonstrate that their systems are up to the challenge. |
Registered Rep. March 1, 2006 John Churchill |
The New Big Board--Or Is That Screen? Despite its dominating presence in the equity trading market as the world's largest exchange, the NYSE is a dinosaur that shows it age every day, doing business the same way it's done it for 214 years. Archipelago, however, will take its heft and program the NYSE Group into the future. |
Wall Street & Technology July 18, 2006 Ivy Schmerken |
Amex CIO Prepares to Launch New Hybrid System, AEMI, for Reg NMS CIO Antoine Shagoury is ramping up the process to launch the exchange's new hybrid trading system AEMI to be ready for Reg NMS. |
Wall Street & Technology March 19, 2007 Cory Levine |
SIFMA and NetCoalition Set Off Market Data Dispute Lobbyists SIFMA and NetCoalition have convinced the SEC to conduct a rare review of market data fees, setting off a spirited debate between exchanges and broker-dealers, such as Charles Schwab. |
BusinessWeek May 9, 2005 Weber et al. |
The Tremors From Two Trading Titans As the Big Board and NASDAQ buy rivals and beef up, how will investors fare? Will they be better served by the mergers? |
BusinessWeek November 29, 2004 Mara Der Hovanesian |
The Amex: Worth More Dead Than Alive? Nimbler rivals and regulatory scrutiny are forcing all markets to make over their businesses. Amex must figure out how to make itself whole again, or head to the scrap heap as used, albeit valuable, parts. |
The Motley Fool November 30, 2006 John Finneran |
Are Exchanges Overheated? Stock exchanges' stratospheric valuations may not reflect reality. |
BusinessWeek March 29, 2004 Robert Barker |
Taking Stock Of An Electronic Exchange The operator of an electronic trading system called Archipelago Exchange, or ArcaEx, is getting ready to ask public investors to take a stake in its improbable dream. On Mar. 2 the Chicago firm filed papers to prepare for an initial public offering to be led by Goldman Sachs |
CFO May 8, 2006 Rob Garver |
Super-Market Shopping Flush with cash and a mandate to go electronic, stock exchanges prepare to consolidate. |
U.S. Banker June 2005 Glen Fest |
Opposition Swells Against The Two Proposed Mergers In the wake of April's stock- exchange merger announcements by both the New York Stock Exchange and Nasdaq, a question seems to be surfacing a month later: Is anyone happy with the proposed consolidations of the major exchanges? |
Wall Street & Technology January 22, 2008 Sabatini & Smirnoff |
Trade Reporting, Surveillance Key To Compliance With increased regulatory focus on protecting securities market participants, trade reporting and trade surveillance are key to providing transparency, efficiency and oversight for today's trading environment. |
Wall Street & Technology October 24, 2007 Michael Topper |
The Repercussion of MiFID and Reg NMS in the U.S. U.S. financial institutions must educate themselves on the difference and similarities between Reg NMS in the States and MiFID in Europe to ensure they know the rules and are able to comply. |
Wall Street & Technology April 22, 2005 Kerry Massaro |
Catalyst for Change The SEC approved Reg NMS - a regulation that will transform the markets from a system centered around the NYSE as an auction market to one that is more in-line with the fast pace of technology in the world at large. |
Wall Street & Technology November 18, 2005 Ivy Schmerken |
Direct From the Source While the majority of financial services firms continue to obtain their U.S. equity data feeds from consolidators, some brokerage firms are shifting to technology companies that can process direct exchange feeds and present ECN's full depth-of-book order books as part of a hosted solution. |
Wall Street & Technology June 12, 2007 Melanie Rodier |
Wall Street Firms Fine-Tune Reg NMS Compliance, Look Ahead at the Future Most financial firms have been working on boosting their order-routing capabilities and their infrastructure. But now is the time to see whether their systems can efficiently handle the data Reg NMS requires. |
Bank Technology News January 2008 Anthony Malakian |
Data Processing: Forestalling a Market Data Overload Thanks to Reg NMS in the U.S. and MiFID in Europe, market data volume is on the rise and will continue to grow gangbusters. Investing in infrastructure will be a way of life. |
BusinessWeek May 20, 2010 |
Tricks of the Trade The evolution of men and machines in the stock market. |