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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. |
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 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 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 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. |
Wall Street & Technology August 27, 2004 Larry Tabb |
Independent Aggregation: An Oxymoron Aggregation's time has come, but independent providers have gone. It is technology that the industry needs and brokers can't live without, but does the act of acquiring a platform devalue it? |
Wall Street & Technology July 26, 2004 Ivy Schmerken |
Making Markets Move The race to become a fast market may lead exchanges to join forces with ECNs. |
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 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 January 5, 2005 Steve Silberstein |
Dear CIO... Question: How will Reg NMS impact broker-dealers? |
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. |
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 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. |
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 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 October 17, 2007 Melanie Rodier |
Exchange Market Share Set to Decline Due to Competition from Nimble Dark Pools and ECNs Aite Group expects to see an increasing decline for the exchange market share as NYSE, NASDAQ, and regional exchanges struggle against price-competitive ECNs and dark pools. |
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 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 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 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. |
Bank Technology News November 2007 |
Alternative Trading: ECNs, Dark Pools Gain Ground on Exchanges The trading venues running outside the traditional NYSE/NASDAQ exchange channels have their advantages-but also some limitations from their own success. |
Wall Street & Technology March 14, 2008 Larry Tabb |
NYSE TransactTools May Be NYSE Euronext's Most Important Asset NYSE TransactTools, a FIX-engine provider, could be the ticket to the NYSE's survival. |
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 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 February 27, 2005 Larry Tabb |
The NYSE Floor: A Question of Control What is it about the floor - the history, the frenzy, the money, the legacy? Whatever it is, the NYSE floor, as it stands today, is under threat - and not just from dissatisfied institutional investors, but also from market restructuring proposals |
Wall Street & Technology April 14, 2008 Larry Tabb |
Opportunities Beckon Amid Economic Turmoil A shaky economy and the defibrillation of many fixed-income products provide fertile ground for automated trading, fixed-income ECNs and exchanges - as well as opportunities for those willing to take some calculated risk. |
Bank Technology News September 2004 Michael Sisk |
Trading: Direct Execution Goes Mainstream The need to offer direct execution is all the greater now that the New York Stock Exchange is pushing ahead with it's Direct Plus program. |
Wall Street & Technology June 13, 2006 |
Positioning for Consolidation In a recently released update on the global stock exchanges, Financial Insights weighs in on market consolidation and the direction of the securities industry in the wake of regulatory, technological and competitive pressures. |
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. |
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 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 November 23, 2009 Ivy Schmerken |
High-Frequency Trading Controversy Continues to Swirl Charges of unfair access likely will continue to drive the high-frequency trading controversy in 2010. |
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. |
Wall Street & Technology July 26, 2004 Ivy Schmerken |
The Buy Side Takes Charge Access to aggregators, crossing networks and algorithms is changing the buy-side trading desk. |
Wall Street & Technology November 17, 2003 Ivy Schmerken |
Cleared for Takeoff Clearing firms are rolling out execution services with order-routing and direct-access partners. |
Wall Street & Technology February 18, 2008 Cory Levine |
Stock Exchanges and ECNs Fight for Liquidity The newer and faster electronic connectivity networks are leveraging aggressive pricing models to quickly catch up to their established exchange counterparts. |
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 4, 2005 Larry Tabb |
Risk in a Real-Time World The world is getting riskier. Not only has geopolitical strife changed compliance risk, but new trading, governance and capital-allocation mechanisms are changing traditional risk measures as well. |
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 March 26, 2004 Larry Tabb |
NYSE: Fast Market or No Market? If the NYSE becomes more electronic, its owners (the specialists and floor brokers) will be disadvantaged, and possibly jobless. |
Wall Street & Technology April 15, 2008 Cory Levine |
Quod Releases Solution for Buy-Side Execution Management Advanced Smart-Order Router uses the algorithms in Quod's sell-side solution to bring new levels of routing capabilities to the buy side, the vendor says. |
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 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. |
Wall Street & Technology February 12, 2007 Cory Levine |
Exchanges Lag in IT Spending Despite the global reinvention of securities exchanges as for-profit companies, IT spending by exchanges will continue to lag behind that of brokers and asset managers, according to research. |
Wall Street & Technology October 20, 2006 Larry Tabb |
Is the Increased Speed of Direct Market Data Feeds Worth the Price? Electronic trading, direct market access and algorithms have made fast market data access not fast enough, but are direct feeds the answer? |
The Motley Fool November 30, 2006 John Finneran |
Are Exchanges Overheated? Stock exchanges' stratospheric valuations may not reflect reality. |
Bank Technology News November 2004 Shane Kite |
Trading: Direct Execution Players Get Beefy Banks and brokers are stocking up on tech and management tools, bundling direct access with algorithmic trading, as the industry gets more competitive than ever. |
Wall Street & Technology June 13, 2006 Cory Levine |
Indirect Hit Although the Markets in Financial Instruments Directive (MiFID) has yet to fall on the EU, the global nature of the industry demands that U.S. financial firms pay attention to the changes at hand. |
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 March 14, 2008 Penny Crosman |
Exchanges Hardest Hit by Trade Data Avalanche Although the buy side and sell side have to store trade data, too, exchanges such as ISE are hardest hit by Reg NMS/MiFID trade data volumes. |