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Wall Street & Technology November 23, 2009 Greg MacSweeney |
Dark Pools Seek Limited Transparency Dark pools provide investors with a valuable venue for trading large blocks of securities, but regulations may change the way market participants interact with anonymous trading venues in 2010. |
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 December 12, 2007 Cory Levine |
Dark Pools Don't Translate in Foreign Markets Despite their increasing popularity in U.S. markets, dark pools of liquidity are finding few takers in foreign markets, according to a new market study. |
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 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 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 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 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 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 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 March 14, 2008 Melanie Rodier |
Dark Pools Change Transition Management Transition managers tend to trade large blocks of securities, making anonymity and information leakage important considerations. Strategies are included to leverage dark pools for their full benefit. |
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 January 5, 2005 Steve Silberstein |
Dear CIO... Question: How will Reg NMS impact broker-dealers? |
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 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 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 May 17, 2006 |
Dipping Into Dark Pools of Liquidity As private crossing networks and related nonquoting sources of liquidity, known as "dark books," vie for market share among block traders, they are creating a highly fragmented market for block trading, according to a new report. |
Wall Street & Technology January 23, 2007 |
Pondering Liquidity Management The next five years will see a considerable increase in order internalization as market pressures force banking firms to adopt the philosophy of liquidity management in order to stay competitive, a new research note speculates. |
Wall Street & Technology September 18, 2006 |
EMS Spending Spree Much has been made of the sell side opening its wallet and snatching up trading platform vendors. These acquisitions are an effort by brokers to own and control the trade lifecycle from platform through execution. |
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 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 June 13, 2006 Greg MacSweeney |
Careful What You Wish For While financial firms are relieved by the extension of full Reg NMS implementation, compliance now bumps up against the Nov. 1, 2007 deadline for the European Market in Financial Instruments Directive (MiFID). So where does that leave the industry? |
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. |
The Motley Fool June 1, 2007 John Finneran |
Nasdaq/OMX: The New Exchange Equation After a cold reception in London, Nasdaq is acquiring Stockholm-based OMX. The exchange consolidation party is still in full swing, but investors should remain extremely clear-headed. |
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 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 July 26, 2004 Ivy Schmerken |
Making Markets Move The race to become a fast market may lead exchanges to join forces with ECNs. |
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 October 24, 2007 Larry Tabb |
Larry Tabb Predicts Financial Trends for 2008 Financial industry trends that will become more significant throughout the coming year. |
Wall Street & Technology April 26, 2007 Greg MacSweeney |
Instinet Names Christopher Rogers CTO, Appoints Michael Bundy CTO of Instinet Chi-X Instinet named Christopher Rogers, formerly the agency brokerage's chief software architect, as its new chief technology officer. Rogers succeeds Michael Bundy who has been appointed the CTO of Chi-X, Instinet's new European equity alternative trading system. |
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 August 22, 2007 Melanie Rodier |
European Exchanges See Booming Revenues Revenues generated by the main European exchanges have skyrocketed over the past three years, making them considerably more profitable than their U.S. counterparts. |
Wall Street & Technology October 26, 2005 Ivy Schmerken |
Streaming Liquidity Seth Merrin is hoping to fix the inefficiencies of the U.S. equity market with a new version of Liquidnet that brings in retail-size order flow to match against the existing wholesale liquidity pool. |
Wall Street & Technology July 1, 2005 Ivy Schmerken |
The New Sell-Side Trader: Execution Consultant Brokers are morphing into execution consultants to advise the buy side on selecting algorithms and measuring performance. But how will the sell side reinvent the institutional sales trader? |
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 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 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 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 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. |
The Motley Fool October 20, 2009 Anders Bylund |
Why Stock Exchanges Matter Does it really make a difference where your shares trade? |
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 29, 2005 Ivy Schmerken |
Reinventing the Relationship Technology and regulatory scrutiny have placed pressure on the buy-side traders to figure out how much it is paying for executions. |
Wall Street & Technology June 13, 2006 |
Regs Create Revenue MiFID and Reg NMS will open up new business opportunities in market data sales for the European and U.S. markets, according to a new report. |
Wall Street & Technology January 24, 2006 Greg MacSweeney |
Reg NMS: Hurry Up and Wait An interview with Joe Gawronski, COO at Rosenblatt Securities, on the possibility of a delay in the implementation of both Reg NMS and NYSE's planned hybrid exchange model. |
Wall Street & Technology April 14, 2006 |
Playing Catch Up On Reg NMS Broker-dealers that have not yet established a compliance strategy or begun a program design in preparation for Reg NMS are well behind the industry curve. |
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. |
Wall Street & Technology February 14, 2006 |
Stealth Algorithm Instinet unveiled Cobra, a stealth algorithm that, according to the company, removes portions of liquidity when available, leaving the stock's spread unchanged. |
Finance & Development March 2010 Randall Dodd |
Opaque Trades Not all financial innovations increase efficiency. Here are three with questionable effects. |