Editors letter
Markit under DOJ microscope
The US government's ongoing efforts to rein in unregulated OTC derivatives may have landed credit market and pricing data provider Markit in hot water - or at least caused an operational headache - just as the firm is set to launch its new MarktiSERV…
Bells and whistles
Finally, it seems like the internet innovations of the past couple of years are trickling through into financial applications. There has recently been a big push among client-facing financial organisations to provide richer, better tools to their buy…
To Everything, Turn, Turn, Turn
If recent weeks had an oldies theme song, it would be a toss-up between "Turn! Turn! Turn!" by Pete Seeger and David Bowie's "Changes." This past week saw three acquisition announcements: NYSE Technologies' purchase of Nyfix ( see story, this issue ),…
'Dex Appeal
Though sophisticated traders might eschew investments based on indexes, current markets have prompted a flight to safety in indexes and exchange-traded funds, resulting in a frenzy of new activity in the index space. Indexes also continue to be in demand…
Patent Lather
Many great things start life as obscure documents in a patent office. Even Albert Einstein began his career as a clerk in the Bern patent office. However, you don't need to be a genius to figure out why a series of patent lawsuits filed recently in a…
The Dog Days of Summer
As an employee working in the U.S., one thing I have always envied about workers in Europe is their sane idea of closing up shop in August and going on vacation. Nothing good ever seems to sprout for firms during the hottest part of the summer. The…
Is ‘Flashing' Just Indecent Exposure?
Recent controversy over the use of "flash" orders and their potential to give some market participants a sneak peek at liquidity before it is displayed publicly last week prompted some exchanges to withdraw their flash functionality, possibly to pre-empt…
Tame, Don't Kill, the Beast
Turn on any news channel or pick up any newspaper, and you would think that high-frequency trading is the greatest plague to afflict human beings since the Black Death. If I see another elected official discuss the elimination of high-velocity trading, I…
Code Theft Fallout
EDITOR’S LETTER
Editor's Letter - Bureaucracy waiting to happen?
Dark pools have become such an integral and important part of the buy side that I guess it was only a matter of time before the regulators got stuck in. Last month, Mary Schapiro, chairwoman of the Securities and Exchange Commission (SEC), indicated that…
The cap-and-trade tirade
From financial reform to healthcare and war, it seems no issue will escape scrutiny and revision in the US this year. But it is energy policy, and in particular emissions management, that a number of hedge funds and other trading desks are keeping their…
An overdue shake-up?
Ever since Buy-Side Technology and its forerunner, Hedge Fund & Investment Technology, first started covering dark pools more than a few years ago, we've consistently heard two major themes voiced by investment managers, consultants and vendors.
The Center of Attention
Although low-latency has made mainstream headlines recently, thanks to a New York Times story on high-frequency trading, the most cutting-edge, low-latency trading strategies depend on the relatively un-sexy subject of co-location-installing firms'…
Getting That Second Wind
Operators of the Equiduct multilateral trading facility (MTF) are feeling a bit better now that Citadel Securities has taken a majority stake in the venue and guaranteed operating capital to keep it in business for at least the next two years (see story,…
The Human Factor
With the growth of algorithmic trading in recent years, some have feared a Terminator-style "rise of the machines" in financial markets, relegating human beings to obsolescence. Couple this with increased overall automation and the swathe of job cuts…
Have Trench Coat, Will Travel
Maybe it's because I'm watching a film adaptation of John le Carré's espionage novel Tinker, Tailor, Soldier, Spy, or maybe it's because summer is here and Tom Clancy and Robert Ludlum novels are perfect beach reading material, but for some reason I have…
Latency Love in A Cold Climate
If time is money, do things that save time also save us money? In the financial markets, saving time can make money, by being the first to get the best price and make the most profitable trades. However, the data and technology solutions that enable…
The Sound and the Fury
There's been a lot of buzz in the financial markets over the past week on how a former Goldman Sachs employee, Sergey Aleynnikov, allegedly downloaded his former employer's proprietary trading "secret sauce." Some coverage in the business press…
The Naked and the Dead
It appears that it will be only a matter of time before the U.S. Securities and Exchange Commission (SEC) writes the obituary for naked sponsored access to the exchanges. Most people in the industry agree that it is a smart thing to do in order to…
From Russia With Latency
With a birthday coming up at the end of the month, I was expecting some cards, so I was encouraged to see one arrive in the mail this week from some business contacts in Russia. However, when I opened the envelope, I realized that all was not as it first…
Press Restart
EDITOR'S LETTER
Editor's Letter - Things are not the same
I'm not going to be in New York this year for the annual SIFMA conference/exhibit, and I'm disappointed it'll be the first such get-together I've missed in the past seven years. But I simply couldn't justify the expense and time out of the office to…