Opinion
Euro market ushers in next-generation trading platforms
The financial services industry is constantly evolving the tools and capabilities to trade greater volumes faster and more efficiently, and just as we witnessed phone-based trading supersede the open outcry model, we are now seeing screen-based trading…
Enlightening the Dark Pools
It was bound to happen eventually-the U.S. Securities and Exchange Commission (SEC) has taken on dark liquidity pool reform ( see story, page 1 ). In a five-to-nothing vote, the regulator has sent a clear message to the industry that things are going to…
A Lesson in Latency from LA
Last Thursday night, seeking inspiration for my column, I had the pleasure of watching a playoff game between the New York Yankees and the Los Angeles Angels of Anaheim. In a 45-minute seventh inning, the Yankees came back from a 4-0 deficit to end the…
Time to Return to Yesteryear?
Last week, I had dinner with executives from the International Securities Exchange (ISE) and its parent, Deutsche Börse. After a long evening of interesting conversation about the unintended knock-on effects of equities regulation on the equities options…
No Comment
Commentators: in this age of real-time news, blanket video and the Internet, who needs 'em? Major news providers, apparently. In the same week that Wall Street mourned legendary dealmaker Bruce Wasserstein, two deals of note emerged to boost the…
Managing High-Frequency Risks
While commentators eagerly debate the merits of high-frequency trading, everyone agrees that high-frequency trading, like any trading activity, requires thorough risk management.
Exchanges on the Ascendant
I would like to thank everyone who attended our Best Execution 2009 event in Manhattan last week for making the conference such as roaring success. I would also like to thank our event sponsors who made the free event possible. Also, to our internal team…
A Funny Thing Happened on the Way to Reform
Thomas Peel didn't invent the police force to manage law-abiding citizens, but rather to bring criminals to justice. Thus it's hardly surprising that market participants sometimes feel uncomfortable about the role they are cast in when dealing with…
Hands Off My HFT
Rather than blaming high-frequency trading for Wall Street's woes and threatening heavy-handed reform, regulators should get with the times and consider high-frequency monitoring. By Dr. John Bates, general manager of Progress Apama
Is Wall Street Trading Theft?
Capitalism in the U.S. has taken a body blow and old socialists and newer free-economy alternatives echo the charge that Wall Street has plundered the economy. However, the maligned Wall Street trading rooms, Chicago trading pits and the exchanges still…
The Behemoth Awakens
It's a safe bet that LSE Group CEO Xavier Rolet has surprised many in the industry with the recent acquisition of exchange technology provider MillenniumIT, and now it appears that he has set his sights on multilateral trading facility (MTF) Turquoise (…
'Death Panels' for Derivatives?
I'm always wary of visiting the doctor because I worry I'll discover that I have something seriously wrong and will have to undergo a lengthy course of treatment that prevents me from getting on with other things. Likewise, Wall Street is no fan of…
Markets Need to Get It Together
Open Platform
Heads in the Clouds
Opinion
Building the Artificial Trader
Opinion
The Risk Factors
EDITOR'S LETTER
The Netflix Challenge
Open Platform
Semantics Repository Takes Shape
The aim of the EDM Council semantics repository is to set out the terms for securities in such a way that each meaning is represented once, no matter what words different people might use for that concept, says Hypercube's Mike Bennett
Editor's letter - The trickle-down effect
The buy side has changed. Of that there is little doubt. Buy-side firms simply aren't making the returns they were two years ago, which has impacted their profitability by paring their performance and management fees. This new and challenging operating…
Realising data's potential
In uncertain times, the ability to assimilate data in a meaningful way across the enterprise is a key component of effective investment management. But how can you manage and consolidate the huge volume of data that is available, and more importantly,…
Lessons unheeded
"The good news is, I don't really see financial reform happening this year. "So claimed Linda Lord, managing director and head of US legislative and regulatory affairs at UBS, in an unmistakably partisan speech before this year's TradeTech West 2009…
The price of the position
Anyone who thought they could manage their positions based on individual instrument duration, along with instrument market value-to-fund ratios, has recently learned some harsh lessons. Fixed-income fund managers are looking for new levels of effort to…
Achieving Best Ex
There is one thing that industry participants can agree upon: The global economic recovery is not around the corner, which means best execution is more important today than ever before, especially considering the high levels of competition we are seeing…