Recently added articles from Traders:
The IOI Beat.
Jul 01, 2008 ... This issue of Traders Magazine centers on indications of interest and their various forms. At one time, IOIs were almost primitive. An IOI was a broadcasted message from the broker to the buyside, who'd respond via the phone. That was the old high-touch game that used a sales trader as the ...
TM Online.
Jul 01, 2008 ... Credit Suisse Lobbies to Expand Access June 13, 2008 Credit Suisse wants in. The big brokerage has gone to Washington to lobby for expanded access to dark pools. The firm, one of the largest in electronic trading, is petitioning the Securities and Exchange Commission ...
CBOE to Offer Benchmark Trades.
Jul 01, 2008; Mehta, Nina ... In another sign the options market is following in the steps of the equities market, the Chicago Board Options Exchange is betting that institutions will embrace benchmark trading as an efficient way to execute large trades. This effort is driven by penny quoting in options, which has ...
Getting Filled: Harder or Easier?(Conference notes)
Jul 01, 2008; Chapman, Peter ... There's more liquidity in today's cash equities market, but traders disagree over how accessible it is. That was the takeaway from a panel moderated by Traders Magazine editor Michael Scotti at a recent Securities Industry and Financial Market Association conference. The ...
Volume Creeps Higher.(Brief article)
Jul 01, 2008 ... Recent data from Rosenblatt Securities shows that 18 major dark pools increased their market share of consolidated volume to 6.64 percent in April, up from 5.38 percent in March. At the same time, overall consolidated volume decreased in April to 6.7 billion shares per day, compared with a ...
SIG's New Pool Connects Brass Users.
Jul 01, 2008; Mehta, Nina ... Susquehanna Investment Group's RiverCross ATS, which launched in mid-May, is initially targeting the sellside through a relationship with SunGard's Brass order management system. "This is a strategic way of accessing a broad customer base right out of the box," said Paul ...
Ex-Knight Execs Cleared.(Brief article)
Jul 01, 2008 ... Knight Capital Group's former chief executive and head of institutional sales were cleared of fraud charges in federal court. Ken Pasternak, who ran Knight from its founding in 1995 to 2002, and John Leighton, head of sales, beat Securities and Exchange Commission charges they ...
Stung, Market Makers Send out SOS.
Jul 01, 2008; Chapman, Peter ... Traders in the options industry, under siege from structural changes, are calling on exchanges and regulators to change their rules so that they can survive in the rapidly changing business. New developments such as pennies, access fees and hidden orders are taxing market ...
Word For Word.(issues on buyside trading )(Conference notes)
Jul 01, 2008 ... Andrew "Buddy" Donahue is the director in charge of the Securities and Exchange Commission's Division of Investment Management. He spoke recently at the Securities Industry & Financial Markets Association's Institutional Brokerage Conference on buyside trading issues. * On ...
On The Move.
Jul 01, 2008 ... * Thomas Weisel Partners Group hired two traders. Jon Fredericks joined as a managing director on the Canadian trading desk, based in Toronto. Chris Richards joined as a managing director on the New York trading desk. Fredericks has over nine years of experience in the securities industry ....
Soft Dollar Disclosure on the Table.
Jul 01, 2008; Chapman, Peter ... Too hot? Too cold? Or just right? For those concerned with the latest Securities and Exchange Commission recipe for soft dollar disclosure, the answer is "all of the above." Some say the regulator's proposed reforms go too far. Others say they don't go far enough. Still others maintain ...
Options Stats to Have Minor Impact.
Jul 01, 2008; Chapman, Peter ... Exchanges and brokers are split over the impact of an initiative by options exchanges to publish statistics about the quality of their trades. Sometime this quarter, the seven options exchanges will begin publishing monthly execution-quality statistics intended to help brokers make better ...
Access Fees For Options Get Blasted.(Bloomberg Tradebook L..L.C.)
Jul 01, 2008; Chapman, Peter ... An old foe of ECN pricing has found a new forum. From the earliest days of ECNs a decade ago, Bloomberg Tradebook was vocal in its opposition to the practice of ECNs paying traders to supply liquidity and charging them to take it. Now, as more options exchanges adopt the practice of paying ...
More Trading Oversight on The Way.(Conference notes)
Jul 01, 2008; Chapman, Peter ... Buyside traders may soon find themselves under more scrutiny. The Securities and Exchange Commission plans to issue guidelines for mutual fund boards to aid them in their oversight of fund company trading practices. Andrew "Buddy" Donahue, the SEC's director of the Division of ...
Direct Edge Taps Hess.
Jul 01, 2008; Chapman, Peter ... Direct Edge ECN, in the process of filing for exchange status, tapped the former chief legal counsel at Brut ECN to lead the charge. The ECN hired Eric Hess as its general counsel, giving him responsibility for overseeing all legal and regulatory affairs of the company. That includes ...
Sales Traders Get Into Position.(Brief article)
Jul 01, 2008; Ramage, James ... Sales traders' roles have changed. Brokerages are asking them to do more of the trading. With this, their functions have melded more with those of position traders. By executing trades, as well as monitoring them, the sales trader's job has become more complicated. In the ...
Buysiders Get Another Arrow in their Quiver.
Jul 01, 2008; Mehta, Nina ... The traditional indications-of-interest arena is getting a twist. To find contra-side liquidity, an entrepreneurial institution could decide to simply pop out a specialized IOI that reaches other buyside firms with more than $10 billion in equity assets. That, at least, is what ...
Buyside Struggles to Stay Current.
Jul 01, 2008; Mehta, Nina ... Buyside traders report that when it comes to dark pools, they're, well, in the dark. They say they aren't sure what dark pools do when they access other pools to try to find liquidity for orders within their own system, according to a recent Traders Magazine survey. Some 38 percent of ...
Tech Notes.
Jul 01, 2008 ... *NYSE Updates OpenBook Two new enhancements to the New York Stock Exchange's OpenBook market data feed promise traders more speed and information. The first product, OpenBook Ultra, delivers information about each event that occurs on the limit order book, as opposed to the ...
Forget the Paper, the Paper: Institutional confirmations become more electronic.
Jul 01, 2008; Bresiger, Gregory ... Providing access to a URL on the Internet can now be as good as providing a paper confirmation for an institutional trade. That's the principle of a no-action letter recently granted by the Securities and Exchange Commission to vendor Omgeo, which sells the TradeSuite trade processing ...