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  • Advanced Trading. The community for innovative traders
    • Ivy's Wall

  • Asset Classes
    • Equities

      • Is it Time to Tweak, Keep or Scrap Reg NMS?
      • Australia's Economy Hitting Turbulence
      • And The Buy-Side Trading Technology Advantage Goes To....?
      More Equities
    • Derivatives

      • 60 Percent of Derivatives Users Unprepared for Dodd Frank and EMIR —Study
      • Taiwanese Bank Extends License with Fenics for FX Options System
      • Markit Launches CLO Pricing Service
      More Derivatives
    • Fixed Income

      • Europe's MTS to Launch an E-Bond Platform for U.S. Institutions as Interest Heats Up
      • Australia's Economy Hitting Turbulence
      • And The Buy-Side Trading Technology Advantage Goes To....?
      • More Fixed Income
  • Algos
    • Top Story

      Is Trading Via Microwaves Ready for Prime Time?
      As traders look for the fastest way to trade, one connectivity provider may have an answer: Sending data and trade orders via microwaves. So, what happens when it rains?
    • Algos News

      • Is Trading Via Microwaves Ready for Prime Time?
      • Regulators vs HFT Firms Debate: Who Blinks First?
      • Barclays Unveils Automated Capital Commitment for Algo Trading
      More Algos News
    • Quick Links

      • HFT Debate: Two Experts Square Off On Market Structure
      • Regulators vs HFT Firms Debate: Who Blinks First?
      • Nasdaq, CME Building Superfast HFT Link
      • Winton Capital’s Hedge Fund Closes Amid No Interest
  • HFT
    • Top Story

      High Frequency Trading Loses Its Luster
      With profits down due to lower volumes and declining volatility in U.S. stocks, high-frequency traders face growing pressure to find new markets and innovate when speed is not enough.
    • HFT News

      • HFT Firms Flood DC with Donor Dollars
      • Is Trading Via Microwaves Ready for Prime Time?
      • HFTs Chase Speed Despite Risks and Regulations
      More HFT News
    • Quick Links

      • Self-Learning Algorithms: The New Frontier for Trading and Market Surveillance
      • Breaking it Down: An Overview of High-Frequency Trading
      • Mini-Flash Crashes Continue To Fly Under The Radar
      • Is Trading Via Microwaves Ready for Prime Time?
  • Exchanges
    • Top Story

      The SEC Just Brought The Hammer Down On The Stock Exchanges
      While it’s been a long time coming, we are glad to finally see that the SEC has decided to get more involved in exchange regulation.
    • Exchanges News

      • The Rich Past and Uncertain Future of the NYSE
      • Nasdaq OMX Launches ETF Exchange
      • Nasdaq OMX to Re-Launch PSX for Exchange Traded Products
      More Exchanges News
    • Quick Links

      • From Facebook to Quants -- The Top Quotes of the Week
      • Countering HFT Exclusives, CME-Nasdaq Launch Microwave Connectivity for Market Data
      • Wall Street’s 9 Worst Bets Ever: From Nick Leeson to JPMorgan
      • ICE Eyes IPO of NYSE Euronext's Equity Exchanges in Europe After Deal Closes
  • Dark Pools
    • Top Story

      Exchanges Fight Back Against the Dark Pools
      Facing a dilemma of how to compete with dark pools and internalizers, exchanges are planning their own dark venues to offer better prices to retail investors.
    • Dark Pools News

      • Nasdaq OMX Launches ETF Exchange
      • PDQ Enterpises Inks Deal with Orbis Systems
      • Dark Pools Grab Market Share —Rosenblatt Report
      More Dark Pools News
    • Quick Links

      • Exposing the Identity of Dark Pools in Real Time Could Hurt Institutional Traders
      • Dark Pool Analytics Provide a Light in the Darkness
      • 5 Reasons Why One In Every Three U.S. Equities Shares Is Traded In the Dark
      • BofA Merrill Unveils Instinct Natural to Help the Buy Side Execute Block Trades
  • EMS/OMS
    • Top Story

      And The Buy-Side Trading Technology Advantage Goes To....?
      In a world where trading alpha creates a competitive advantage, trading skills and acumen may be king, but trading tools are the great enabler and equalizer.
    • EMS/OMS News

      • TradingScreen Adds FX Functionality for Dodd Frank Compliance
      • Patent Issued to RealTick EMS for Staging of Electronic Orders
      • Linear Investments Selects TradingScreen's TradePrime
      More EMS/OMS News
    • Quick Links

      • The Buy Side Wrestles with the OMS-EMS Dilemma
      • Why the World Needs an Integrated OMS and EMS
      • Creditex Rolls out Electronic Auction To Reduce Risk in Credit Default Swaps
      • EMS Growing Pains
  • Data Infrastructure
    • Top Story

      Is Your Bloomberg Terminal Spying On You?
      After Goldman Sachs discovered that Bloomberg journos were keeping track of their viewing habits over their Bloomberg terminals, traders have some decisions to make about the company that provides their market data, trading tools, IM and more.
    • Data Infrastructure News

      • Bloomberg Taps Former IBM CEO As Privacy and Data Advisor
      • Arialytics Unveils Predictive Analytics Platform
      • Is Your Bloomberg Terminal Spying On You?
      More Data Infrastructure News
    • Quick Links

      • Credit Suisse Sues Former VP Over Secrets
      • And The Buy-Side Trading Technology Advantage Goes To....?
      • Quantopian Looks to Break Wall Street's Lock on Algorithmic Trading
      • Increasing Tick Size: What Will It Do and At What Cost?
  • Regulation
    • Top Story

      The SEC Just Brought The Hammer Down On The Stock Exchanges
      While it’s been a long time coming, we are glad to finally see that the SEC has decided to get more involved in exchange regulation.
    • Regulation News

      • The Rich Past and Uncertain Future of the NYSE
      • HFT Firms Flood DC with Donor Dollars
      • New Regulations Rank as Top Risk — DTCC Survey
      More Regulation News
    • Quick Links

      • From Facebook to Quants -- The Top Quotes of the Week
      • Connecticut Hedge Fund Manager Found Dead in NC
      • Exposing the Identity of Dark Pools in Real Time Could Hurt Institutional Traders
      • The 9 Most Notorious Insider Trading Cases of 2011
  • Managing The Desk
    • Top Story

      Exclusive: Inside the GETCO Execution Services Trading Floor
      Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.
    • Managing The Desk News

      • Is Your Bloomberg Terminal Spying On You?
      • Credit Suisse Sues Former VP Over Secrets
      • Australia's Economy Hitting Turbulence
      More Managing The Desk News
    • Quick Links

      • Inside Abel Noser's Trading Floor
      • Is Your Bloomberg Terminal Spying On You?
      • Winton Capital’s Hedge Fund Closes Amid No Interest
      • Credit Suisse Sues Former VP Over Secrets
  • TCA
    • Top Story

      Inside Abel Noser's Trading Floor
      Advanced Trading takes you on an exclusive tour of Abel Noser’s New York trading floor, where the agency broker known for transaction cost analysis, is customizing algorithms for the buy side, while growing its fixed income trading and transitions business.
    • TCA News

      • Monash Investors Adopts Imagine Portfolio, Risk Tools
      • Goldman Tops Global Prime Broker Rankings
      • ITG Rolls Out TCA for Institutional FX Trading
      More TCA News
    • Quick Links

      • Dark Pool Analytics Provide a Light in the Darkness
      • Q&A: Why More Long-Only Asset Managers Now Require Custom TCA
      • In the Search for Alpha, It's a Quant's World
      • TradingScreen's Real-Time TCA Aims for Best Venues, Lower Costs
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    Ivy Schmerken
    Editor at LargeIvy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad number of topics including high frequency trading, algorithmic trading strategies, market structure, electronic trading in fixed income , colocation in data centers, Dodd-Frank regulation and the new derivatives landscape. Ivy meets with software companies and other innovators and writes about cloud computing, OMS/EMSs and other financial technologies.

    Articles by Ivy Schmerken


    • Bloomberg Taps Former IBM CEO As Privacy and Data Advisor
      May 17, 2013
      Bloomberg announced that it hired Samuel Palmisano to serve as an independent adviser. Hogan Lovells, of Promontory Financial Group, and Clark Hoyt, of Bloomberg News, were also hired.
      + Comment
    • Regulators Compromise on Swaps RFQ Rule, So Are the Banks Winning?
      May 17, 2013
      CFTC commissioners compromised on key rules that now require asset managers to contact two banks for prices on derivatives, rather than five, which was opposed by banks and lobbyists.
      + Comment
    • Is it Time to Tweak, Keep or Scrap Reg NMS?
      May 16, 2013
      The emphasis on speed, order protection, and technology that Regulation NMS brought to U.S. equities is analyzed in an indepth report by Tabb Group, which says it's time to debate the rule's effectiveness.
      + Comment
    • Bloomberg Snooping Scandal Prompts Reaction from Goldman
      May 15, 2013
      Wall Street firms like Goldman Sachs could look to reduce their reliance on the dominant data and analytics terminal in response to the firms' reporters being allowed to spy on customer data.
      + Comment
    • Arialytics Unveils Predictive Analytics Platform
      May 15, 2013
      Aimed at asset managers and hedge funds, the platform enables investors to test their investment ideas without getting bogged down in data sets and modeling.
      + Comment
    • Asset Managers and Hedge Funds Face Swaps Clearing Deadline
      May 14, 2013
      Buy side firms preparing for mandatory swaps clearing need to finalize selections of CCP and FCMs as well as onboard clients and test systems by June 10 deadline, according to Woodbine Associates' whitepaper.
      + Comment
    • Welcome to the New Quants: Data Scientists
      May 13, 2013
      There's a lot of buzz around the role of the data scientist, which is wrapped up with Big Data and developing new approaches for analysis of financial markets.
      + Comment
    • EBS Direct is Live with 4 Liquidity Providers
      May 13, 2013
      Commerzbank, Goldman Sachs, J.P. Morgan and Morgan Stanley have completed trades on EBS DIrect, a new relationship-based disclosed liquidity service with streaming prices tailored to consumers.
      + Comment
    • New Regulations Rank as Top Risk — DTCC Survey
      May 10, 2013
      82 percent of financial firms responding to a DTCC survey ranked new regulations and the time and resources required to implement new regulations as a top 10 risk facing the industry.
      + Comment
    • Europe's MTS to Launch an E-Bond Platform for U.S. Institutions as Interest Heats Up
      May 10, 2013
      The European electronic fixed income marketplace will allow the buy side to directly access prices and execute European and U.S. government, agency, mortgage, and corporate bonds with major dealers.
      + Comment
    • DataArt Launches Free Form PF Software for Hedge Funds
      May 09, 2013
      As an alternative to licensing expensive software, DataArt is offering free Form PF software that simplifies the implementation of automated filings for hedge funds/investment advisers.
      + Comment
    • BATS Chi-Ex Europe Wins Recognized Investment Exchange Status in U.K.
      May 09, 2013
      The change in status will allow the pan-European MTF to compete directly with stock exchanges across Europe including the LSE and Deutsche Borse.
      + Comment
    • 60 Percent of Derivatives Users Unprepared for Dodd Frank and EMIR —Study
      May 08, 2013
      The vast majority of corporate end users of derivatives are underprepared for compliance with both rule sets due to regulatory uncertainty, over cross-border swaps, according to a survey by Chatham Financial.
      + Comment
    • OCC Names BNY Mellon's Messinger to Board of Directors & 2 More
      May 08, 2013
      The equity derivatives clearing organization named three new members to its board of directors, including Craig Messenger who is head of trading and trading risk at BNY Mellon.
      + Comment
    • Susquehanna Renews with SunGard for Compliance
      May 07, 2013
      Institutional broker dealer Susquehanna Financial Group extended its relationship with SunGard's Protegent as the firm’s platform for trading compliance of its institutional equities trading business.
      + Comment
    • Thomson Reuters to Launch China Interbank FX Rates via Eikon
      May 07, 2013
      Eikon will offer integrated real-time FX data from the China Foreign Exchange Trade System (CFETS), the official interbank trading and FX division of China’s central bank.
      + Comment
    • 3rd Birthday of Flash Crash: Is the Stock Market Safer?
      May 06, 2013
      Three years later since that catastrophic event, exchanges have eliminated stub quotes and implemented safe guards such as limit-up/limit down. But there's inertia on many other issues.
      + Comment
    • Taiwanese Bank Extends License with Fenics for FX Options System
      May 06, 2013
      Already a customer for 10 years, E.Sun Commercial Bank will extend its license of Fenics Professional in foreign exchange options to streamline procedures and gain functions such as volatility surface management.
      + Comment
    • Countering HFT Exclusives, CME-Nasdaq Launch Microwave Connectivity for Market Data
      May 03, 2013
      Citing customer demand, CME and Nasdaq are linking their Carteret and Aurora data centers to transmit market data over a microwave network in under 4.25 milliseconds, which is faster than fiber.
      + Comment
    • DTCC Sues CFTC Over Swap Data Repository Rules
      May 03, 2013
      The industry-owned utility is asking a federal court to overturn the CFTC's approval of rules allowing CME and ICE to run SDRs.
      + Comment
    • Markit Launches CLO Pricing Service
      May 02, 2013
      The service uses observable market data and models to offer a transparent approach to CLO pricing.
      + Comment
    • HFT Debate: Two Experts Square Off On Market Structure
      May 01, 2013
      Professor Bernard Donefer of Baruch College and Sal Arnuk, Partner at Themis Trading went head-to-head on regulation, technology and politics surrounding the controversial practice of HFT.
      + Comment
    • After the Hash Crash: Worrying About the Next Glitch
      April 30, 2013
      After last week's Hash Crash, James Angel of Georgetown University told CNBC he's worried about the next glitch. Circuit breakers are in place, but he's not sure how they will react when the next stress hits.
      + Comment
    • Finect Launches Network for Financial Industry's Social Media Needs
      April 30, 2013
      Enables financial advisors, asset managers and other professionals to create an online presence by using Twitter, LinkedIn and Facebook, while including tools to ensure compliance with the SEC/FINRA's guidelines.
      + Comment
    • Paladyne Systems Integrates Numerix; Licenses Source Code
      April 30, 2013
      Paladyne, a Broadridge Company, has integrated the Numerix Portfolio Risk into its front-office solutions to help its clients help manage risk across asset classes with the addition of Paldyne's reference data.
      + Comment

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