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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

      • Czech Republic's RSJ Chooses KX Systems for Algo Trading
      • Is Trading Via Microwaves Ready for Prime Time?
      • Regulators vs HFT Firms Debate: Who Blinks First?
      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

      New Columbia Business School HFT Paper Is Disappointing
      The study by Charles Jones cite the usual benefits of HFT: enhanced liquidity and more efficient markets. But what about the conflicts of interest and order types designed specifically for the benefit of high frequency players?
    • 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

      • NYSE's Makeover Attracted GETCO to Designated Market Maker Role
      • Seth Merrin Examines the Pros and Cons of High Frequency Trading
      • HFT: A Clear and Present Danger?
      • High Frequency Trading Loses Its Luster
  • Exchanges
    • Top Story

      Nasdaq Exports Market Surveillance to China
      The exchange operator said China Merchant Securites is the latest firm to use the SMARTS Broker platform to monitor illegal trading activity by their clients and traders.
    • 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

      • Pan-European Multilateral Trading Facilities Compete for Survival
      • The Stock Market Needs A Hockey Enforcer
      • NYSE's Makeover Attracted GETCO to Designated Market Maker Role
      • Another Technical Issue From BATS Rattles Confidence
  • Dark Pools
    • Top Story

      Pan-European Multilateral Trading Facilities Compete for Survival
      With the proliferation of alternative trading venues in Europe, industry observers expect consolidation among the new multilateral trading facilities.
    • Dark Pools News

      • ConvergEx Reduces Latency of Millennium ATS By 75%
      • Barclays Commits to Reporting Volumes of Dark Pool
      • Nasdaq OMX Launches ETF Exchange
      More Dark Pools News
    • Quick Links

      • Woodbine Report Hits Back at Dark Pool Critics
      • Are Options Dark Pools an Option?
      • The Stock Market Needs A Hockey Enforcer
      • Exchanges Fight Back Against the Dark Pools
  • EMS/OMS
    • Top Story

      Market Structure Drives the Buy Side to Seek New OMS/EMS Systems —Study
      Buy side firms need sophisticated tools to navigate the market structure as well as analytics and connectivity to alternative trading systems, but cost pressures are an obstacle to upgrading their OMS-EMS platforms, according to Greenwich Associates' study.
    • 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

      • FlexTrade Dives into Fixed Income Trading, Connecting with eSpeed
      • A New FIX for Algo Trading
      • BlackRock Acquisition of BGI Presents Integration Challenges
      • Nomura Taps Instinet as Sole Execution Services Arm In Major Restructuring
  • Data Infrastructure
    • Top Story

      Market Structure Drives the Buy Side to Seek New OMS/EMS Systems —Study
      Buy side firms need sophisticated tools to navigate the market structure as well as analytics and connectivity to alternative trading systems, but cost pressures are an obstacle to upgrading their OMS-EMS platforms, according to Greenwich Associates' study.
    • Data Infrastructure News

      • Czech Republic's RSJ Chooses KX Systems for Algo Trading
      • Barclays Commits to Reporting Volumes of Dark Pool
      • Bloomberg Taps Former IBM CEO As Privacy and Data Advisor
      More Data Infrastructure News
    • Quick Links

      • Increasing Tick Size: What Will It Do and At What Cost?
      • FlexTrade Dives into Fixed Income Trading, Connecting with eSpeed
      • The Keys to Hedge Fund Software Selection
      • Low Latency, It’s Not Just for Hedge Funds Anymore
  • Regulation
    • Top Story

      The SEC Squashes Nasdaq's Algo Proposal, Citing Competitive Issues with Brokers
      A proposal by Nasdaq OMX to offer benchmark order that are similar to algorithms offered by brokers, raised regulatory, risk and competitive issues at the SEC.
    • Regulation News

      • Prosecutors Circling, SAC Hedge Fund May Shut Down
      • The Rich Past and Uncertain Future of the NYSE
      • HFT Firms Flood DC with Donor Dollars
      More Regulation News
    • Quick Links

      • New Columbia Business School HFT Paper Is Disappointing
      • Prosecutors Circling, SAC Hedge Fund May Shut Down
      • The Stock Market Needs A Hockey Enforcer
      • Seth Merrin Examines the Pros and Cons of High Frequency Trading
  • Managing The Desk
    • Top Story

      Wall Street Access Hires Ex- Rodman & Renshaw Trading Team
      The global equities trading team migrated to Wall Street Access where they will expand the firm's offering to include market making.
    • Managing The Desk News

      • BofA Hires Caliendo to Manage Relationships with Hedge Funds
      • Prosecutors Circling, SAC Hedge Fund May Shut Down
      • Is Your Bloomberg Terminal Spying On You?
      More Managing The Desk News
    • Quick Links

      • Exclusive: Inside the GETCO Execution Services Trading Floor
      • The Keys to Hedge Fund Software Selection
      • Winton Capital’s Hedge Fund Closes Amid No Interest
      • Prosecutors Circling, SAC Hedge Fund May Shut Down
  • TCA
    • Top Story

      5 Trends Shaping the Buy-Side Trading Desk
      Among the top trends on the buy-side trading desk in 2011, the biggest development is likely to be the increased reliance on transaction cost analysis to entice institutional investors and ensure best execution.
    • 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

      • BlackRock Acquisition of BGI Presents Integration Challenges
      • Invesco Turns to OneTick to Beef Up TCA, Alpha Generation Models
      • Does TCA Really Work for the Buy Side?
      • In the Search for Alpha, It's a Quant's World
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  • Our Thought Leaders...

    Crossing Networks/Dark Pools Commentary & Analysis

      • ConvergEx Reduces Latency of Millennium ATS By 75%
        By Ivy Schmerken | May 22, 2013
        Sell-side firm revamped the infrastructure behind Millennium ATS to support the needs of low-latency and immediate or cancel (IOC) customers.
        Be the first to comment
      • Barclays Commits to Reporting Volumes of Dark Pool
        By Ivy Schmerken | May 20, 2013
        The investment bank confirms its plan to continue reporting volumes in its dark pool LX, on a monthly basis, following the decision by the No. 1 dark pool operator Credit Suisse to go dark.
        Be the first to comment
      • Nasdaq OMX Launches ETF Exchange
        By Phil Albinus | April 30, 2013
        The market maker has recast one of its three exchanges for the trading of exchange-traded funds. Just in time as it takes on dark pools before the SEC.
        Be the first to comment
      • BlackRock Strikes Alliance with MarketAxess for Corporate Bond Trading, Scraps Plans for ATN
        By Ivy Schmerken | April 24, 2013
        The money manager is partnering with MarketAxess to seamlessly integrate its fixed income trading portal with BlackRock's Alladin system to source liquidity in corporate bonds, while nixing plans for its own buy-side crossing network.
        Be the first to comment
      • Credit Suisse No Longer Reporting Dark Pool Volumes, Takes Away from Transparency
        By Ivy Schmerken | April 23, 2013
        The largest dark pool's decision to stop reporting its volume statistics most likely relates to concerns that U.S. regulators are targeting off-exchange volumes.
        Be the first to comment
      • How Dark Are The Pools?
        By Jennifer Liu, Capco | April 23, 2013
        Dark pools provide an avenue for large institutional investors to trade anonymously with minimal market impact and can help operators improve pricing and reduce transaction costs for clients, but they are not exempt from regulatory concerns.
        Be the first to comment
      • PDQ Enterpises Inks Deal with Orbis Systems
        By Ivy Schmerken | April 01, 2013
        Retail institutional clients will gain direct access to PDQ's ATS and "electronic algorithmic trading crowd" via the Orbis trading platform.
        Be the first to comment
      • Dark Pools: Setting the Record Straight on Operational Transparency
        By Matt Samelson | March 27, 2013
        Despite spin to the contrary, detailed information is available on dark pools. Sources matter.
        Be the first to comment
      • Dark Pools Grab Market Share —Rosenblatt Report
        By Ivy Schmerken | February 28, 2013
        A sharp decline in volatility in January set the stage for dark pools to gain market share in January, especially those focusing on institutions and block trading, according to Rosenblatt Securities' report.
        Be the first to comment
      • Down Mexico Way
        By George Kledaras | February 26, 2013
        Market structure in Mexico leads the way for Latin American electronic trading with some serious new infrastructure and support for local institutional trading and north to south flow from statistical arbitrage.
        Be the first to comment
      • Asset Classes - What's the Difference?
        By Philippe Buhannic | February 20, 2013
        Despite the naysayers, OTC derivatives and fixed income will move towards a unified, electronic trading model. In the future, trading systems won't be about asset classes, it will be about the availability of liquidity.
        Be the first to comment
      • The Stock Market Needs A Hockey Enforcer
        By Joe Saluzzi, Sal Arnuk | February 19, 2013
        Due to the pendulum shift to almost full automation and the massive fragmentation of the stock market over the past decade, our equity market currently lacks a self-policing mechanism.
        Be the first to comment
      • BofA Merrill Unveils Instinct Natural to Help the Buy Side Execute Block Trades
        By Ivy Schmerken | February 04, 2013
        Clients will rest conditional orders in BofA Merrill's ATS, Instinct X, while leveraging liquidity from the firm's private and institutional clients trading with the firm's high-touch, electronic, ETF and equity derivatives desks.
        Be the first to comment
      • Fidelity Launches New Execution Venue For Block Trades
        By | December 14, 2012
        Fidelity has been selectively inviting buy-side clients to access BLOX in a bid to safeguard the venue's integrity.
        Be the first to comment
      • Regulatory Action On Dark Pools Must Be Part of Market Structure Debate
        By Miranda Mizen, Tabb Group | November 28, 2012
        With an Increasing Number of Securities Now Trading in Excess of 40% Volume Off-Exchange, Industry Discussions on Dark Trading Must Include Quality and Efficiency of Lit Markets.
        Be the first to comment
      • Dark Trading Benefits Stocks Until 50 Percent Threshold— Study
        By Ivy Schmerken | November 19, 2012
        A study conducted by CFA Institute of undisplayed trading in dark pools and via broker-dealer internalization found that market quality deteriorates once more than 50 percent of stock's volume is traded in the dark.
        Be the first to comment
      • ITG's POSIT Match Takes Aim at Fragmentation, Liquidity
        By Justin Grant | November 01, 2012
        The firm says its latest offering looks to solve the problem of temporal fragmentation and expensive liquidity at an important time in the trading day.
        Be the first to comment
      • Can Brokers Level the Playing Field As Exchange Operators?
        By Ivy Schmerken | October 26, 2012
        Credit Suisse reportedly has a plan to turn one of its trading venues into a stock exchange, which points to a budding rivalry between brokers and for-profit exchanges.
        Be the first to comment
      • Another Dark Pool Scandal Erupts Over Information Sharing
        By Ivy Schmerken | October 04, 2012
        The SEC's settlement with dark pool operator eBX over charges that Level ATS shared confidential client information with a third-party technology provider, raises trust issues for money managers.
        Be the first to comment
      • SEC Fines Boston-Based Dark Pool For Not Protecting User Info
        By Justin Grant | October 03, 2012
        The regulator said eBX LLC improperly shared its subscribers' unexecuted orders with an outside technology firm.
        Be the first to comment
      • Citi Launches New Dark Pool Defying Latency Race
        By Ivy Schmerken | October 01, 2012
        The bank launched Citi Cross, which it says is the first dark pool to offer buy and sell-side clients a more equitable allocation, not based on their queue position.
        Be the first to comment
      • Woodbine Report Hits Back at Dark Pool Critics
        By Justin Grant | September 19, 2012
        Woodbine sheds light on the opaque world of dark pools in a 111-page report, and says many of the usual criticisms of these venues are without merit.
        Be the first to comment
      • Bloomberg, BIDS Trading, Team On U.S. Liquidity Capture Service
        By Justin Grant | September 19, 2012
        The firms announce the start of an alliance that will create a deep liquidity pool in market that's been plagued by fragmentation.
        Be the first to comment
      • To Find Liquidity in Corporate Bonds, It Pays to 'Think Odd'
        By Howard Edelstein | September 07, 2012
        Be the first to comment
      • As Dark Pools Grow, ASX Fights To Keep Public Exchanges Relevant
        By Justin Grant | September 06, 2012
        ASX CEO Elmer Funke Kupper says the growth of dark pools is hurting Australia's largest public exchange, and without stronger regulations, remains a threat to lit markets around the world.
        Be the first to comment
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