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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

      Trade Volume in Latin America Surges as Brazil Leads Way
    • 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

      • Data Opportunities: The Concepts Don't Change Over Time
      • Breaking it Down: An Overview of High-Frequency Trading
      • Global Exchanges Strike Back at Abusive HFT Technique
      • HFTs: Resistance is Futile
  • Exchanges
    • Top Story

      5 Reasons Why One In Every Three U.S. Equities Shares Is Traded In the Dark
      Tabb Group offers the real reasons why 33 percent of U.S. equities volume is traded off-exchange.
    • 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

      • CBOE to Soon Offer New Discounts for High-Volume Traders: CEO
      • The SEC Just Brought The Hammer Down On The Stock Exchanges
      • Is the End of Single-Stock Circuit Breakers Near?
      • Some Questions for the SEC on the New MIDAS Surveillance Plans
  • Dark Pools
    • Top Story

      5 Reasons Why One In Every Three U.S. Equities Shares Is Traded In the Dark
      Tabb Group offers the real reasons why 33 percent of U.S. equities volume is traded off-exchange.
    • 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

      • BofA Merrill Unveils Instinct Natural to Help the Buy Side Execute Block Trades
      • Nasdaq OMX Launches ETF Exchange
      • Pan-European Multilateral Trading Facilities Compete for Survival
      • Woodbine Report Hits Back at Dark Pool Critics
  • EMS/OMS
    • Top Story

      EMS Growing Pains
      As brokers debate the economics of execution management systems, Barclays and Citi have quit the EMS game. Meanwhile, Goldman Sachs goes broker-neutral and Morgan Stanley decideds to fly solo.
    • 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

      • Why the World Needs an Integrated OMS and EMS
      • Welcome to the New Advanced Trading Community
      • Creditex Rolls out Electronic Auction To Reduce Risk in Credit Default Swaps
      • Change Comes to OMS/EMS Space Amid Weak Trading Volumes
  • Data Infrastructure
    • Top Story

      With More Fixed Income Assets to Manage, Automation Key For the Buy Side
      Asset managers now have more fixed income assets to manage across disciplines and markets, placing more pressure on all phases of trade processing.
    • 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

      • Trade Volume in Latin America Surges as Brazil Leads Way
      • Morgan Stanley Revamps Trading Platform Ahead of 'Naked Access' Ban
      • Northern Trust Finds Success in Unity
      • Data Opportunities: The Concepts Don't Change Over Time
  • Regulation
    • Top Story

      Morgan Stanley Revamps Trading Platform Ahead of 'Naked Access' Ban
      The broker's Speedway 3.0 platform can perform pre-trade risk checks at sub-two microseconds.
    • 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

      • Connecticut Hedge Fund Manager Found Dead in NC
      • Key Dates for Form PF Reporting
      • The SEC Just Brought The Hammer Down On The Stock Exchanges
      • Global Exchanges Strike Back at Abusive HFT Technique
  • Managing The Desk
    • Top Story

      Connecticut Hedge Fund Manager Found Dead in NC
      Money manager B. Robert Williamson Jr., the nephew of Wall Street investment guru Julian Robertson, was found dead on Sunday in North Carolina, in water surrounding an island.
    • 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

      • Key Dates for Form PF Reporting
      • Meet The Top Hedge Fund Billionaires
      • Welcome to the New Advanced Trading Community
      • Buy Side Gives Mixed Reviews to Sales Traders, Casting Doubt on Value Added Analytics
  • TCA
    • Top Story

      TradingScreen's Real-Time TCA Aims for Best Venues, Lower Costs
      The execution management system provider said its latest TCA offering is designed to be used for multiple asset classes, including FX, to help traders control costs in a fragmented environment.
    • 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

      • 5 Trends Shaping the Buy-Side Trading Desk
      • 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?
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  • Our Thought Leaders...

    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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