Exchanges/ECNs Commentary & Analysis

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  • The Rich Past and Uncertain Future of the NYSE
    By Phil Albinus | May 17, 2013
    On the anniversary of its founding, the New York Stock Exchange shows signs of strength in an uncertain world.
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  • The SEC Just Brought The Hammer Down On The Stock Exchanges
    By Joe Saluzzi | May 13, 2013
    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.
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  • BATS Chi-Ex Europe Wins Recognized Investment Exchange Status in U.K.
    By Ivy Schmerken | 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.
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  • Countering HFT Exclusives, CME-Nasdaq Launch Microwave Connectivity for Market Data
    By Ivy Schmerken | 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.
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  • Differences Between Dark and Lit Trading
    By Sugata Ray | May 02, 2013
    Distinguishing between "dark and lit" trading venues in strategy discussions must consider the order size because small trades parsed algorithmically across venues have a different impact on information leakage than block trades.
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  • 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.
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  • EBS's Plan to Slow Down HFT in FX Could Influence Other Regulators
    By Ivy Schmerken | April 29, 2013
    The electronic FX platform trading platform has a proposal to reduce the speed advantage of HFT players because the technology arms race has gotten out of hand.
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  • Nasdaq OMX to Re-Launch PSX for Exchange Traded Products
    By Ivy Schmerken | April 29, 2013
    Offers new market maker programs with economic incentives to reward individuals who meet quoting requirements on a per-security basis.
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  • CBOE Explains Systems Outage was Due to a Software Bug; Expert Says More Needs to be Done to Prevent Incidents
    By Ivy Schmerken | April 26, 2013
    One software expert said that CBOE's software problem was a sign that exchanges are rushing out software and that the SEC needs to do more with compliance to set a level playing field.
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  • CBOE Outage Forces Institutions to Scramble for Alternatives
    By Ivy Schmerken | April 25, 2013
    A systems delay at the CBOE shutdown trading in the big stock index options contracts for three and one-half hours, raising questions about the safety of electronic markets.
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  • ISE Announces Gemini as Name of New Options Exchange
    By Ivy Schmerken | April 12, 2013
    Pending SEC approval, ISE expects to launch Gemini, its second options exchange, in Q2.
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  • Nasdaq OMX Enhances UltraFeed
    By Ivy Schmerken | April 09, 2013
    Nasdaq OMX's UltraFeed now includes U.S. equity market depth data from Nasdaq, NYSE Euronext, Direct Edge and BATS exchanges combined into a single feed. .
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  • LULD Into a False Sense of Security?
    By Justin Schack | April 08, 2013
    Rosenblatt Securities' Justin Schack discusses Limit-Up-Limit-Down and the Removal of NYSE LRPs.
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  • SEC Approves Nasdaq Payback Plan for Botched Facebook IPO
    By Phil Albinus | March 26, 2013
    UBS, Citi and others are not pleased with the $62 million settlement and may still sue.
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  • Nasdaq, SharesPost to Set Up Market for Unlisted Stocks
    By Aman Shah, Reuters | March 06, 2013
    Nasdaq OMX Group Inc will form a marketplace for trading in shares of unlisted companies in a joint venture with small trading platform SharesPost Inc, tapping into increasing investor interest in private firms.

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  • Dow Hits Fresh Record as Private Hiring Picks Up
    By Leah Schnurr, Reuters | March 06, 2013
    Wall Street resumed its climb into uncharted territory on Wednesday, with the Dow setting another intraday record as hiring by companies rose strongly last month.

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  • Will Traders Reset their Alarms for Nasdaq's 4 A.M. Pre-Market Session?
    By Ivy Schmerken | February 27, 2013
    In an effort to boost volumes and fees, Nasdaq OMX plans to extend its pre-market session to 4 a.m., to capture global participants. But will US traders wake up earlier?
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  • HFT Demise as the Precursor to Changes in the Markets Landscape
    By Dmitry Stillermann, Vice President, Capital Markets, DataArt | February 26, 2013
    As new marketplaces and business models emerge, the industry should be prepared for an entirely new wave of custom IT systems and applications.
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  • 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.
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  • CME Said to Approach Deutsche Boerse for Merger Talks -Bloomberg
    By Reuters | February 25, 2013
    CME Group Inc is said to have approached Deutsche Boerse AG to consider merger talks, Bloomberg tweeted on Monday.

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  • Some Questions for the SEC on the New MIDAS Surveillance Plans
    By Sal Arnuk, Joe Saluzzi | February 25, 2013
    Although the SEC's plans to monitor market activity through MIDAS are important, is the commission still over matched against the HFT community?
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  • 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.
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  • CBOE Would Consider Going Private If Benefits Shareholders -COO
    By Ann Saphir, Reuters | February 15, 2013
    CBOE Group Holdings Inc, which became a publicly held company in 2010 after years of effort, would consider going private again if doing so would benefit its shareholders, a top executive suggested on Thursday.

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  • Economic Outlook: Europe Stabilizes, Debt Worries Mount
    By Alexander Fleiss | February 11, 2013
    Europe is finally stabilizing, while Latin America's problems continue to get worse, according to Rebellion Research's Chief Investment Officer.
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  • CBOE Profit Rises; Company in Talks with SEC on Probe
    By Ann Saphir, Reuters | February 08, 2013
    CBOE Group Holdings Inc, which runs the oldest U.S. stock-options trading venue, said on Friday that fourth-quarter earnings rose a more-than-expected 25 percent on an increase in per-contract fees.

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