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July 2006 |
 Cover Story Trading Places As asset managers realize the benefits of trading in global markets, they grapple over whether to send talent abroad. Global Exchanges Suitable Suitors? Considering the differences among markets, would the London Stock Exchange or the Tokyo Stock Exchange ever be a suitable partner for the NYSE or Nasdaq? Algorithmic Trading Algorithms Overseas While algorithmic trading is white hot in the U.S., it's another story abroad, where the markets might not be ready for program trading. Regulation Reg NMS vs. MiFID Regulation National Market System (Reg NMS) and the Markets in Financial Instruments Directive (MiFID) represent major changes in the structure of the markets for equities trading in the U.S. and European Union (EU) respectively. Europe Moves Toward a Single Financial Market Traders struggle to understand the implications of MiFID as many of the regulation's details still are uncertain. Asia Primer Asia Aware: What You Need to Know to Trade in These Markets The Asian markets are scorching hot - in 2005 alone the Tokyo Stock Exchange was up 43 percent over 2004 in terms of value of shares traded, a common growth benchmark used abroad. Emerging Markets 
A Conversation With Auerbach Grayson's David GraysonMany broker-dealers and agency brokers do business abroad, but not every broker can execute trades in the most-obscure markets, such as Oman, Benin and Burkina Faso. Exchange Consolidation The Inevitable Exchange Consolidation As the last month or so has unfolded, it may seem to casual observers of the financial markets that the global stock market consolidation frenzy has appeared overnight.  |
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From The Editor Navigating Global Markets Knowing that more and more buy-side traders are expanding beyond U.S. borders and dabbling in the international markets, we decided to create a special issue to help traders new to the international trading landscape get started.
Global Intelligence  Automating ADRs Although trading ADRs electronically can cut costs, buy-side adoption of electronic platforms has been slow. Europe, Asia Warming to Algorithms While algorithmic trading has taken off in the United States - it currently comprises roughly 28 percent of all equity trading volume, according to research by Aite Group - the trend has been slower to catch on overseas. Rob Flatley's New Mission After he left his post as a managing director in Electronic Trading Services at Bank of America Securities in May, the industry was buzzing about where Rob Flatley would surface. Deutsche Bank, BT Radianz Offer Low-Latency Data and Execution Access Deutsche Bank has teamed with BT Radianz, a provider of connectivity and hosting services, to offer a hosting solution that provides low-latency access to market data and trade execution globally. Technology Watch Gearing Up for the Buy Side's Global Trading Needs Providers are beefing up their offerings to attract U.S.-based buy-side traders with a global appetite. Street Cred Global Market Consolidation: Read the Rules Carefully With all of the talk and maneuvering around global exchange consolidation, it may be interesting to take a step back and ask, "Why, what for and is the world better with a single global exchange, or are we OK with the fragmented jurisdictional entities that typify today's environment?" At The Close  What Does NYSE-Euronext Mean for the U.S. Trader?Much has been written about the NYSE Group's proposal to merge with Euronext and create a truly global marketplace that spans U.S. and European stocks as well as futures and options. |