COVER STORY Seth Hoenig, Glenhill CapitalThe New Alpha Generators With commissions growing ever tighter on the execution side, agency brokers are entering the research business to capture a larger share of the buy side's alpha-generation wallet. ELECTRONIC MARKETPLACESSEC Circuit Breaker May Not Have Stopped May 6 CrashWhile experts laud the SECâĂ Ă´s plan to halt trading in stocks during periods of extreme volatility as a good first step, many warn that the circuit breaker, in its current form, would not have prevented the May 6 crash. ONE ON ONEDTCC Pushing for Larger Industry RoleDTCC's Rob Hegarty explains Depository Trust Clearing Corp.'s role during the Lehman Brother's crisis and reveals how the utility is evolving to meet the buy side's needs. REGULATION'Flash Crash' Prompts a Rethinking of the RulesThe Flash Crash quickly spurred the realization that disparate regulation across the interdependent securities and derivatives markets is ineffective. As a result, the SEC and CFTC are wasting no time taking steps to shore up the market structure and to simplify and harmonize rules for all participants. TRADING TECH DIRECTORYU.S. Dark PoolsAdvanced Trading's latest trading tech directory features more than 20 prominent dark pools and sheds some light on how they operate. |
FROM THE EDITORA Bright Spot for Agency BrokersAs agency brokers expand into the alternative research area, they are becoming alpha generators, which turns out to be a more stable, if not growing, piece of the total commission pie. ANATOMY OF A TRADING FLOORTiconderoga SecuritiesTiconderoga Securities operates a dual capability with a New York Stock Exchange floor based team providing direct access as well as the desk based models. The firm concentrates on domestic and international equities and focuses on high quality, conflict free order execution, as well as a differentiated research offering to support its first class execution capabilities. MARKET INTELLIGENCEHigh-Speed Trading Not To Blame For May 6 Crash: KudlowHigh-frequency traders were not to blame for the epic May 6 stock market crash and regulators shouldnât hamper their ability to bring liquidity to the marketplace, CNBCâs Larry Kudlow said during a presentation at the annual SIFMA Financial Services Technology Expo. FIA Principal Traders Group Hires Overdahl As Spokesman An arm of the Futures Industry Association, taps Overhaul, former chief economist with SEC and CFTC, to articulate the role of principal traders to policy makers and the public. Tabb Report: Buy-Side Spending Up, Focus on Integrated OMS, EMS Technology Buy-side firms are ramping up spending on order and execution management systems, moving to integrate the two in a bid to streamline desktops while ultimately lowering risk, according to a new report by Tabb Group. LARRY TABB'S STREET CREDSpeed and Market Efficiency: Competition Over Mandate?When the speed of the price provider and the price taker are not in parity, the market becomes inefficient and seemingly unfair. We can mandate slower markets, a wider quote or faster technologies, or hold market professionals accountable and let competition run its course, suggests contributing editor Larry Tabb. IVY SCHMERKEN'S AT THE CLOSESlicing the Alpha-Generation PieIn building out their research capabilities, agency brokers are encroaching on the bulge bracket's turf, writes editor-at-large Ivy Schmerken. |
