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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

      • Is Trading Via Microwaves Ready for Prime Time?
      • Regulators vs HFT Firms Debate: Who Blinks First?
      • Barclays Unveils Automated Capital Commitment for Algo Trading
      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

      High Frequency Trading Loses Its Luster
      With profits down due to lower volumes and declining volatility in U.S. stocks, high-frequency traders face growing pressure to find new markets and innovate when speed is not enough.
    • 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

      • Self-Learning Algorithms: The New Frontier for Trading and Market Surveillance
      • High-Frequency Trading Firms Seeking Tech Talent
      • Is Trading Via Microwaves Ready for Prime Time?
      • Mini-Flash Crashes Continue To Fly Under The Radar
  • Exchanges
    • Top Story

      The SEC Just Brought The Hammer Down On The Stock Exchanges
      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.
    • 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

      • Searching for Liquidity in Fragmented FX Pools
      • Nasdaq OMX Launches ETF Exchange
      • NYSE's Trading Floor of the Future
      • Countering HFT Exclusives, CME-Nasdaq Launch Microwave Connectivity for Market Data
  • Dark Pools
    • Top Story

      Exposing the Identity of Dark Pools in Real Time Could Hurt Institutional Traders
      Industry participants question whether identifying dark pools in real-time trade reports will give too much information to high-frequency traders and gamers.
    • Dark Pools News

      • Nasdaq OMX Launches ETF Exchange
      • PDQ Enterpises Inks Deal with Orbis Systems
      • Dark Pools Grab Market Share —Rosenblatt Report
      More Dark Pools News
    • Quick Links

      • The Danger of Too Much Dark Liquidity
      • Nasdaq OMX Launches ETF Exchange
      • Asset Classes - What's the Difference?
      • Buy-Side Traders Find Liquidity in Dark Pools
  • EMS/OMS
    • Top Story

      The Buy Side Wrestles with the OMS-EMS Dilemma
      In the midst of a bad economy and lower trading volumes, the buy side balances the need to cut costs and consolidate OMS and EMS platforms, while chasing the best integrated solution.
    • 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

      • BlackRock Acquisition of BGI Presents Integration Challenges
      • What Does the Sale of Eze Castle, RealTick OMS/EMS Platforms Mean for the Buy Side?
      • And The Buy-Side Trading Technology Advantage Goes To....?
      • Why the World Needs an Integrated OMS and EMS
  • Data Infrastructure
    • Top Story

      Is Your Bloomberg Terminal Spying On You?
      After Goldman Sachs discovered that Bloomberg journos were keeping track of their viewing habits over their Bloomberg terminals, traders have some decisions to make about the company that provides their market data, trading tools, IM and more.
    • Data Infrastructure News

      • Bloomberg Taps Former IBM CEO As Privacy and Data Advisor
      • Arialytics Unveils Predictive Analytics Platform
      • Is Your Bloomberg Terminal Spying On You?
      More Data Infrastructure News
    • Quick Links

      • Credit Suisse Sues Former VP Over Secrets
      • 5 Risk Indicators that Led to the Mortgage Mess
      • And The Buy-Side Trading Technology Advantage Goes To....?
      • Ajna Upgrades Portfolio Risk System
  • Regulation
    • Top Story

      The SEC Just Brought The Hammer Down On The Stock Exchanges
      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.
    • Regulation News

      • The Rich Past and Uncertain Future of the NYSE
      • HFT Firms Flood DC with Donor Dollars
      • New Regulations Rank as Top Risk — DTCC Survey
      More Regulation News
    • Quick Links

      • 5 Risk Indicators that Led to the Mortgage Mess
      • Exposing the Identity of Dark Pools in Real Time Could Hurt Institutional Traders
      • Form PF Will Be a Painful Burden for Hedge Funds
      • New Columbia Business School HFT Paper Is Disappointing
  • Managing The Desk
    • Top Story

      Inside Abel Noser's Trading Floor
      Advanced Trading takes you on an exclusive tour of Abel Noser’s New York trading floor, where the agency broker known for transaction cost analysis, is customizing algorithms for the buy side, while growing its fixed income trading and transitions business.
    • Managing The Desk News

      • Is Your Bloomberg Terminal Spying On You?
      • Credit Suisse Sues Former VP Over Secrets
      • Australia's Economy Hitting Turbulence
      More Managing The Desk News
    • Quick Links

      • Winton Capital’s Hedge Fund Closes Amid No Interest
      • Is Your Bloomberg Terminal Spying On You?
      • Credit Suisse Sues Former VP Over Secrets
      • Wall Street Access Hires Ex- Rodman & Renshaw Trading Team
  • TCA
    • Top Story

      Inside Abel Noser's Trading Floor
      Advanced Trading takes you on an exclusive tour of Abel Noser’s New York trading floor, where the agency broker known for transaction cost analysis, is customizing algorithms for the buy side, while growing its fixed income trading and transitions business.
    • 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
      • Predictive Analytics Arms the Buy Side Against HFT
      • Invesco Turns to OneTick to Beef Up TCA, Alpha Generation Models
      • TCA Demand Beyond Equities Driven by New Reporting Requirements, Lack of Trust
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  • THE OMS-EMS DILEMMA

    The OMS-EMS Dilemma

    COVER STORIES

    The Buy Side Wrestles with the OMS-EMS Dilemma
    In the midst of a bad economy and lower trading volumes, the buy side balances the need to cut costs and consolidate OMS and EMS platforms, while chasing the best integrated solution.

    OMS-EMS Retool as Clients Face New Regs
    In the face of lower volumes, OMS and EMS are seizing opportunities as buy side clients need to upgrade their systems to comply with complex regulations and trade new asset classes electronically.

    Why Didn't Microsoft Add OMS Functionality to Excel?
    It sits on nearly every trader's desktop and raises the question: Why didn't Microsoft add a "Buy" button to its famed spreadsheet and analysis tool?


    TRADING TECH DIRECTORY

    Order Management Systems
    This directory includes a detailed description of order management systems, the execution-management functionality they offer, whether they integrate with external EMSs, the securities they're designed for and future plans for enhancement.

    INDUSTRY VOICE

    Why the World Needs an Integrated OMS and EMS
    The pursuit of new opportunities and a sense of obligation has the buy side looking for a new way to execute trades.

    ANATOMY OF A TRADING FLOOR

    Exclusive: Inside the GETCO Execution Services Trading Floor
    As a global market maker, GETCO provides liquidity for the marketplace as well as a variety of trading tools and services for the buy side and sell side. Founded in 1999 by Stephen Schuler and Dan Tierney, the market maker employs 400 people in its Chicago, London, New York offices as well as other branches around the globe. Advanced Trading visited the new trading floor for GETCO Execution Services, the solutions arm of the firm where clients can access a wide range of tools from trading algorithms to execution services to a dark pool, GETMatched. We also visited the firm's Designated Market Maker station on the floor of the New York Stock Exchange to see first-hand how they facilitate trades for their clients.

  • FROM THE EDITOR

    2012: Year of the Busted Broker and Buy Side Trader
    It was a bad year for brokers and the buy side but it was a wonderful time to be a cold-eyed observer.


    MARKET INTELLIGENCE

    Woodbine Report Hits Back at Dark Pool Critics
    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.


    SEC Fines NYSE $5 Million for Improper Market Data Distribution
    The regulator said the exchange operator improperly fed market data to certain customers before sending it out to the public.


    Two Months After Staggering Loss, Knight Capital Hunts for New CTO
    In a series of moves aimed at preventing a repeat of its $440 million trading error, Knight Capital says Steven Sadoff is no longer overseeing its technology.


    TRANSACTION COST ANALYSIS

    Invesco Turns to OneTick to Beef Up TCA, Alpha Generation Models
    The investment manager says the move will provide better context around every transaction, and help its traders sharpen their strategies quicker than what's possible with only third-party analysis.


    REGULATION

    Fixing the U.S. Equity Markets: Limit Exchange/ATS Licenses and Other Steps
    In his Senate Hearing testimony, Larry Tabb, founder and CEO of Tabb Group, advised the SEC and Congress to stop granting exchange and ATS licenses, among other remedies.


    STREET CRED

    The End Of High Frequency Trading As We Know It?
    If these rules are enacted, no one is sure that we will experience the perfect market that regulators are hoping for.


    AT THE CLOSE

    Can Industry Collaboration on a Kill Switch at the Exchange Level Help Prevent Technology Glitches?
    At the Securities and Exchange Commission roundtable, industry experts discussed the need for developing and testing large scale deployments to prevent electronic trading errors, but they also suggested designing a kill switch may be the best method for preventing another mishap.




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