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  • Advanced Trading. The community for innovative traders
    • Ivy's Wall

  • Asset Classes
    • Equities

      • 10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      • Debating "The Great Rotation": Will it Lift Trading Volumes?
      • Chile, Latin America's Rising Star
      More Equities
    • Derivatives

      • Tradeweb Completes Electronic Pre-Trade Credit Check on Buy-Side Swaps Trade
      • Eris Exchange Reduces Contract Size to $100k to Broaden Access to Asset Managers
      • Key Banks, Clearing and Trading Firms to Support NLX
      More Derivatives
    • Fixed Income

      • 10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      • The Big Shift: Overhauling Corporate Bond Trading
      • Structural Change In The Credit Markets
      • More Fixed Income
  • Algos
    • Top Story

      10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      Buy-side clients need to understand that when they trade on a broker-sponsored platform, they are paying for these systems, whether that payment comes in the form of commissions, licenses, or widened spread. Therefore, the most important thing the buy side should do is to think like a customer.
    • Algos News

      • Have We Hit Peak HFT?
      • 66% of Buy Side Traders Value Execution Consultants
      • Czech Republic's RSJ Chooses KX Systems for Algo Trading
      More Algos News
    • Quick Links

      • Have We Hit Peak HFT?
      • 66% of Buy Side Traders Value Execution Consultants
      • Capital Markets: Managing Intelligence Optimization vs. Big, Diverse Data
      • Citi Launches Open and Close Algos in Major Trading Tech Upgrade
  • 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

      • High-Frequency Shops Poach Talent From Exchanges and Bulge-Bracket Firms
      • Eladian Closure an Ominous Sign for High-Frequency Trading
      • Is Trading Via Microwaves Ready for Prime Time?
      • Why Didn't Microsoft Add OMS Functionality to Excel?
  • Exchanges
    • Top Story

      Wall Street’s 9 Worst Bets Ever: From Nick Leeson to JPMorgan
      In the wake of JPMorgan’s ill-conceived hedging strategy, which cost the bank its sterling reputation along with $2 billion and counting, Advanced Trading decided to highlight some of Wall Street’s worst bets ever.
    • Exchanges News

      • Q&A: Market Surveillance Demands 20-20 Vision
      • The Big Shift: Overhauling Corporate Bond Trading
      • EU Dark Pools Regs Blast Buy Side
      More Exchanges News
    • Quick Links

      • The Big Shift: Overhauling Corporate Bond Trading
      • LSE Takes Control Of Rival Trading Platform Turquoise
      • GETCO Buys BofA Merrill's Market Making Unit
      • NYSE's Trading Floor of the Future
  • Dark Pools
    • Top Story

      10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      Buy-side clients need to understand that when they trade on a broker-sponsored platform, they are paying for these systems, whether that payment comes in the form of commissions, licenses, or widened spread. Therefore, the most important thing the buy side should do is to think like a customer.
    • Dark Pools News

      • The Dark Pools’ Choice: Go Into the Light or Down the Drain
      • EU Dark Pools Regs Blast Buy Side
      • ConvergEx Reduces Latency of Millennium ATS By 75%
      More Dark Pools News
    • Quick Links

      • The Dark Pools’ Choice: Go Into the Light or Down the Drain
      • Structural Change In The Credit Markets
      • LSE Takes Control Of Rival Trading Platform Turquoise
      • EU Dark Pools Regs Blast Buy Side
  • EMS/OMS
    • Top Story

      10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      Buy-side clients need to understand that when they trade on a broker-sponsored platform, they are paying for these systems, whether that payment comes in the form of commissions, licenses, or widened spread. Therefore, the most important thing the buy side should do is to think like a customer.
    • EMS/OMS News

      • The Big Shift: Overhauling Corporate Bond Trading
      • TradingScreen Adds FX Functionality for Dodd Frank Compliance
      • Patent Issued to RealTick EMS for Staging of Electronic Orders
      More EMS/OMS News
    • Quick Links

      • The Buy Side Wrestles with the OMS-EMS Dilemma
      • Market Structure Drives the Buy Side to Seek New OMS/EMS Systems —Study
      • The Big Shift: Overhauling Corporate Bond Trading
      • Why Didn't Microsoft Add OMS Functionality to Excel?
  • Data Infrastructure
    • Top Story

      10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      Buy-side clients need to understand that when they trade on a broker-sponsored platform, they are paying for these systems, whether that payment comes in the form of commissions, licenses, or widened spread. Therefore, the most important thing the buy side should do is to think like a customer.
    • Data Infrastructure News

      • Deutsche Bank Launches Autobahn Mobile
      • Dutch Equities and Options Venue Migrates to London Data Center
      • BofA Merrill Lynch, Citi and Goldman Sachs Join Markit's Credit Checking Hub
      More Data Infrastructure News
    • Quick Links

      • Market Structure Drives the Buy Side to Seek New OMS/EMS Systems —Study
      • Structural Change In The Credit Markets
      • Getco, Virtu Pursuit of Knight Signals Consolidation Trend
      • Re-Thinking Operational Risk on Wall Street
  • Regulation
    • Top Story

      Wall Street’s 9 Worst Bets Ever: From Nick Leeson to JPMorgan
      In the wake of JPMorgan’s ill-conceived hedging strategy, which cost the bank its sterling reputation along with $2 billion and counting, Advanced Trading decided to highlight some of Wall Street’s worst bets ever.
    • Regulation News

      • Q&A: Market Surveillance Demands 20-20 Vision
      • SEC Fines CBOE $6M for "Systemic Breakdowns" in Oversight
      • Clearing Connectivity Standard Wins Support from Large Brokers
      More Regulation News
    • Quick Links

      • The Dark Pools’ Choice: Go Into the Light or Down the Drain
      • Re-Thinking Operational Risk on Wall Street
      • Morgan Stanley Revamps Trading Platform Ahead of 'Naked Access' Ban
      • Creditex Rolls out Electronic Auction To Reduce Risk in Credit Default Swaps
  • Managing The Desk
    • Top Story

      Have We Hit Peak HFT?
      The number of shares traded via high-frequency trading are down and politicians want to roll out a tax to serve as a speed bump. Some are wondering if microsecond dealings are poised to fade away.
    • Managing The Desk News

      • Debating "The Great Rotation": Will it Lift Trading Volumes?
      • Chile, Latin America's Rising Star
      • Have We Hit Peak HFT?
      More Managing The Desk News
    • Quick Links

      • 10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      • Exclusive: Inside the GETCO Execution Services Trading Floor
      • Inside Abel Noser's Trading Floor
      • Educating the Buy Side: Off-The-Desk Learning
  • TCA
    • Top Story

      10 Ways to Manage Conflicts of Interest on Your Broker-Owned Platform
      Buy-side clients need to understand that when they trade on a broker-sponsored platform, they are paying for these systems, whether that payment comes in the form of commissions, licenses, or widened spread. Therefore, the most important thing the buy side should do is to think like a customer.
    • TCA News

      • 66% of Buy Side Traders Value Execution Consultants
      • Monash Investors Adopts Imagine Portfolio, Risk Tools
      • Goldman Tops Global Prime Broker Rankings
      More TCA News
    • Quick Links

      • Inside Abel Noser's Trading Floor
      • New TCA Tools Help Buy-side Firms Compete in a High-Frequency World
      • BlackRock Acquisition of BGI Presents Integration Challenges
      • In the Search for Alpha, It's a Quant's World
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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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