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Buzz Is All About Crossing Networks And Dark Pools, Citi Exec Says

Apr 25, 2007 @ 03:34 PM By Cristina McEachern,

I just talked with Tim Reilly, managing director and head of North America electronic execution sales at Citi about Citi Electronic Execution 's IS Shadow Strategy. Here is what he had to say:

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Harvey Pitt: SEC Looking, Not Acting on Dark Pool Explosion

Apr 19, 2007 @ 10:48 AM By Kerry Massaro,

The question is constantly out there—Will the SEC place new regulations on non displayed pools of liquidity otherwise known as “dark books?” That was the topic of discussion at a Liquidnet press breakfast (April 18)featuring Seth Merrin, Liquidnet’s founder, and Harvey Pitt, former SEC Chairman and now consultant of Kalorama Partners based in Washington, D.C.

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Agency Brokerage AXES Launches Global Execution Management System

Apr 18, 2007 @ 04:52 PM By Kerry Massaro,

AXES, a global agency brokerage, has launched a global execution management system to facilitate electronic trading to the over 100 countries it services. The system, called GEMS offers cross-border trading in developed, emerging and frontier markets, notes Peter Gaffney, AXES president.

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NYSE Preps for Monday Launch of NYSE Bonds

Apr 17, 2007 @ 07:12 PM By Kerry Massaro,

The NYSE is preparing to launch NYSE Bonds, a trade-matching platform created to emulate trading on an equities exchange rather than the request-for-quote model familiar to the fixed-income market. John Holman, VP of Fixed Income, NYSE Group, notes that the initial focus is corporate bonds, but he is considering expanding the system to include Treasuries, munis, credit default swaps and convertible securities down the road.

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Lou Eccleston Takes Over at Pivot Solutions

Apr 17, 2007 @ 01:48 PM By Cristina McEachern,

Lou Eccleston has joined Pivot Solutions as chairman and chief executive officer. Eccleston will be working to further Pivot Solutions’ IMtrader buy-side network, which brings together instant messaging, information management, research and trading technology for institutional investors.

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Fidessa's Acquisition of Latent Zero Means Synergies for Buy and Sell Side

Apr 16, 2007 @ 08:05 PM By Ivy Schmerken,

With more multi-asset trading on the horizon and buy-side firms clamoring for streamlined integration of OMSs and EMSs, London-based royalblue group, the company behind Fidessa, has agreed to acquire LatentZero, a provider of buy-side order management systems, for $125 million.

According to Fidessa CEO Mark Ames, the reason for the acquisition is that “ LatentZero offered us a unique opportunity at a tangible level. They are very focused on the buy-side as we are on the sell –side.” Citing their whole culture, technology development and philosophy, “Strategically, it had all the right signs,” he says.

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NYMEX Buys Into Optionable

Apr 13, 2007 @ 11:17 AM By Cristina McEachern,

As Nasdaq continues its drive to make its mark in the options market with a potential Philadelphia Stock Exchange merger, the NYMEX is also beefing up its stake in electronic options trading. NYMEX completed its purchase of a 19 percent stake in energy derivatives brokerage firm Optionable this week.

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Aite Group's Bailey Weighs In on Nasdaq-PHLX

Apr 11, 2007 @ 05:14 PM By Kerry Massaro,

A potential merger between Nasdaq and the Philadelphia Stock Exchange (PHLX) could quickly make Nasdaq a substantial player in the options market. The Philadelphia Stock Exchange is the third-largest options market with 15 percent market share, after the Chicago Board Options Exchange and the International Securities Exchange, respectively, notes Senior Analyst Brad Bailey of Aite Group. Nasdaq has been vocal about its desire to enter the options market, and has even set a goal of garnering 20 percent of the market. "A merger with Philadelphia would give it 15 percent market share immediately. Strategically it makes sense for Nasdaq and it would bring Nasdaq immediately up to speed in the options market,” Bailey asserts.

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Interactive Brokers Reports Trading Contest Results

Apr 11, 2007 @ 02:09 PM By Ivy Schmerken,

Interactive Brokers (IB) reported the results of its 2007 Collegiate Trading Olympiad with the top three winners creating automated trading programs utilizing different strategies with stocks and options and futures.

Brian Eckerly, 22, who won first place, received $100,000 in prize money. Eckerly recently graduated from Ohio State University with a degree in electrical and computer engineering. Eckerly traded a mix of stocks and options, using S&P 500 ETFs and the options on that, earning a profit of $294,190.

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Hong Kong Hedge Fund Sets Up Shop with TradingScreen and Imagine

Apr 11, 2007 @ 11:49 AM By Cristina McEachern,

DragonBack Capital, a Hong Kong-based multi-strategy hedge fund, officially launched in March and is busy building up its assets and portfolio. Three partners are heading up the fund with combined experience in the Asia Pacific markets of more than 50 years, which CEO Robert Lance says gives his fund a distinct local advantage.

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ING Investment Management Refreshes Trading Turrets

Apr 10, 2007 @ 04:37 PM By Ivy Schmerken,

ING Investment Management Americas upgraded its buy-side trading floor in New York City recently, deploying IPC’s IQ/MAX trading turret there and in Hartford, Conn. The 10-person trading floor, located at 230 Park Ave. in New York, made the move to the newest version of the turret last November. In addition, the firm installed the new turret for a single individual trader located in Hartford, Conn.

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Trading Up: Executive Moves in the Industry

Apr 10, 2007 @ 04:01 PM By Cristina McEachern,

Recent Executive Appointments at Jordan & Jodan, Nasdaq and Aqua

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NYFIX Millennium: Building Liquidity With New Asset Classes, New Geographies

Apr 4, 2007 @ 02:39 PM By Cristina McEachern,

After doubling its average daily volume of shares trading in the past six months on its NYFIX Millennium Dark Pool, NYFIX is working to increase liquidity in the undisplayed matching pool even more in the coming months. With new tools and added functionality, Howard Edelstein, CEO of NYFIX, says that NYFIX Millennium is working to broaden its reach.

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ISE Announces Succession Plan

Apr 2, 2007 @ 12:20 PM By Cristina McEachern,

The International Securities Exchange (ISE) has announced that its current president and CEO, David Krell, will retire on January 1, 2008. Krell will remain a member of the ISE’s Board of Directors. Pending the appropriate approvals, the Board expects to elect Krell Chairman, replacing current chairman Frank Jones, who will also stay on as a member of the Board.

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R.G. Niederhoffer Capital Management (New York)
Roy Niederhoffer
President and Founder

You have to rotate your models more rapidly today than you used to. Models that used to work have stopped working with greater rapidity lately. I think that this probably represents the entrance of a large number of players into the hedge fund space in ... More >>