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Dave Cummings Steps Down As BATS CEO/Prez

Jun 29, 2007 @ 02:14 PM By Kerry Massaro,

President and CEO of BATS, Dave Cummings sent this email to the BATS community about an hour ago:

Dear Trading Community,

Passing the Baton to Joe Ratterman
BATS Trading is pleased to announce the promotion of Joe Ratterman to President and CEO. As one of the founding employees, Joe has been a huge part of BATS success. I believe he is the right person to lead the company to the next level. While at Bridge and Lab One, Joe managed technical organizations as large as 650 people. As BATS grows and matures, it is healthy to be lead by a professional manager such as Joe. Joe's promotion had unanimous support from BATS board of directors. The idea and the timing were at my suggestion.

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Reg NMS Test Set for Saturday, June 30th

Jun 27, 2007 @ 03:30 PM By Ivy Schmerken,

An industry-wide test will be conducted for Regulation NMS on Saturday, June 30. Brokers that participate can test their Reg NMS compliant trading systems with all the automated trading centers. When the Pilot Stocks Phase starts on July 9th all the broker dealers will have to be in compliance with Reg NMS for 249 stocks.

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Celent Commentary: Citi's Potential Acquisition of ATD

Jun 27, 2007 @ 12:18 PM By Cristina McEachern,

As reports have surfaced that Citi is in discussions to purchase Automated Trading Desk (ATD) for somewhere in the neighborhood of $700 million, it�s a sure sign that Citi is continuing to invest in order to build out it electronic trading capabilities.

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Morgan Stanley Ranks First in Financial Insights Survey of Electronic Trading Services

Jun 21, 2007 @ 05:04 PM By Ivy Schmerken,

Morgan Stanley won first place among a dozen bulge bracket brokers ranked for providing electronic trading services to buy-side clients, according to the Financial Insights 2007 Electronic Trading Services Ranking which was released at the SIFMA Conference today.

Brokers were evaluated in five categories: direct market access (DMA), algorithmic trading, transaction cost analysis (TCA), dark pool access and execution management system (EMS).

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EdgeTrade Releases Dark-Only Algo

Jun 18, 2007 @ 09:39 AM By Cristina McEachern,

EdgeTrade has released its Covert algorithm for dark pool order execution. Building on its FAN smart order execution tool that sprays public markets and dark pools simultaneously, EdgeTrade has now developed a separate dark only liquidity-seeking algorithm.

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Nasdaq Updates Strategy with Crossing Networks, Options and Other Value-Added Services

Jun 14, 2007 @ 04:54 PM By Ivy Schmerken,

While continuing to increase its market share in U.S. equities, The Nasdaq Stock Market is focused on adding valued-added products to its INET matching engine, according to a press briefing held today.

After the purchasing the INET matching engine for $900 million from Instinet in December of 2005, and merging the BRUT ECN and Nasdaq�s own SuperMontage matching engine into INET, the U.S.-based electronic stock exchange is leveraging the INET technology to launch intraday and continuous block crossing networks and an options exchange.

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Tabb's Nybo:"Don't Count the Broker out in the Derivatives World"

Jun 13, 2007 @ 09:49 AM By Kerry Massaro,

�Two thirds of equities derivatives order flow is done by phone, and most derivatives traders say they don�t expect that to change over the next two years,� says Andy Nybo, Senior Analyst, Tabb Group speaking at TradeTech Derivatives in NYC. Nybo gleaned his information from many traditional asset managers and hedge fund traders who trade derivatives to create his report: �Exchange Traded Derivatives, The Buy Side�s Increasing Exposure.�
Advanced Trading coverd this report in our June issue.

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Q-WIXX Launch Caters to List Traders of Credit Default Swaps

Jun 12, 2007 @ 04:55 PM By Ivy Schmerken,

With investment managers and hedge funds trading long lists of single-name credit default swaps (CDSs), last week�s launch of Q-WIXX, an electronic platform, is gaining traction among the dealers and bringing more efficiency to the auction process.

Q-WIXX is set up to help dealers, correlation desks, prop desks, hedge funds and other buy-side market participants execute transactions known as Offers Wanted in Competition (OWICs) or Bids Wanted in Competition (BWICs).

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ITG Enters Equity Derivatives Arena With RedSky Acquisition

Jun 11, 2007 @ 12:00 PM By Cristina McEachern,

For ITG, the build or buy conundrum for entry into the equity derivatives markets was answered last week when the company announced plans to acquire RedSky Financial.

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ITG to Acquire RedSky

Jun 8, 2007 @ 02:39 PM By Cristina McEachern,

Looking to further expand its trading offerings across asset classes, ITG announced this morning that planned to purchase RedSky Financial, a broker-dealer that specializes in multi-asset class electronic trading.

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Instinet Appoints New Co-CEOs

Jun 8, 2007 @ 10:20 AM By Cristina McEachern,

Instinet announced big changes to its top executive ranks today. The company appointed Fumiki Kondo and Anthony Abenante as new co-chief executive officers.

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Linedata Perfects Trading Interface with the Help of Traders

Jun 6, 2007 @ 03:56 PM By Kerry Massaro,

Linedata Services is crafting a new front-end trading interface, which it is likening to the cockpit of a jet fighter, with all the controls necessary to simply consolidate and navigate the various trading and analytics tools on the buy-side trader�s workstation. Coined Longview Live, the new version is being developed with the input of current Longview users, who had the opportunity to view a sample version at Linedata�s user group meeting two weeks ago.

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Townsend Analytics Adds Credit Suisse Algos and Dark Pool Access To RealTick

Jun 6, 2007 @ 09:19 AM By Cristina McEachern,

Townsend Analytics announced that Credit Suisse�s Advanced Execution Services (AES) suite of algorithmic trading products, as well as the firm�s CrossFinder dark pool can now be accessed via Townsend�s RealTick execution management system (EMS).

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ITG Hires Rodriguez to Focus on Global Algorithms

Jun 5, 2007 @ 06:49 PM By Ivy Schmerken,

George Rodriguez has joined Investment Technology Group (ITG) in New York as director of global algorithmic sales. Rodriguez will be working in ITG�s algorithmic sales group with a focus on selling the firm�s suite of international algorithms to it�s U.S. customer base, according to Tony Huck, managing director of ITG.

Rodriguez left a senior position at TradeTrek Securities, an institutional agency broker specializing in algorithmic trading, two weeks ago. He previously worked for Guzman & Company and the New York Stock Exchange.

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New Study Finds Buy Side Wants Guidance Around Soft Dollars

Jun 5, 2007 @ 04:39 PM By Cristina McEachern,

According to a new research study from Greenwich Associates, the majority of investment managers and pension plan sponsors surveyed are in a favor of a more comprehensive regulatory framework around the disclosure of client commissions paid for equity research.

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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 >>