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Portware Opens Hong Kong Office

Aug 24, 2007 @ 10:51 AM By Cristina McEachern,

As overseas markets heat up, Portware announced it will open a Hong Kong office to support expansion in the Asia-pacific region and has appointed Damian Bierman head of Asian operations.

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Bear CDO Series: S&P Partners with Sky Road for Credit Ratings Data

Aug 22, 2007 @ 03:41 PM By Ivy Schmerken,

With the fall out from the credit crisis spreading to multiple asset classes and ravaging returns, the rating agencies are partnering with technology providers to get their data in the hands of hedge funds. Yesterday, Standard & Poor’s said it will make its credit ratings data available through Sky Road LLC, a provider of hosted technology to hedge funds engaged in cross-asset trading.

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BNY ConvergEx Introduces Options Trading

Aug 22, 2007 @ 10:13 AM By Cristina McEachern,

In light of the growing popularity of listed derivatives and growing client demand, BNY ConvergEx Group has launched a new options trading desk. Buy side clients can take advantage of either broker-assisted or fully electronic options trading via BNY ConvergEx.

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Savvis Exchange Express Launched

Aug 20, 2007 @ 10:29 AM By Cristina McEachern,

Savvis has released its Savvis Exchange Express solution for users to connect directly to exchanges for market data feeds and trade execution. The low latency connectivity offering provides Ethernet access to market data feeds.

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BIDS Hooks Up the Buy Side

Aug 15, 2007 @ 02:45 PM By Cristina McEachern,

BIDS Trading announced connections to Goldman Sach’s REDIPlus, JP Morgan’s Neovest and Morgan Stanley’s Passport Connect electronic trading platforms.

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Bear CDO Series: Valuation Crisis

Aug 14, 2007 @ 05:20 PM By Ivy Schmerken,

Since the credit crisis erupted six weeks ago, hedge funds suffering heavy losses in CDOs related to sub-prime mortgages have had a difficult time pricing these complex instruments. Last week, French bank BNP Paribas shut down three funds with exposures to the U.S. sub-prime market because it said it could not value the funds. This in turn rattled other overseas banks that were exposed to U.S. sub-prime mortgages. The issue is that hedge funds can't value these CDOs and sub-prime related credit instruments in their portfolios, because they rely on tradable prices and right now there are no bids, say sources.

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Win an iPhone: Enter the AT Photo Contest

Aug 14, 2007 @ 11:41 AM By Cristina McEachern,

Are you a Tech Savvy Trader? Then send us a photo of your desktop and you could win an iPhone!

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Fidessa Signs on as Morgan Stanley Preferred Supplier

Aug 13, 2007 @ 10:17 AM By Cristina McEachern,

Morgan Stanley and Fidessa announced an agreement to distribute Morgan Stanley’s electronic trading services through the Fidessa LatentZero Execution Management System.

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Bear CDO Series: Management Overhaul: Questions on Risk Management

Aug 8, 2007 @ 03:51 PM By Ivy Schmerken,

The blame game is not over. This week, Bear Stearns ousted one of its senior executives, Warren Spector, under whose watch the firm brought out two leverage hedge funds exposed to the shady sub-prime market. To calm the jittery markets over uncertainty that other credit problems were lurking, the firm promoted Alan Schwartz, a relationship-oriented investment banker, as sole president.

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Commentary: Project Turquoise Delay

Aug 8, 2007 @ 03:16 PM By Cristina McEachern,

Reports are swirling that Project Turquoise, the bank consortium-backed European equities trading platform, will now launch sometime in the second quarter of 2008.

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Calling All Listed Futures and Options Trading System Providers!

Aug 8, 2007 @ 11:34 AM By Cristina McEachern,

Don’t miss your chance to be listed in Advanced Trading’s next Directory featuring Listed Futures and Options Trading Systems.

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Linedata, Goldman Offer Synchronized Blotter

Aug 7, 2007 @ 10:12 PM By An Industry Executive,

By Advanced Trading Contributing Writer Daniel Safarik

Linedata Services' LongView order management system will soon include technology to synchronize its blotter with those of EMSs. The first co-development agreement was struck with Goldman Sachs’ REDIPlus unit, which about 30% of Linedata’s client base also uses, according to Gavin Little-Gill, senior vice president of product management, Linedata. Customers of both platforms will no longer need to manually transfer or upload data between their LongView and REDIPlus blotters, and can rest assured that any change affecting the order in one platform will automatically appear in the other.

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Bear CDO Series: A Credit Crisis and More Bloodletting Hits Hedge Funds

Aug 3, 2007 @ 05:35 PM By Ivy Schmerken,

The credit crisis that has been rocking the stock market continues to ripple through the economy and spread beyond sub-prime mortgages to broader sectors of the housing market and other financial institutions and hedge funds. Whether this is overblown or not, we awoke this morning to learn about the closing of American Home Mortgage (AHM) Investment from Melville, Long Island, a lender to the sub-prime mortgage market. On Monday, we heard about Sowood Capital Management, the Boston-based hedge fund, deciding to sell its portfolio containing leveraged positions in bonds and derivatives at fire sale prices to Citadel Investment Group.

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Has NYSE's Electronic Trading Model Caused More Volatility?

Aug 2, 2007 @ 05:33 PM By An Industry Executive,

Contributed by Joseph Saluzzi, Partner and Co-Founder of Themis Trading, an agency only institutional brokerage firm.

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Nasdaq Gains SEC Approval to Launch Private Placement Market

Aug 1, 2007 @ 03:33 PM By Ivy Schmerken,

The Nasdaq Stock Marketreceived the green light from the Securities and Exchange Commission to launch a private electronic trading platform for unregistered debt and equity securities. The Portal Market will begin operating on Aug. 15. Nasdaq's plans to create a secondary market in private placements, which tend to be illiquid securities, have been circulating in the media with a story posted in Advanced Trading.

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BIDS Reports Jump in July Trading Numbers

Aug 1, 2007 @ 02:07 PM By Cristina McEachern,

BIDS Trading announced its anonymous alternative trading system (ATS) for U.S. equity block trading saw 355.2 million shares traded during the month of July. On average the system saw about 16.9 million shares crossing per day in July.

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Citi's New Global Execution Head to Focus on Consistency

Aug 1, 2007 @ 11:37 AM By Cristina McEachern,

Richard Evans has been promoted to head up Citi’s global electronic execution business. In his new role, based in London, Evans will be charged with continuing Citi’s drive to create consistent global electronic trading product offerings from agency program trading to transaction cost analysis, market data monetization and the Lava e-trading business.

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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 >>