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ISE Teams with Eurex to Develop New Options Trading System, Replacing OMX by 2011

Jan 30, 2008 @ 01:45 PM By Ivy Schmerken,

The International Securities Exchange (ISE) and Eurex, the derivatives marketplace owned by Deutsche Borse, will jointly develop a new options trading system for the ISE that will replace the OMX Click trading system currently in operation. This step is the first initiative following the completion of the $2.8 billion merger of ISE and Eurex on Dec. 19, 2007.

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Fidessa LatentZero and Pipeline Partner on Leak-Proof Integration

Jan 29, 2008 @ 10:53 PM By Ivy Schmerken,

Fidessa LatentZero’s partnership with Pipeline Trading Systems LLC will give buy-side traders the ability to match up large block trading opportunities in Pipeline ATS with orders on their blotter without risking information leakage.

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Aite Group's Bailey Heads to Knight Capital Group

Jan 29, 2008 @ 04:42 PM By Ivy Schmerken,

Brad Bailey, senior analyst at Aite Group, is moving to Knight Capital Group as a director in the business corporate development area. Bailey will focus on strategic initiatives to grow the sell-side firm’s business.

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Turquoise Taps Apama and Detica to Build Market Surveillance System

Jan 28, 2008 @ 05:48 PM By Ivy Schmerken,

Turquoise, the high-profile multilateral trading system (MTF) in Europe founded by nine investment banks to compete with the London Stock Exchange and other traditional exchanges, has hired Progress Software and Detica to develop a real-time market surveillance system.

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Updating Record Volumes

Jan 24, 2008 @ 06:30 PM By Ivy Schmerken,

With volatility back in the stock market, institutional investors are routing orders with a vengeance and boosting the volumes at some of the newer equity trading venues.
Here’s an update on the volume records that occurred this week.

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Rogue Trader Rocks SocGen

Jan 24, 2008 @ 10:59 AM By Cristina McEachern,

Societe Generale announced today that a rogue trader had undertaken “exceptional fraud” resulting in losses of $7.14 billion.

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ITG Releases Triton in Asia Pac

Jan 24, 2008 @ 10:38 AM By Cristina McEachern,

Investment Technology Group (ITG) has launched its Triton execution management system (EMS) for the Asia Pacific region. Buy side traders will have access to more then 30,000 equities across the Asia Pacific markets.

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Turquoise Update

Jan 23, 2008 @ 11:06 AM By Cristina McEachern,

Despite recent delays to its planned launch, Project Turquoise, the multilateral Pan European trading facility established by a consortium of banks, is on its way to a 2008 launch with its CEO and CTO in place and two new partners.

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Market Tumult Lifts Volume at Liquidnet and Pipeline

Jan 22, 2008 @ 07:07 PM By Ivy Schmerken,

Fears of a U.S. recession that sparked a global sell-off in European and Asian stocks over the past two days, led to a rocky day in U.S. stock trading and an aggressive rate cut by the Federal Reserve, But the jittery behavior of institutional investors and hedge funds could be good for alternative trading systems (ATSs) judging from the recent highs in dark pools. Two of the dark pools, Liquidnet and Pipeline, announced record high volumes last week.

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Progress Releases Smart Order Router Accelerator

Jan 22, 2008 @ 10:20 AM By Cristina McEachern,

Progress Software has released its Progress Apama Smart Order Router (SOR) Accelerator to help traders quickly and effectively create and deploy smart order routing strategies.

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NYSE Euronext Buys Amex to Snare Options Jewel

Jan 18, 2008 @ 02:36 PM By Ivy Schmerken,

NYSE Euronext is on a shopping spree to consolidate the global exchange landscape and last night it agreed to acquire the American Stock Exchange for $260 million in its own common stock, to boost its options business and multi-asset class product range.

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Aqua ATS Joins Tradeware Network to Access Block Liquidity

Jan 16, 2008 @ 12:45 PM By Ivy Schmerken,

Aqua, a new alternative trading system that is trying to solve the block liquidity problem for the buy side and mid-tier brokers, has joined Tradeware Global Corp.’s FIXLink, global connectivity network.

“Tradeware has a platform that is used by a lot of brokers,” says Kevin Foley, president and CEO of Aqua, a new electronic trading platform for block liquidity that is backed by Cantor Fitzgerald and eSpeed. Aqua did its first trades in December. “People aren’t going to trade unless it’s seamless and paperless. You’ve got to integrate where the source is and where the liquidity is,” says Foley.

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Is NYSE’s Purchase of Wombat a Response to Nasdaq-OMX?

Jan 15, 2008 @ 04:04 PM By Ivy Schmerken,

Yesterday’s agreement by NYSE Euronext to acquire Wombat Financial Software is another sign that the arms race between exchanges to buy up technology infrastructure companies is heating up. The NYSE deal to acquire Wombat for $200 million in cash falls on the heels of Nasdaq acquiring Stockholm’s OMX Group, a leading commercial supplier of exchange technology.

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Portware Connects to NYSE MatchPoint

Jan 15, 2008 @ 12:39 PM By Cristina McEachern,

In preparation for the January 22nd launch of NYSE MatchPoint, Portware announced it has integrated with the portfolio-based point-in-time electronic trading facility. Portware’s buy- and sell-side clients will have full access to the centralized matching environment.

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Goldman Launches Two New Options Algos

Jan 11, 2008 @ 01:19 PM By Cristina McEachern,

Goldman Sachs Electronic Trading has launched two new algorithms for U.S. Listed Options. The new Iceberg and Delta Adjusted algorithms are available to users on Goldman’s RediPlus platform as well as its FIX offering.

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Consortium Buys into Chi-X Europe

Jan 10, 2008 @ 12:52 PM By Cristina McEachern,

Instinet announced a consortium of 13 banks and trading firms have taken a minority equity stake in its Chi-X Europe multilateral trading facility (MTF).

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Deutsche Bank and JPMorgan Invest in BATS Trading

Jan 8, 2008 @ 02:05 PM By Ivy Schmerken,

Deutsche Bank and JPMorgan have each invested in BATS Trading, operator of BATS ECN, acquiring a minority stake in the fast growing alternative market center in U.S. equity securities. Financial terms were not disclosed. This brings the number of sell-side investors in Kansas City-based BATS up to 10.

BATS ECN has grabbed the attention of the industry with its high-speed trading platform that appeals to high frequency and algorithmic traders and with its aggressive rates for adding and removing liquidity, which have turned up the heat on the NYSE and Nasdaq.

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NYSE MatchPoint Set for Launch

Jan 7, 2008 @ 11:24 AM By Cristina McEachern,

The U.S. Securities and Exchange Commission has approved the rules for NYSE Euronext’s MatchPoint crossing network. MatchPoint is expected to officially begin trading on January 22, 2008.

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RealTick Links to On Point’s Options Smart Routing

Jan 7, 2008 @ 10:18 AM By Cristina McEachern,

On Point Execution’s Sting smart order router for options is now an execution destination available on Townsend Analytics’ RealTick Execution Management System (EMS).

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Fortis Launches 24-Hour Futures Desk

Jan 4, 2008 @ 12:17 PM By Cristina McEachern,

Fortis Clearing Americas will launch its 24-hour futures execution desk on January 14th to service commodity trading advisor (CTA) and hedge fund clients. Gerard Colagrossi and Eli Tullis Jr. have been appointed senior vice presidents and will lead the new Chicago-based desk.

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FX Concepts (New York)
Phil Simotas
President and Director of Investment Management

Algorithmic trading is one area. And, obviously, because currencies are our focus, we're always trying to improve our techniques and our models in all areas -- whether it's in emerging currencies, options, developed currency portfolio formation, any of that. But the areas ... More >>