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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.

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.

Instinet Aims to Simplify Commission Management

Oct 15, 2007 @ 01:37 PM By Cristina McEachern,

Looking to simplify the commission management process for both institutions and their broker/dealer partners, Instinet has released two new offerings.

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.

Competition Between Regional Exchanges, Nasdaq/NYSE Heating Up

Mar 28, 2007 @ 02:35 PM By An Industry Executive,

Contributed by Dave Hudzik, Managing Director, EMS Technology for Spartan Technologies , HydraTrade.

Well, it's been one year since I wrote about the regional exchanges competing with the Nasdaq and NYSE. The competition is heating up and boy oh boy I am seeing a lot of gusto from the little guys, two especially. The regionals have partnered up with some big names, but two ECN networks in particular aren't going anywhere without a fight.

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 >>