COVER STORYNaked Access Attracts High-Frequency Traders, Gets Regulators' AttentionIndustry insiders and regulators debate whether pre-trade risk management is needed to monitor high-frequency buy-side traders that currently are enjoying unfettered access to markets. PhaseCapital Passes on Sponsored Access In Favor of DMA Buy-side high-frequency trading firm taps Lime Brokerage for colocation, access to markets and data, with Goldman Sachs as prime broker. PHOTO GALLERYCuttone & Company Trading FloorCuttone & Company is a New York-based full-service institutional broker and prime brokerage service provider specializing in arbitrage, corporate action, special situation and block trade executions. INDUSTRY VOICEThe Real Story of Trading Software EspionageWhile the 32MB of Goldman Sachs' proprietary algorithmic trading code allegedly stolen by Sergey Aleynikov makes for great news, it also highlights the new significance of high-frequency trading Ñ which is built on this technology -- in the marketplace. RESEARCH WATCHIn Defense of the High Frequency Trading CommunityIn the wake of the global financial market's dramatic collapse, the blame game has started. DATA AND INFRASTRUCTUREBlackRock Acquisition of BGI Presents Integration ChallengesBlackRock's deal for BGI will create the world's largest money manager. But integrating BGI's automated electronic trading and transaction cost analysis technology with BlackRock's Aladdin system will require a world-class effort. STREET CREDTransparency: The Rx for What Ails Market StructureIf we don't do something to shine a light on market practices, such as high-frequency trading and flash orders, and prove their value, many may just get regulated out of existence. AT THE CLOSEIndustry Participants Weigh Proposals to Monitor Sponsored Access in Real TimeWorried about systemic risk caused by naked access, industry participants push for concurrent monitoring of high-frequency trades. |
 FROM THE EDITORSex, Jobs and High-Frequency TradingStaying ahead of the news isn't always just about the latest tech advancements or industry movies. SPECIAL REPORTSpotlight on Regulation: The New Rules of the GameThe SEC has had a busy summer not only revamping its internal processes and procedures but also focusing on potential regulation in four major areas: the over-the-counter derivatives market, short selling, dark pools and sponsored access to exchanges. MARKET INTELLIGENCESeth Merrin Examines the Pros and Cons of High Frequency TradingHigh frequency trading adds a lot of liquidity, but institutions need to opt-in to that, says Liquidnet's Seth Merrin. Re-Thinking the Trader Thought Process Managing risk more effectively may require that traders unplug from risk systems and instead trust their instincts, suggests Denise Shull. New Book Delves Into the World of Quant Trading In a new book on quantitative trading strategies Rishi Narang, founding principal of Telesis Capital, seeks to explain with real-world examples and anecdotes what it is exactly that quants do. Morgan Stanley Hiring Up to 400 Sales, Trading Positions According to reports, Morgan Stanley has plans to hire as many as 400 traders and salespeople to bulk up its trading operations this year. A Look Inside the NYSE/DTCC Derivatives Clearing Venture NYSE Euronext has joined forces with the Depository Trust & Clearing Corporation (DTCC) to launch a joint venture for clearing U.S. fixed income derivatives. |
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