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Wall Street & Technology June 12, 2007 Ivy Schmerken	OES, Lava Trading Emerge as Dominant Vendors in Order Routing Brokers, exchanges and other vendors are relying on Order Execution Services and Lava Trading for their Reg NMS compliant order routing. But does this pose a risk?
Wall Street & Technology July 26, 2004 Ivy Schmerken	Making Markets Move The race to become a fast market may lead exchanges to join forces with ECNs.
Wall Street & Technology January 24, 2006 Paul Allen	Turning the Tide As ECNs and other alternative trading systems have emerged, fragmentation in the capital markets has increased. But with the acquisitions of Archipelago by the NYSE and of the Brut and INET ECNs by Nasdaq, the tide may be turning.
Wall Street & Technology January 5, 2007 Ivy Schmerken	Stock Exchanges Create Trade Reporting Facilities to Earn Market Data Fees From Internalized Trades With the number of dark books and alternative trading systems proliferating, stock exchanges are venturing into the trade reporting business to earn market data fees from reporting off-exchange trades.
Wall Street & Technology January 5, 2005 Steve Silberstein	Dear CIO... Question: How will Reg NMS impact broker-dealers?
Wall Street & Technology June 28, 2005	The Next Big Thing Four analysts predict what shape they believe the future landscape of financial services technology will take.
Wall Street & Technology February 14, 2006 Larry Tabb	Aggregation: Back to the Future With only two or three trading venues, aggregation is not very interesting. However, with the existence of three major execution venues, and another six or seven regionals and ECNs, in conjunction with an empowered SEC focused on best execution, and now you have a horse race.
Bank Technology News November 2007	Alternative Trading: ECNs, Dark Pools Gain Ground on Exchanges The trading venues running outside the traditional NYSE/NASDAQ exchange channels have their advantages-but also some limitations from their own success.
Wall Street & Technology October 17, 2007 Melanie Rodier	Exchange Market Share Set to Decline Due to Competition from Nimble Dark Pools and ECNs Aite Group expects to see an increasing decline for the exchange market share as NYSE, NASDAQ, and regional exchanges struggle against price-competitive ECNs and dark pools.
Wall Street & Technology February 3, 2005	REG NMS Cheat Sheet A synopsis of the 371-page SEC document outlining the Regulation National Market System proposal, with one-page summaries of each of its four components.
Wall Street & Technology February 4, 2005 Ivy Schmerken	Reg NMS Tops the CIO Agenda The regulation to modernize the National Market System is shaping up as the single most important issue that chief information officers of buy-side and sell-side firms will focus on in 2005.
Bank Technology News June 2005 Glen Fest	Irreconcilable Differences? When Jerry Putnam used to describe the New York Stock Exchange and its practices, the CEO of Archipelago Holdings was prone to using words like monopolistic, blackball and pathology.
Wall Street & Technology February 4, 2005 Ivy Schmerken	Reg NMS As part of the extreme makeover of the National Market System, the SEC's Reg NMS proposes that market centers route orders to the venue that offers the best price.
Wall Street & Technology January 23, 2007 Jessica Pallay	In the Search of Liquidity: The Time Is Now Now that Reg NMS is finally here, are firms ready to access 30 or more trading venues in their search for liquidity? After a year of investment in technology, firms need to demonstrate that their systems are up to the challenge.
Wall Street & Technology March 21, 2006 Larry Tabb	Reg NMS: A Pox on All Your Houses The SEC's Reg NMS will significantly alter the way the markets and the industry as a whole operate. Instead of the market consolidation we have seen over the past few years, we are seeing a market fragmentation, as regional exchanges retool and ECNs proliferate.
Wall Street & Technology April 25, 2005 Schmerken & Massaro	The Fate of ITS In a divided vote, the SEC passed Reg NMS, ushering in a new and improved trade-through rule that will make best price and fast quotations a requirement for U.S. equities trading. What will become of the Intermarket Trading System (ITS)?
The Motley Fool June 1, 2007 John Finneran	Nasdaq/OMX: The New Exchange Equation After a cold reception in London, Nasdaq is acquiring Stockholm-based OMX. The exchange consolidation party is still in full swing, but investors should remain extremely clear-headed.
Wall Street & Technology July 23, 2004 Kerry Massaro	Reinventing Themselves If you look back at the late-'90s, when new ECNs were being introduced into the marketplace regularly and a huge rivalry had developed between the ECNs and the exchanges, the securities industry's last consideration would have been that the two would join forces.
Wall Street & Technology June 13, 2006	Ask the Experts Mark Madoff, co-director of trading at Bernard L. Madoff Investment Securities, discuses how the U.S. securities market will change as the NYSE and Nasdaq introduce new fee schedules.
Wall Street & Technology January 23, 2007	Pondering Liquidity Management The next five years will see a considerable increase in order internalization as market pressures force banking firms to adopt the philosophy of liquidity management in order to stay competitive, a new research note speculates.
Wall Street & Technology May 15, 2006 Cory Levine	An Industry in Denial Reg NMS is set to change the foundation of the securities industry and represents the reality of a major industrywide spend. But on whose shoulders that expense will fall remains largely up in the air.
Wall Street & Technology February 21, 2007 Larry Tabb	Against the Odds, the NYSE Has Successfully Implemented the Hybrid, Acquired Euronext and Become More Profitable New technology, combined with cost-cutting and a large market share, has allowed the NYSE to become more profitable and successful.
Wall Street & Technology February 14, 2006 Ivy Schmerken	Brokerage Teams Tackle Reg NMS as Deadline Looms Many financial firms have joined industry committees to make sure that their organizations' interpretations of Regulation National Market System (Reg NMS) are in line with other market participants' views.
Wall Street & Technology January 23, 2007 Cory Levine	NYSE Requests a Four-Week Extension of the Reg NMS Deadline Although it has been beaten to death by industry analysts and press, the importance of the changes to the U.S. securities industry spurred by Reg NMS cannot be overstated. The industry anxiously awaits full implementation of the regulation in 2007.
Wall Street & Technology November 18, 2005 Ivy Schmerken	Direct From the Source While the majority of financial services firms continue to obtain their U.S. equity data feeds from consolidators, some brokerage firms are shifting to technology companies that can process direct exchange feeds and present ECN's full depth-of-book order books as part of a hosted solution.
Wall Street & Technology September 18, 2006	Ask The Experts: Mark Madoff, Codirector of Trading at Bernard L. Madoff Investment Securities The battle between Nasdaq and the NYSE is not your traditional price war, which usually is characterized by lower fees. So, how will this price war change order flow, and how will it impact regional exchanges and ECNs?
Wall Street & Technology June 12, 2007 Melanie Rodier	Wall Street Firms Fine-Tune Reg NMS Compliance, Look Ahead at the Future Most financial firms have been working on boosting their order-routing capabilities and their infrastructure. But now is the time to see whether their systems can efficiently handle the data Reg NMS requires.
Wall Street & Technology May 25, 2007 Richard Martin	Data Latency Playing An Ever Increasing Role In Effective Trading Wall Street's quest to process data at the speed of light relies on the physical proximity of servers to overcome the technical barriers of data latency.
Wall Street & Technology June 22, 2004 Ivy Schmerken	How Low Can You Go? Reg NMS' proposed formula for allocating market-data revenues among exchanges isn't getting a warm welcome on the Street.
Wall Street & Technology February 18, 2008 Cory Levine	Stock Exchanges and ECNs Fight for Liquidity The newer and faster electronic connectivity networks are leveraging aggressive pricing models to quickly catch up to their established exchange counterparts.
Wall Street & Technology January 22, 2008 Sabatini & Smirnoff	Trade Reporting, Surveillance Key To Compliance With increased regulatory focus on protecting securities market participants, trade reporting and trade surveillance are key to providing transparency, efficiency and oversight for today's trading environment.
Wall Street & Technology April 14, 2008 Larry Tabb	Opportunities Beckon Amid Economic Turmoil A shaky economy and the defibrillation of many fixed-income products provide fertile ground for automated trading, fixed-income ECNs and exchanges - as well as opportunities for those willing to take some calculated risk.
BusinessWeek August 11, 2003 Dwyer & Borrus	NASDAQ: The Fight of Its Life The once-dazzling market is on the ropes as the bear market, fierce competition -- and hubris -- take their toll.
Wall Street & Technology March 19, 2007	Celent Updates the Execution Quality Rankings of the NYSE and Nasdaq Exchanges In its latest report, the financial industry analyst firm adopted the standard market practice of measuring the effective-over-quoted spread, which has resulted in a shake-up of its rankings.
Wall Street & Technology October 24, 2007 Michael Topper	The Repercussion of MiFID and Reg NMS in the U.S. U.S. financial institutions must educate themselves on the difference and similarities between Reg NMS in the States and MiFID in Europe to ensure they know the rules and are able to comply.
Wall Street & Technology January 24, 2006 Peter A. Horowitz	Developments on the Horizon Seven trends that could significantly impact brokerages and their support systems: The Aging of the Investor Class... Cross-Market Competition and Consolidation... Direct Market Access... etc.
Wall Street & Technology February 12, 2007 Mark Madoff	Ask the Experts: Trading Q: Will SIFMA's request to have the SEC examine the NYSE's new market-data fees have any impact on the future fee structure(s)?... A: Most of the industry's efforts to prepare for Regulation NMS have been directed at dealing with automating quotes...
Wall Street & Technology September 23, 2007 Greg MacSweeney	Photo Gallery: Savvis Data Center Offers Connectivity to Exchanges Worldwide With reducing data latency a priority for financial services firms, one option is to co-locate servers that run trading applications close to exchanges. This New York-area data center specializes in just that.
Bank Technology News January 2008 Anthony Malakian	Data Processing: Forestalling a Market Data Overload Thanks to Reg NMS in the U.S. and MiFID in Europe, market data volume is on the rise and will continue to grow gangbusters. Investing in infrastructure will be a way of life.
InternetNews April 22, 2005 Jim Wagner	NASDAQ to Acquire Instinet The $1.88 billion cash deal ups the stakes in the competition between the NYSE and NASDAQ.
Financial Planning June 1, 2007 Steve Savage	Consider the Alternatives Think twice before pitching hedge funds and private equity to your financial advisory clients.
Wall Street & Technology January 24, 2006 Greg MacSweeney	Reg NMS: Hurry Up and Wait An interview with Joe Gawronski, COO at Rosenblatt Securities, on the possibility of a delay in the implementation of both Reg NMS and NYSE's planned hybrid exchange model.