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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 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. |
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 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. |
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 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 September 23, 2005 Ivy Schmerken |
New ATSs Arise to Fill a Void The consolidation in the equity markets is motivating new entrants that contend they can offer more competitive pricing and novel features. |
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 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 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 5, 2005 Steve Silberstein |
Dear CIO... Question: How will Reg NMS impact broker-dealers? |
Wall Street & Technology February 12, 2004 Ivy Schmerken |
Changing the Rules of the Game A change in the trade-through rule now on the SEC's agenda could lead to more direct-access and smart order-routing tools. |
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 April 15, 2008 Cory Levine |
Quod Releases Solution for Buy-Side Execution Management Advanced Smart-Order Router uses the algorithms in Quod's sell-side solution to bring new levels of routing capabilities to the buy side, the vendor says. |
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 July 26, 2004 Ivy Schmerken |
The Buy Side Takes Charge Access to aggregators, crossing networks and algorithms is changing the buy-side trading desk. |
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 October 23, 2007 Ivy Schmerken |
Connectivity Booms in Emerging Markets As demand for investing in emerging and frontier markets picks up, buy- and sell-side firms are hunting for networks and trading systems that allow them to operate in foreign markets without necessarily being experts in the local rules themselves. |
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)? |
Bank Technology News September 2004 Michael Sisk |
Trading: Direct Execution Goes Mainstream The need to offer direct execution is all the greater now that the New York Stock Exchange is pushing ahead with it's Direct Plus program. |
Wall Street & Technology January 5, 2005 Larry Tabb |
Light Speed and The Buttonwood Tree Order routing technology allowed trading desks to be located anywhere. Electronic exchanges enabled not only the matching of orders at increasingly faster speeds, but the development of virtually linked exchanges. |
Wall Street & Technology June 13, 2006 |
Positioning for Consolidation In a recently released update on the global stock exchanges, Financial Insights weighs in on market consolidation and the direction of the securities industry in the wake of regulatory, technological and competitive pressures. |
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 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 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 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 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 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 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 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 March 19, 2007 Cory Levine |
SIFMA and NetCoalition Set Off Market Data Dispute Lobbyists SIFMA and NetCoalition have convinced the SEC to conduct a rare review of market data fees, setting off a spirited debate between exchanges and broker-dealers, such as Charles Schwab. |
Wall Street & Technology March 14, 2008 Penny Crosman |
Exchanges Hardest Hit by Trade Data Avalanche Although the buy side and sell side have to store trade data, too, exchanges such as ISE are hardest hit by Reg NMS/MiFID trade data volumes. |
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 12, 2007 Cory Levine |
Exchanges Lag in IT Spending Despite the global reinvention of securities exchanges as for-profit companies, IT spending by exchanges will continue to lag behind that of brokers and asset managers, according to research. |
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 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. |
Wall Street & Technology February 4, 2005 Jessica Pallay |
Lamenting Latency "If buy-side firms want to actively trade and aggressively try to execute on their own behalf, they need tools to compete with the brokers who are sitting on the fattest pipes and have the highest-speed technology," says Larry Tabb, founder and CEO of Westborough, Mass.-based The Tabb Group. |
Wall Street & Technology April 26, 2007 |
Electronic Trading Boom Spurs Spending on Advanced Trading Technology The rapid growth in electronic execution of institutional equities trades will spur U.S. capital markets participants to spend $860 million on advanced trading technology this year, and spending will reach $1.3 billion by 2010, according to a new report. |
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. |
Wall Street & Technology November 18, 2005 |
Future Connectivity The financial industry has become dependent on high-speed connectivity to the point that, without it, there would be no markets, payment mechanisms, clearing facility or market data, a report concludes. |