Latest Headlines

Latest Headlines

The near-term future of dark pools

For many buy-side players, dark pools were an important piece of the trading tapestry, a respite in some ways to the perceived predatory practices of high frequency traders. To be sure, even as the...

Dark pool detente between exchanges and broker dealers?

The market structure debate is spawning a search for middle ground. On more than a few occasions, we have suggested that all parties would benefit from working together toward voluntary solutions...

ICE will integrate NYSE

As the ICE prepares to close on its deal to buy NYSE Euronext, the big question has been whether the derivatives exchange powerhouse will simply jettison the stock exchange operations, which would...

Time for special exchange for small cap stocks?

The lack of liquidity that plagues small-cap stocks has become one of those long-running issues that never seems to get resolved. People have rightly been bemoaning the state of this once-vibrant...

SEFs hit by regulatory turf war

It has been a long and tortuous path to electronic trading platforms in the derivatives industry. One of the least understood provisions of Dodd-Frank dealt with the perceived failures of the OTC...

Technical glitch fallout: credit rating downgrades

We can only hope that exchange companies-- and broker-dealers for that matter-- are suitably motivated when it comes to the technical integrity of their systems.  They certainly ought to be. The costs so far have been massive. Look no farther than the $10 million fine that Nasdaq OMX was hit with over the massive failures of its systems during the Facebook IPO. Recall also that internalizer Knight Capital suffered an existential event when a glitch led to losses of more than $440 million in less than an hour. The stock plunged 75 percent in two days. Shortly after the incident, Knight Capital was forced into the arms of a white knight, Getco. 

Former NYSE CEO: dark pools should be closed

The market structure debate has been vexing for many, none more so than the traditional exchanges, notably the NYSE and Nasdaq. They of course have seen their market share wither in the face of broker-owned dark pools, the very brokers that are regulated by the exchange SROs. A frustrating status quo indeed.

Exchanges mull plan to back up each other's data

Does it make sense for the top exchange companies to work together to back up each other's data in the name of market integrity?

Direct Edge offers order type guide

Order types have been a huge issue as of late. Unfortunately, there are so many order types out there that even the pros can get confused. So it was refreshing when exchange operator DirectEdge, soon to merge with BATS, released a handy guide to its order types.

The coming merger of the Nasdaq and NYSE

While rumors over the years have ebbed and flowed, no one recently has given serious consideration to the notion that NYSE Euronext and Nasdaq OMX would find a way to merge their exchange operations. But that is apparently on the radar at both companies.