Advanced Trading Spring 2005

The Hiring Game
With the growing appeal of algorithmic-trading tools, brokerage houses are building up their algorithmic-trading teams. A number of leading investment banking firms, including JPMorgan, Citigroup, Merrill Lynch and Nomura Securities, have been hiring experienced quantitative analysts, developers and high-frequency traders. Often, that means raiding the competition.

Research Watch
Internalization: Is It Really That Bad?
Celent's Octavio Marenzi explains the conflict inherent when firms internalize orders and explains why, despite this conflict, he doesn't think internalization is all that bad.

Buy or Sell?
Traders vary on their opinions of Reg NMS. Here, two traders sound off on which parts of Reg NMS they are for and against.

Street Cred
Trading models seems to be the new fashion on Wall Street and transaction cost analysis is the new black, according to columnist Larry Tabb.

At the Close
The battle over index options is just beginning. Editor-at-Large Ivy Schmerken believes that exclusive rights to proprietary indexes smack of unfairness.

A Note From The Editor

Electronic Marketplaces
DMA: The Next Frontier
Now that full-service brokers have acquired DMA capabilities, the question is, what will they do with it?

Archipelago Acquires PCX
Envisioning trading options along with stocks on its platform, Archipelago plans to buy the Pacific Exchange.

Algorithmic Trading
The Holy Grail: Pre-Trade Analytics
With the proliferation of algorithms, the buy side wants more pre-trade analysis, but brokers and vendors are struggling to provide the tools.

Algorithmic Trading Directory
This quarter's Algorithmic Trading Directory includes information on 20 different algorithm providers, including a listing of the many algorithms they offer, their delivery channels and the future direction of their service.
Download as pdf[ 5.7MB]

Data and Infrastructure
Avoiding Data Latency
Here are five ways to ensure data will arrive without costly delays.

Riding Hedge Fund's Coattails
As hedge funds experience explosive growth, prime brokers aim to become their one-stop shop for clearing and execution.

Market Intelligence
--Free the SPX
--Arcades ? Coming to a City Near You
--Bloomberg Offers Buy Side
--A One-Stop Shop
--CBOE Banks on Hybrid 2.0
--Conroy to Head Desk at BNY
--Higgins Moves to Pulse Trading
--Quick Releases