Fall 2005 Advanced Trading

Craving Cross-Asset Platforms?
Hedge funds are pushing the envelope into multi-asset trading, but will traditional buy-side asset managers follow suit?

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

Algorithmic Trading
Buy Siders Toe Dip With FX Algorithms
After taking the equities market by storm, algorithms are beginning to surface in the foreign exchange (FX) market.

Data & Infrastructure
Milliseconds Matter
In algorithmic trading, speed counts, and the fastest way to get to the market is to already be there.

Research Watch
OMS: Breaking Down Barriers
New order management systems that include enhanced trading and portfolio management functionality are reducing entry barriers to electronic trading.

Electronic Marketplaces
Credit Derivatives Create Back-Office Mayhem
As trading volumes in credit derivatives climb to an all-time high, traders try to figure out how to clean up the mess they've created in the back office.

Street Cred
The Midtier: Betwixt and Between
Being stuck in the middle is challenging. Large firms have size and reach. Small firms have flexibility and low overhead. What does the midtier broker have?

At The Close
How Neutral Is Your OMS?
Broker neutrality is a phrase that providers of order management systems (OMSs) and execution management systems like to throw around to convey that customers are free to route orders to any broker or execution venue they choose. But the meaning of broker neutrality is starting to get blurry.

A Note From The Editor
You may have read my editor's note in Wall Street & Technology last month in which I announced that I was leaving CMP Media. I titled it, "Breaking Up Is Hard to Do."

Market Intelligence
Daiwa Charts Neutral Course
Daiwa Securities America, a U.S. rendition of its Japan-based parent, prefers to model its business on Switzerland's ideology rather than that of either the United States or Japan.

CHX Seeks OrderRouting Partner
With every regional stock exchange gearing up for Reg NMS, the Chicago Stock Exchange (CHX) is looking at potential partnerships with technology companies and brokers that offer smart-order routing, according to Dave Herron, the exchange's CEO.

Instant Algorithms
Pivot Solutions, a Boston-based instant messaging and electronic trading network that was spun off from Eze Castle Software, recently added algorithmic trading capabilities to its AOL IM front end.

Brokers Tap OMSs To Deliver Analytics
The race to integrate brokers' pre-trade analytics into order management systems (OMSs) is heating up as buy-side customers demand the functionality.

Are Regional Stock Exchanges Seeking an Alternative to ITS?
Regional exchanges are considering smart-order-routing technology to help them comply with Reg NMS' new trade-through rule, which requires execution venues to route orders to the market displaying the best price.

ITG to Acquire OMS Provider Macgregor
Eyeing the buy-side community's demand for tying electronic execution and cost-measurement tools into the rest of the portfolio management process, Investment Technology Group (ITG) announced plans to acquire Macgregor, a provider of buy-side trade order management systems (OMSs), for $230 million in cash.

The Back End of Algo Trading
Without the appropriate protocols and processing infrastructure in place, algorithmic trading can be challenging.

BAS Evaluates ETS Group
Banc of America Securities hired former Nasdaq corporate strategy senior executive Bill Harts as a consultant to assess the future direction of its Electronic Trading Services (ETS) group, according to a BAS spokeswoman.

Citi Hires Chief Software Architect
Jeremy Lehman, formerly head of technology for the investment management group at Thomson, joined Citigroup as chief software architect for global equity technology.

Trading Up

From the Summer 2005 Issue"
May the Best System Win
The New York Stock Exchange may be hedging its bet on electronic trading by seeking to acquire Archipelago's all-electronic platform. But, while Nasdaq intends to combine with INET, the NYSE must decide if it will merge its trading platforms.

Read other articles from the Summer issue