Winter 2005  Advanced Trading



Resurrecting the Regionals
With Reg NMS on their side, the regional exchanges are enhancing their technology and seeking partnerships to better compete with the NYSE and Nasdaq.


Electronic Marketplaces
Buy-Side Traders Go Global
As global trading takes off, large, medium and small buy-side shops take divergent approaches to trading and technology.

NYSE-Arca: Awaiting Delivery on the Promise
With its announced merger with Archipelago, the NYSE signaled a shift to electronic trading. But can it be all things to all interested parties?


Algorithmic Trading
Fixed Income Meets the Black Box
Segments of the fixed income market already are knee-deep in algorithms, but opportunities in the dealer-to-customer market are limited.


Algorithms Sweep Dark Books
Institutions are asking brokers to sweep multiple crossing networks and dark books to find hidden liquidity.


Data & Infrastructure
Rethinking Risk Management
Both the buy and sell sides are trying to give traders a consolidated picture of risk across products or asset classes. Each is taking a different approach.

CAPIS Boosts Speed With Blades
Dallas-based brokerage leverages blade servers to increase execution speed, reliability and uptime.


Research Watch
TCR: Value and Efficiency
As transaction cost research gains momentum, it's poised to become an integral part of relationship management while helping to create organizational efficiencies.


Buy or Sell? Industry Views
Are We Disaster Ready?
With the growth of algorithmic trading, are the U.S. equity markets adequately prepared for disasters such as the recent terrorist bombings in London?


Street Cred
A Brave New World to Trade
I am on my way home from the CLSA Investors Forum in Hong Kong, and, after a week in Asia, the only thing I can think of is how egocentric I am.


At The Close
Brokering Deals With Exchanges
Hot cakes, get your hot cakes! CEOs of regional stock exchanges might as well be standing on a street corner hawking Philly cheese steaks or Boston funnel cakes judging from the recent flurry of deals with brokers.


FROM THE EDITOR
A Note From The Editor
Financial exchanges seem to be modeling themselves after Wal-Mart these days - offering every product imaginable at a fair price.


Bond Trading Systems Directory
This quarter's directory includes in-depth information on several corporate bond trading systems, including descriptions of the systems, their client types and their future plans.


Market Intelligence
ESP Central Clearing Aids Buy Side, Irks Sell Side
Central clearing offers buy-side firms aggregated electronic stock trades, eliminating the hassle of writing thousands of tickets to clear and settle trades with multiple counterparties.

Change Ahead For Canadian Markets
A study of 30 investment management firms reveals that buy-side adoption of advanced order management systems increased by 240 percent since 2003.

NYSE Rolls Out Hybrid Training Program
The New York Stock Exchange (NYSE) has started a Hybrid training program for its members that will continue through the spring.

Schonfeld to Acquire ETG
The Schonfeld Group, a proprietary and retail trading firm, announced plans to purchase the independent professional trading firm Electronic Trading Group (ETG), thus expanding Schonfeld's trading force by adding approximately 125 proprietary traders and 200 retail traders.

Rosenblatt Taps West Coast Trader
Rosenblatt Securities hired Jason Valdez as vice president, strategy and business development.

Fidelity Hires Hedge Fund Pro
Fidelity Management & Research Co. (FMR Co.), the investment management division of Fidelity Investments, hired Brian Conroy as SVP and head of global equity trading.

Trading Up

Algorithms in the News
--JPMorgan Sells Plexus to ITG
--Ramirez & Co. Launches Algorithmic Trading Through TradeTrek
--Apama Launches Algorithms for FX