Advanced Trading
       March - April 2006

Cover Story
Crossing Over
Brokers are transforming their internal crossing networks into alternative trading systems to boost their match rates and earn market data revenues.

Electronic Marketplaces
Ready or Not
As the deadline for Reg NMS compliance nears, firms still struggling with unanswered questions may not be ready.

Algorithmic Trading

Hiring the Next Generation of Quants
To find quantitative skill sets, Wall Street firms are getting creative, including running trading contests and making acquisitions to secure talent.

Quick Releases
BNY Brokerage Provides Algorithms Via Bloomberg; FutureTrade Partners With QSG for TCA; Susquehanna Taps Lava to Offer DMA and Algorithmic Services.

Advice for the Custom-Algo Set
Customizing algorithms is not for the faint of heart. Research and openness between broker and buy-side trader is a must.

Data & Infrastructure

FIX Forges Forward
FIX adoption is finally taking hold across other asset classes and markets, helping traders manage their time better and breaking down corporate silos.

Research Watch
Global Equity Trading: On the Cusp of Automation
While capital is global, trading is local. Regulation, taxes, market structure, exchanges, liquidity providers, connectivity, vendors and local participants shape the color, trading and mechanics of each market.

From The Editor
Matching Within
Automating internalization is all the rage lately. Over the past few months, we've been hearing that some broker-dealers have begun automating the matching of internal order flow by crossing buy and sell orders from various departments, including algorithmic order flow, direct-market-access flow, retail flow, etc.

Directory: Crossing Networks
This issue's directory provides an in-depth look at crossing networks, including detailed descriptions of services they offer and planned enhancements.

Market Intelligence
EBS Launches Data Mine
EBS, a provider of transactional spot FX market data, launched EBS Data Mine, certified data of all currencies traded on EBS Spot since January 1997.

No More Headaches, Just Alpha
For some U.S. fund managers, trading globally is not an option. Setting up a 24-hour trading desk in the U.S. to trade in real time internationally is not a paltry undertaking, nor is setting up local branch offices around the globe.

Compliance Question? Ask NYSE
NYSE Regulation unveiled Ask Market Surveillance, a software-based legal research tool intended to help floor members and their legal and compliance officers answer questions about NYSE trading rules.

Trading Up
The Depository Trust & Clearing Corporation has named Bill Stenning vice president for business development.

Orc and Cameron Join Forces
Stockholm-based Orc Software, a provider of tools for electronic trading and market making, will acquire Cameron Systems, a provider of FIX protocol messaging solutions.

Instinet Hires Troy for Crossing Desk
In an effort to support its growing crossing business, Instinet has hired Chris Troy as a sales trader on the crossing desk.

CME Promotes Kometer
As part of a minor restructuring of the Chicago Mercantile Exchange's development trading groups, Kevin Kometer, formerly director of advanced technology, was promoted to managing director, trading execution systems.

Wecker to Head Townsend
Jeff Wecker was named CEO of Townsend Analytics (TAL), the Chicago-based direct-access trading platform acquired by Lehman Brothers in December.

Street Cred
Defining a Good Market Structure
The subtleties among market structures - auction, order-book, over-the-counter, open outcry, crossing - are enough to make scholars tongue tied.

At The Close
Reg NMS Turns 1
This month marks the one-year anniversary of the passage of Regulation NMS, which was approved by the Securities and Exchange Commission on April 6, 2005, paving the way for a more interactive, electronic marketplace.