Advanced Trading
       October 2006

Cover Story
Illuminating the Dark
Will dark pools connect, creating more liquidity, or will they fragment the market - making it harder for buy siders to execute trades?

Electronic Marketplaces
Liquidity Hunters
With so many electronic trading venues emerging under Reg NMS, monitoring market structure is turning into a full-time job.

Data & Infrastructure
Execution Management Systems: From the Street and on the Block
As the buy side seeks greater control of its own trades, brokers are acquiring EMS vendors. But at the same time, the line between EMS and OMS is blurring.

Surviving an Avian Flu Outbreak
The securities industry is employing various technologies to address the risks of a bird flu pandemic or other disaster.

Algorithmic Trading
Citigroup Targets Hidden Liquidity
Citigroup joins other sell-side firms in introducing algorithms to hunt for hidden liquidity in a fragmented market.

7 Surfacing Algo Trends
According to Brad Bailey, a senior analyst with research and consulting firm Aite Group, there are seven sure-to-see trends emerging in the algorithmic trading space.

Research Watch
OMS/EMS Convergence?
Some predict that the EMS market may converge with the OMS market, but don't be too quick to judge this book by its cover.

From The Editor
Liquidity Seekers
With the markets continuously being reshaped, in retrospect, it's surprising that it took this long for the new role of liquidity strategist to emerge on Wall Street.

Market Intelligence
Calypso Partners With Sky Road
Joint trading platform opens doors for small hedge funds to trade multiple asset classes without long systems development times.

U.S. Brokers to Take Stakes in National Stock Exchange
A group of Wall Street investment banks, including Citigroup, Bear Stearns and Credit Suisse, reportedly is joining forces with the electronic trading arms of Bloomberg and Knight Capital to buy a 50 percent stake in the National Stock Exchange (NSX).

Nasdaq Raises Market Share in NYSE-Listed Securities to 10.75 Percent
The Nasdaq Stock Market increased its market share in New York Stock Exchange-listed securities to 10.75 percent in July, up from 8.9 percent in June, according to consolidated market performance statistics.

Trading Up

Street Cred
What's Up With Exchanges?
First it was Philadelphia (Philx) and Boston (BSE), then Chicago, and now it's Cincinnati. All of these exchanges recently sold major interests to brokers, hedge funds and/or technology firms.

At The Close
Time to Swap Your OMS?
Mention Regulation NMS and order management system (OMS) in the same breath, and technology suppliers will seize the opportunity to explain that firms on the buy and sell sides need new functionality to compete in a more-automated trading environment. But this time they may not be exaggerating.