June 2007

Cover Story
Buy-side Traders Seeking Alpha In Asia, Looking For Crossing Networks And Dark Pools
Asset managers and hedge funds are fueling the volumes in Asian equity markets with DMA and algos. Could crossing networks and dark pools be next?

Sidebar: Execution Management Systems Target The Buy-Side In Asia
Asset management firms trading in Asia are looking for execution management systems to automate their access to local exchanges and liquidity sources.

Anatomy of a Trading Floor: ING

ING Investment Management's equities trading operation has gone through a transformation over the past two years since Nanette Buziak, head equity trader, took the helm. The result is an eight-seat trading desk and equities investment operation that handles trading for $60 billion in domestic and international equities pictured in the ING trading Floor gallery.

Electronic Marketplaces
Dark Pools Link And Partner To Combat Fragmented Liquidity
Dark pools are partnering and linking as they grow in popularity and in number to benefit the buy side.

Algorithmic Trading
Algorithms Finding A Foothold In Fixed-Income Markets
Although algorithms may be showing up in the fixed-income markets, they’re being used quite differently than the typical equity algorithms.

Data & Infrastructure
The CME and CBOT Proceed With Consolidation Planning, Despite ICE Bid
The CBOT/CME merger and potential Nasdaq/PHLX combination are stirring up the futures and options markets.

Research Watch
Investment Managers Beginning To Employ Equity Derivative Products
Equity derivative traders have seen a number of improvements in the options markets in recent years but still aren't satisfied.

From The Editor
Dark Pools Gaining Share On Wall Street
Currently, in aggregate, stocks traded in dark pools represent about 10 percent market share, and all predictions suggest that share will increase.

Market Intelligence
ECNs BATS, DirectEdge Gain Traction Against NYSE, Nasdaq
Electronic Communications Networks BATS and DirectEdge are gaining traction, taking marketshare away from the exchanges.

Citi Electronic Execution Crosses Dark Pool Algorithim With Implementation Shortfall
New Citi algorithm combines implementation shortfall with consolidated access to nondisplayed liquidity and crossing engines.

Harvey Pitt: Securities and Exchange Commission Looking, Not Acting on Dark Pool or Non Displayed Liquidity Explosion
At a Liquidnet press breakfast, Harvey Pitt, former SEC chairman, said he believes the SEC won’t act without a thorough review of non displayed liquidity pools.

Hong Kong Hedge Fund Sets Signs On With TradingScreen And Imagine For Execution Management And Compliance
As fund managers tap Asia for Alpha, Dragonback Capital taps TradingScreen and Imagine for execution management and compliance for equities and derivatives.

Interactive Brokers Announces Winners Of Second Annual Trading Olympiad
Interactive Brokers gives away $400,000 in prize money to Trading Olympiad winners who programmed automated trading system.

eSpeed's Aqua Prepares To Lauch Equities ATS In US, Europe
MiFID opens the doors for electronic trading in Europe, and eSpeed's new electronic equities ATS is poised to take advantage of the opportunity.

Dark Pools Directory
This issue features an exclusive Directory of Dark Pools. The directory includes descriptions of broker-dealer owned, consortium-owned, and exchaned-owned dark pools, as well as detailed examples of dark pools in each category and what enhancements are planned for the future.

Street Cred
99 Percent Reliability At The Exchanges Is A Thing Of The Past
The financial markets want exchange reliability, but cost pressues, volume and speed expectations make 99 percent reliability almost impossible.

At The Close
Asian Markets Impose Restrictions on Direct Market Access Trading
In Asia, the buy-side must register for foreign IDs, and this can interrupt direct-market-access trading and cause them to lose anonymity.