Cover Story

Inside Morgan Stanley's Buy-Side Trading Desk Overhaul

Morgan Stanley Investment Management takes Advanced Trading inside its ambitious project to revamp its trading desk.

Sidebars:
Characteristics of a Successful Project
Creating a Partnership to Effect Change
Morgan Stanley Invests in Its People

Special Report:

Morgan Stanley Investment Management


Anatomy of a Trading Floor

The Philadelphia Stock Exchange

The Philadelphia Stock Exchange was created in 1790 as the first U.S. stock exchange. In 1975 the floor-based exchange became the first regional exchange to trade equity options, and it has since evolved into a hybrid market with the Automated Options Market system, introduced in 1988.
To see the technology used and layout of the floor, check out our photo gallery.


Feature

Bear Stearns Meltdown Could Force Buy Side to Rethink Bulge-Bracket Relationships

The failure of a top broker raises questions about consolidating broker relationships.

Sidebars:
Credit Crisis Shines the Light on Buy-Side Exposure to Bulge-Bracket Technology
Buy-Side Firms Are Paying Close Attention to Counterparty Risk

Electronic Marketplaces

The Inside Scoop on Nasdaq's Options Strategy

Why Nasdaq is launching an electronic market while preserving the PHLX floor.

Algorithmic Trading

ITG Targets Students to Recruit Trading, Technology and Quantitative Talent

CEO Bob Gasser has overhauled ITG's recruitment process. Rather than go after mid-career-level prospects, he is turning toward a younger, more tech-savvy talent pool in order to "mold the traders of the future."

Managing the Desk

Managing the Desk: Technology Documentation

Technology implementations on the trading desk can be a daunting task. But proper project documentation can alleviate the madness.

Sidebar: Managing the Desk: Keeping Up With Information Overload



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From the Editor

Morgan Stanley Investment Management Changes the Culture of the Trading Desk

Changing a corporate culture is close to impossible, but that didn't stop MSIM's Ray Tierney, global head of equities trading, from renovating the tools and culture of his trading desk, notes Kerry Massaro, Advanced Trading's Editor-in-Chief.


Market Intelligence

Ballista Unveils Electronic Platform to Aggregate Options Liquidity in Fragmented Market

New off-exchange system will focus on block options and complex strategies, pending regulatory approval.

Instinet Launches Enhanced Algo Suite

Instinet Execution Experts combine the best of Instinet's and Normura's algo capabilities.

BATS Picks Savvis to Host European Equity Trading Platform

BATS is counting on Savvis' Dockland's data center to deliver high-speed trading in European equities.


Trading Up

Stephen Potter Appointed President of Northern Trust Global Investments


Industry Moves and Appointments




Research Watch

Quants Searching for Alpha: Do the Pros Outweigh the Cons?

The pursuit of alpha is a never-ending game for the securities and investments industry. While quantitative analysis largely has succeeded in its goal of helping firms achieve alpha, however, the strategy does have certain drawbacks, according to Aite Group.


Street Cred

The Time Has Come for Fixed-Income Electronic Trading

In some regards, nothing has changed in the fixed-income trading space to warrant electronic trading. On the other hand, however, everything has changed, signaling that the time may be right for e-trading, says Larry Tabb, founder of TABB Group.


At the Close

Equity Markets Play the Rebate Game to Win Market Share

Equity market players are changing their transaction prices left and right, offering higher rebates to liquidity providers and lower take-fees to firms that remove liquidity, says Ivy Schmerken, Advanced Trading's Editor-at-Large.