Media Room

Penny Pricing for U.S. Stocks Said to Get Scrutinized

Securities executives are trying to determine if the 12-year-old decision to narrow the price increments for American stock trading has harmed investors, according to two people with knowledge of the matter.

Source: Bloomberg NewsDate: Wednesday, December 04, 2013

Liquidnet Crosses Record Block

Institutional dark pool Liquidnet executed its largest ever principal trade in a US-listed security in October, exchanging US$150 million in shares at the touch between two asset managers.

Source: The Trade USADate: Tuesday, December 03, 2013

European Investors Are Diving Into Dark Pools

The lights are dimming in Europe’s financial markets. Just as it has in the U.S., an increasing amount of Europe’s stock trading is migrating off public exchanges and into private venues known (unfortunately for them) as dark pools, where trades aren’t made public and prices aren’t reported immediately. Reliable data on dark pools can be tough to come by. The biggest one in the U.S., Credit Suisse’s Crossfinder, stopped reporting its data in April. Still, the available evidence points to a recent spike in the amount of trading that’s going off in the dark in Europe.

Source: Bloomberg BusinessweekDate: Thursday, November 14, 2013

NYSE's New Chief Puts Focus on Individual Investors

The New York Stock Exchange's new boss, Jeffrey Sprecher , said he plans to reorient the exchange back toward individuals and away from the high-frequency traders who play an increasingly large role in the financial markets.

Source: Wall Street JournalDate: Wednesday, November 13, 2013

NYSE Block Initiative Unlikely To Alter Status Quo

The New York Stock Exchange (NYSE) last week filed to launch a block trading segment to execute institutional exchange orders in the dark, but experts suggest it may struggle to shift market share from existing dark venues.

Source: The Trade USADate: Tuesday, November 12, 2013

A Shot In The Dark

Authorities want a clearer understanding of what goes on in dark pools. American, Australian and Canadian regulators have set out requirements for increased transparency and responsibility for these trading venues. Now Europe is set to clamp down on their operation under a revision of the Markets in Financial Instruments Directive (MiFID).

Source: Best ExecutionDate: Friday, November 01, 2013

A Flak Jacket for Markets

Since the flash crash on 6 May 2010, several studies have tried to explain what happened, which securities were most affected, and who or what is to blame for the sudden extreme volatility.

Source: CFA Institute MagazineDate: Friday, November 01, 2013

Learning From The Flash-Crash

Scott Burrill, CFA, Partner and Managing Director, and Xiang Li, PhD, Director and Head of Quantitative Research at Rosenblatt Securities Inc, argue the case for the effectiveness of a volume based TCA framework.

Source: Best ExecutionDate: Wednesday, October 30, 2013

The ATS Balancing Act

As US dark volumes continue to rise, regulators must be wary of balancing alternative trading system (ATS) initiatives with buy-side demand for efficient execution, suggests Joe Gawronski, president and COO of brokerage Rosenblatt Securities.

Source: The Trade USADate: Tuesday, October 29, 2013

Call for Order Routing Experimentation

A pilot programme exploring the impact of rebates on broker order routing could improve buy-side execution, but participants must be wary of unintended consequences, such as sending more flow off-exchange.

Source: The TradeDate: Friday, October 11, 2013


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