Jan-Feb 2006  Advanced Trading



Cover Story
Exchanges Gamble On Multi-Asset Trading
For-profit exchanges are expanding into multi-asset trading to make money for their shareholders. But can they pull it off with multiple matching engines?


Electronic Marketplaces
Reg NMS: Unintended Consequences
Every new regulation has unintended consequences, but it's difficult to know what they will be until the regulation is implemented. Advanced Trading asked three industry experts to predict one possible unintended outcome of Reg NMS.


Algorithmic Trading
Algorithms a la Carte
Broker-dealers are offering the buy side the ability to customize their own algorithms, but does the buy side want to be bothered?

2006's Innovative Algorithms
The onslaught of new algorithms can leave traders wondering which end is up. Advanced Trading gets the latest from several algorithm providers.


Data & Infrastructure
Will Bottlenecks Break The Options Market?
Rising messaging rates threaten to exhaust bandwidth and derail automated trading in the options market.


Special Feature
The Great Migration
With all the technology and market-structure changes altering the industry, sell-side traders are finding greener employment pastures on the buy side.


Research Watch
Has the Fixed-Income OMS Finally Arrived?
2005 saw explosive growth in the adoption of third-party, fixed-income OMS applications, which leads to the obvious question: Have these products finally arrived?



From The Editor
Winning Combination.
Who Doesn't wish they had a crystal ball? As we enter the new year facing so many uncertainties, Wall Street is taking its best guess as to what the future of the exchanges will be, and everyone is trying to plan accordingly.


Reader Advisory Board
Guiding Advanced Trading


Directory — U.S. Equity Options Exchanges
This issue's directory highlights the U.S. equity options exchanges, including indepth descriptions of these services they offer, the types of options they trade and their plans for the future.


Market Intelligence
Toronto Exchange Plans Derivatives Debut
U.S. exchanges aren't the only trading venues attempting to build the ultimate exchange.

Answer the Question
Will regional exchanges be able to compete with Nasdaq and the NYSE?

Bear Stearns Opens Fixed-Income Agency, Taps First Principle Crew
Bear Stearns has launched a fixed-income agency execution service by tapping four executives from First Principle, a now-defunct division of Northeast Securities.

Gasser Elevated to NYFIX CEO
Bob Gasser, most recently CEO of NYFIX Millennium and president of NYFIX Transaction Services, has been named CEO of parent company NYFIX Inc.

Stamos Leaves Piper for Tech Firm
Former Piper Jaffray managing director Dean Stamos has left the firm.

Trading Up


Street Cred
The Forest for the Trees
Maybe I have been a part of the industry for too long? Maybe I have lost my cynicism and callousness, or have been listening to marketing pitches for so long that I am beginning to believe them.


At The Close
Deja Vu for Bond Exchanges
With Archipelago announcing in October that it's going to trade listed corporate bonds on its electronic trading system, electronic bond trading systems providers might be a little nervous.