December 2006

Cover Story
The Buy-Side Dilemma: Research vs. Execution
Commission-sharing arrangements are a big trend in the U.K. Now, the buy side is evaluating CSAs as a way to pay for research and consolidate their trading relationships in the U.S.


Trading Strategies, Swapping Opinions
What matters to buy-side traders? Simplicity in technology, responsiveness from service providers and, yes, relationships, which, on a scale of one to 10, still rank a 10.


A view from the Buy Side
Liquidity Right Under Our Noses: The Benefits of Smart Posting
Liquidity issues have been at the forefront of equity market structure debate since decimalization.

Industry Voice
Much Ado About Nothing
Sarbanes-Oxley is only partly to blame for the decline in foreign companies listing their stock on U.S. markets.


Algorithmic Trading
Algos Dip Into Multiple Dark Pools
In search of hidden liquidity, EdgeTrade and ITG introduce algorithms that employ a smart-posting strategy to fan dark books.


Research Watch
Regulation NMS: Preparing for Impact
As we approach the Regulation NMS implementation deadline, brokers and exchanges are faced with the challenge of utilizing technology in order to become compliant while adapting to the evolving marketplace.

From The Editor
Dodging NMS?
Each time a new dark book is launched, I can't help but think that one way the industry is preparing for Reg NMS is by avoiding it.


Market Intelligence
Chicago Hope
The windy city makes a splash in the derivatives market with the merger of the Chicago Mercantile Exchange and the Chicago Board of Trade.

Citi's Richardson to Head BeX
The Boston Equities Exchange (BeX) hired former Citigroup managing director Thomas Richardson as its new president.

Futures Crossing to Wait
Despite recent changes in the futures market, the futures exchanges shouldn't expect competition any time soon.

Dark Books: The Next Chapter
Two new dark books have been created to link venues and decrease market fragmentation, but will they be the answer the buy side is looking for?




Street Cred
Market Orders Are Da Bomb
Limit orders were da bomb. But in a post-Reg NMS world, market orders rule.


At The Close
The New Soft Dollars
Have you noticed that no one in the industry uses the term "soft dollars" anymore?