August 2007
UBS trading floor Will Sterling
Cover Story
Your Guide to the Ultimate Trading Floor
Firms are vying for prime real estate as they seek to build bigger and more technologically advanced trading floors. But what goes into building the ultimate trading floor?

Investment Banks Gobbling Up Trading Floor Space
JPMorgan, Wachovia, Goldman Sachs building, buying, and expanding trading floors in New York and London.

UBS Trading Floor Driven By Proprietary Technology
About 80 percent of the trading technology used at the firm is internally developed.

Anatomy of a Trading Floor: UBS
UBS trading floor With 1,400 seats, 2,000 computers and 5,000 monitors, the UBS trading floor is noted by the Guinness Book of World Records as the largest single trading floor in the world.

The floor is home to traders, sales traders, quants, technology support, executives and others among its various groups, which include fixed income, commodities, currencies, money markets, derivatives, equities, international trading, algorithmic trading, direct market access, program trading and more. UBS manages more than 1,689,000 transactions a day.

View the UBS photo gallery

Electronic Marketplaces
Nasdaq, Goldman Sachs Creating Electronic Trading Platforms for Private Equity
As issuers turn to private markets to raise capital, Nasdaq and Goldman Sachs are introducing electronic trading platforms to build liquidity in unregistered offerings.

Algorithmic Trading
Dark Algorithms Solving Fragmentation Issues
Broker-dealers are coming out with all flavors of liquidity-seeking dark algorithms to search dark pools and ensure customers are finding hidden liquidity.

Data & Infrastructure
Penny Pricing and Changed Margining Requirments Affect the Options Trading Dynamic
The options penny pilot and new margining requirements are changing the options trading landscape, giving rise to the possibility of more ECN-like models.

Research Watch
OTC Derivatives Face Post-Trade Challenges
OTC derivatives are burdened by volumes of paper, spreadsheets and deal tickets. So what will it take to automate the post trade landscape?

From The Editor
Traders Aren't The Dominant Position, In Number, On Trading Floors Anymore
Traders are vastly outnumbered on most trading floors today, giving way to trade support teams, sales traders, IT developers, quants and other support employees.

Market Intelligence
ITG, Instinet Beef Up Operations in Asia
ITG and Instinet announce key executive appointments in Asia Pacific region as electronic trading heats up overseas.

Morgan Stanley Ranks First Among Bulge Bracket Brokers Providing Electronic Trading Services
Financial Insights Ranked Morgan Stanley as the top broker for providing DMA, algorithmic trading, TCA and EMS to buy-side clients.

Trading Up
HedgeStreet Lures Bakas from CBOT
Thomas Bakas to help build out HedgeStreet's Institutional Platform.

James Kearney Joins National Stock Exchance
James Kearney brought to head up business development and client relations at NSX

TowerGroup's Little-Gill Joins Linedata
Gavin Little-Gill, Towergroup Research Area Director leaves to join Linedata

Wall Street Industry Moves for Summer of 2007
Tim Lind to perform strategic planning for Omgeo
Advent Software appoints Chris Flynn as VP of product management
Minor Huffman moves to Fxall
Rinando Soto joins EXE Castle Integration

Dark Algorithms Directory

Check in next week to view's directory of dark algorithms featuring 13 providers and details on their offerings.

Street Cred
Multibroker Execution Platforms Slowly Gaining Adoption
Customers seem to want open execution platforms, but multibroker execution platforms still fail to attain widespread adoption. Fortunately, we are starting to see the multibroker platform pushing forward.

At The Close
Private Markets Threaten Exhanges
If companies continue to choose to raise money via private placements rather than via IPOs and electronic venues fuel a secondary market, what will the future hold for the exchanges?

Advanced Trading Photo Contest

Are you a Tech Savvy Trader?
Send us a photo of your desktop...
Win an iPhone

Do you have trading technology that allows you to trade across every asset in every country? Do you simply trade from your PDA? Do you have the oldest, most outdated technology of anyone in your company, but you still make it work? Tell us your story with a photo by sending us a picture of your trading workstation (please include information about the technology you use to trade). We'll be publishing the most interesting desktops.
To enter, include a short description of why your workstation is unique with your name, title, company, and contact information. The winner gets an iPhone and a free pass to our Buy Side Trading Summit. (if you can't accept the iPHONE, we'll substitute it with $99 gift certificate to BestBuy.) Submit all photos to Judy Weber, with "Advanced Trading photo contest" in the subject line BY AUGUST 20. (Photos should be jpeg 2x3 at 300dpi)