The Quant GenerationQuantitative analysts are in high demand on Wall Street, and universities are gearing programs specifically to meet the financial markets' needs.
The Top 10 Quant SchoolsAdvanced Trading, with the help of financial industry pros, names the top programs for turning out Wall Street-ready quants.
ANATOMY OF A TRADING FLOOR
Rosenblatt SecuritiesCheck out 30-plus photos of Rosenblatt Securities’ trading floor. The firm, founded in 1979 as an NYSE floor brokerage, has evolved into a boutique firm that helps buy-side clients achieve best execution. It currently has 10 traders and plans to remake its floor to include eight more.
Client Commission Agreements Go Global and Multi-Asset-ClassLooking to maximize its commission pool to pay for research, the buy side expands its use of client commission agreements, or CCAs, into the trading of international equities and options.
CAPIS Sees Buy-Side Demand for Fixed Income in CCA Programs
Buy-side firms are looking to generate commissions from fixed-income trades to pay for third-party research.
MANAGING THE DESK
Measuring Trader Alpha With TCAMany firms are hesitant to measure trader performance using transaction cost analysis, but Franklin Templeton is relying on a new benchmark to gauge trader "value add."
Futures AlgorithmsAn exclusive directory of 10 prominent futures algorithms providers, featuring their descriptions of their unique algorithm offerings, the exchanges the algos hit, the types of parameters users can set, planned enhancements and more.
NYSE Specialists Rarely Improve Price QualityWhile NYSE specialists have picked up their execution speeds, they rarely provide price improvement. The bigger story, however, may be their declining share of executions in NYSE-listed issues.
Emanuel Derman, Head of Risk Management, Prisma Capital Partners, and Director, Master's Program in Financial Engineering, Columbia University
FROM THE EDITOR
Master Programs Are Breeding Wall Street-Ready QuantsAs the demand grows on Wall Street for more quantitative positions, universities start tailoring programs for the Street.
NYSE Says Good-Bye to Specialists; Hello, DMMsTo attract liquidity, the New York Stock Exchange is phasing out the specialist system in favor of designated market makers and revamping its technology.
JonesTrading Restructures Senior ManagementWill Geyer assumes the role of CEO in addition to his responsibilities as president of the agency brokerage; Mike Hornbuckle becomes vice chairman; Steve Chmielewski takes on COO role; and Steve Tuller serves as national sales manager.
Cuttone & Company Makes Key HireIn the newly created role of managing director, Richard Christ will act as liaison between the broker's exchange floor, regional offices and trading desk.
Balarkas New CEO of Instinet EuropeFormer Credit Suisse AES head joins Instinet, will focus on building out execution suite.
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