COVER STORY

The Quant Generation

Quantitative analysts are in high demand on Wall Street, and universities are gearing programs specifically to meet the financial markets' needs.

PLUS

The Top 10 Quant Schools

Advanced 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 Securities

Check 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.


ELECTRONIC MARKETPLACES

Client Commission Agreements Go Global and Multi-Asset-Class

Looking 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.

Sidebar
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 TCA

Many 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."


DIRECTORY

Futures Algorithms

An 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.


RESEARCH WATCH

NYSE Specialists Rarely Improve Price Quality

While 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 Quants

As the demand grows on Wall Street for more quantitative positions, universities start tailoring programs for the Street.


MARKET INTELLIGENCE

NYSE Says Good-Bye to Specialists; Hello, DMMs

To attract liquidity, the New York Stock Exchange is phasing out the specialist system in favor of designated market makers and revamping its technology.


Trading Up

JonesTrading Restructures Senior Management

Will 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 Hire

In 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 Europe

Former Credit Suisse AES head joins Instinet, will focus on building out execution suite.



STREET CRED

Light Needs to be Shed on Variations of Dark Pools

All dark pools are unique, and firms need to understand the benefits, challenges and opportunities of trading in each venue.


AT THE CLOSE

Buy Side Has Concerns About Commission Aggregation

Commission aggregators want to consolidate buy-side commissions in a single place to pay research providers. Are institutions comfortable sharing the data with a single provider?



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