COVER STORYThe SEC Agenda: Hurry Up And Wait
Throughout the financial crisis, the SEC has identified a host of equity market structure issues that are critical to ensuring safe and fair trading. But, already burdened by enacting the Dodd-Frank financial reform act, the regulator isn't likely to enact any new rules too quickly.
MANAGING THE DESK5 Trends Shaping the Buy-Side Trading Desk
Among the top trends on the buy-side trading desk in 2011, the biggest development is likely to be the increased reliance on transaction cost analysis to entice institutional investors and ensure best execution.
REGULATIONAre There Too Many Exchanges?
The stock exchanges continue to roll out new equity trading platforms, arguing that competition drives innovation. But some traders, fearing increased fragmentation, are calling for a moratorium on new exchanges.
ELECTRONIC MARKETPLACESSearching for Liquidity in Fragmented FX Pools
As FX ECNs and bank desks compete for buy-side order flow in an increasingly fragmented foreign exchange marketplace, asset managers are using algorithms as well as voice brokers to fill orders.
FROM THE EDITORMeet Advanced Trading's New Editor-in-Chief
In capital markets, it is critical to strike the right balance between fueling recovery and mitigating risk, writes Phil Albinus, Advanced Trading's new editor-in-chief.
MARKET INTELLIGENCEHiring Is Back on the Agenda for 2011
Sagging trading volumes and disappointing revenues have dampened expectations on Wall Street for a quick recovery. But industry insiders are cautiously optimistic about the hiring outlook for trading desks next year.
SEC-CFTC Flash Crash Report Leaves Experts Unsatisfied
The SEC and CFTC's highly anticipated report on the Flash Crash leaves many questions unanswered.
Future Trading Desk: Are Machines Taking Over?
Buy-side traders at the AT Summit shared predicted that computers will do most of the trading, while humans monitor the machines.
INDUSTRY VOICEMarket Maker Obligations for High-Frequency Traders Are Not the Answer
Laying market maker obligations on today's high-frequency traders would not help stabilize the markets with anything near the effectiveness of traditional market makers.
STREET CREDBalancing Trading and Issuer Protection in a Fragmented Market
While most market participants focus on trading and trading efficiency, the real point of our markets is to raise capital. Maybe this equation needs to be tipped back into balance, suggests Larry Tabb.
AT THE CLOSEGetting to the Bottom of HFT Message Rates
The SEC needs to clear up misconceptions about the Flash Crash, especially whether quote stuffing or denial of service attacks really went on.