Pillar #2 of Market Surveillance 2.0: Past, Present and Predictive Analysis

In the second of a blog series outlining the Seven Pillars of Market Surveillance, we investigate Pillar #2 which emphasizes support for combined historical, real-time…

Current Bull Market Stresses Importance of Protective Puts

By Kevin Dixon, Market Traders Institute As the saying goes, the trend is your friend and 2015 has continued to drive the current bull market…

U.S. Options Buy-side Behavioral Responses to Shifting Liquidity

Regulations are having a negative effect on the liquidity of U.S. equity and index options. Continue reading

The Seven Pillars of Market Surveillance 2.0: Pillar #1

By Theo Hildyard , Software AG @theohildyard In the first of a blog series outlining the Seven Pillars of Market Surveillance, we investigate the need…

Two Weeks Into the Market Structure Experiment… Results are Mixed

On Monday, February 2, Nasdaq, on its “classic” or NSDQ exchange, unilaterally lowered access fees on 14 stocks in a test of US market structure….

Why Active Management Underperformed in 2014

by Alexander J. Hart, CFA, Director, Equity and Fixed Income Research, Federal Street Advisors For the U.S. stock market, 2014 was another banner year. The headline S&P 500…

Best Execution – does it really have to be so hard?

By Nigel Farmer It is over seven years since MiFID was introduced into the European markets, bringing with it the obligation for investment firms to…

Market Structure: NYSE Arca Revisits the Meaning of Market Order

Today, NYSE ARCA introduced a new price collar designed to protect market orders from executing at erroneous prices. Continue reading on The Book »

Market Structure Changes on Monday, February 2

On Monday, February 2, there will be two changes to US Equity Market Structure. Continue reading on The Book »

The Key Characteristics of ETF Trading

With more than 5,000 ETFs listed around the world, it can be overwhelming for a trader to know the best way to execute an ETF….

Improving Data Collection and Data Dissemination within Central Banks

By Ken Rossiter and Seth Oliphant, SunGard’s global trading business Central banks are one of the driving forces around a nation’s economy. They are not…

What Will Santa Claus Bring Traders?

Is it just me or have you noticed this too? When I was young, autumn was the kick off for the holiday trifecta of Halloween, Thanksgiving and Christmas.

How to Find Liquidity for Any ETF

In the December 2014 edition of Bloomberg Markets Magazine, Tradebook discusses ETF growth and associated liquidity problems that are arising as a result of Basel…

Factoring Capital Adequacy into FX Liquidity Provision

By Theo Hildyard , Software AG @theohildyard Continuing on the theme of my previous blog post, which looked at how firms are starting to use…

The (Re) Emergence of a Two-Tiered Market? When Dark Pools “Quote”

There is something inherently unfair about dark pools quoting to only their subscribers. It does not matter what the motivation is. Simply put, such activities…

Bringing Predictive Intelligence into Trading Operations

By Theo Hildyard , Software AG @theohildyard We hear increasingly these days about how the focus of electronic trading is shifting from speed to intelligence….

Bravo NASDAQ! Will the SEC Now Take Action to Consider Test Tickers ?

Yesterday, we filed a comment letter with the SEC supporting NASDAQ’s proposal to offer a new testing environment, the NASDAQ OMX Algo Testing Facility. Continue…

An Early History of High Frequency Trading

As students of history, we would like to refer you to Bob Pisani’s great read on the early history of high frequency trading in “Plundered…

Standardizing ATS Transparency & Broker Routing Questionnaires

Earlier this month at that STA National Convention in Washington DC, there were calls for the SEC to standardize the broker routing questionnaires and ATS…

No Day ISO Part 2: Tradebook’s Response to NYSE’s Rebuttal Letter

On Friday, October 3rd, the SEC posted the NYSE response to our and Haim Bodek’s comment letters petitioning the Commission to disapprove NYSE’s proposed amendments…