The International Securities Exchange is planning to offer cash-settled, European-style options on certain exchange-traded funds and equity securities.
Nasdaq Stock Market plans to offer proprietary data it offers through the National Quotation Dissemination Service (NQDS) via a separate feed.
Nasdaq OMX Phlx is looking to streamline its billing process by requiring firms to identify accounts used for transactions that are not subject to the equity options fee cap.
Knight Capital Group’s acquisition of Astor Asset Management has some analysts skeptical, though some say Knight CEO Thomas Joyce has earned the latitude to experiment.
Barclays Capital and Portware have both recently added transaction cost analytics to help clients achieve better execution in a more fragmented market.
HTG Capital Partners, a proprietary futures and options trading shop based in Chicago, is looking to add traders to its team—both as full-time hires and as part of strategic partnerships, said Chris Hehmeyer, founder and ceo.
Nasdaq OMX Group plans to add a technology feature to its systems to address stub quoting, according to Bob Geifeld, ceo.
Bank of America Merrill Lynch expects to enhance its ETF-specific algorithm with more multi-asset class capabilities in the next few years and offer it in international markets.
The London Stock Exchange is backing away from a rule change it proposed in May that would have attempted to limit the ability to enter what it termed “inappropriate” orders.
Nasdaq OMX BX wants to extend a pilot program that will allow the Boston Options Exchange to continue receiving inbound routing of equities orders from Nasdaq Options Services—the approved outbound routing facility for Nasdaq Options Market—until November.
Direct Edge launched as the third largest stock exchange Wednesday morning, with William O’Brien, ceo, pulling a lever on Direct Edge’s hexagon logo, which lit up in the exchange’s signature blue color, to symbolize the start of trading on the electronic trading venue.
Cheevers & Company, an agency-only brokerage, is expanding its marketing team in an effort to target more buy-side clients, particularly public pension funds and asset managers.
Pipeline Financial Group plans to update its user interface for its Alpha Pro platform to allow traders to have one-click access to as many custom strategies as they want, according to Fred Federspiel, ceo.
Fidessa is expanding its trading services offerings across the Middle East.
The big, bad wolf is coming to Wall Street, and no, it’s not Dick Fuld back from paying respects to Lehman Brothers.
The Chicago Board Options Exchange has started offering connectivity for its new all-electronic exchange C2.
The New York Stock Exchange and NYSE Amex are broadening their wireless communication rules to allow floor brokers to include market looks and market probes—or requests for quotes designed to map out the state of the market—in order-related messages and information they send to customers.
LaBranche & Co. plans to reduce its equity options positions taken through the market making business “extensively” in reaction to significant losses experienced by the unit in the second quarter.
The London Stock Exchange is calling for non-member firms to identify unsettled transactions they may have entered into with Lehman Brothers International prior to Lehman's default in September 2008.
The Chicago Board Options Exchange and CBOE Stock Exchange have automated their trade bust functionalities, moving from a predominantly manual process.
Investment Technology Group will absorb White Cap Trading on Aug. 2.
ITG is among brokers believed to be looking at further expansion of their algorithmic offerings to emerging markets such as Turkey and the Czech Republic, based on current client demand.
The Commodity Futures Trading Commission is proposing to begin collecting data from futures commissions merchants, designated contract markets and others related to the ownership and control of individual accounts for every trading account number reported to the Commission.
In order to remain competitive, online brokerages offering services in asset classes outside equities, including fixed income, foreign exchange, options and futures, need to focus on education, according to research from Celent.
Futures prop trader Michael Patak, ceo and founder of Patak Trading Partners (PTP), has launched a Web site intended to give young traders a chance to show their skills and possibly be recruited into electronic trading.
According to the TABB Group’s annual survey on low-touch trends, Credit Suisse, ITG and Bank of America Merrill Lynch were cited as the top three algorithm providers by both asset managers and hedge funds.
The Futures Industry Association has asked the Commodity Futures Trading Commission for clarification on fees and how exchanges are to dole out space in co-location centers in a letter responding to the regulator’s proposed rule on co-location.
Eurex is planning to add futures and options on additional indexes available in the Asia-Pacific region in the second half of the year, according to a spokesman.
A meeting of the Commodity Futures Trading Commission’s Technology Advisory Committee this afternoon raised the question of whether the regulator should set more rules around direct market access.
Nasdaq OMX Group plans to end the distribution of its European index later this month in conjunction with the winding down of its European multi-lateral trading facility.
NYSE Amex will begin trading Nasdaq Stock Market-listed issues, which will give its and New York Stock Exchange’s members the option of trading such stocks using a floor broker market model, according to Ray Pellecchia, spokesman.
The Federation of European Securities Exchanges slammed restrictions on short selling implemented by various European regulatory authorities in the last few months, telling the European Commission in a letter that they have been largely discriminatory and ineffective.
Nasdaq OMX Phlx has proposed to further automate the way Phlx XL, the exchange’s automated options trading system, handles unexecuted contracts following the end of the opening process and the end of “quote exhaust” or “market exhaust” auctions.
Chi-X Global will launch Chi-X Japan July 29 without short sale capabilities, but those may follow after receiving additional approval from the Japanese Financial Services Agency (FSA), according to a spokesman.
A little-noticed filing from the Securities and Exchange Commission last week intends to reopen the debate about the possible elimination of the flash order exception for listed options.
The Chicago Board Options Exchange has won its index litigation prohibiting the International Securities Exchange from listing options on the Standard & Poor's 500 Index and the Dow Jones Industrial Average, but the decision means no relief for investors, according to Peter Bottini, executive v.p. at optionsXpress.
Global Electronic Trading Co., or GETCO, has asked that the Securities and Exchange Commission's proposal for large trader reporting be tweaked in such a way that would limit certain firms' oversight responsibilities.
Transparency is the order of the day. Documented proof of skill, accuracy and integrity between fund managers and their brokers has become a tangible asset--and is accompanied by a need to impart greater cost controls and efficiencies throughout the transaction cycle.
The New York Stock Exchange is planning to make permanent a pilot program that has capped and reduced fees for liquidity takers executing bond trades over its NYSE Bonds system.
The New York Stock Exchange and NYSE Amex will loosen their rules to allow the appointment of more than 20 floor governors for the exchange.
The International Securities Exchange is lowering the number of contracts per execution needed to qualify for a fee waiver on large-sized foreign currency options trades.
ITG is enhancing execution for traders with a new system that will integrate indications of interest (IOIs) into the workflow.
BIDS Trading is in growth mode, aiming to bring its buy-side client base to at least 300 in the coming year and add more sell-side users, according to Tim Mahoney, ceo.
Nasdaq OMX Phlx plans to expand its delta hedging exemption to allow securities index options, index futures, and options on index futures to be included along with the ETF in an equity option’s net delta calculation.
Caplin Systems has rolled out a formal consulting business unit, UX Design Service, comprised of business analysts, graphic designers and architects, to improve the way traders use their banks’ trading platforms, according to Paul Caplin, managing director.
Pulse Trading is mulling the possibility of widening the distribution of indications of interest to include sell-side recipients.
New York-based Odeon Capital Group, a fixed-income broker-dealer with investment banking and research services, plans to hire up to 12 analysts, investment bankers and sales employees over the next year for its new Austin branch.
The International Securities Exchange has proposed to extend the deadline to enter an incentive plan for market makers in four foreign currency options for another three months.
List Group, an electronic trading software provider and network connector, is looking to add connections to Asia, according to Stefano Falciani, managing director.
The International Securities Exchange will adjust its criteria for rebates distributed to Market Maker Plus orders to incentivize tighter markets.
BNY ConvergEx has plans to update its IQx and Abraxas algorithms in order to forecast further into the future, according to Scott Daspin, managing director of global electronic sales.
The Investment Company Institute is urging the Securities and Exchange Commission to think outside it’s jurisdiction to the linkages and interdependency of stocks with the futures and options markets.
Interactive Brokers has added a pairs trading capability, following in the footsteps of several other large firms.
The CBOE Stock Exchange plans to streamline its processing of odd-lot and mixed-lot orders to process them similarly to round-lots.
Chicago Board Options Exchange has allowed reserve orders in all classes except options on the Standard & Poor’s 500 Index, the CBOE Market Volatility Index, the American- and European-style options on the S&P 100 Index, iShares S&P 500 Index fund and Dow Jones Industrial Average options.
OTR Global, a primary research firm that specializes in channel checking, is expanding its operations in the U.S. and Asia.
Buy-side firms and trade groups are asking the Securities and Exchange Commission to streamline and simplify its requirements for the large trader reporting system it proposed to implement earlier this year.
MATCH Now, the Canadian dark pool operated by TriAct Canada Marketplace, plans to add midpoint-only orders as an option for liquidity providers in its pool.
Chi-X Europe and the London Stock Exchange Group are leading the pack this month by the number of trades executed in electronic order book equities.