Top stories

NASDAQ OMX to provide SMARTS integrity market surveillance platform to trueEX Group

Jul 29, 2014

The NASDAQ OMX Group and trueEX Group LLC, a Commodity Futures Trading Commission-regulated exchange for interest rate swaps, have announced a five-year partnership during which NASDAQ OMX will provide the SMARTS Integrity market surveillance platform to trueEX. The solution is now live and monitors both trueEX's Designated Contract Market and its Swap Execution Facility

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JPX selects NASDAQ OMX to develop next-gen derivatives trading system

Jul 29, 2014

Japan Exchange Group is pleased to announce the selection of the NASDAQ OMX Group, Inc. and NTT DATA Corporation as developers for the next-generation derivatives trading system, concluding the process JPX began in February to accept proposals from system development vendors to build a system for subsidiary Osaka Exchange

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Nasdaq OMX appoints BNY Mellon for US Treasury clearing and custody

Jul 28, 2014

BNY Mellon has been assigned responsibility for the US Treasuries’ European market infrastructure regulation (EMIR) compliant clearing and custody services within Nasdaq OMX Group’s new European clearing business

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Latest Blog Posts

Please lock the door behind you

Christian Voigt, Fidessa

Jul 25, 2014
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Under MiFID II European regulators introduce new rules around algorithmic trading. Whether it’s algo IDs, enhanced audit trails or business clock synchronisation, none of these items would have been on the agenda if it were not for the rapid innovation in information technology over the past decade. Now ESMA is extending its reach into cyberspace, discussing issues such as cyber security monitoring for unwarranted access, system or data interference, communication interception or two-factor authentication. But I wonder why they are proposing such detailed requirements? Firstly, the MiFID II mandate looks much vaguer and does not even mention cyber security explicitly. Secondly, cyber security is very much a matter of self-interest for all companies, as illustrated by theTarget case. Back in the so-called ‘good old days’, when computers were the stuff of science fiction books and the trading pits were full of screaming men, security was about choosing the right filing cabinet and installing strong door locks. Then, and today, security came at a price and guaranteed 100% safety was, and is, something of a myth. Before settling on any regulatory requirements around cyber security that could raise the fixed costs of doing business for everyone, some carefully conducted cost-benefit analysis is required. Maybe that analysis will show that for smaller or less tech-savvy firms it is still sufficient to lock their doors behind them.
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Money Market Funds – what cost safety?

Matt Grinnell, Fidessa

Jul 22, 2014
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Tomorrow the SEC’s five member Commission is expected to vote on new changes to rules for money market funds (MMFs), but will the changes be safer or costlier? The two main changes will see ‘prime’ funds move to a floating NAV and boards permitted to impose redemption fees or even suspend redemptions on a temporary basis. This is all designed to make MMFs less susceptible to runs that could harm investors, but it has not been universally well-received by the Investment Company Institute (ICI), by large fund complexes or by a group of 20 United States senators. There are concerns that the new changes will make MMFs less attractive vehicles for investors and will have a negative impact on states and municipalities. These groups rely heavily on municipal MMFs to provide access to low-cost borrowing, but if investors’ appetites for these funds are reduced then debt issuance costs could increase with projects for highways, schools, hospitals and power plants adversely affected. No one can deny that less risk is better, but surely the question for the Commission to debate tomorrow is what is the true cost of these rule changes?
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ATS TRANSPARENCY: RAISING THE STANDARD

Gary Stone, Bloomberg Tradebook

Jul 18, 2014
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All Alternative Trading Systems (ATSs) are required to file a Form ATS with the U.S. Securities and Exchange Commission (“SEC”) to describe how their system operates. The Form ATS is typically kept confidential between the SEC and the brokerage firm operating the ATS. In recent weeks, many U.S. equity securities trading ATSs have started to make their Form ATS available to the public. In many cases, the Form ATS simply describes the operation of the matching engine. We want to raise the standard of transparency. Rather than just making Bloomberg Tradebook’s Form ATS filing public, we have selected its important segments and expanded on the descriptions. In this document, we are seeking to explain the Tradebook System. Tradebook does this with the understanding that greater knowledge and a higher level of transparency can move the industry forward and raise industry standards. The Buy-Side Workshop and Transparency Questionnaires In January 2013, Bloomberg Tradebook conducted a workshop with members of equity trading desks from 37 asset managers who represent more than $10.6 trillion in assets under management. From that meeting, we worked with the asset managers to developed a set of questions about information that we believe both ATSs and exchanges should disclose and sent a comment letter to the SEC under the still-open comment period for the “Concept Release on Equity Market Structure.” We relayed to the U.S. regulator that, in this workshop, buy-side representatives expressed their desire and need for additional transparency in the handling of their equity orders. These representatives were clear in their conviction that they have an overriding obligation and fiduciary responsibility to their shareholders to monitor market structure and understand how their orders interact in the marketplace. Most buy-side firms send questionnaires to their brokers seeking additional disclosure on the brokers’ ATS order-handling rules and information leakage, their ATS’s matching protocols and the ATS’s brokers’ affiliations. With this document, we submit to the market what we believe represents a higher standard of transparency.   Click here to download Tradebook’s ATS document.
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Interview

ATMonitor talks to ITG's Ian Domowitz about Best Execution

Jul 17, 2014
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Ian Domowitz, Managing Director of ITG and CEO of ITG Solutions Network, talks to ATMonitor about transparency in terms of institutional trading and how Best Execution can be achieved across different asset classes.

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ATMonitor talks to ITG's Ian Domowitz about Big Data and TCA

Jul 09, 2014
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Ian Domowitz, CEO of ITG Solutions Network, talks to ATMonitor about the problems surrounding Big Data in terms of real-time TCA. Domowitz discusses the main issues including the volume, the variety and the velocity of the data.

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ATMonitor talks with Alexandra Foster, BT's Global Head of Strategy

Jul 08, 2014
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Alexandra Foster, Global Head of Strategy & Business Development, discusses the changes that BT Financial Technology Services are seeing within this current market and the future challenges facing their clients.

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Survey

The Asia Algorithmic Trading Survey 2014

Asia Trade Are you trading in APAC? The TRADE ASIA magazine is once again hosting the Asia Algorithmic Trading Survey for 2014, conducted by ATMonitor. Please click here to participate and claim a free one year's subscription to THE TRADE ASIA magazine. To complete the survey please click here.

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Research

Corvil

Achieving Visibility in Electronic FX Trading

Jul 21, 2014
Corvil

Electronic FX trading has become an arms race, with banks and brokerages securing market share through the accelerated trading brought by e-trading platforms. Customers are demanding more transparency in pricing, and more consistency in the quality and speed of FX trade execution. In this White Paper we will discuss some of the visibility challenges being encountered as FX moves to an e-trading format, and how those challenges can be mitigated by tuning into the data streaming across the FX network to provide a real-time authoritative record of all FX market data and trading activity.

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Video showcase

Introducing ATMonitor video services

Professional, cost effective, fast turnaround. Promote your brand via executive interviews, product showcase, event interviews, thought leadership and client testimonials. read more

Donal Byrne, CEO of Corvil talks about the New Norm for Trading

Donal Donal Byrne speaks about the challenges of managing speed, risk and cost of modern electronic trading systems for the mainstream of the market and how Corvil is helping. read more

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