The SEC has extended the comment period on its proposed Regulation Systems Compliance and Integrity for 45 days, to July 8. Securities exchanges and FINRA had asked for a 90-day extension.
The financial industry advocacy group named former New Hampshire governor and U.S. senator Judd A. Gregg as its next chief executive officer. Gregg is known for advocating bipartisan approaches to balancing the national budget.
CFN Services said it is launching a high-speed online service for receiving market data and connecting directly to market centers. Nasdaq OMX it will offer Smarsh archiving of email and electronic communications for compliance purposes. Tick Data s said it has been bought by its long-time management .
Nasdaq OMX Group said it does not intend to submit a bid to build the audit trail of stock and options data being mandated by the SEC. FINRA, which operates the existing Order Audit Trail System, said it will.
The SEC has approved FINRAs proposal to require brokers to report details of equities transactions within 10 seconds of execution. The manual nature of an execution, however, will be taken into account.
The Financial Conduct Authority has gone live in the United Kingdom with Nasdaq OMX's market surveillance platform. Koscom will use smartTrades Liquidity Management System to offer aggregation and smart order routing to its Korean clients. Numerix and Quarter are working together to develop instant analytics.
How's this for a little experiment, says the head of U.S. equity trading for T. Rowe Price: No payments for orders, require price improvement of at least half the spread, and ... a minimum trade size for off-exchange orders.
No matter what happens with the rest of this Greatest Recession Since the Depression lets stop trying to blame it on runaway quantum finance. Math is not the problem. It gives answers. It provides precision (sometimes illusory). And, translated into computer coding, it runs endlessly and tirelessly. But somebody had to make it up in the first place. And maintain it. And manage it.
The Expert View
All asset managers in pursuit of alpha in electronic markets must manage the "ill effects of latency,'' says Nitin Gambhir of Tethys Technology.