Top Stories

Nasdaq Won’t, FINRA Will Bid on Consolidated Audit Trail

May 15, 2013 - 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.

10-Second Rule Adopted for Reporting Transactions

May 15, 2013 - The SEC has approved FINRA’s 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.

Andy Brooks' Modest Proposal for Equities Markets

May 14, 2013 - 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.

TECH TICKER …
U.K. Authority Goes Live With Nasdaq Surveillance Technology

May 14, 2013 - The Financial Conduct Authority has gone live in the United Kingdom with Nasdaq OMX's market surveillance platform. Koscom will use smartTrade’s Liquidity Management System to offer aggregation and smart order routing to its Korean clients. Numerix and Quarter are working together to develop instant analytics.

Morgan Stanley Cuts Microseconds from Trading Systems

May 13, 2013 - Morgan Stanley has overhauled its trading infrastructure for U.S. equities to keep pace with a marketplace in which millionths of a second count.

NYSE, Credit Suisse Agree on Potential ‘Trade-At' Rule

May 13, 2013 - Larry Leibowitz, the chief operating officer of the parent of the New York Stock Exchange, and Dan Mathisson, the head of U.S. equities at Credit Suisse, which operates the nation’s largest venue for anonymous trading in stocks, agreed Monday on a potential pilot test of a revised trade-at rule.

Nasdaq Tool Lets Customers Compare Speed of Orders to Rivals

May 8, 2013 - For trading firms seeking microsecond advantages, knowing exactly where they stand compared to rivals makes a difference. Now Nasdaq is providing a tool that provides direct comparisons of each step in the race to zero delays.

ETFs Now Can Be Placed in Retirement Plans

May 8, 2013 - MidAtlantic Trust Company said it had resolved record-keeping problems that have kept exchange-traded funds from being part of holdings in 401(k) and other retirement plans.

Equities Volume Down 2.4%, Year Over Year

May 7, 2013 - Volume on all public and non-public exchanges was 6.4 billion shares in April, according to Nasdaq OMX Group statistics. That is up 3.9% from March, but down 2.4% from a year ago.

TECH TICKER …
SEC Wants to Expand Tips System

May 7, 2013 - The SEC is seeking $56 million to expand, in particular, its system for taking in tips, complaints and case referrals. Nasdaq OMX launced WorkSpace, a cloud computing platform that acts as a “virtual data room” for companies. Deutsche Boerse has combined its Market Data & Analytics unit with its external technology and connectivity services.

SIFMA OPS 2013: Video Wrap-Up

May 6, 2013 - The issues are big and many. But the rules are getting written and the securities industry is starting to implement many. Here's Tom Price, SIFMA's managing director of operations and technology, on the challenges firms are facing coming out of the 2013 operations conference.

SEC'S White Promises ‘Appropriate, Balanced’ Money Fund Proposal

May 3, 2013 - Chairman Mary Jo White told the general membership meeting of the ICI that the SEC will “propose meaningful money market reform.’’ And that developing its next round of reform measures will be made with international regulation in mind.

TECH TICKER … ConvergEx Readies for Blue Sheet Rules

May 2, 2013 - ConvergEx says its LiquidPoint options trading platform will be able to meet new electronic blue sheet reporting requirements this fall. The Bermuda Stock Exchange (BSX) has launched Nasdaq OMX's X-stream trading platform. Lightpointe is deploying a fourth generation of free-space optical laser bridges.

Blankfein: China Needs ‘Bigger Equity Markets’

May 2, 2013 - Goldman Sachs Group chief executive Lloyd Blankfein said China needs ‘bigger equity markets” if it hopes to continue its “pretty impressive growth” of the last two decades.

Exchanges Win Dismissal of Market-Data Pricing Case

May 1, 2013 - NYSE Euronext, Nasdaq OMX Group Inc. and other exchanges can set prices for proprietary market data, a U.S. appeals court ruled, saying the Dodd-Frank financial reform law limits its power to review regulators’ decisions on the issue.