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October 2011

Flash-Crash Lipstick: Implementing SEC Rule 15c3-5

October 31, 2011 by mikeohara   Comments (0)

Boston, October 13, 2011 – A new report from Aite Group examines U.S. market preparedness for the implementation of the U.S. Securities and Exchange Commission’s Rule 15c3-5, also known as the “market-access rule.” Based on Aite Group conversations with pre-trade risk vendors, broker-dealers, and the SEC, the report outlines the benefits and shortcomings of the rule and assesses the true cost of compliance.

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High-Frequency Trading Webcast [Waters Technology]

October 24, 2011 by mikeohara   Comments (0)

The growth in high-frequency trading (HFT), a phenomenon no longer restricted to equities only, has seen the financial markets constantly innovating in their pursuit of greater computing/processing power and speed. What are the most acute challenges for firms aiming to improve the performance of their HFT businesses, and how will new regulations on both sides of the Atlantic affect those strategies? Also, what will be the next securities market to see the introduction of high-frequency trading?

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MiFID Revision and Market Abuse: Commission Tables New Rules for More Sound and Transparent Financial Markets

October 21, 2011 by mikeohara   Comments (0)

The European Commission has tabled proposals to revise the Markets in Financial Instruments Directive (MiFID). These proposals consist of a Directive and a Regulation and aim to make financial markets more efficient and transparent, in particular by improving the oversight of less regulated markets and by addressing the issue of excessive price volatility in commodity derivatives markets. The Commission has also proposed a Regulation on market abuse and a Directive to ensure effective sanctions at European level for insider dealing and market manipulation.

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New York Times Letter to the Editor: Automated Stock Trading - Cameron Smith's blog - High Frequency Trading Review

October 20, 2011 by mikeohara   Comments (0)

An open letter to the New York Times from Cameron Smith, President of Quantlab Financial and Richard Gorelick, Chief Executive of RGM Advisors, about a recent article entitled "Clamping Down on Rapid Trades in Stock Market". Mr Smith & Mr Gorelick believe that the NYT article perpetuates misunderstandings about modern professional traders, and they point out that professional traders consistently support steps aimed at improving the integrity and performance of our modern electronic markets.

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Clear and present danger [HFM Week]

October 20, 2011 by mikeohara   Comments (0)

Proposals for a tax on financial transactions have been on the periphery of the political agenda for a while. But with renewed support for the tax from the EU President, it may be time for the hedge fund industry to seriously consider the impact of such a measure 

Amid the flood of post-2008 industry regulation, proposals for a new Europe-wide tax on all financial transactions had gone by largely unnoticed until last month. EU president José Manuel Barroso’s speech in support brought the potential levy to wider attention, bringing what had previously been a distant threat considerably closer to becoming a reality. It seems the proposed Financial Transactions Tax (FTT), which will be next discussed when the G20 meets in November, has almost crept up on the industry.

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