| News for operations and technology executives in financial services |  |
- Exchanges and brokerages work together to fix glitches
Stock exchanges are mobilizing to resolve glitches that have roiled the markets before regulators impose their own solutions. Consulting with big brokerage firms, NYSE Euronext and Nasdaq OMX Group are looking for ways to rein in out-of-control trading. One possibility is to implement a "kill switch," which automatically shuts out clients when they reach a certain limit. SIFMA's Market Structure Conference on Oct. 4 in New York City will bring together top regulators and the leading experts to discuss the changing landscape of the securities markets; register today. Reuters
(9/13), The Wall Street Journal
(9/11)     
 | Eurex Exchange’s new trading architecture: More choices, greater performance, Eurex reliability. Technology that delivers a world of opportunity. Discover more from Eurex Exchange. |
| Operations Update |  |  |
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- Rules affecting brokers, clients will have an effect on algos
At TradeTech West this week, Bank of America Merrill Lynch's Adam Inzirillo said that new rules -- such as "limit up, limit down" trading breaks and client access to electronic markets -- will require a "huge technology spend" and a "significant resource allocation." One likely outcome of all that diverted spending will be the pulling of resources away from expanding the capabilities of algorithmic trading. Securities Technology Monitor
(9/11)
| Technology Update | | |
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- Firm develops algorithms that learn as they trade
The Algorithmic Trading Management unit of Cowen Group is working on a new breed of algorithms that may be able to learn from their trading experiences and eventually think on their own. At the moment, the company is using five-minute trading windows to test "micro" strategies in an effort to determine whether they could implement broad "macro" strategies. Securities Technology Monitor
(9/11)
| Regulatory and Legislative Update | |  |
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- CFTC's audio-recording proposal draws swaps traders' opposition
Agricultural and energy firms are fighting a rule proposed by the Commodity Futures Trading Commission that would require audio recording of activity at derivatives exchanges and swaps-execution facilities. "From my perspective, there is no need for a country grain elevator, cooperative or small firm to be included in this requirement," said Bart Chilton, a Democratic commissioner. Bloomberg Businessweek
(9/7)
- Knight Capital glitch may spur regulatory review
Because of Securities and Exchange Commission rules, NYSE Euronext could not stop the trading glitch that drained $440 million from Knight Capital Group on Aug. 1, said Knight CEO Tom Joyce. As a result, U.S. regulators may take another look at how electronic-trading gone awry is handled and how effective volume circuit breakers are, he said. Reuters
(9/11)
- Commentary: Exchanges are best positioned to regulate HFT
The government should leave the regulation of high-frequency trading to the exchanges, finance professor Craig Pirrong writes. Bourses that fail to clamp down on predatory trading will lose business, Pirrong writes, giving them strong incentives to do so. In addition, the exchanges have access to information and a variety of tools to discourage excessive trading, he writes. StreetwiseProfessor.com
(9/10)
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| SIFMA News | | |
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- Former Federal Reserve Board Chairman Greenspan to speak at SIFMA Annual Meeting -- Oct. 23
-- NYC
Join us in welcoming Dr. Alan Greenspan, chairman, Federal Reserve System (1987-2006) to this year's Annual Meeting. Hear Dr. Greenspan provide his insights on the state of the economy and his outlook for our capital markets in the lead up to this historic election. Just weeks before the election, SIFMA's Annual Meeting features a powerhouse of policy officials and regulators examining the impact of the political and economic climate looking ahead to 2013 and beyond. Confirmed speakers include: CFTC Chairman Gary Gensler; SEC Chairman Mary Schapiro; Thomas A. James, executive chairman, Raymond James Financial; Dr. Jeremy Siegel, Russell E. Palmer Professor of Finance at The Wharton School of the University of Pennsylvania; Douglas M. Hodge, chief operating officer, PIMCO, and many more.
- FINRA Exam Training by SIFMA: Series 99, Series 24, Series 52, Series 7, Series 53 and Series 79
SIFMA, the go-to resource for expert information on the financial industry, has partnered with the Securities Trading Corp. to provide a comprehensive training experience for a variety of FINRA exams. Programs will provide participants with essential information to
pass exams as well as study and review materials. Courses are offered live and via webinar. SIFMA members are eligible for a discount. Register today.
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