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INSIDE: Dark Pools: Will Real-Time Reporting Do More Harm Than Good? P.16 Trading Floor Photos: Exclusive Images of Convergex’S Trading Floor and Technology 0410_01.qxd 3/9/10 10:24 AM Page 1 INTELLIGENCE FOR THE ELECTRONIC MARKETS APRIL 2010 Buy-side firms are hard at work creating the trading desks of the future. York Capital Management, J.P.Morgan Asset Management and Northern Trust reveal plans for transforming their trading operations. p.22 INSIDE: Dark Pools: Will real-time reporting do more harm than good? p.16 Trading Floor Photos: Exclusive images of ConvergEx’s trading floor and technology. p.12 Gary Maier, CTO, York Capital Management A supplement to Wall Street&Technology Reach for deeper liquidity: SIGMA X Goldman Sachs Electronic Trading connects you to SIGMA X, one of the broadest sources of liquidity. Our ATS is built on the strength of the diverse GSET client base, providing you with superior access to high- quality liquidity. Access SIGMA X through our algorithmic trading strategies, by participating in our point-in- time crossing sessions, or by routing orders directly to the ATS – the choice is yours. The quality liquidity you can discover within SIGMA X can drive better execution and better results. To find out more about how Goldman Sachs Electronic Trading can connect you to people, technology and liquidity across the globe, visit gset.gs.com. ©2009, The Goldman Sachs Group, Inc. All rights reserved. B:8” T:7.75” S:7” FAST IS AS SLOW AS WE GO. B:10.75” S:9.75” THINK FAST, THINK BLOOMBERG. T:10.5” Speed is in everything we do, from ensuring our data feeds are the fastest in the world to building applications that meet immediate market demands in hours and days, not weeks and months. For Bloomberg users, it means a world of market-leading data and analytics delivered to their desktops in milliseconds. With every one of our dynamic solutions comes the satisfaction of knowing that we continually optimize our infrastructure for the quickest, most accurate market analysis possible. Bloomberg thinks about speed from front-to-back of every technology solution we develop. The To learn more, visit bigger our lead, the better for you. bloomberg.com/thinkfast ©2010 Bloomberg Finance L.P. All rights reserved. F Composite Size: Trim Live Bleed 7.75 x 10.5 7 x 9.75 8 x 10.75 Publications: Trim Live Bleed Issue: Due: Advanced Trading 7.75 x 10.5 7 x 9.75 8 x 10.75 APR 3/8 FINAL MECHANICAL! ANY FURTHER CHANGES MAY AFFECT RELEASE DATE! PDF/X-1a via Ad Portal +1 133LS SWOP color proof CLIENT Bloomberg Filename BLOM9KB00009_FP4C_Speed_F_AT Job Mgr.# 10516 Last Date 3-5-2010 11:05 AM Fonts Doc. Path Description Speed - F Prod. Mgr. Virginia Kornfeld x4501 Bitstream Vera Sans (Bold, Roman) StudioMechanicals2:Volumes:St Bleed 8” x 10.75” Art Director Daniel Shapiro x4539 Akzidenz Grotesk (Bold, Black) udioMechanicals2:BLOOMBERG: AGrotesk (Bold) Final Mechanicals:BLOM9KB00009_ Trim 7.75” x 10.5” Acct. Mgr. Andrea Bertoline x6021 Helvetica (Bold) FP4C_Speed:BLOM9KB00009_FP4C_ Speed_F_AT Live 7” x 9.75” Copy Writer None Gutter (Folds: None) Studio Oper. pfrumkin Placed Graphics Inks signoff.eps 337KB Scale None Prev. Oper. Alan Fiore BLOM9KB0009_0221_I_4CMAG_01.tif CMYK 104.5MB Bloomberg logo WT.eps 204KB Colors CMYK Last Modifi ed 3-5-2010 11:05 AM Ln. Screen MAG Proof # FINAL pf 3/5 Deadline 3/8 for APR issue Advanced Trading: PDF/X-1a via ubmtechnology.sendmyad.com + 1Prf to John Poli- Pub List hronakis, ProdMgr, United Business Media, LLC, 600 Community Drive, Manhasset, NY 11030, 516-562-5122, [email protected] BLOCK TRADING SOLVED. BIDS TRADING provides the ultimate combination of liquidity, anonymity, and control – letting you decide how each trade gets done. UNLEASH YOUR TRADING SKILLS 3- TRADE SMART with 1.877.566.2437 BIDSTRADING.COM ©2010 BIDS Trading, L.P. (“BIDS Trading”) is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world. NYBX(SM) and New York Block Exchange(SM) are service marks of NYSE Group, Inc. and are used by New York Block Exchange, LLC under license. 0410_05-06.qxd 3/9/10 10:19 AM Page 5 Gary Maier, Chief Technology Officer, contents York Capital Management April 2010 22 Building the Future Rather than wait for the next big thing to lift the capital markets out of their post-crisis funk,buy-side firms such as York Capital Management, J.P.Morgan Asset Management and Northern Trust are under- taking massive projects to transform their trading desks and emerge from these trying times more efficient than ever. 12 ANATOMY OF 16 ELECTRONIC A TRADING FLOOR MARKETPLACES Featuring:ConvergEx Group Exposing Dark Pools An SEC According to CEO Craig Lax, proposal intended to increase ConvergEx is a technology-driven transparency into opaque market company.On any given trading practices would require dark day,he reports,500 of the firm’s pools to identify themselves in customers trade electronically real-time trade reports.But would into all U.S.destinations and 52 the requirement do more harm markets around the world.Take an than good? exclusive look at the technology that the firm uses to support its 28 DIRECTORY clients’trading activities. Portfolio Risk Management Providers In today’s trading 12 14 ALGORITHMIC TRADING environment,risk management Deutsche Bank Algos Go to is more important than ever. The Head of the Class New AT’s latest trading tech directory managing director and head profiles many of the industry’s of equity electronic trading at top portfolio risk management Deutsche Bank Jose Marques is providers and their products, focused on developing ‘smart’ including details of the services algos to source dark liquidity. offered,the risk methodologies that are supported,the asset Tactical Trading Algo Raises the classes that are covered and more. Stakes Like a skilled poker player, Abraxas,a new tactical algorithm from ConvergEx,uses a multi- dimensional sensitivity profile to read market signals and determine how,when and where to trade. 16 ADVANCED TRADING • www.advancedtrading.com • April 2010 5 0410_05-06.qxd 3/9/10 10:21 AM Page 6 contents advancedtrading.com news opinions trading floors research videos 10 MARKET INTELLIGENCE Buy Side Algo Use,Block Trading On the Rise Buy-side firms expect to route nearly 40 percent of their share volume to broker algorithms in 2010,up from just 11 percent five years ago,according to a recent TABB Group study. They also expect to conduct more block trading. SunGard Launches U.K. Broker to Fuel European Expansion Eyeing the FIDELITY LAUNCHES LIQUIDITY-SEEKING ALGOS high-frequency Dave Mishoe trading and Fidelity has introduced T-HAWK, a neutral strategy that identifies sponsored-access markets in optimal trading points based on liquidity, price and fair value of the Europe,SunGard launched stock; Adrenaline, an aggressive strategy that trades quickly and SunGard Global Execution Services, achieves high participation rates with minimal market impact; and a U.K.-based electronic agency Recoil, a momentum strategy used to augment Fidelity’s DarkSweep broker-dealer,to help U.S.clients expand into international markets. algorithm by identifying favorable price levels in the quoted market. advancedtrading.com/fidelity-algos 37 STREET CRED The Problem With New Short Selling Restrictions The SEC finally BLOG approved restrictions on short New Book Blames Quants for Crisis Should the average American with a 401(k) selling,but the new rules do not worry about the rise of quants on Wall Street? advancedtrading.com/quant-crisis satisfy either proponents or opponents of short sale curbs, INDUSTRY OPINION notes Contributing Editor Larry HFT Tax Would Curtail Deceptive Trading Taxing HFT firms would decrease Tabb.But before criticizing the disingenuous quoting,argue T3Live’s Sean Hendelmen and Brandon Rowley. regulator,consider the political advancedtrading.com/hft-tax pressure it has been under. TRADING FLOORS 38 AT THE CLOSE Cuttone & Co.View exclusive photos of the full-service institutional broker and The Volcker Rule Already Has Had prime brokerage service provider’s New York trading floor and technology. An Impact Though it is unlikely to advancedtrading.com/photos/Cuttone pass Congress in its current form, the Volcker Rule already is shaking DIRECTORY up the industry,says Editor-at- Execution Management Systems Our directory of EMS providers features details Large Ivy Schmerken. of more than 30 systems,including the order management functionality they offer and plans for future enhancements.advancedtrading.com/ems-directory 8 EDITOR’S LETTER Reader Advisory Board Floyd Coleman Michel Debiche Peter Driscoll Brian Fagen Bryan Kievit Tim Olsen Rob Shapiro Joan Stack Jason Valdez U.S.Head Trader President and CEO Vice President, Cohead of Liquid Market Head Trader Senior Vice President/ Executive Director Trading Manager Managing Director AXA Rosenberg Quantia Capital Senior Equity Trader Sales for the Americas Accipiter Capital Head Trader Morgan Stanley Ohio Public Employees Penserra Securities Management Northern Trust Barclays Capital Management ICM Asset Management Investment Management Retirement System 6 April 2010 • www.advancedtrading.com • ADVANCED TRADING Experience the power of a 65% fi ll rate. When all is said and done, the proof is in the performance. Fidelity Capital Markets offers you access to one of the industry’s broadest networks of non-quoted liquidity. DarkSweep,® our dark market aggregator, employs advanced liquidity mapping technology to dynamically detect and respond to dark liquidity in real-time. So you can optimize trade execution. The result? Fill rates as high as 65%.* To learn more about our suite of electronic brokerage products and services, including DarkSweep® and CrossStream,® Fidelity’s Alternative Trading Systems, contact us today. Call 888.595.0589 or visit www.fidelitycapitalmarkets.com *Fidelity Capital Markets calculation as of November 30, 2009.
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