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INTELLIGENCE FOR THE ELECTRONIC MARKETS JUNE 2011 BRIAN NIGITO & SETH MERRIN DAVE CUMMINGS DAVID LEINWEBER CHRIS ROGERS REP. BARNEY FRANK RICHARD KORHAMMER DAN MATHISSON DAVID E. SHAW LARRY FINK BILL PORTER WHO HAD THE BIGGEST IMPACT ON THE BUY SIDE IN THE PAST DECADE? HERE ARE 10 INNOVATORS WHOSE ACHIEVEMENTS PROPELLED THE TRADING DESK INTO THE 21ST CENTURY. P.13 A supplement to Wall Street &Technology A UBM TECHWEB PUBLICATION New thinking: better tradingTM Find out what sets us apart Whether it’s our thought leadership insight or our sophisticated algorithmic strategies, we strive to help our clients outperform. Discover what Goldman Sachs Electronic Trading has to say about the topics we know matter most to you at gsetnewthinking.com. Goldman Sachs Electronic Trading gsetnewthinking.com © 2011 Goldman Sachs. All rights reserved. Member FINRA, SIPC. 5360 Apples Advanced Trader Ad 1st.indd 1 05/05/2011 4:52PM contents June 2011 14 Seth Merrin Imagining Wholesale Change 15 Dave Cummings Market Maker 15 David Leinweber 14 15 15 16 17 Breaking News 16 Brian Nigito and Chris Rogers A Perfect Match 17 Barney Frank The Man Behind the Law 18 Richard Korhammer 18 19 20 20 21 Setting Information Free 19 Dan Mathisson Big Idea In Small Orders Making History 20 David E. Shaw 13 On the Street Quantitative Thinker 20 Larry Fink The past decade saw a complete upheaval on A Pioneer of Modern Finance the trading desk and a surge forward in the way 21 Bill Porter traders do their jobs. We now work at greater A World of Options speeds and with greater efficiency than at any PLUS: other time in history. Advanced Trading presents 22 Protecting Your IP the innovators who helped make it possible. Financial services firms are built on innovation. Protecting those advantages is a full-time job. ADVANCED TRADING • www.advancedtrading.com • June 2011 3 contents advancedtrading.com videos slideshows white papers news opinions 9 MARKET INTELLIGENCE Hedge Fund Managers Predict A Strong Year 2011 will see an increase in new fund launches, a slowing of redemptions and fewer fund closings, according to a survey of hedge fund managers. 10 ANATOMY OF A TRADING FLOOR Direct Access Partners Institutional agency-only brokerage DAP focuses on multi-asset-class executions in both domestic and SEC REGISTRATION SURVIVAL GUIDE international securities. Take an After years of operating in the shadows, hedge funds are about to be exclusive look inside the firm’s thrust into the light. Under Dodd-Frank, most hedge funds have to new Manhattan trading floor. regiter with the SEC by July 2011. To help you survive life under the SEC, we present the SEC Registration Survival Guide — everything 26 TRADING TECH DIRECTORY OMS Providers The trading desk you need to know about the registration process and complying with moves at a faster pace than ever the SEC’s rules. advancedtrading.com/digital-edition/may2011 before, and the right order management system can be the difference between execution and missed opportunity. Our exclusive DODD-FRANK CHEAT SHEET directory details some of the top Compliance Help At nearly 1,000 pages long, the Dodd-Frank Wall Street Reform OMS providers and their platforms. and Consumer Protection Act is dense, confusing and often mind-numbing. Fortunately, we read it for you. And our Cheat Sheet is less than 40 pages. And 33 STREET CRED it’s free. advancedtrading.com/dodd-frank The Worst Form of Market Structure? Contributing editor TRADING FLOOR PHOTOS Larry Tabb may not be Winston Nomura Securities “Our first priority was to build out our systems and architecture, Churchill, but he recognizes a mostly from scratch,” senior managing director Ciaran O’Kelly reports of Nomura’s conundrum when he sees one: push to expand its U.S. equities trading operation. Check out exclusive photos of The markets are better than ever; Nomura’s new Wall Street trading floor. advancedtrading.com/photos/nomura so how do you fix them? VIDEO 34 AT THE CLOSE Is High-Frequency Trading Hitting a Wall? As trading gets faster and faster, the Wall Street Legends The real secret technology barriers get higher and higher. According to Larry Tabb, only the biggest sauce on the Street is the creative firms can compete in the HFT space. Unless the small guys can find a niche, he adds, people whose innovations paved they’ll have to get out of the game. advancedtrading.com/tabb-on-hft the way for modern trading, not the technology, says editor-at- TRADING TECH DIRECTORY large Ivy Schmerken. Dark Algorithm Providers Don’t be afraid of the dark. Advanced Trading’s directory of dark algorithm providers can help you find the tools you need to source liquidity in 6 EDITOR’S LETTER the opaque markets. advancedtrading.com/directory/dark-algos Reader Advisory Board Floyd Coleman Michel Debiche Peter Driscoll Bryan Kievit Tim Olsen Rob Shapiro Joan Stack Jason Valdez U.S. Head Trader President and CEO Vice President, Head Trader Senior Vice President/ Executive Director Trading Manager Head of Global AXA Rosenberg Quantia Capital Senior Equity Trader Accipiter Capital Head Trader Morgan Stanley Ohio Public Employees Equity Trading Management Northern Trust Management ICM Asset Management Investment Management Retirement System Penserra Securities 4 June 2011 • www.advancedtrading.com • ADVANCED TRADING B:8.875” T:7.75” S:6.75” BULL. BEAR. TORTOISE. HARE. B:11.375” T:10” S:9” SOLVED. You’re in a race against nanoseconds. We get it. And as our largest partner, HP does too, providing the most up-to-date networking technology available. Their ProLiant x86 G7 servers and networking switches can take on your demanding workloads. So your network never slows, and your company stays ahead of the competition. Build a winning network at CDW.com/securities ©2011CDWLLC.CDW®, CDW•G® andPEOPLEWHOGETIT™ aretrademarksofCDWLLC. DOCUMENT PATH: Studio:Volumes:Studio:Clients:CDW:CSM_New Launch Base Mechs_Second Wave:Mechanicals:94466_CDWFST11...working_Securities_1Partn_Ad_HP:94466_CDWFST11035K011_SML_Q2_Networking_ Securities_1Partn_Ad_HP_F.indd AGENCY JOB NO.: CDW.CDWFST.11035.K.011 DATE/TIME: 5-9-2011 11:28 AM BLEED: 8.875” w x 11.375” h DIVISION/OFFICE: Ogilvy/Chicago OPERATOR: Peter.Schafer TRIM: 7.75” w x 10” h STUDIO JOB NO.: None LIVE: 6.75” w x 9” h VERSION: Base SLUG FONTS: DIN Light, DIN Regular DUPLEX: No REVISION: FINAL SCALE: 1”:1” NO. OF PAGES: 1 of 1 FONTS: Prelo (Black, Book) PRINTED AT: None FILENAME: 94466_CDWFST11035K011_ IMAGES: 11.02.24-CDW-94133_v8_hr.tif RESOLUTION PLACED: HiRes SML_Q2_Networking_ (360 ppi; CMYK), 94466_CDW_ Securities_1Partn_Ad_HP_F.indd PWGI_CMYK.eps, 94466_HP_ EXEC. CREATIVE DIRECTOR: None Dimensional_Blue.eps CREATIVE DIRECTOR: N. Vaznonis AD TITLE: 94466 SMLQ2 Networking Securi- COLOR PROFILES: None ART DIRECTOR: M. Gore ties 1Partn Ad-HP TRAPS: None COPYWRITER: M. Peabody CLIENT: CDW DIE CUT: None ACCOUNT: J. Wisnieski CLIENT JOB NO.: CDW 94466 COLOR SWATCHES: Cyan PRINT PRODUCER: A. Kubala BRAND: CDW Magenta TRAFFIC: A. Martinez PRODUCT: Ad Yellow ART BUYER: K. Murphy CODENAME: None Black ENGRAVER: Superior Digital Graphics JOB TYPE: Print JOB CATEGORY: CDW Mechanicals TO APPEAR IN: 6/1 Advanced Trading 8.875” x 11.375” 7.75” x 10” 6.75” x 9” editor’s letter Volume 7, No. 3 VP/GROUP PUBLISHER John Ecke 212.600.3097 [email protected] EDITORIAL Editor-in-Chief Phil Albinus [email protected] Group Content Manager Les Kovach [email protected] Back In My Day … Editor-at-Large Ivy Schmerken [email protected] Associate Editor Justin Grant [email protected] Associate Managing Editor Nathan Conz [email protected] Contributing Editor Larry Tabb [email protected] omehow I’ve become the old guy in the office. At ART Kristen Terrana, Igor Jovicic, Tony Vecchione the wizened age of 46 I can tell stories about life BigYellowTaxi.com before email, when you had to pick up documents ADVERTISING SALES OFFICE 240 WEST 35TH ST., 8TH FLOOR at the fax machine and when only doctors and drug NEW YORK, NY 10001 dealers carried pagers (forget smartphones). National Sales Director Ben Riggle 212.600.3171 [email protected] Northeast Robyn Forma 212.600.3118 [email protected] West Coast Leilani Provost 415.947.6146 [email protected] SAt one job, the HR rep told me excitedly that I would have my very own Southeast and Midwest James Lloyd 212.600.3375 [email protected] AOL account. Just weeks before I started working there, I was told, the PRODUCTION office had to share a single account. Coworkers would place a flag attached Account Coordinator Amanda Waller [email protected] to a paperweight next to their Gateway PCs so that everyone would know Publishing Services Manager Ruth Duggan [email protected] AUDIENCE DEVELOPMENT who was using the account; if you needed to check your “electronic mail,” Assistant Manager Adrienne Farquharson [email protected] you could ask that person to sign off and hand over the flag. If it sounds a For article reprints and e-prints, please contact: Wright’s Media little like “Little House on the Prairie,” it was. Brian Kolb 877.652.5295 [email protected] When 20-somethings complain about Windows 7 crashing once a week, List Rental: MeritDirect Anthony Carraturo 914.368.1083 [email protected] I think back to Windows for Workgroups 3.11. Those were the days. One INFORMATIONWEEK FINANCIAL SERVICES designer would foresee a crash coming and yell “Save!” to the entire mag- UBM TechWeb CEO Tony L. Uphoff [email protected] azine staff so everyone would store all of their work in progress before VP & Group Publisher John Ecke [email protected] EVP, Sales, InformationWeek Business Technology Network Martha Schwartz the server went down. And we all ooh’d and aah’d when we were informed [email protected] that the server now had an awesome new amount of Editorial Director Greg MacSweeney [email protected] Group Content Manager Les Kovach [email protected] storage for our files: a whole gigabyte! Today we have National Sales Director Ben Riggle [email protected] 8 GB on our iPhones (and it still isn’t enough for all Webmaster Vitali Zhulkovsky [email protected] Senior Director, Events Robyn Duda [email protected] of our music and photos).
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