Wall Street Letter VOL. XLV, NO. 34 - Oct. 28, 2013
THE DEFINITIVE SOUR CE FOR TR ADING NE WS
VOL XLV ISSUE 34 31 OCT – 6 NOV 2013
IN THIS ISSUE
News People moves 04 //
Focus Fee chart 10
MORE NEWS INSIDE
OPR review could
have negative impact
Canadian trading venues could
be negatively impacted by a
regulatory review of order
protection rules, according to
Torstein Braaten, CEO of TriAct
Canada Marketplace
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Gresham to open Big
Apple shop
Gresham Computing is planning
a New York office in the coming
months, says Development Director
Neil Vernon
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PLUS
The money pit
Lewis Richardson, derivatives
product manager at Fidessa, writes
about the importance of a night
desk and how to make the desk
more efficient
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www.wallstreetletter.com
Feature The money pit 09
TOP STORY
FINRA ATS proposal
garners early approvals
BY SEAN CREAMER
Panelists and members of the
audience attending a panel on
US equity market structure at
SIFMA’s 14th Annual Market
Structure Conference this month
had positive reviews of FINRA’s
ATS proposal that would
mandate reporting of trades in
the facilities on a delayed basis.
Chad Carmichael, capital
markets leader at North
Highland, who spoke to WSL,
agreed with FINRA’s proposal,
in particular the plan to delay
reporting. He noted key market
information will come to light
allowing for ad hoc surveillance
that should not result in
information leakage. “I feel
that it is critical to get the ATS
segment of the market reported
on properly. Up to this point,
ATSs have been given a pass on
the same type of reporting that
an exchange would otherwise
have to do,” said Carmichael. “I’m
all for small steps with change of
this nature and I think it’s a good
place to start.”
William Baxter, head of global
trading and market structure
at Fidelity Investments and a
panelist, noted during the panel
discussion that ATS regulation
benefits the industry
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in terms of providing
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transparency.
“We think the FINRA
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