THE DEFINITIVE SOUR CE FOR TR ADING NE WS
VOL XLV ISSUE 12 11 – 17 APR 2013 www.wallstreetletter.com
IN THIS ISSUE News People moves 04 Reader poll 09 Focus Fee chart 10
MORE NEWS INSIDE
TOP STORY
BATS adjusts market maker peg order type
The order type helps market makers fulfill their quoting obligations by automatically pegging the price for the order to the National Best Bid or Offer TURN TO PAGE 04
ISE challenges CBOE subsidy proposal
BY JEANENE TIMBERLAKE
GFI plans second new Latam office this year
The wholesale broker is planning to open a location in Brazil by the end of the year TURN TO PAGE 05
PLUS
+
06
Atlas to launch hoot-as-a-service
Jeff Li, director of service delivery, comments on the launch
The International Securities Exchange is challenging a proposal from the Chicago Board Options Exchange, which suggests it would pay a small fee to participants for routing their own complex orders, in a comment letter at the Securities and Exchange Commission. The SEC published ISE’s comment letter alongside CBOE’s proposal. ISE’s letter charges the subsidy supports technology to route to CBOE at the exclusion of other markets and without consideration for best execution obligations.
The CBOE has offered a subsidy to its trading permit holders (TPHs) using their own routing technology since 2007 and expanded the program in 2011 to non-TPHs following the implementation of distributed linkage system (WSL Online, 12/22/10), but it was only applied to simple, noncomplex orders. This latest proposal would extend the same subsidy to complex orders, so TPHs and non-TPHs can earn $0.04 per executed contract for each leg for orders – their own TURN or others – that they TO PAGE route to CBOE using internal systems. 03
V I S I T WA L L S T R E E T L E T T E R . C O M F O R U P - TO - T H E - M I N U T E I N V E S T M E N T N E W S
001_WSL12_cover.indd 1
08/04/2013 16:47