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Apr 1, 2015

Kelly Maier joins upstart electronic debt market TruMid

NEW YORK (Reuters) – TruMid Financial said on Wednesday that credit specialist Kelly Maier is joining the new electronic corporate bond trading platform that is due to go live later this month.

Maier was recently a Partner at Achievement Asset Management, a multibillion-dollar credit hedge fund spun off last September from Chicago-based trading firm Peak6 Investments. Prior to that, he ran U.S. high-yield trading for Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) and was a high-yield trader at Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz).

Mar 31, 2015

NYSE Arca exchange glitch hampers trading in popular ETFs

NEW YORK (Reuters) – Intercontinental Exchange Inc’s (ICE.N: Quote, Profile, Research, Stock Buzz) NYSE Arca had a technical glitch on Tuesday that resulted in some of the most popular exchange-traded funds being temporarily unavailable for trading and some investors paying more for stocks than they otherwise may have.

ETFs have exploded in popularity over the past decade, making up 25-30 percent of all trading on U.S. exchanges in recent years, according to a recent Credit Suisse report. The investment vehicles offer exposure to wide ranges of securities, similar to mutual funds, but generally have lower fees and can be traded anytime the market is open, like single stocks.

Mar 27, 2015

Citadel Securities to close Apogee ‘dark pool’: sources

NEW YORK (Reuters) – Citadel Securities, a top market maker in U.S. stocks and listed options, plans to shutter its Apogee “dark pool” to focus on another of its off-exchange stock trading venues called Citadel Connect, according to people with direct knowledge of the matter.

Apogee ranked 18th out of 37 U.S. dark pools – which like exchanges, match buyers and sellers of stocks, but without disclosing pre-trade information so that trading interests remain hidden – by volume in the latest statistics from the Financial Industry Regulatory Authority.

Mar 25, 2015

U.S. SEC proposes more oversight for high-speed traders

WASHINGTON/NEW YORK March 25 (Reuters) – High-speed stock
trading firms that execute transactions away from exchanges
would be subject to greater regulatory oversight under a
proposal unveiled on Wednesday by the U.S. Securities and
Exchange Commission.

The plan, which the regulator is issuing for public comment,
would require as many as 125 SEC-registered broker dealers, many
of which are high-speed trading firms, to register as members of
the Financial Industry Regulatory Authority (FINRA), Wall
Street’s self-funded regulator.

Mar 20, 2015

BATS aims to be No. 1 in U.S. ETF listings within 3-5 years

NEW YORK (Reuters) – BATS Global Markets plans to aggressively expand its listings business for exchange-traded funds, with the goal of being the No. 1 ETF listing venue within three to five years, the head of the exchange operator’s U.S. markets said on Friday.

The company made its first foray into ETF listings in January 2012 with a handful of BlackRock Inc’s iShares ETFs. It is now home to 31 ETFs, with ProShares, ValueShares, and KraneShares also listing products on BATS.

Mar 11, 2015

Nasdaq to challenge ICE and CME with new energy futures market

BOCA RATON, Florida (Reuters) – Nasdaq OMX Group said on Wednesday it is expanding into energy derivatives with energy futures and options set to trade on the Nasdaq Futures Exchange at less than half the prices charged by incumbents CME Group and Intercontinental Exchange.

The energy futures and options products, collectively called Nasdaq Energy Futures, will be based on oil, natural gas, and U.S. power benchmarks, and are expected to begin trading by mid-year.

Mar 6, 2015

Nasdaq market share drops in fee and rebate cutting experiment

NEW YORK (Reuters) – Nasdaq OMX Group (NDAQ.O: Quote, Profile, Research, Stock Buzz) said on Friday its experiment in lowering exchange fees and rebates in 14 stocks has so far led to lower market share in those names on its exchange as many electronic market making firms sought higher rebates elsewhere.

The experiment, which began on Feb. 2 and will run for at least four months, includes 14 stocks that had their associated fees lowered on Nasdaq’s exchange to 5 cents per 100 shares from 30 cents per 100 shares, and their rebates cut to 4 cents per 100 shares from 29 cents per 100 shares.

Feb 24, 2015

Exclusive: BATS Global Markets names Concannon CEO as of March 31

NEW YORK (Reuters) – BATS Global Markets is appointing Chris Concannon, who recently joined it from electronic trading firm Virtu Financial LLC, to succeed Joseph Ratterman as chief executive officer of the exchange operator, Ratterman said in an interview on Tuesday.

Concannon, 47, who until December was chief operating officer of Virtu, said BATS was mulling expansion moves including opening a second U.S. options exchange. He will take over as CEO from Ratterman, 48, on March 31.

Feb 5, 2015

ICE profit tops forecasts, CEO touts NYSE’s potential

NEW YORK, Feb 5 (Reuters) – Intercontinental Exchange Inc
on Thursday reported higher-than-expected quarterly
earnings as the exchange and clearing house operator further
integrated its $11 billion purchase of NYSE Euronext from the
year-earlier quarter.

ICE said it earned $288 million in the fourth quarter, or
$2.54 a share, compared with a loss of $176 million a share, or
$1.83 a year earlier following the purchase of the New York
Stock Exchange owner.

Feb 3, 2015

Credit Suisse exits U.S. retail market making business

NEW YORK, Feb 3 (Reuters) – Credit Suisse Group is
getting out of the U.S. equity retail market making business by
the end of the first quarter after failing to gain enough scale
to make a go of it, the bank confirmed on Tuesday.

The decision was part of Credit Suisse’s ongoing review of
its investment banking business and does not affect the rest of
its retail execution services operations, the Swiss bank said in
a statement. Credit Suisse also runs Crossfinder, the largest
non-exchange U.S. stock trading platform, or “dark pool.”