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Jul 30, 2015

Exclusive: Market maker Arxis hires ex-Morgan Stanley exec Dweck

NEW YORK (Reuters) – Arxis Capital, the market making firm formed last year by former Bank of America Corp employees and ex-Knight Capital chief Thomas Joyce, said on Thursday it hired Jay Dweck as chief technology officer and head of rates and currency trading.

Dweck was previously a managing director at Morgan Stanley, where he was head of strategies and technology for institutional securities, as well as at Goldman Sachs Group, where he headed core strategies and then equities strategies.

Jul 30, 2015

ITG shares plunge on likely dark pool settlement with regulators

By John McCrank

(Reuters) – Shares of brokerage Investment Technology Group
were down more than 20 percent on Thursday after the
company said it had set aside $20.3 million for a probable
settlement with regulators related to how it ran its “dark

ITG disclosed late on Wednesday that the U.S. Securities and
Exchange Commission was investigating the lack of disclosure by
the firm to its clients that a subsidiary of the agency broker
was trading against client orders within ITG’s private stock
trading venue, or “dark pool.”

Jul 30, 2015

BATS takes step to crack down promptly on market manipulation

NEW YORK (Reuters) – Exchange operator BATS Global Markets plans to put a rule in place that would allow it to crack down more promptly on manipulative trading behavior on its exchanges.

BATS said on Thursday its “Client Suspension Rule,” which requires approval from the U.S. Securities and Exchange Commission, would allow the company to halt manipulative conduct within weeks of detection, rather than the years it takes under the current regulatory process.

Jul 29, 2015

ITG sets aside $20.3 million related to dark pool investigation

NEW YORK (Reuters) – Broker dealer Investment Technology Group said on Wednesday it set aside $20.3 million for a probable settlement with the U.S. Securities and Exchange Commission over rule violations related to its private stock trading venue.

The settlement would be a record amount handed out by the SEC related to the operation of a private stock trading platform, or “dark pool.”

Jul 16, 2015

Barclays to pay $800,000 fine for U.S. data reporting errors

NEW YORK (Reuters) – Wall Street’s self-funded watchdog
fined a unit of Barclays PLC $800,000 for violations
related to how the bank reported stock trades over a more than
two-year period, hampering the regulator’s ability to properly
monitor the market.

The Financial Industry Regulatory Authority said late
Wednesday that Barclays Capital did not properly update its
electronic systems to comply with regulations from August 2009
that required that executing brokers report trades, as well as
the name of the executing parties of the trades, to FINRA.

Jul 9, 2015

NYSE shut down for nearly four hours by technical glitch

NEW YORK (Reuters) – The New York Stock Exchange was forced to suspend trading for several hours on Wednesday in the biggest outage to hit a U.S. financial market in nearly two years, unnerving investors already rattled by the meltdown in Chinese stocks and the Greek debt crisis.

The exchange, a unit of Intercontinental Exchange Inc (ICE.N: Quote, Profile, Research, Stock Buzz), reopened at 3:10 p.m. EDT after being halted shortly after 11:30 a.m. EDT. NYSE said the outage was due to an internal technical issue and not the result of a cyberattack. Other exchanges were trading normally.

Jul 8, 2015

NYSE suspends trading of all securities due to technical problems

NEW YORK (Reuters) – The New York Stock Exchange suspended trading in all securities on its platform on Wednesday for what it called an internal technical issue, and canceled all open orders as investors shifted activity to other venues.

The exchange, a unit of Intercontinental Exchange Inc (ICE.N: Quote, Profile, Research, Stock Buzz), said the halt, which occurred shortly after 11:30 a.m. EDT, was not the result of a cyber attack. Other exchanges were trading normally.

Jul 1, 2015

Ranks of commodities brokers dwindle as U.S. futures industry evolves

NEW YORK, July 1 (Reuters) – U.S. commodities brokerages – a
key focus of reforms designed to make the financial system safer
- are increasingly struggling to eke out a profit, spurring many
firms to think about leaving the business, or trying to boost

The brokers, known as “futures commission merchants” or
FCMs, are paying increasingly large sums to comply with new
regulations, bolster their cybersecurity systems, and do
business with exchanges, among other areas.

Jun 30, 2015

Nasdaq advocates for U.S. stock exchange pricing reform

NEW YORK, June 30 (Reuters) – Nasdaq OMX Group said
on Tuesday that U.S. equities exchange rules should be changed
so that the price of trading a stock is based on the how
actively it trades, echoing a similar proposal by rival exchange
operator BATS Global Markets.

In a letter to Nasdaq’s customers, Tom Wittman, global head
of equities, also voiced the exchange’s support for a plan by
the U.S. regulators to test widening the increments, or “ticks,”
at which smaller companies’ stocks are priced to see if doing so
helps improve market liquidity.

Jun 24, 2015

Nasdaq partners with Chain to bring blockchain to private market

NEW YORK, June 24 (Reuters) – Exchange operator Nasdaq OMX
Group Inc said on Wednesday it partnered with
blockchain infrastructure provider Chain to make digital ledger
technology available to private companies that issue and
transfer shares on the Nasdaq Private Market (NPM).

The blockchain is a shared distributed ledger that records
and is the repository of digital assets. It is also the
mechanism parties can use to transfer those assets.