NEW YORK (Reuters) – Wells Fargo (WFC.N: Quote, Profile, Research, Stock Buzz) is closing down its alternative trading system, or “dark pool,” due to decreased customer demand, the company said on Thursday.
The San Francisco-based bank will still offer its clients a full suite of electronic trading tools to help them execute orders, but will stop offering access to the company’s dark pool on Friday, a spokeswoman from the bank told Reuters.
NEW YORK, Oct 16 (Reuters) – Wells Fargo is closing
down its alternative trading system, or “dark pool,” due to
decreased customer demand, the company said on Thursday.
The San Francisco-based bank will still offer its clients a
full suite of electronic trading tools to help them execute
orders, but will stop offering access to the company’s dark pool
on Friday, a spokeswoman from the bank told Reuters.
NEW YORK (Reuters) – Nasdaq OMX Group (NDAQ.O: Quote, Profile, Research, Stock Buzz) said on Monday it promoted several managers to executive vice president positions, sharpening the exchange operator’s focus on listings, Silicon Valley, and market technology, under new co-President Adena Friedman.
Friedman runs Nasdaq’s non-transactions based businesses, which now make up around three quarters of the exchange operator’s revenues. Sources told Reuters in June that Friedman is the clear successor to Chief Executive Robert Greifeld, who has led Nasdaq for more than 10 years.
NEW YORK, Oct 12 (Reuters) – The average price of a gallon
of gasoline in the United States dropped 12 cents in the past
three weeks to its lowest point in nearly a year, driven by the
latest round of falling oil prices, according to the Lundberg
survey released on Sunday.
Prices fell to an average of $3.26 per gallon for regular
grade gasoline, according to the survey conducted on Oct. 10.
Prices have fallen for the past 16 weeks, survey publisher
Trilby Lundberg said.
NEW YORK, Oct 10 (Reuters) – ConvergEx Group LLC
is revamping its two alternative trading systems, or “dark
pools,” due in part to expectations of tighter industry
regulations, Eric Noll, chief executive of the brokerage and
trading services provider, said on Friday.
Dark pools – private, broker-run venues where trading
information is kept secret until after trades are completed -
have faced intense scrutiny in recent months. Several regulators
are probing how the venues operate, and New York’s attorney
general has filed a lawsuit against Barclays accusing
the bank of misleading investors about its dark pool. Barclays
is fighting the lawsuit.
NEW YORK, Oct 8 (Reuters) – Wall Street’s industry-funded
watchdog plans to shutter its antiquated, quarter-century old
trading system for penny stocks, while increasing its oversight
of over-the-counter (OTC) securities traded elsewhere, according
to a regulatory filing.
In the early 1990s, if retail investors or other market
participants wanted to see a price quote for an unlisted stock,
the Financial Industry Regulatory Authority’s OTC Bulletin Board
(OTCBB) system, which was started for just that purpose, was the
place to look. But over the years private firms have enabled
electronic trading in OTC stocks, and the OTCBB, which brokers
still have to pick up a phone to trade through, has seen its
market share slide to well under 1 percent.
NEW YORK (Reuters) – Barclays PLC on Tuesday urged a New York court to toss the state attorney general’s fraud case over how the bank ran its private U.S. trading venue, saying the case oversteps state securities laws and offers no proof any investors were hurt.
New York Attorney General Eric Schneiderman filed a lawsuit on June 25 accusing the London-based bank of giving an unfair edge to high-frequency traders and lying to other customers about it. It is the highest-profile case in a recent raft of investigations by authorities into the fairness of high-speed, automated trading practices and alternative trading systems, or “dark pools.”
NEW YORK (Reuters) – NYSE Group said on Monday it would take back the majority of the policing duties for its two U.S. options exchanges and three stock markets, including the New York Stock Exchange, from Wall Street’s self-funded watchdog at the end of 2015.
Exchanges are self-regulatory organizations (SROs), meaning in part that they are responsible for monitoring and enforcing certain rules within their industry. But all 11 U.S. stock exchanges have outsourced some of their regulatory duties to the Financial Industry Regulatory Authority (FINRA).
NEW YORK (Reuters) – BATS Global Markets has narrowed its search for a new president to two industry executives with close ties to the No. 2 U.S. stock market operator, three sources familiar with the situation said on Wednesday.
Chris Concannon, president and chief operating officer of trading firm Virtu Financial, and Jose Marques, global head of electronic trading at Deutsche Bank, are the front-runners for the position, the sources said. Neither candidate, however, is guaranteed to take the job and others remain in the mix, one of the sources said.
NEW YORK (Reuters) – BlackRock Inc, the world’s largest asset manager, has asked regulators to force exchanges to lower their access fees and require greater transparency of broker dealer-run trading venues known as “dark pools.”
The New York-based company outlined a set of proposals aimed at boosting public confidence in the equity markets in a letter on its website to the U.S. Securities and Exchange Commission dated Sept. 12. It said that while the market is “not broken or in need of large scale change,” improving current rules would help promote fairness, order and efficiency.