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April 17, 2006 Issue Abstract
To purchase this issue of Global Investment Technology, please contact Terry Tiangco at (212) 370-3700, x287 or e-mail ttiangco@globalinv.com
Reg NMS Compliance: Trading Large Blocks of Securities Spawns Connectivity Challenges, ECN Opportunities. When securities firms are fully compliant with Reg NMS, ostensibly all market participants will benefit from a level playing field in trade execution. Firms transacting block trades, however, face the challenge of complying with the trade-through rule, whether they choose to execute trades in the electronic Nasdaq market or the NYSE’s auction market. Industry Alert: SIA Seeks to Ease Cross-Border Financial Services. As the World Trade Organization works to liberalize financial services markets worldwide, the Securities Industry Association in the US is setting goals for standardizing cross-border access to markets. Block Trading: ITG, Merrill Plan Global Block Crossing Venture. The block order crossing service offered by Investment Technology Group, Inc. (ITG) will reach more users through a joint venture with Merrill Lynch & Co., Inc., under which Merrill will distribute the service, renamed Block Alert, globally. Spotlight: Seth Merrin, founder and Chief Executive Officer of Liquidnet. Securities Trading: BNY’s FEATS Plans Next-Generation Trading Tools. To respond to continuing innovations in electronic trading, including the use of algorithms and smart order-routing, BNY Securities Group, a unit of The Bank of New York, has formed a Financial Engineering & Advanced Trading Solutions (FEATS) unit to develop next-generation trading tools and technology for its BNY Brokerage and Pershing clients. Business Strategies: Goldman Sachs, UBS Buy Minority Stakes in UNX. Agency brokerage UNX’s capture of strategic equity investments from Goldman Sachs and UBS puts it one step closer to its goal of becoming the platform of choice for major institutions. |