Profile of Phil AlbinusContributing Editor
Member Since: 5/8/2014
Blog Posts: 440
Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal that analyzed the challenges of the CIO for sell side, buy side firms and exchanges. He has moderated countless briefings, webinars and industry panels. He has a Bachelor of Arts in English from the State University of New York at New Paltz and lives with his wife and three children in Ossining, NY. Follow him in Twitter at @philalbinus
Articles by Phil Albinus
The investment giant reportedly placed four IT staffers on administrative leave after its embarrassing trading glitch last week. But is IT to blame or does the fish stink from the head?
The market maker resumed trading this afternoon after it suspended trading for several hours due to a technical error.
Even an investment powerhouse that is awash in cash, smart people, and presumed state-of-the-art IT can experience a spectacular trading error. But why are they even happening?
The Chinese brokerage saw its shares soar by more than 50 percent in a single trading day. Will these trading errors stop?
As a trio of former Goldman Sachs managing directors launch a new hedge fund in Asia, we shall see whether or not all that glitters is Goldman Sachs.
The trader behind JPMorgan’s leviathan trading fiasco is reportedly helping US authorities as they investigate two of the London Whale’s associates. Will it be handcuffs for cuff links soon?
As the regulator works on a settlement with JPMorgan's for its botched trades that lead to $6 billion in losses, the SEC's new sheriff removed one option from the table: Jamie Dimon and company cannot 'deny any wrongdoing.'
The author of Moneyball takes us inside how Goldman Sachs pushed to have its former top coder, Serge Aleynikov, placed in handcuffs and how the firm barely has a handle on high-frequency trading even today.
US attorneys last week charged a Russian hacker with gaining access to the servers inside Nasdaq. For two years. The CIOs and IT staffers inside today’s exchanges now have to deal with the target on their backs.
Goldman Sachs, JPMorgan and other top investment firms have had more meetings with regulators than with reform groups. Wanna bet what they were talking about?
Thanks to new regulations - written more often in gray than black white - investment firms are suffering from document risk, or poorly archived documents and information. While it may not have the white-hot urgency of liquidity or credit risk, document risk is still a source of confusion for today’s firms. WST spoke with Mahesh Muthu, associate principal at eClerx, about the ways firms can stay ahead of their documentation dilemmas.
As lawmakers look at high-frequency trading, firms continue to shave the time off of their trades. WST spoke with Azul Systems CEO Scott Sellers for his take on high frequency trading going forward. Is it still full steam ahead or are firms looking to back off?
In a Wall Street & Technology exclusive, the CEOs of Broadridge and Scivantage discuss their new joint venture, the demands of compliance within operations and the eternal buy vs build debate.
Regulators are not just bringing charges against Jon Corzine for nearly driving MF Global off the cliff, they're also looking at the broken brokerage’s assistant treasurer. Both may lose their license and never trade again. What does a CIO do if they know that things are not right inside a trading firm?
In a direct jab at the Toronto Stock Exchange, RBC, Barclays and others are creating a new exchange that does not permit any high-frequency trading. Will it work?
Just because regulators are gaining an IT advantage in market surveillance it doesn't mean that broker-dealers can relax. If they want to avoid fines and keep their trading license, remaining vigilant against suspicious trades and compliance infractions is still Job One.
The number of shares traded via high-frequency trading are down and politicians want to roll out a tax to serve as a speed bump. Some are wondering if microsecond dealings are poised to fade away.
Today’s stock exchanges have the best technology ever in the history of financial markets. So why are we seeing more and more stock market outages and trading glitches?
In a letter to the operators of 15 dark pools, Finra asked for more detail about who knows what happens in these unlit exchanges.
An old-school hedge fund hotshot set off a firestorm saying that women traders lose their edge when they have children. The same goes for divorced dads. Is he right?
The proposed 5 percent cap on dark pool trading could have a sharp impact on asset managers who need the anonymity of unlit trading venues, say critics.
After several high-profile arrests for insider trading, the head of the rich yet beleaguered SAC hedge fund may call it quits to avoid jail time.
On the anniversary of its founding, the New York Stock Exchange shows signs of strength in an uncertain world.
While lawmakers and regulators take a long hard look at high-frequency trading, the firms that trade near the speed of light are donating money like never before.
After Goldman Sachs discovered that Bloomberg journos were keeping track of their viewing habits over their Bloomberg terminals, traders have some decisions to make about the company that provides their market data, trading tools, IM and more.
She took a job with rival Goldman Sachs and allegedly e-mailed customer files to herself. And now CS wants to stop her. Can they?
Hackers are becoming smarter, more resourceful and more brazen. Is your investment firm fortified against someone who has the power to bring your operations down?
As traders look for the fastest way to trade, one connectivity provider may have an answer: Sending data and trade orders via microwaves. So, what happens when it rains?
Like an addict chasing the next high while evading their family, the police and reality, high frequency traders are in a similar state of denial.
The market maker has recast one of its three exchanges for the trading of exchange-traded funds. Just in time as it takes on dark pools before the SEC.
Meanwhile, the number of investors pulling money out of hedge funds levelled off last month.
The confusion around high frequency trading and algorithmic trading is not helping the discussion of new regulations.
Wounded by huge losses and some staggering tax bills, Paulson eyes new fund to help other tax victims. Plus, funds attract $11B in February and the SEC seeks a hedge fund budget boost.
High-speed traders are going to see new boost in their market information rates thanks to a straight line of microwave towers between CME’s datacenter in Illinois and Nasdaq’s in New Jersey.
Do you hear that sound coming from Wall Street? It’s the sound of JPMorgan Chase directors scrambling hard so that Jamie Dimon gets to keep both his CEO and chairman jobs for America’s largest bank.
Former G man Louis Freeh’s report on the spectacular meltdown of MF Global is out - and Jon Corzine does not get off easy.
A survey reveals the depressing state of a hedge fund trader’s mind: They’ve seen misconduct, would break rules to get ahead and doubt the SEC can do anything to fix the industry.
Federal agents arrested the portfolio manager of the largest hedge fund in the country. After a week of buying mansions and Picassos, is SAC Capital founder Steve Cohen next?
One of the world’s largest hedge funds Winton Capital announced that its Henri Capital spinout will close after two years of trading due to a lack of clients.
UBS, Citi and others are not pleased with the $62 million settlement and may still sue.
Nearly one million dollars later, Ukrainian beauty Renata Shamrakova admitted in Manhattan Supreme Court to embezzlement while working as the personal assistant to hedge fund manager Todd Meister.
Bad lads, poor handwriting and preening managers - let's take a look at operational risk on the floor of a London brokerage.
When the London Whale's losses came to light, the higher-ups inside JPMorgan looked around to share the blame.
A blistering Senate report rakes JPMorgan Chase over the coals for ignoring risk and hiding losses caused by the notorious London Whale.
President Obama's choice to run the SEC has her strengths and weaknesses - but what exactly will Mary Jo White's stamp be on the embattled financial regulatory agency?
As the market burns up the DOW, the SEC and other regulators will see their budgets slashed during the sequester. What happens if the government shuts down?
A long-running divorce between two hedge fund giants isn't over who gets the mansion or the yacht - but who gets to keep the trading algorithms.
The jig’s up. The SEC’s team of quants is briefing the FBI and other regulatory bodies about how you trade and evade at high speeds.
Forbes' recent listing of the top hedge fund managers and traders who are billionaires is pretty much what you would expect.
The Yin and Yang of Wall Street, Jamie Dimon and Lloyd Blankfein, will cut their workforces by 20,000 and 4,000 jobs respectively.
Benros Capital joins the list of hedge funds run by former prop traders at Goldman Sachs to bite the dust. Wasn't this the reason the banks paid those bonuses during the bailouts?
The former Master of the Universe might be banned from futures trading in the wake of the (suspicious) MF Global collapse.
Alternative investment funds that have a woman at the helm are happy to leave the reckless risk to their cowboy counterparts, a new study finds.
The high-frequency trading firm is bullish on 2013 as it pursues Knight Capital Trading and unveils plans for a new "mid-frequency" market making system.
The hacking group announced plans to take down the investment giant's Facebook and Twitter accounts and inundate their offices with bogus phone calls. What, no candy?
Will your next fund manager be a teenage starlet? Sure, why not?
It was a bad year for brokers and the buy side but it was a wonderful time to be a cold-eyed observer.
It sits on nearly every trader’s desktop and raises
the question: Why didn’t Microsoft add a “Buy” button to its
famed spreadsheet and analysis tool?
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.
Finally, the outrageous pay on Wall Street has become more than an embarrassment, it's a liability.
The GOP candidate promised to gut the sweeping regulatory reform that President Obama signed into law. That sound you hear are the tears of joy from Wall Street.
The Australian fund manager adopted the new solutions to run Va, Monte Carlo and scenario analysis.
The investment firm will now use Paladyne Portfolio Master as its multi-asset class trade order management and compliance system to support their front-office needs globally.
The Canton, Mass. fund administrator will add 40 clients to SS&C.
One of the Advanced Trading Top Quant Schools will integrate Numerix software into its Undergraduate-Finance Program.
Bank of America Merrill Lynch's Dan Nachtman describes the firm's testing procedure for a new algorithm.
In light of the Knight Capital disaster, buy-side traders have to ask if their broker algorithms are safe -- before they blow up the market.
The co-chief of Sun Capital not only hosted the Mitt Romney fundraiser where the candidate lambasted the 47% of Americans who do not pay taxes, he inspires headlines like "Nude Frolic in Tycoon's Pool."
You couldn't ask for a better example in the Knight Capital debacle of how quickly today's fast markets can claim a victim. Will this be the last of the rogue algorithms to hit the markets?
What happens after a broker-dealer or sell-side firm's algo goes rogue? To find out who owns the risk, Advanced Trading spoke with Michael E. Kurzrok, director of equities for the market research firm Woodbine Associates.
After Knight Capital's newest algorithm went rogue, buy side traders have to wonder about the safety and due diligence around their third-party algorithms. Advanced Trading interviewed a broker-dealer - anonymously, of course - on how traders can trust the safety of their trading formulas.
The newly created role combines sales, product, marketing and operations functions.
The exchange will offer market data clients access to the FlexEdge Predictive Analytics Solution.
Is this the same Wall Street that moved heaven and Earth to get back to work and trade another day?
The owner of the Dallas Mavericks doesn’t doubt that another Flash Crash will happen - and he's hedging his portfolio for that moment.
Summer is over and it's time to get serious, especially on Wall Street and in Washington, D.C. This week we hear from luminaries in the financial services arena who touch on fraud, regulation and how to keep a large global investment firm from imploding. We also hear about whether an organization that represents banks in America will get involved in buying -- or rather, influencing -- politicians. As the saying goes, money goes to money.
When it comes to using new trading algorithms, the buy side resembles kids standing around the deep end of the pool. No one wants to be the first to jump in.
Today's traders are not plagued with worries about flash crashes, macroeconomics or monthly jobs reports; instead, they are focused on riding the ups and downs of the trading day to maximize their portfolios and best serve their clients.
The Swiss bank will offer technology, prime brokerage and risk tools to quantitative hedge funds.
Despite the challenges buy-side traders face, this year's group of Quant Gold Book honorees have the drive and intelligence to reach their targets.
EDAC Trading’s David Allen says he considers the new fund management firm ultra-practical and sensible in strategy design, heavily algorithmic in execution and data-dependent in R&D. He talks to Advanced Trading about EDAC’s use of technology to support decision making.
Douglas D. Dixon, principal and trader at AJO Partners, explains why AJO is eyeing emerging markets over the next year and why the firm isn't ready to store its tick data in the cloud just yet.
In the ash heap of MF Global, the disgraced CEO not only might not go to jail, he just might start his own hedge fund.
Last week one of the most respected and tech-savvy investment firms unleashed a new trading algorithm that went, in a word, haywire. The news was as bad as it was unbelievable: At one point the market maker owned $7 billion in unwanted stock. Traders inside Knight Capital had to scramble to undo the damage as managers sought emergency financing to cover the resulting losses of $440 million after 45-minutes of out-of-control trading. Advanced Trading has gathered the most pointed and revealing po
After its new trading algo went rogue, the market maker held a jaw-dropping $7 billion in stocks - and had to unload almost half or they would collapse.
Clients of the Toronto Stock Exchange operator now have new tools that keep a close eye on risk.
After a trading algorithm executed by Knight Capital went rogue and lost the market-maker roughly $400 million in a single trading day, buy side traders need to know if their broker-dealers can stop a runaway trade. Advanced Trading spoke with Michael Chin, CEO of financial services firm Mantara, which offers a kill switch for brokers and the sell side to stop trades that start to misbehave.
The hedge fund brokerage that kept a lid on information leakage stopped trading yesterday and is putting itself on the market. Why? Tough market realities that are claiming other struggling brokerages.
Today's wealth managers need to offer convenience and online tools to lure Gen-X and Gen-Y investors.
Former Citigroup CEO and the architect of the modern mega-bank dropped a bombshell on CNBC yesterday: We should break up the big banks that are too big to fail. This statement may seem simple and sensible but consider the source: this came from the man who created these very banking behemoths. Needless to say, Twitter was abuzz comparing Sandy Weill's truth bomb to other statements no one ever expected to hear. Enjoy.
The man who created the modern bank supermarket and shattered Glass-Steagall thinks the banks are too big and should be broken up.
Hidden dangers in dark pools and the buy side's intensifying pursuit of low latency, and the Pipeline saga seem to indicate that there are more storm clouds ahead for the financial industry.
When it comes to adopting new IT, the buy side may be holding back and waiting for others to take the first bite.
It was earnings day for the sixth largest bank in the U.S. – and it wasn’t pretty. Revenue is down though profits were up compared to the first quarter of this year.
It's called - drumroll, please - Version 12.1 and the firm's trading kit has been deployed across 90 percent of Fidessa's Canadian's clients, including eight of the top ten financial institutions north of the border.
JPMorgan Chase had to admit that their Bad Bet was now a $5 billion debacle, ending a week of negative news for the investing world.