Blog


Another Ex-Goldman Employee (And His Lawyer) Take Aim At Goldman Sachs
September 28, 2012 @ 13:20 PM | By Melanie Rodier

"He left Russia for freedom, justice, and the American way and he got Franz Kafka and Goldman Sachs," the Russian computer programmer's lawyer said. But there are many more issues at stake.

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Are Modular Data Centers the Answer To Better Efficiency?
September 28, 2012 @ 11:00 AM | By Tony Bishop

As technology organizations look to transform the service delivery model to be more agile, on-demand and cost-effective, modular data centers may provide the means to get there.

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Are HFT's Days Winding Down?
September 28, 2012 @ 09:21 AM | By Steve Grob

They just might be in Europe where lawmakers appear to be at their wits' end when it comes to high-speed trading.

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The Andean Region: Catching Up Fast
September 27, 2012 @ 14:19 PM | By Alice Botis

With Brazil and Mexico stealing most of the headlines when it comes to Latin America, people could be forgiven for missing some of the recent developments to come out of other countries in the region. While Brazil and Mexico might be seen as the dominant players, the rise of financial centers in Peru, Colombia and Chile is seeing brokers increasingly demand a multi-location Latin American presence.

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Jury Out On Whether Global HFT Regulations Will Work
September 27, 2012 @ 13:40 PM | By Ivy Schmerken

Unlike the U.S. marketplace, the push to rein in high-frequency traders through regulations is underway in Europe and Canada, but it remains to be seen whether the new rules will work or bring unintended consequences.

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Scranton, San Jose Show How Mainstream Hedge Funds Have Become
September 26, 2012 @ 11:20 AM | By Justin Grant

One city is looking for a loan and the other is looking to boost returns, but both cases indicate that hedge funds have moved from an alternative into the mainstream.

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Will New Regulation Mark the End of HFT in Europe?
September 25, 2012 @ 13:45 PM | By Melanie Rodier

Germany and other EU countries are aiming to push through legislation that will rein in high-frequency trading. But are they looking at the right issue?

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Fixing the U.S. Equity Markets: Limit Exchange/ATS Licenses and Other Steps
September 21, 2012 @ 15:43 PM | By Ivy Schmerken

In his Senate Hearing testimony on Thursday, Larry Tabb, founder and CEO of Tabb Group, advised the SEC and Congress to stop granting exchange and ATS licenses, among other remedies.

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Financial Astrology For Traders: There Is Money in the Stars
September 21, 2012 @ 13:42 PM | By Melanie Rodier

Thousands of traders are subscribing to financial astrologers' newsletters. But of course, they're keeping it hush-hush.

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Tabb Senate Testimony: First, Do No Harm
September 21, 2012 @ 13:00 PM | By Larry Tabb

In his testimony before the US Senate on Thursday, the Advanced Trading and Wall Street & Technology columnist Larry Tabb answers the question: What, if any, policy changes should be considered by regulators or Congress in order to better protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation?

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Tabb Testimony: The Regulators Need Better Tools
September 21, 2012 @ 11:45 AM | By Larry Tabb

In his testimony before the US Senate today, the Advanced Trading and Wall Street & Technology columnist Larry Tabb answers the question: Do regulators have adequate tools to identify and limit manipulative or abusive strategies?

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Tabb Senate Testimony: Beware Over-Regulation
September 20, 2012 @ 11:53 AM | By Larry Tabb

In his testimony before the US Senate today, Advanced Trading and Wall Street & Technology columnist Larry Tabb recommends changes to strengthen the markets without killing future profits.

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Flash Crash Or A Turning Point For Oil Prices?
September 20, 2012 @ 10:38 AM | By Jack Kemp

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The Geo-Political Knowledge And Expert Skills Needed to Combat Hacktivist Attacks
September 19, 2012 @ 15:16 PM | By Melanie Rodier

You have to know your attacker - and your security staff, a security consultant says.

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Hedge Fund Manager Hosts Romney Fund Raiser, Caligula-Like Parties
September 18, 2012 @ 12:33 PM | By Phil Albinus

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."

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How to Save a Wounded Market from Rogue Algos
September 18, 2012 @ 11:20 AM | By Phil Albinus

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?

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Could Social Media Revive High-Touch Trading?
September 18, 2012 @ 10:57 AM | By Steve Grob

Maybe the return to high-touch trading is achieved by overlaying social media concepts on top of the low-touch networks that now proliferate the industry.

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For Exchanges, It’s Time To Shape Up and Spend More on Tech
September 17, 2012 @ 13:39 PM | By Melanie Rodier

The SEC's fine against NYSE is a strong signal that the regulator is focusing on exchanges.

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NYSE's Fine for Unfair Data Feeds Another Blow to Market Confidence
September 17, 2012 @ 13:12 PM | By Justin Grant

With trading volumes near historic lows in the equity markets, the SEC's decision to fine NYSE $5 million for improper market data feeds gives investors even more reason to stay away.

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CTO On Apple's iPhone: No, Thanks.
September 14, 2012 @ 16:35 PM | By Justin Grant

In the week that Apple unveiled the new iPhone 5, one trading company's CTO isn't among the impressed.

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Goldman Sachs Disappoints New College Graduates
September 14, 2012 @ 15:24 PM | By Melanie Rodier

Wall Street suddenly doesn't look so glittery for new graduates.

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Will The SEC's Fine Against NYSE Open A Can of Worms?
September 14, 2012 @ 15:01 PM | By Melanie Rodier

The SEC charged that NYSE's trading data gave select clients a split-second start over retail investors.

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Who Owns The Risk If A Third-Party Algo Goes Rogue?
September 14, 2012 @ 14:31 PM | By Phil Albinus

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.

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Gordon Brown: Europe Risks Going the Way of Japan
September 14, 2012 @ 12:14 PM | By Reuters , By Gordon Brown, Reuters

The good news is that Europe is no longer going the way of Greece. The sad news is that it is threatening to go the way of Japan.

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Consolidated Audit Trail: More Than One Way to Skin This CAT
September 14, 2012 @ 10:47 AM | By Anthony Becker

It behooves today's investment firms to be prepared to tackle these new requirements now and in the future.

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Details Emerge About Greg Smith’s Tell-All Book, “Why I Left Goldman Sachs”
September 13, 2012 @ 11:00 AM | By Melanie Rodier

Greg Smith, who rose to fame with his inflammatory op-ed in the Times, has had most people wondering whether his book will be a snooze fest or a hit.

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Intelligent Trading: Opportunities for Mid-Tier Brokers
September 13, 2012 @ 10:16 AM | By James Blackburn

At the pre-trade level it's all about 'actionable' data, embedded in brokers’ daily workflows enabling them to react faster than anyone else to revenue-generating opportunities.

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As Markets Finally Celebrate the Euro, Charles Schwab Launches New Global Investing Platform
September 12, 2012 @ 14:15 PM | By Melanie Rodier

Schwab’s announcement came after Germany's top court rejected calls to block the permanent eurozone bailout fund.

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Post-9/11 on Wall Street and Beyond: What Has, And Hasn't Changed
September 11, 2012 @ 10:58 AM | By Melanie Rodier

9/11’s impact was felt worldwide. It seemed that change was inevitable. But on Wall Street, that hasn't necessarily been the case.

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9/11 - Eleven Years On
September 11, 2012 @ 10:19 AM | By Phil Albinus

Is this the same Wall Street that moved heaven and Earth to get back to work and trade another day?

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The Executive Compensation Revolution Shows Some Timid Results
September 10, 2012 @ 12:42 PM | By Melanie Rodier

JP Morgan chief executive Jamie Dimon, who has been in the news for all the wrong reasons in the last few months, could (and should) take a personal hit, given his bank’s $7 billion trading snafu. But in Wall Street board rooms, all is not as it seems.

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Mark Cuban Admits Being "Terrified of High Frequency Trading"
September 07, 2012 @ 16:10 PM | By Phil Albinus

The owner of the Dallas Mavericks doesn’t doubt that another Flash Crash will happen - and he's hedging his portfolio for that moment.

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Data Center Cooling: From Seawater to Oil
September 07, 2012 @ 14:13 PM | By Melanie Rodier

Intel has announced it has just completed a year-long test submerging a rack of servers in mineral oil, with powerful results.

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To Find Liquidity in Corporate Bonds, It Pays to 'Think Odd'
September 07, 2012 @ 12:06 PM | By Howard Edelstein

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Institutional Apps: Money Managers Soon Will "Poke and Swipe" to Drill into Data
September 06, 2012 @ 13:29 PM | By Ivy Schmerken

Designers of mobile apps for investment managers see the potential for sophisticated performance monitoring tools but also tools that interrogate data.

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As Dark Pools Grow, ASX Fights To Keep Public Exchanges Relevant
September 06, 2012 @ 12:05 PM | By Justin Grant

ASX CEO Elmer Funke Kupper says the growth of dark pools is hurting Australia's largest public exchange, and without stronger regulations, remains a threat to lit markets around the world.

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Wall Street Firms Beware: Apple’s iPhone 5 is Coming, and So Are The Hackers
September 05, 2012 @ 14:20 PM | By Melanie Rodier

Wall Street firms are increasingly allowing their employees to bring their own smartphones to work, but they need to do a better job of securing these devices. Here's what they must do.

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The Holy Grail of Cloud Computing – Maintaining Data Confidentiality
September 05, 2012 @ 13:20 PM | By Gilad Parann-Nissany- SAP

Whether a financial institution enters a public or private cloud, data privacy and confidentiality are top concerns. A financial application (or a service) must be protected, and true privacy must be maintained, says SAP's Gilad Parann-Nissany.

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Facebook Shares to Flood the Market?
September 05, 2012 @ 13:00 PM | By Phil Albinus

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Post-Knight: Can You Really Manage Technology Risk?
September 04, 2012 @ 12:46 PM | By Melanie Rodier

MIT professor Andrew Lo recently argued that the financial industry needs to develop more advanced technology to avoid the technology glitches that have recently hit Knight Capital, Nasdaq and BATS. We asked two experts, Sang Lee of Aite Group and Dr Howard Rubin of Rubin Worldwide, to weigh in on the issue.

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Thought Leaders

  • Michael J. Levas, Founder, Senior Managing Principal, Director of Trading, Olympian Group of Investment Management Cos
    Michael J. Levas has been in the investment management business for over twenty years and is the founder,senior managing principal & director of trading at the Olympian Group of Investment Management Companies. Prior to Olympian, he was a VP and Portfolio Manager in the Private Client Group at Lehman Brothers Inc. Prior to that, he was a VP with SG Cowen, UBS PaineWebber and Bear Stearns where he managed in excess of $250 million in both institutional and retail portfolios. Mr. Levas is the former founder and managing member of Olympian Securities LLC, and is a licensed Series 24 general securities principal, Series 7 general securities representative, and a Series 65, 66 investment adviser representative with (FINRA). Mr. Levas is also the former founder and principal of Olympian Futures LLC, a former (NFA) registered introducing broker, and a licensed Series 3 associated person. Mr. Levas currently holds the Chartered Portfolio Manager (CPM) designation from the American Academy of Financial Management. Mr. Levas completed investment management studies at Harvard Business School and additionally, Mr.Levas has completed the Hedge Fund Programme at The London Business School. He is a current member of the CFA society of South Florida, Securities Traders Association of Florida, The National Association of Active Investment Managers, and formerly served on the 2008/2009 board of directors of The Hedge Fund Association. Mr. Levas is a frequent conference speaker, and commentator on the financial markets & asset management industry.He has been featured throughout the U.S.,Canada, Latin America, Europe, Asia and in numerous publications, and media outlets including BusinessWeek, Dow Jones Newswires, The Financial Times,Smart Money,Hedge Fund Manager Week, Wall Street Letter, Euromoney, Wall St.& Technology,The Economic Times, Securities Industry News, Alternative Investment Review, Advanced Trading, Markets Media Magazine, TradeTech , Reuters, Bloomberg and National Public Radio.
  • Ivy Schmerken, Editor at Large
    Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad number of topics including high frequency trading, algorithmic trading strategies, market structure, electronic trading in fixed income , colocation in data centers, Dodd-Frank regulation and the new derivatives landscape. Ivy meets with software companies and other innovators and writes about cloud computing, OMS/EMSs and other financial technologies.
  • Marc J Firenze, Chief Technology Officer, Eagle Investment Systems
    As chief technology officer of Eagle Investment Systems, Marc Firenze drives the software, technology and architecture decisions across Eagle's investment management suite and ensures that development directly supports the firm's corporate vision. With more than 20 years of experience in the design, development and implementation of financial technology solutions, he oversees a world-class team of technical and functional talent responsible for the software development, delivery, engineering and enterprise architecture for Eagle's suite of products. Mr. Firenze began his career with Eagle in 1997 and has been intimately involved in many facets of the build-out of its products including new feature design, analysis and quality assurance. During his tenure at Eagle, he was responsible for launching the enterprise technology platform, which underlies Eagle's product suite. He was instrumental in the development and delivery of Eagle's data management and of Eagle's alternative investment accounting solution. Prior to joining Eagle, Mr. Firenze worked for State Street Corporation, where he worked on the development of portfolio management and accounting systems. Mr. Firenze earned his Bachelor of Arts in Mathematics and Economics from the University of Massachusetts at Amherst and his M.B.A from Northeastern University.
  • Dr. John Bates, CTO, Intelligent Business Operations & Big Data, Software AG
    Dr. John Bates is a Member of the Group Executive Board and Chief Technology Officer at Software AG, responsible for Intelligent Business Operations and Big Data strategies. Until July 2013, John was Executive Vice President and Corporate Chief Technology Officer at Progress Software. John was responsible for creating, evolving and evangelizing Progress' market strategy and technology vision. Previously, John was General Manager of Progress Software's Apama Division. John was responsible for Divisional P&L including sales, marketing, products and consulting services. In 3 years John grew revenue by over 300%.
  • Andrew Waxman, Thought Leader
    Andrew Waxman writes on operational risk in capital markets and financial services. Andrew is a consultant in IBM's US financial risk services and compliance group. The views expressed her are those of his own. As an operational risk manager, Andrew has worked at some of the leading investment banks and consulting firms in Wall Street and the City of London. He writes on topics such as: rogue and insider trading, technology and markets, disaster planning, regulatory responses and risk management strategies. Andrew has a first class degree in history from Kings' College London and an MBA in finance from NYU.
  • Jennifer L Costley, Ph.D, Principal, Ashokan Advisors
    Jennifer L. Costley, Ph.D. is a scientifically-trained technologist with broad multidisciplinary experience in enterprise architecture, software development, line management and infrastructure operations, primarily (although not exclusively) in capital markets. She is also a non-profit board leader recognized for talent in building strong governance and process. Her current focus is in helping companies, organizations and individuals with opportunities related to data, analysis and sustainability. She can be reached at www.ashokanadvisors.com
  • Vamsi Chemitiganti, Chief Architect, Red Hat
    As Chief Architect of Red Hat's Financial Services Vertical, Vamsi Chemitiganti is responsible for driving Red Hat's technology vision from a client standpoint. The breadth of these areas range from Platform, Middleware, Storage to Big Data and Cloud (IaaS and PaaS). The clients Chemitiganti engages with on a daily basis span marquee names on Wall Street, including businesses in capital markets, core banking, wealth management and IT operations. The other large component of his role is to work with Client CXOs and Architects to help them on key business transformation initiatives. Chemitiganti hold a BS in Computer Science and Engineering as well as an MBA from the University of Maryland, College Park. He is also a regular speaker at industry events on topics ranging from Cloud Computing, Big Data, High Performance Computing and Enterprise Middleware.
  • Dr. Howard A. Rubin, President and CEO, Rubin Worldwide
    Dr. Howard A. Rubin is a Professor Emeritus of Computer Science at Hunter College of the City University of New York, a MIT CISR Research Affiliate, a Gartner Senior Advisor, and a former Nolan Norton Research Fellow. He is the founder and CEO of Rubin Worldwide. Dr. Rubin is a pioneer in the area of technology economics and has built the world's largest database in the field consisting of business, national, and technology data. He is personally retained by many of the world's largest enterprises as a strategic advisor to provide them with continuous competitive calibration via benchmarking and to advise them on business-technology strategy and trends. His current portfolio of client companies in total generate more than $1.5T in revenue to the global economy annually and account for almost $100B in yearly Information Technology (IT) spending. Dr. Rubin has also worked directly with heads of state or their key ministers around the world in the development of national competitive technology strategies - Canada, India, the Philippines, South Africa, and in the United States with former President Clinton. He currently is an informal advisor assisting President Obama's Council on Job Creation and Competitiveness. Dr. Rubin possesses a Ph.D. from the City University of New York in Computer Science and Oceanography. Outside the world of technology Dr. Rubin is Chairman of the Board of Riverkeeper, a member of the Clinton Global Initiative, a Leadership Council member of the RFK Foundation, a major support of student development programs at the Tribeca Film Institute, and a supporter of the Rainforest Foundation.
  • Sang Lee, Co-Founder, Managing Partner, Aite Group
    Sang Lee is a co-founder of and currently serves as managing partner. Mr. Lee's expertise lies in the securities and investments vertical and has advised many global financial institutions, software/hardware vendors, and professional services firms in sell-side and buy-side electronic trading technology and market structure. Prior to joining Aite Group, Mr. Lee was a founding member of Celent Communications and served as the Manager of the Securities & Investments Group as well as the Operations Group.
  • Alexander Fleiss, Chairman and Chief Investment Officer, Rebellion Research Partners LP
    Alexander Fleiss serves as Chairman and Chief Investment Officer of Rebellion Research Partners LP, a Global Macro hedge fund and financial advisory that invests across all asset classes and is based in New York. Mr. Fleiss also oversees the firm's institutional research division, Rebellion Economics, which offers coverage of 44 countries. Mr. Fleiss has spoken about Artificial Intelligence investing at conferences, colleges and in the Wall Street Journal, Fox News, BusinessWeek, Bloomberg News, Geo Magazine and Institutional Investor. Prior to co-founding Rebellion Research in 2007, Mr. Fleiss served as a Principal at KMF Partners LP, a long-short US equity fund. While at KMF, he was primarily responsible for investments in the financial service, technology and consumer industries. Mr. Fleiss began his investment career as an analyst for Sloate, Weisman, Murray & Co which was acquired by Neuberger Berman. Mr. Fleiss developed investment algorithms with the firm's CEO, Laura Sloate who is now a partner at Neuberger Berman. Mr. Fleiss received a BA Degree from Amherst College.
  • Brooke Allen, 30-Year Industry Veteran
    Brooke Allen is a 30-year industry veteran who most recently founded a quantitative trading desk now celebrating its 17th year in continuous operation. For years he wrote a monthly piece for International Family Magazine, in 2009 he founded NoShortageOfWork.com to discuss work life, and in 2011 he created Questions For Colleges (Q4Colleges.com) to discuss issues facing higher education. Now he is beginning a series for us here on his beloved Securities Industry. Before you decide to trust him or collaborate with him, look at BrookeAllen.com where you will find his Personal Disclosure Statement.
  • Sean Owens, Director, Fixed Income and Derivatives, Woodbine Associates
    Sean Owens is Director, Fixed Income at Woodbine Associates, Inc. focusing on strategic, business, regulatory, market structure, and technology issues that impact firm’s active in and supporting global fixed income and derivative markets.
  • Joe Saluzzi, Partner and co-head of equity trading, Themis Trading
    Joseph Saluzzi is partner, co-founder and co-head of equity trading of Themis Trading LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. He is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence. Mr. Saluzzi is a frequent speaker at industry conferences on issues involving market access, algorithmic trading and other sell- and buy-side concerns. He has provided expert commentary for media outlets such as CBS's 60 Minutes, BBC Radio, Bloomberg Television & Radio, CNBC, Fox Business, BNN, The New York Times, The Wall Street Journal, USA Today, Reuters, Associated Press, Los Angeles Times and Bloomberg News. Mr. Saluzzi also has authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance. Prior to Themis, Mr. Saluzzi headed the team responsible for equity sales and trading for major institutional accounts at Instinet Corporation for more than nine years. He graduated from the University of North Carolina at Chapel Hill with an MBA in Finance and received a Bachelor's Degree in Finance from New York University.
  • Sean O'Dowd, Capital Markets Program Director, Teradata
    Sean O'Dowd leads the Global Capital Markets program at Teradata for Industry and Marketing Solutions. In this role Sean focuses on industry strategy, marketing and field enablement. Areas of focus span financial market structure, regulations and technologies that impact the business models and strategies of financial markets firms (buy-side, sell-side, wealth management, custody, exchanges, and retail brokers). Topics include many of the large transformational technologies impacting capital markets, such as cloud services, mobility, information management and big/fast data, unstructured data and analytics. Additionally, Sean covers many industry specific trends and technologies including electronic trading, investment management operations, wealth management and personal finance, oversight infrastructure (Government agencies and SRO's). Sean's personal area of expertise lies within investment management, derivatives securities and trading technology.
  • Stephen Davenport, Director Equity Risk Management, Wilmington Trust Company
    Steve is responsible for developing risk-managed investment strategies for high-net-worth clients. He has a strong background in quantitative investment analysis, and a sophisticated approach to asset allocation and the use of derivatives. In particular, he has managed a call writing strategy for clients seeking additional income for the last six years. Steve began his career with State Street Global Advisors and later joined Columbia Management Investment Advisors in Boston as a senior investment advisor. During his career, Steve has focused on developing comprehensive solutions for families, executives, and entrepreneurs with concentrated stock positions. Steve holds an M.S. in Finance from Boston College's Wallace Carroll School of Management as well as bachelor's degrees in industrial engineering and mathematics/computer science from Columbia University and Providence College, respectively. Steve holds CFA designation and he is a member of Atlanta Security Analyst Society.