Blog
What’s Causing The Recent Exchange Outages?
June 10, 2013 @ 10:59 AM | By Phil Albinus
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?
continued...Trying to Ease the Pressure: System Testers in the Spotlight
May 28, 2013 @ 07:28 AM | By Stephen O'Reilly- SunGard Global Services
Following a few high-profile trading system failures, financial firms are placing more emphasis on testing, and pressure on personnel.
continued...When It Comes To Big Data, Do The Benefits Outweigh The Risks?
May 21, 2013 @ 10:54 AM | By Devon Buffington- Advanced Systems Group
Having the systems and capability to process mass amounts of data is a benefit to a financial firm, but the same capabilities could create data security and privacy risks.
continued...When Is Compliance A Competitive Advantage?
May 20, 2013 @ 10:33 AM | By Rex Gooch- SunGard
When compliance is working, it often goes unnoticed and flies under the radar. However, the value of a good compliance program is hard to measure.
continued...Culture Clash: Transparency Versus Proprietary Data at Bloomberg
May 15, 2013 @ 10:56 AM | By Marcus Holland- FinancialTrading.com
The news media requires transparency and openness, while trading on Wall Street thrives on minimizing information leakage and protecting proprietary data.
continued...The Security Holes Investment Firms Are Ignoring
May 09, 2013 @ 09:22 AM | By Phil Albinus
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?
continued...The HFT Debate: Looking for Consensus
May 02, 2013 @ 10:17 AM | By Dan Solak- Thomson Reuters
Although supporters of HFT and its detractors will always clash, market participants agree that one thing has certainly changed: the role of technology in the equities markets.
continued...Industry Inertia Hampers E-Trading
April 29, 2013 @ 10:00 AM | By Greg MacSweeney
Institutional traders see some value in fixed income electronic trading, but a lack of a regulatory push and the desire to maintain existing business models is causing inertia in the move to electronic trading methods.
continued...Bankers Could Soon Face Jail For Reckless Behavior
April 26, 2013 @ 11:50 AM | By Melanie Rodier
A UK banking commission is currently debating the proposal, with many in favor of punishing reckless acts with jail time.
continued...Who Was Really Behind The Twitter Hack That Wiped Out $136 Billion?
April 25, 2013 @ 09:54 AM | By Melanie Rodier
While the Syrian Electronic Army claimed responsibility for the attack, the FBI, SEC and CFTC are now investigating the hack.
continued...
Advanced Trading's Thought Leaders
Philippe Buhannic, CEO and co-founder of TradingScreenPhilippe Buhannic, CEO and co-founder of TradingScreen, is an industry pioneer. Buhannic has stayed on the forefront of global markets and financial technology for more than 30 years, in a career that has spanned executive management, technical, and marketing experience in international markets. Buhannic founded TradingScreen with Joseph Ahearn in 1999, working to connect global sell-side participants and leading regional brokers to a common environment. TradingScreen was ahead of the curve from day one - delivering market access, and order and liquidity management to the buy side - anticipating the shift away from paper-based trading towards digital markets. Today, TradingScreen is not only the world's leading execution management system (EMS), it is also the leading independent provider of liquidity, trading and investment technology via Software-as-a-Service (SaaS) to the financial community. Prior to TradingScreen, Buhannic served as a Managing Director at Credit Suisse First Boston (CSFB) in New York. While at CSFB, he worked in fixed income where he handled listed derivatives, prime brokerage and e-commerce. Buhannic was also responsible for creating and implementing CFSB's e-commerce products, including the "Prime Family" comprised of PrimeTrade, PrimeClear, Prime Brokerage and PrimeFund; all of which have received industry accolades as a successful attempt at global distribution of electronic, multi-asset asset class transaction processing via the Internet. From 1993 to1995 Buhannic served as Chairman and Chief Executive Officer of Fimat Futures USA, Inc., the subsidiary of French investment bank Societe General (SocGen), where he was credited with establishing Fimat as a viable and profitable player in the US marketplace. Prior to SocGen, from 1987 to 1993, Buhannic was the deputy Chief Financial Officer of Credit Commercial de France, where he oversaw the development of the foreign exchange dealing rooms and the global marketing of FX and interest rate products. Buhannic holds a Masters of Business Administration (MBA) with a specialization in international business from New York University's Stern School of Business, a Master's degree in Finance and Taxation from Institut d'Etudes Politiques de Paris and has taught business and finance courses at his alma matter. He is a longtime board member of the Futures Industry Association and has worked in most major financial cities such as New York, Paris, Zurich and Sao Paulo. He is fluent in French and Portuguese.
Ivy Schmerken, Editor at LargeIvy 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.
Phil Albinus, Contributing EditorPhil 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
Alexander Fleiss, Chairman and Chief Investment Officer, Rebellion Research Partners LPAlexander 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.
Michael J. Levas, Founder, Senior Managing Principal, Director of Trading, Olympian Group of Investment Management CosMichael 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.
Sean O'Dowd, Capital Markets Program Director, TeradataSean 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.
Joe Saluzzi, Partner and co-head of equity trading, Themis TradingJoseph 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.
Gavin Little-Gill, Global Head of Front and Middle Office Asset Management, Managing Director, Asset Management for North AmericaGavin Little-Gill joined Linedata in 2007 and is responsible for Linedata's North American asset management business and the global front and middle office asset management businesses of Linedata. In this role, Gavin has overall responsibility for the vision, strategy and growth across the business. Prior to assuming this role, Gavin was Global Head of Asset Management Product Strategy where he oversaw global product management and strategy for all of Linedata's Asset Management Solutions. Before joining Linedata, Gavin was employed at Tower-Group for six years most recently holding the role of Group Research Director, overseeing the Securities and Investments practices. During that time, his research concentration was technology trends on the buy-side with a focus on trading technology. Prior to joining Tower Group, in 2001 Gavin spent 12 years in various capacities working in the financial industry. Two of these years' where spent at a US subsidiary of CDC-IXIS as Vice President. Prior to CDC, Gavin was with Scudder for nine years, most recently as Vice President. Gavin holds an M.S. in Finance from Boston College and a B.A. from Bates College, Maine. In addition, he has a Certificate in Pensions and Benefits from Bentley College, in Massachusetts, and has successfully passed the first exam of the C.F.A. Gavin has held Series 6, 7, 63, 24, and 26 registrations.
Sugata Ray, Assistant Professor of Finance, University of FloridaSugata Ray is an Assistant Professor of Finance at the University of Florida. His research interests include hedge funds and market microstructure. Prior to joining the finance department at the University of Florida, he worked as a consultant for financial institutions with Oliver Wyman. He holds Bachelors, Masters and Doctoral degrees in finance from the University of Pennsylvania.
Adam D. Honoré, Managing Director, FinQloud, NASDAQ OMXAdam Honoré is a managing director at NASDAQ OMX responsible for global business development and the ISV program for FinQloud. Prior to joining NASDAQ OMX, Mr. Honoré was the research director of the institutional securities practice at Aite Group. He specializes in financial services technology, focusing on strategic technology initiatives associated with high performance trading, market data, machine-readable content, smart order routing, technology services, and risk management issues.
Brooke Allen, 30-Year Industry VeteranBrooke 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.
Justin Schack, Managing Director/Partner, Rosenblatt SecuritiesJustin Schack is a Managing Director and Partner at Rosenblatt Securities, an institutional agency brokerage in New York. Schack heads the firm's Market Structure Analysis group, which provides institutional traders, investors, exchange groups, regulators and other clients with in-depth intelligence on global market structure and the exchange industry. Prior to joining Rosenblatt in February 2008, Schack spent 14 years as a financial and public-affairs journalist, most recently as Assistant Managing Editor of Institutional Investor, where he authored more than 20 cover stories during his eight years on the magazine's staff. His work has been recognized with awards from the National Press Club, the Society of Professional Journalists and the American Society of Business Publication Editors. Schack holds a BA in history from Seton Hall University and an MA in history from the University of Connecticut.
John Bates, Executive Vice President and Chief Technology Officer, Progress SoftwareJohn Bates is an Executive Vice President and Chief Technology Officer at Progress Software. In this role Bates is responsible for leading the team that creates and evolves the Progress vision and strategy, leads market research and due diligence for acquisitions to support the strategy, and evangelizes the Progress strategy and solutions to customers, partners and other constituencies. With an extensive background in the Capital Markets industry, Dr. Bates has pioneered new techniques in algorithmic and high frequency trading, real-time risk and market surveillance.
Matt Samelson, Principal at Woodbine Associates, Inc.Matt Samelson is a Principal at Woodbine Associates, Inc. focusing on strategic, business, regulatory, market structure and technology issues that impact firms active in and supporting the global equity markets. He brings to the firm a wealth of experience in U.S. and international equity sales and trading, quantitative analysis, consulting, and research. Mr. Samelson has interacted extensively with the media. He has appeared on CNBC and been quoted in a range of major publications including the Wall Street Journal, New York Times, Financial Times, Forbes, Business Week and CNBC Market Watch. He has also been quoted in various trade publications, including Institutional Investor, Trader Magazine, Advanced Trading, Wall Street & Technology, Wall Street Letter, Trading Technology Week, and Securities Industry News.
Stephen Davenport, Director Equity Risk Management, Wilmington Trust CompanySteve 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.
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