Virtus Investment Partners Take on The ETF Market

MarketMuse update is courtesy of MarketWatch. Virtus Investment Partners (NASDAQ: VRTS), multi-manager asset management business,  announced that they have reached an agreement with ETF Issuer Solutions (ETFis) , a comprehensive platform for listing, operating, and distributing exchange traded funds. Virtus Investment Partners will acquire the majority interest from the deal.  The transaction…Read More

27 January, 2015

SEC Probes ETF Pricing Structures; HY Bond ETFs and…

MarketsMuse update courtesy of extract from 19 December edition of FT.com, with reporting by Tracy Alloway Extreme movements in the prices of bonds, commodities and other assets have prompted regulators at the Federal Reserve Bank of New York to take a closer look at the inner workings of exchange traded…Read More

22 December, 2014

WisdomTree: ETF Underlying Liquidity vs. Secondary Market Liquidity Explained…

Courtesy of Zach Hascoe/WisdomTree Investments We have heard it over and over: Exchange-traded funds (ETFs) are wrappers, and the true liquidity of an ETF is derived from its underlying constituents.1 While that statement is true, it does not completely explain different types of liquidity that can exist in an ETF.…Read More

22 July, 2013

PSX to Re-Launch as ETP Market in May

Courtesy of Tom Steiner-Threlkeld Nasdaq OMX Group said it expects the re-launch of its PSX exchange as an exchange-traded fund marketplace to take place in May. Final approval of the refashioning the “price size exchange” as a “price time” exchange focused on exchange-traded products must come from the Securities and Exchange Commission.…Read More

29 April, 2013

SEC OKs Payments on Nasdaq for Making Markets in…

Courtesy of Bloomberg LP reporter Nina Mehta 2013-03-22 22:29:10.364 GMT U.S. regulators approved Nasdaq Stock Market’s request to allow the sponsors of some exchange- traded funds to offer payments to market makers.     The Securities and Exchange Commission decision loosens a ban on the compensation that has been in place since…Read More

23 March, 2013

Industry Sounds Off On Paying ETF Market Makers

Courtesy of James Armstrong If issuers of exchange-traded funds could pay to attract market makers to their products, would there be more liquidity in ETFs? Or would paying market-makers create a dangerous precedent and harm long-term investors? Or, is Tim Quast, MD of trading analytics firm "Modern Networks IR" correct…Read More

9 August, 2012

SEC Punts on Payments to ETF Market Makers

Courtesy of Rosalyn Retkwa   The Securities and Exchange Commission has decided not to decide yet whether to approve proposals by Nasdaq and the New York Stock Exchange to pay market makers to make better markets in thinly traded ETFs. The proposals would require an exemption from a current prohibition against…Read More

18 July, 2012
mutiny-nyse-bourse-dmm-create-memx

NYSE Top DMMs Aim to Defect? MEMX To Be…

[caption id="attachment_5639" align="alignleft" width="150"] NYSE DMM Citadel Securities started as a HFT prop trading firm[/caption] Something funny happened on the way to the floor of the New York Stock Exchange last week; Citadel Securities and Virtu Financial, two of the three biggest NYSE “Designated Market-Makers” aka “DMM”) --also domain experts…Read More

14 January, 2019
hft-high-frequency-trading-firms-pr-crisis

Stock Price Implosion Puts HFT Firms Under Attack, Again

Stock Price Implosion Leads Some to Challenge Current Market Structure; HFT Firms Are Under Attack, Again… Heads Up to High-Frequency Firms: Time to Hire a PR Crisis Manager Again, Call Your Lobbyists, Book Your Plane Tickets to Washington DC. Before “bidding on” to the anti-HFT and anti-ETF remarks circulated by…Read More

20 December, 2018
GTS-pact-Mischler-Financial-investment-bank

GTS, NYSE Top DMM Now Joins Forces With Boutique…

Trifecta Month for GTS; NYSE DMM, Quant-Trading Powerhouse and Fin-Tech Think-Tank Now Aligned With Investment Bank Specializing in Primary Debt & Equity Capital Markets GTS, the NYSE's Top DMM, and one of the global trading market's leading multi-asset electronic market-makers, is on a strategic deal-making binge. On the heels of…Read More

19 November, 2018
payment-for-order-flow-rebates

Yale University Wonks Blast Exchanges’ Payment-For-Order-Flow Schemes

In a July 18 NYT op-ed piece "Wall Street Profits by Putting Investors in the Slow Lane" submitted by Jonathan Macey, a professor at Yale Law School and David Swensen, the chief investment officer of Yale University, the spirit debate topic of payment-for-order-flow schemes, aka rebates paid by the various stock exchanges to…Read More

18 July, 2017
bats-europe-direct-buyside-access

Bats Europe Enables Direct Access for Buy-Side Managers

According to MarketsMuse market structure mavens, if you can say "dis-intermediate" five times in under 5 seconds, or if you can simply spell the word (without looking at this blog post), then "you'll get the joke" i.e. exchange operator Bats Global Markets (acquired last year by CBOE for $3.2bil) is…Read More

3 February, 2017
buy-side-set-it-forget-it

Buy-Side Says: Don’t Just Set It and Forget It

Cheryl Cargie, head trader at buy-side fund manager Ariel Investments in Chicago, said that while the buy side is looking for more from its sales trader coverage, it depends on whether a buy side trader is representing a passive or active strategy. For a veteran with over 20 years in…Read More

4 May, 2016
high-frequency-traders-UST-market

UST Trading Invaded by HFT Firms

The high-frequency arms race, aka "Battle Between Wall Street-style Transformers" has extended to trading in USTs and HFT firms are invading the US Treasury market, according to latest from BusinessInsider.. (BusinessInsider)-High-frequency traders have taken over the market for US Treasuries, and a bunch of market participants say they're alarmed by the…Read More

25 April, 2016
rebate-schemes-market-structure-marketsmuse

Pay-to-Play Rebate Schemes Confuse Smartest Traders

Within the context of market structure, the ever-evolving rules of the road for those attempting to navigate how and where to secure best pricing when executing equities orders has become so convoluted thanks to pay-to-play rebate schemes, its not only the curators at MarketsMuse who are scratching their heads, even…Read More

2 March, 2016
geared-etfs-sec-marketsmuse

SEC Aims To Ban Geared ETFs

The US SEC apparently has its cross-hairs on so-called 'geared ETFs,'  those high-testosterone, levered instruments that incorporate derivatives so as to deliver an advertised 2x or 3x return for certain strategies versus a typical 1:1 correlation provided by plain vanilla exchange-traded funds.  The SEC proposal would effectively ban the use…Read More

12 February, 2016
bond etf liquidity

Calling for Clarity: Corporate Bond ETF Liquidity

There continues to be a call for clarity with regard to the topic of corporate bond ETF liquidity and where/how corporate bond ETFs add or detract within the context of investors ability to get 'best execution' when secondary market trade in underlying corporate bonds is increasingly 'illiquid.' This not only…Read More

1 December, 2015
NSX exchange

Big Dick Behind Yet Another New Exchange; NSX v…

Former Lehman Bros capo Richard Fuld likes acronyms, and somewhat out of character for the Big Dick many on Wall Street remember him to be,  he also apparently likes the idea of inserting himself into a consortium that has created yet another new exchange platform--that eschews the notion of maker-taker…Read More

10 November, 2015