NYSE Euronext said it will propose to the Securities and Exchange Commission restrictions on dark pools aimed at getting investors better prices on their trades. Duncan Niederauer, CEO of NYSE Euronext, said the SEC should establish rules to govern how a trade is handled by a dark pool when it doesn’t quote a price in advance.
Posts Tagged ‘Dark Pools’
NYSE calls for crackdown on dark pools and their brokers
April 23rd, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Amp, Apps, Ceo, Crackdown, Dark Pool, Dark Pools, Duncan Niederauer, Investors, Nyse Euronext, Pid, Securities And Exchange, Securities And Exchange Commission, Sid, Trades, Transparency 
Comments OffSEC proposes new trading system
April 16th, 2010 Before You Invest New proposals to introduce a trading system which would enable greater analysis of participants and their activity have been unveiled by the Securities and Exchange Commission (SEC).According to the regulator, ‘larger’ traders would be required to make a filing to the SEC before receiving a number of identification.Broker dealers would then receive the number, which would enable more efficient tracking of traders and their activity, the organisation clarified.Mary L Schapiro, SEC chairman, said: “This rule is designed to strengthen our oversight of the markets and protect investors in the process.“It would give us prompt access to trading information from large traders so we can better analyze the data and investigate potentially illegal trading activity.”The SEC defines a ‘large’ trader as an individual or firm whose transactions exceed $20 million or two million shares on any calendar day.Previously, the commission has proposed a number of changes to legislation to improve fairness within the trading markets.They included banning unfiltered access to markets and providing more transparency to liquidity dark pools.
Posted in Finance Fraud Tags: Broker Dealers, Calendar Day, Dark Pools, Fairness, Investors, Legislation, Liquidity, Oversight, Participants, Proposals, Schapiro, Sec Chairman, Securities And Exchange, Securities And Exchange Commission, Trading Markets, Transparency, Two Million Comments OffSEC moves toward tracking high-frequency firms’ trades
April 7th, 2010 Before You Invest The Securities and Exchange Commission is conducting a cost-benefit analysis of tracking transactions of high-frequency trading firms. The agency is expected to go forward with the effort, sources said. The thought is to give each firm a unique identifier that would allow the SEC to monitor traders not registered as a broker-dealer or a market maker.
Posted in Finance Fraud Tags: Authorities, Broker Dealer, Computer Code, Cost Benefit Analysis, Dark Pools, Electronic Platforms, High Frequency, High Speed, Lawyer, Naked, Sec, Securities And Exchange, Securities And Exchange Commission, Stock, Stocks, Trades, Transparency, Wsj Comments OffSEC Vote Shows Scope of High-Frequency Trading Rules
January 13th, 2010 Before You Invest High-frequency traders, whose lightning-quick stock and options tactics have been criticized by senators, are about to learn how far U.S. regulators may go to rein them in.The Securities and Exchange Commission is poised to question brokerage firms, traders and exchanges to weigh in on the practice, which describes a range of strategies that depend on high-speed executions, usually less than a millisecond.SEC commissioners vote today on publishing a so-called concept release on high-frequency trading, dark pools and the structure of markets.
Posted in Finance Fraud Tags: Brokerage Firms, Dark Pools, Delaware Democrat, Executions, Financial Services Consultant, Getting Away With Something, Goodwin Procter Llp, Group Llc, High Frequency, Individual Investors, Kaufman, Lawmakers, Liquidity, Millisecond, Proponents, Securities And Exchange Commission, Stock Volume, Tabb Group, Trading Accounts, Volume Questions No Comments »SEC looks into effects of high-frequency trading
October 27th, 2009 Before You Invest The Securities and Exchange Commission is looking into how high-frequency trading, which some estimate accounts for 50% or more of all equity trading in the U.S., affects markets, sources said. As lawmakers are scrutinizing the trading practice and other market developments, the SEC is not expected to publish a discussion paper on the strategies until December at the earliest.
Goldman Sachs defends market practices in report to SEC
October 27th, 2009 Before You Invest In a lengthy report to the Securities and Exchange Commission, Goldman Sachs Group defended high-frequency trading, dark pools, small-selling and other market strategies. “The investing community (especially retail) has benefited from the evolving market structure and industry competition,” Goldman said in the report. Lawmakers have criticized the practices and are looking into ways to increase their transparency.more at http://www.bloomberg.com/apps/news?pid=20601103&sid=ax4InQgscKws
Posted in Finance Fraud Tags: Amp, Apps, Dark Pools, Goldman Sachs, Goldman Sachs Group, High Frequency, Industry Competition, Lawmakers, Lengthy Report, Market Investing, Market Practices, Market Strategies, Market Structure, Pid, Sec, Securities And Exchange, Securities And Exchange Commission, Sid, Transparency No Comments »Dark Pool Trade Limit Said to Be Cut 95% in SEC Plan
October 20th, 2009 Before You Invest The U.S. Securities and Exchange Commission will propose toughening its limits on the amount of anonymous trading carried out on stock platforms called dark pools, according to two people familiar with the deliberations.The commission will propose lowering the amount of daily volume in a company’s shares that can be executed in private on any of the networks to 0.25 percent from 5 percent at a hearing tomorrow in Washington, said the people, who declined to be identified because the discussions weren’t public.
Posted in Finance Fraud Tags: 3u, Apps, Charles Schumer, Daily Volume, Dark Pool, Dark Pools, Deliberations, Democratic Senators, Getco Llc, Goldman Sachs, Goldman Sachs Group, Goldman Sachs Group Inc, Kaufman, Nester, Platforms, Sachs Group Inc, Scrutiny, Securities And Exchange, Securities And Exchange Commission, Spokesman No Comments »Kaufman Praises SEC Proposed Ban On Flash Orders, But Seeks Broad Review
October 15th, 2009 Before You Invest Yesterday, in a speech on the Senate floor, Sen. Ted Kaufman (D-DE) praised the SEC for its proposal to ban flash orders and for agreeing to undertake a broad review of high-tech trading practices.But it’s clear from Kaufman’s remarks that he’s keeping the pressure on the SEC to carry out a much broader review of rapid technological developments that have transformed trading and led to computer-driven millisecond speeds.”I’m hopeful that last week’s action was a right beginning,” Sen.
Posted in Finance Fraud Tags: Co Location, Collocation, Colocation, Computer Servers, Dark Pools, Emergence, High Frequency, Kaufman, Late August, Market Access, Market Developments, Market Structure Issues, Mary Schapiro, Piecemeal, Public Eye, Rapid Technological Developments, Sec Chairman, Sec Officials, Senate Floor, Threshold Levels No Comments »SEC to increase scrutiny of dark pools, Schapiro says
June 20th, 2009 Before You Invest Mary Schapiro, chairwoman of the Securities and Exchange Commission, requested that her staff look closely at the effects of dark pools. “This lack of transparency has the potential to undermine public confidence in the equity markets, particularly if the volume of trading activity in dark pools increases substantially,” Schapiro said. more at http://www.ft.com/cms/s/0/e7810094-5c66-11de-aea3-00144feabdc0.html
Flash trading under consideration at SEC
Securities and Exchange Commission Chairwoman Mary Schapiro released a statement noting that she instructed SEC staff to explore “an approach that can be quickly implemented to eliminate the difference that results from flash orders.” The statement further says, “Under the rule-making process, such a proposal …
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