The technical glitch likely "overwhelmed electronic market makers," Kolanovic said.
|
|
It took a while for the market makers to sort this out.
|
|
He cited proprietary trading firms and potentially market makers in VIX products.
|
|
The market makers and liquidity providers ... will be able to support these products.
|
|
Liquidity concerns have spread beyond market-makers and the investor community according to ICMA.
|
|
That might make market makers more willing to hire analysts to provide more coverage.
|
|
Market makers will set an initial price for each month and trading will begin.
|
|
LAWSUIT FILED IN CHICAGO FEDERAL COURT NAMES CITIGROUP, CITADEL, OTHER MARKET MAKERS AS DEFENDANTS
|
|
Admittedly, this was a survey of ETF market makers, but the results were still revealing.
|
|
Market makers make a profit off the spread between the bid and the offer prices.
|
|
Fidelity stopped accepting payment for many types of orders from market makers in early 2015.
|
|
"The clearing aspect, especially for the market makers, reduces capital charges," one market participant said.
|
|
In a broad sense, web-based platforms act like market makers: They connect sellers with buyers.
|
|
Robinhood routes much of its orders to electronic market makers that engage in high-frequency trading.
|
|
The Chicago Stock Exchange argues that fast traders are driving market makers away from its exchange.
|
|
These firms sell their stream of stock-trading orders to market makers such as Citadel and KCG.
|
|
That means market makers have to widen their spreads in order to compensate for the increased risk.
|
|
The trading environment for big banks, traditionally the main fixed income market makers, continues to be challenging.
|
|
The gap between the price at which market-makers will buy and sell volatility has also widened.
|
|
"We understand the advantage of the independent market makers over the big investment banks," Mr. Cho said.
|
|
I also think we need to seriously look at what exactly the obligation of market makers are.
|
|
The Chicago exchange delay would be felt only by those buying a stock posted by market makers.
|
|
That liquidity has fallen in recent years, because banks have become less willing to act as market-makers.
|
|
A separate statement said that hedge funds would be allowed to act as market makers on the board.
|
|
Madoff Securities had gone from a penny stock trading firm to one of Wall Street's biggest market-makers.
|
|
Pemex further raised brows among market makers in January when an investor presentation in New York fell flat.
|
|
In particular, market makers — who provide valuable liquidity to the market — cancel the vast bulk of their orders.
|
|
Jeanson suggests that having more market makers, such as his company, can help to improve this liquidity problem.
|
|
Maintaining a balance between banks, market makers, and retail brokerages was important when adding new strategics, Kellner said.
|
|
Also, regular exchanges have market makers providing liquidity, as well as volatility-curbing safeguards such as circuit breakers.
|
|
Then we learned that several key banks were shutting down the credit lines of market makers and NYSE specialists.
|
|
But the industry has undergone a sea change that could leave market-makers struggling even to ensure normal service.
|
|
Positions among active clients, which include market makers and hedge funds, suggested they were neutral on longer-dated Treasuries.
|
|
But KPMG's Nair warns that a complete liquidity crunch is yet to test market makers' willingness to perform as such.
|
|
The traditional way to overcome this illiquidity has been through trading desks at investment banks, who act as market-makers.
|
|
That is likely to happen through current market-makers' Asian operations and new members added in the region, he said.
|
|
That move made the bank one of the first market-makers to trade those currency pairs in China's interbank market.
|
|
The new procedures would eliminate "Rule 48," which allows market makers to delay opening a stock when markets are volatile.
|
|
"Everything is becoming free in trading because it actually is something that gets paid for by market makers," Grujic said.
|
|
Debelle noted many of the concerns in global markets were over the withdrawal of market-makers due to increased costs.
|
|
Market makers at the New York Stock Exchange indicated the stock was set to open from $23.50 to $24.50 a share.
|
|
Analysts won't cover them, there are no market makers for the stock and thus there's no trading and very low liquidity.
|
|
Positions among active clients, which include market makers and hedge funds, showed they were 10% net short on longer-dated Treasuries.
|
|
Market-makers, or dealers which quote prices for options, are also not expressing a great deal of anxiety over stock gyrations.
|
|
And plenty of high-frequency traders are market-makers; it is their job to adjust prices in response to new information.
|
|
Active clients, which include market makers and hedge funds, reloaded their bullish bets on Treasuries, the latest J.P. Morgan survey showed.
|
|
Cities must also use their leverage to assert themselves as market makers and demand that technology companies respect the public's privacy.
|
|
The proposed MAS rules would apply to the immediate legal owners of the stocks, while designated market makers would be exempt.
|
|
Doug Cifu, CEO of Virtu, one of the largest market makers, noted that volumes increased dramatically on the afternoon of Feb.
|
|
Yet, IEX's delay structure gives an advantage to hidden pegged orders, while the Chicago exchange's proposal creates advantages for market makers.
|
|
One theory is that market-makers such as Citadel LLC cheat customers by not giving them the best price available, he said.
|
|
That has forced out market-makers - banks that facilitated trading by holding securities on their own books and displaying bids and offers.
|
|
Market-makers known as authorised participants (APs) are supposed to step in and keep the price of ETFs and asset values aligned.
|
|
But the FT reports that some of the biggest banks including JP Morgan and Citigroup are unwilling to act as market-makers.
|
|
Let me say this bluntly and loudly: Asset managers and hedge-fund managers should not be allowed to own market makers … ever!
|
|
The skewed demand leaves market makers saddled with more risk and they have reacted by pushing up the price of such options.
|
|
Others in the industry rely more on revenue from selling customer orders for trade executions to market-makers and high frequency traders.
|
|
Asset prices are on a generally rising trend so market-makers find it easy to borrow to finance their stock of securities.
|
|
Non-banks took six of the top 50 places in Euromoney's 2018 FX Survey, an annual ranking of market-makers in currencies.
|
|
On the NYSE equities market, the exchange's Designated Market Makers will connect electronically to provide liquidity in their stocks, the company said.
|
|
The London Stock Exchange on Thursday announced a waiver in fees in a bid to attract more market makers to bolster liquidity.
|
|
In part, this is a consequence of financial regulation which induced banks to give up on their traditional role as market-makers.
|
|
Such steps, they say, could open the door to a flourishing community of data market makers, aggregating individuals' data and negotiating sales.
|
|
Those broker-dealers -- probably market makers such as high-frequency trading firms -- paid Robinhood for executing the trades with them, FINRA said.
|
|
"Rebates from market makers and trading revenues are one of the ways that Robinhood makes money," Tenev told CNN Business last week.
|
|
With Anchorage Trading, the startup promises efficient order routing, transparent pricing and multi-venue liquidity from OTC desks, exchanges and market makers.
|
|
Market depth for S&P 500 futures is at all time lows indicating that risk capital provision by market makers is significantly lower.
|
|
Also, when market makers redeem ETF shares, they receive securities instead of cash, further shrinking the need for the fund to declare gains.
|
|
Market makers and brokerages have complained that the cost of market data, which has profit margins of 70 percent or more, is prohibitive.
|
|
The Shanghai Futures Exchange (ShFE) on Thursday named 18 Chinese companies that will act as market makers on its upcoming copper options contract.
|
|
Last week, BlackRock Inc raised the fees it charges market makers to redeem shares of its iShares Short Maturity Bond ETF for cash.
|
|
"It's clear the regulators do not have as clear a view of the market as some of the market makers do," Gellasch quipped.
|
|
Other market participants, such as electronic market makers, have said more post-trade information would reduce some of their risk when supplying liquidity.
|
|
Traders and market makers blamed bitcoin's slide on heavy selling at leveraged exchanges in Asia such as Hong Kong-based OKEx and Bitmex.
|
|
CSRC will also allow hedge funds to act as market makers in order to improve "price discovery" as well as financing by small companies.
|
|
Without rebates to compensate the market makers, the spreads will widen out and investors will have to pay more to buy stocks, he added.
|
|
That means they can't hold as much low-rated debt on their books and thus are restrained from their traditional role as market makers.
|
|
The May jobs report handily disappointed market makers and economists, with just 38,000 jobs created, leading the market to further price out Fed tightening.
|
|
Last year Peru passed a capital gains tax exemption and introduced incentives for market makers and new rules for automated trading and short selling.
|
|
But like a typical IPO, Spotify will still be working with "market makers" to help determine the price that the company should begin trading.
|
|
Designated market makers at the New York Stock Exchange are responsible for setting the opening and closing prices for stocks listed with the exchange.
|
|
Fifteen out of the 19 wholesale and retail primary dealers - known in Britain as Gilt-Edged Market Makers (GEMMs) - took part in Monday's poll.
|
|
NYSE has consistently engaged its listing members on what they view as the main advantage of listing there: access to designated market makers. 2.
|
|
Rather, in their fields, they are market makers, able to exert regulatory control over the terms on which others can sell goods and services.
|
|
CBOE SENIOR TRADING DESK SPECIALIST: WE WERE INITIALLY UNABLE TO OPEN VIX OPTIONS TRADING THIS MORNING DUE TO ABSENCE OF LIQUIDITY FROM MARKET MAKERS
|
|
"The corporate bond market seems to be avoiding the "flash boys" stigma and appreciates the value brought to the market by electronic market makers."
|
|
And market makers who have suffered for a long time are going to make a great deal of money next few months or days.
|
|
To get the advantage, the firms, known as market makers, would have to agree to trade and quote a specific amount on the exchange.
|
|
MB Market Makers, which specializes in development of what it calls "the uniquely lucrative LGBT market", aims to include Vietnam in its 2016 consumer research.
|
|
Active clients, which included market makers and hedge funds, increased their bearishness on longer-dated Treasuries in the latest week, the J.P. Morgan survey showed.
|
|
Active clients, which included market makers and hedge funds, turned more bullish on longer-dated Treasuries in the latest week, the J.P. Morgan survey showed.
|
|
The report said there is consistent borrowing demand for bitcoin among market-makers and high frequency trading firms that need working capital for arbitrage opportunities.
|
|
Belgium last month did not re-appoint Deutsche Bank as a primary dealer for 2016 after conducting a performance review of all its market-makers.
|
|
First, market-makers have grown accustomed to prices, especially exchange rates, suddenly taking off in one direction or the other, sometimes without rhyme or reason.
|
|
Payment-for-order-flow refers to how market makers, like Citadel Securities or Virtu Financial, pay for the first crack at executing a stock order.
|
|
Cedric Jeanson, founder and CEO of BitSpread, one of the largest digital currency market makers in the world, downplayed the developments in the Asian country.
|
|
The programmes are based on payments or refund of fees to market-makers, who make it easier for traders and investors to buy and sell.
|
|
The China Securities Regulatory Commission (CSRC) also said on its official microblog that hedge funds would be allowed to act as market makers on the board.
|
|
"Trading has been tepid recently, which is why regulators want to introduce market makers to invigorate the market," said Wang Jin, partner at Hiways Law Offices.
|
|
The big change in the bond markets since the financial crisis is the diminished role of the banks and investment dealers as investors and market makers.
|
|
Coming from nowhere a few years ago, the 118-person company has steadily climbed the ranks of electronic market makers, displacing huge institutions in the process.
|
|
And for market makers: you may be in violation of U.S. securities laws if you're not registered with the SEC and selling some of these securities.
|
|
The new banks can also act as market-makers in securities such as corporate bonds, credit derivatives, warehouse receipts, and take-out financing, the RBI said.
|
|
The market makers find the small trades attractive, because they are less likely to move the market than the massive trades made by big institutional investors.
|
|
Among active clients which include hedge funds and market makers, the share who said they are long on Monday doubled to 40% from the previous week.
|
|
According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 2.35 points off the index.
|
|
In some cases, market makers are pricing only by offers," said Su-Lin Ong, managing director, RBC Capital Markets in Sydney "It's quite a dislocated market.
|
|
Active clients, which include market makers and hedge funds, increased their neutral position to 60% from 50% the previous week, the latest J.P. Morgan survey showed.
|
|
For example, in today's ecosystem, one of the main jobs of a token issuer is to plan for its liquidity, via costly exchange listings and market makers.
|
|
The market makers are now best known from the photos from the floor of the exchange that run with news reports about movements in the stock markets.
|
|
A similar market for direct trade between the yuan and the won was established in December 2014 and Seoul's yuan-won market currently has 12 market makers.
|
|
In this instance, the fall in prices reflects repositioning among market makers and short-term tactical traders rather than a re-evaluation of supply and demand fundamentals.
|
|
The market makers collect the "spread" between the price paid by a buyer and reaped by a seller, while still vowing to give customers comparatively advantageous prices.
|
|
The investigation is examining whether market makers that buy notes from the government and state-owned companies in primary auctions colluded to suppress prices, the report said.
|
|
Market-makers were also scarred by the sharp moves unleashed in the foreign exchange market when the Swiss National Bank unexpectedly ditched its currency cap in 2015.
|
|
Even though corporate bond issuances have increased, there are fewer market-makers, more unfilled orders and decreased bond market liquidity, leading to unexplained stresses on the marketplace.
|
|
I didn't work for the exchange itself, so the market makers and the traders on the floor are working for trading firms and not for the exchange.
|
|
A high-profile group of banks, brokerages and market makers revealed plans on Monday to join forces and start their own trading venue called the Members Exchange.
|
|
Patten said it could provide savings for banks and other market-makers like Citadel and XTX of as much as 80 percent on their post-trade spend.
|
|
Second, this ability for market makers to back away from their offer at any time would most likely increase downward price pressure when markets are under stress.
|
|
According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would have a very marginal impact on the index.
|
|
The president himself is scheduled to speak in Davos on Friday, and Mr. Cohn promised that his message would reassure the market makers who flock there every January.
|
|
The same day, option trading on Wall Street's VIX volatility index seized up for several minutes at the open as market-makers failed to come through with prices.
|
|
The 350-microsecond speed advantage would give CHX's market makers a "risk management tool" and encourage them to display more larger orders at aggressive prices, the exchange said.
|
|
Moreover, the capacity of market makers to actively update their quotes during the delay means the price for those trying to buy the stock may no longer exist.
|
|
"They'd have to sell it into a market that's going down – in that worst-case scenario, although the secondary market could still operate, these primary market makers could evaporate."
|
|
Still, growth in ETFs marks a shift in the liquidity risk from banks acting as market makers to asset managers, who may be better placed to take it on.
|
|
Stein urged a "holistic look" at the funds, their transparency and how they interact with capital markets, and a review of the roles of authorized participants and market makers.
|
|
The development of market makers would pave the way for the exchange to introduce equity derivatives, which could help to attract foreign investors by giving them ways to hedge.
|
|
In particular, brokerages and market makers are upset with the cost that leading exchanges charge for access to the lucrative data feeds that are used to monitor stock prices.
|
|
But a majority of members, including banks, refiners and dealers, voted on Wednesday to create an independent board of directors comprising two bank market makers and three LBMA members.
|
|
Active clients, which include market makers and hedge funds, scaled back their bullish bets on Treasuries after Trump's decision to suspend duties on Mexican goods into the United States.
|
|
Many of the biggest bond dealers have pushed for direct connectivity with clients, allowing them to circumvent the electronic marketplaces and block out other electronic market-makers all together.
|
|
Active clients that include market makers and hedge funds, which are seen to take on speculative bets in Treasuries, dialed back their bullish bets, the latest J.P. Morgan survey showed.
|
|
But MEMX's founding members Citadel Securities and Virtu Financial are two of the largest automated market-makers, a clue the new exchange will not likely attempt to slow the practice.
|
|
Most major banks and market makers are members of the LBMA but until now the body has come under fire for the opaque nature of London's centuries-old gold market.
|
|
In this decentralized network, relayers and market makers help organize 'intent' and any dApp or current publisher can plug directly into the Pulse infrastructure to participate, contribute, and earn tokens.
|
|
Active clients that include market makers and hedge funds, who are seen to take on speculative bets in Treasuries, dialed back their bullish bets, the latest J.P. Morgan survey showed.
|
|
The survey, which covered ETF market makers who collectively manage around 85 percent of global ETF assets, suggests assets in passive investment funds will exceed active funds within 10 years.
|
|
By sidelining commission fees, the company's bottom line relies on these premium paid subscriptions, in addition to order-flow payments, rebates from market makers and interest paid on margin accounts.
|
|
At the Chicago Mercantile Exchange, where financial futures are traded, there was a seamless transition as high frequency traders and other market makers provided the other side of all bets.
|
|
At the same time it had become less attractive for banks to be market makers by facilitating trading by holding securities on their own books and displaying bids and offers.
|
|
At the same time, the rule was thought to encourage more displayed orders from market makers, who should be rewarded with orders when those markets are at the best price.
|
|
Most market makers and tactical traders will therefore have wanted to hold flat or a small long position during the meeting in case a surprise cut sent prices rising sharply.
|
|
Tougher post-financial crisis capital requirements have made it more expensive for them to act as market makers in some fixed-income assets, leading their fixed-income divisions to slump.
|
|
A related question has dogged the market makers: Why are firms willing to pay for stock orders if they are in turn executing those trades at the best available prices?
|
|
Underscoring its determination to support the options contract, the ShFE has lined up 18 market makers, to fuel activity, far more than the handful that is usual for international exchanges.
|
|
There has not been a formal announcement of who the market makers will be, but some of the known large players — such as DRW and Virtu Financial — will be participating.
|
|
On the other hand, active clients, which included market makers and hedge funds, remained overall bullish on longer-dated Treasuries for a third straight week, the J.P. Morgan survey showed.
|
|
"The important thing is to add market makers on these exchanges and have the appropriate rules, (such as) anti-money laundering and Know Your Customer, around those exchanges," he said.
|
|
Select members must meet all direct membership criteria but are exempt from mandatory end-of-day price contributions - a major hurdle for non-market makers that are typically price-takers.
|
|
Active clients, which include market makers and hedge funds, were net long in longer-dated Treasuries by 10 percentage points, the most they have been net long since Dec. 17.
|
|
You can see the miserable state of the trading business in the results from companies like Virtu, one of the world's largest market makers in stocks, bonds, commodities and currencies.
|
|
Firms are either taking the splitting up of shares on themselves, or working with firms like DriveWealth and Apex Clearing, while big market makers steer clear for the time being.
|
|
Other smaller coins also skidded sharply as a broader cryptocurrency sell-off, said by traders and market makers to be rooted in heavy selling at leveraged Asian exchanges, gathered steam.
|
|
The exchanges say rebates help attract liquidity, while also compensating brokers, especially market makers, for taking the risk of providing two-sided bid and ask prices for others to trade against.
|
|
Virtu is one of the world's largest market makers, providing a nearly continuous stream of buy and sell quotes for investors to trade against and profiting from the bid-ask spread.
|
|
However, overall stock trading volumes were also much higher in November, indicating that professional investors (hedge funds, pension funds, market makers) were also much more active, according to Sandler O'Neill data.
|
|
A system for market makers - firms that improve liquidity by holding inventories of stocks, ensuring they can offer buying and selling prices continuously - will be introduced by mid-year, he said.
|
|
Not all brokerages sell their orders, but they still send them to market makers hoping to get a better price than publicly available and to access the rich retail order flow.
|
|
Nasdaq customers, such as broker-dealers and market makers, can receive the data through a paid connection for the New York-based exchange's proprietary data products, or through third-party vendors.
|
|
It may look as if there are big profits to be made, but industry changes mean that even market makers could struggle to ensure normal service, Swaha Pattanaik writes in Breakingviews.
|
|
" Richard Repetto, managing director of Piper Sandler & Co., said market makers were seeing very few issues as of yet: "I do cover virtual market maker[s] in some of these instruments.
|
|
In addition to cash balances, the company makes money from "payment for order flow," which refers to the money it receives for selling its orders to market makers to be executed.
|
|
Stricter capital requirements imposed after the 2008 financial crisis have made it more expensive for banks to act as market makers in corporate bonds, leading their fixed-income divisions to slump.
|
|
FINRA calls out Robinhood The sanctions shine a bright light on the controversial practice of sending retail trade orders to high-speed market makers that can profit off that lucrative information.
|
|
And when prices tumbled, London-based traders and market makers with age-old relationships with the world's biggest investors executed the largest volume of Italian government bond trading, McFarlane pointed out.
|
|
"Reselling order flow to market makers will be an increasing focus for those firms offering free trading," said William Trout, head of wealth management at Celent, a research and consulting firm.
|
|
JOHANNESBURG, June 12 (Reuters) - South Africa's rand edged weaker on Wednesday in a slow start that saw subdued flows as market makers looked for clear breaches either side of key technical levels.
|
|
LONDON, June 6 (Reuters) - U.S. black box trading firm Jump Trading LLC has applied to join the London Metal Exchange, which has been seeking to boost liquidity from market makers and speculators.
|
|
Active clients that include market makers and hedge funds, who are seen to take on speculative bets in Treasuries, turned much more neutral in the latest week, the J.P. Morgan survey showed.
|
|
The exchanges argue the rebates help attract liquidity, while also compensating brokers, especially market makers, for taking the risk of providing two-sided bid and ask prices for others to trade against.
|
|
The SFC has also proposed establishing new excess position limits for index arbitrage activities, asset managers and market makers of exchange-traded funds, allowing such players to more efficiently hedge their risks.
|
|
Because it has become harder to find third parties who are willing to take on credit risk via CDS since the financial crisis, market makers sometimes have to absorb that risk themselves.
|
|
As the pool of market makers shrank, other liquidity providers (high frequency traders) have stepped in to partially fill the void, and other exchange venues for stocks and options continued to proliferate.
|
|
According to a Bloomberg report last year, Robinhood brought in more than 40 percent of its revenue in early 2018 from selling its customers' orders to high-frequency trading firms, or market makers.
|
|
While the sell-off in stocks on Friday was very sharp, market participants said over the weekend that they were heartened that major market makers were able to absorb the selling fairly well.
|
|
"In sterling interest rate swap markets, we will be encouraging market makers to make Sonia the market convention from Q1 2020," said Edwin Schooling-Latter, the FCA's director of markets and wholesale policy.
|
|
That is what we're seeking to do through message-based protocols, is to integrate all of the ETF ecosystem from issuers, ETF authorized participants, market makers and custodians in a common, seamless workflow.
|
|
Liquidity in the Canadian crude ETF that Auspice manages surged last October as Canadian crude's discount to U.S. oil futures ballooned, attracting big U.S. market makers like Virtu Financial and Jane Street, Pickering said.
|
|
Algos, as these programmes are known, are used by market makers to search at lightening speed for platforms with deeper liquidity pools or break up large orders into tiny bits tor reduce market impact.
|
|
Algos, as these programs are known, are used by market makers to search at lightening speed for platforms with deeper liquidity pools or break up large orders into tiny bits tor reduce market impact.
|
|
The share of non-bank market-makers in the spot currency business has risen to around a third in recent years as changes in the industry opened the door for more players to compete.
|
|
Doug Cifu, CEO of Virtu, one of several market makers in the Cboe bitcoin futures, said he is posting bids and offers for the futures based on the spot price on the Gemini exchange.
|
|
Long-brewing is the friction between exchanges and the investment bankers, securities firms, market makers and asset managers that encourage companies to list on these exchanges and then trade their listed securities through them.
|
|
The whole notion of traditional distribution — and with it, traditional inventory — is being upended, and in the middle of all this, celebrities are becoming their own nation states, social media hubs and market makers.
|
|
Instead, the government will focus on bolstering demand in local markets by increasing the role of market makers, concentrating sovereign bonds into fewer maturities and allowing foreign investors to buy its treasury notes, Thorne said.
|
|
Data from the Danish central bank showed the banks holding of mortgage bonds for use of their market makers has been reduced to around 130 billion crowns in 2015 from 230 billion crowns in 2014.
|
|
"We are going to take advantage of the existence of this market auction to promote the creation of market makers in the FX market, something that does not exist now," said one of the people.
|
|
Michael Dooley of Drobny Global Advisors, an investment research firm, wrote a paper for the Bank for International Settlements in September 2014 questioning whether EM central banks could act as market makers of last resort.
|
|
The commission's staff has also analyzed the roles of market makers in operating and trading ETFs, the interconnectedness of the funds' prices and portfolio holdings, sales practices and investors' understanding of the funds, White said.
|
|
Some worry that if retail order flow is directed only to market makers and not the wider investing community, price discovery — the process of determining the proper price of a security — might eventually be impacted.
|
|
For example, one component of Dodd-Frank, the Volcker Rule — which essentially prevents banks from speculation in markets — may have increased the likelihood of a crisis because it removes important market makers, thereby reducing liquidity.
|
|
Stricter capital requirements imposed in the wake of the 2008 financial crisis have made it more expensive for banks to act as market makers in corporate bonds, making it harder for asset managers to trade.
|
|
One other point that was made by a number of traders was that liquidity dried up, that market makers reacted to the dramatically increased volatility by widening their quotes or simply canceling bids and offers.
|
|
The time advantage for market makers provides them a "last look" that allows them to withdraw their offer if the price is moving in an unfavorable direction based on information obtained outside the Chicago exchange.
|
|
The J.P. Morgan executive said these market anomalies ought to "get cured" when the capital was eventually redeployed but warned that people could find danger amid a lack of market makers and a gap in liquidity.
|
|
Many such stocks rarely trade, and the program would test whether wider spreads would prompt market makers, which post buy and sell orders for others to trade against, to post more orders, making markets more liquid.
|
|
Central banks in emerging markets could follow counterparts in the developed world and become "market makers of last resort", using unconventional monetary policies to try and stimulate their flatlining economies, according to Mexico's central bank chief.
|
|
"Some investors, possibly the market makers, have been told to get their books fairly straight rather than having long positions in stocks that could take a caning," said Paul Mumford, manager of the Cavendish opportunities fund.
|
|
BECAUSE I THINK MOST OF WHAT YOU SAW WERE MARKET MAKERS SELLING EUROPEAN BANKS TO PROTECT THEMSELVES BECAUSE THE SECURITY MARKETS OF ITALIAN SOVEREIGN BONDS WAS TOO ILLIQUID AT THE POINT TO REALLY CORRECT YOUR POSITION.
|
|
The founding members include some of the largest banks (Bank of America Merrill Lynch, Morgan Stanley, and UBS), market makers (Citadel Securities and Virtu Financial) and retail brokers (Charles Schwab, E-trade, TD Ameritrade, and Fidelity).
|
|
And the business of selling clients' buy-and-sell orders directly to high-speed market makers, as opposed to going direct to exchanges or trading venues, has come into the spotlight as commissions race to zero.
|
|
IMC, one of the world's largest financial market makers, said in an emailed statement it had received enquiries from the China Securities Regulatory Commission (CSRC) in relation to futures trading undertaken by IMC's Shanghai-based affiliate.
|
|
Among active clients, which includes market makers and hedge funds, the percentage who said they are bullish on longer-dated Treasuries dropped to 10% from 40% in the previous week, the latest J.P. Morgan survey showed.
|
|
To reduce the risk of getting caught on the wrong side of a headline, market makers are programming algorithms to offer a wider spread between the price they will buy, the bid, and sell, the offer.
|
|
The People's Bank of China (PBOC) confirmed on Friday that it might add a vague "counter-cyclical factor" to the pricing model it offers to market makers to decide the yuan's daily reference rate against the greenback.
|
|
Banks have also scaled back risk limits, partly because of postcrisis regulations, and market makers have been scarred by the sharp moves that came after the Swiss National Bank's decision to ditch its currency cap in 2015.
|
|
Industry executives say as much as 70 percent of sovereign debt in Europe is arranged by London-based firms, either acting as market makers in government bond auctions or selling debt directly to investors through "syndicated" deals.
|
|
SEOUL, June 21 (Reuters) - China has selected 14 banks, including five South Korean banks, as market makers for the direct yuan-won market planned to open in Shanghai this month, South Korea's finance ministry said on Tuesday.
|
|
The ability to cancel when new information arrives allows market makers to reduce the likelihood of making losing trades, and allows them to submit more aggressive quotes and supply liquidity more cheaply to the benefit of investors.
|
|
BEIJING (Reuters) - Shanghai International Energy Exchange (INE) is considering appointing market makers to boost trading volumes in its nascent crude oil futures amid growing concerns about liquidity as the first contract heads for expiry later this month.
|
|
Citadel and XTX Markets, both leading electronic market-makers, join a handful of top banks in committing to be clients of the system when it launches, though Cobalt declined to say what their financial commitment amounted to.
|
|
"We have not yet seen negative rates have a major impact on market makers themselves – in particular via the topical channel of banks and their profitability," Coeure, who heads the ECB's market operations, told an audience in Paris.
|
|
Liquidity has become a key investor worry as central bank money printing continues to scoop up bonds and regulations to safeguard the banking system limit lenders' ability to hold assets on their books and act as market makers.
|
|
The exchange, with locations in Chicago and New Jersey, is mainly used by market makers to buy and sell the most active exchange-traded funds and hedge their positions using futures on CME Group Inc's Chicago Mercantile Exchange.
|
|
Between 2003 and 2013, Egypt had a managed floating system which allowed the central bank to intervene heavily in the currency market through two banks — Suez Canal Bank and Arab African International Bank — who acted as market makers.
|
|
Bursa Malaysia launched dollar-denominated crude palm oil and palm olein contracts over the last decade, but Kuala Lumpur-based traders said trading volumes for both contracts are close to zero due to a lack of market makers.
|
|
But it's these market makers — and, to get a little bit more technical, they create and redeem the ETFs, and they have to be able to trade the underlying ... [in] slim instances of becoming more difficult to trade.
|
|
Depending on the levels of hedging by option market-makers, these calls could act as upside magnets if the price starts moving up through them, forcing options sellers to "delta-hedge" their exposure in the underlying futures market.
|
|
Put another way, traditional market makers have largely withdrawn from the business of equity market making, leaving the business predominantly to high frequency traders who are able to succeed amid the high-speed gamesmanship that defines today's equity markets.
|
|
On volatile days or when trading was disordered, the exchange could invoke its "Rule 48," allowing market makers to open trading on stocks manually on a case-by-case basis, even if they could not identify a stable price.
|
|
The oil market has become locked in an upward price trend as hedge funds and market makers all try to maintain neutral or long positions and few speculative players are willing to take the short side of the market.
|
|
NYSE said NYSE American will have largely the same model as IEX Group's Investors' Exchange, including a 350 micro-second delay, except it will have electronic market makers with obligations to ease the trading of NYSE American-listed stocks.
|
|
In a statement, London-based XTX, one of Europe's biggest market-makers, said it had filed an application with French regulators to operate and was opening an office in Paris to trade across asset classes including in European equities.
|
|
The exchange operator recently overhauled the technology behind the auctions, improved the speed with which it sends alerts about auction imbalances, and sought to increase the number of market makers that provide buy and sell quotes for the auction.
|
|
What they're doing: swamping the market with call options, hoping to force market makers to buy the underlying stock, and exponentially increasing the value of those options (which give them the right to buy stocks at a fixed price).
|
|
M1&aposs Barnes said the process could be on par with the revenue generated from selling order flow, the controversial practice of getting paid to send customer trades to market-makers as opposed to executing them directly on exchanges.
|
|
Cboe was enhancing the technology used for the auction, expanding distribution of messages to market participants about imbalances in the auction, and seeking to increase the number of market makers that provide buy and sell quotes for the auction, he said.
|
|
"On the morning after the 2016 referendum result the London Stock Exchange kind of broke because there were such wide spreads on stocks, market makers weren't finding prices," said Laith Khalaf, senior analyst at Britain's biggest direct investment service Hargreaves Lansdown.
|
|
The trading floor consists of a mix of floor brokers, who execute orders on behalf of their clients, and designated market makers (DMMs), who are authorized to commit their own capital to provide liquidity and maintain fair and orderly markets.
|
|
Trading in options on Wall Street's fear gauge was impossible in the first minutes of Monday's session due to an absence of prices from the market makers on whom trading depends, a representative of index operator CBOE Global Markets said.
|
|
The regulators reiterated firms must stop issuing loans linked to Libor by the third quarter of this year, and also encouraged market makers to switch the convention for sterling interest rate swaps from Libor to replacement rate Sonia by March 2.
|
|
The three join some of the largest banks (Bank of America, Morgan Stanley, and UBS), market-makers (Citadel Securities and Virtu Financial) and retail brokers (Charles Schwab, E-Trade, TD Ameritrade, and Fidelity) in the industry in backing the hopeful exchange.
|
|
But traders and senior managers at some of the main non-bank market makers said Friday's crash probably stemmed from an error in the parameters of one of the algorithms that more sophisticated players routinely use to execute larger orders.
|
|
ADX's short-selling service will be open to investors with margin trading accounts, investment funds, institutional investors, custodian clients and market makers, said Blooshi, noting that the "door will be open" to other investors if they obtain approval from the exchange.
|
|
The pilot would force exchanges to lower the fees they charge for matching buy and sell orders and the size of rebates they pay market makers, allowing the SEC to analyze if the current system distorts traders' decisions about where to send orders.
|
|
Callahan Erdoes said with the diminished role of the banks and investment dealers as investors and market makers, it would then fall to the shadow banking system, such as private equity and hedge funds, to grease the wheels of the global market.
|
|
"We believe that the disclosures made and the kind of role we played, which is really to be manufacturers, we mostly interacted with market makers and were not involved in the distribution (of the product), leaves us in a reasonable position," he said.
|
|
BUENOS AIRES, March 15 (Reuters) - Argentina's central bank wants to license market makers to help stabilize its embattled peso currency when the Treasury starts newly announced dollar sales in April, two people with direct knowledge of the plans told Reuters on Friday.
|
|
"As one of the largest market-makers and providers of liquidity in the U.S., we regularly receive inquiries from and work closely with a number of regulators and others regarding our business and market practices," said Katie Spring, a spokeswoman for Citadel.
|
|
DUBAI, Sept 29 (Reuters) - Standard Chartered said on Thursday it had started direct trading between the Chinese yuan, Saudi Arabia's riyal and the UAE's dirham, making it one of the first market-makers to trade those currency pairs in China's interbank market.
|
|
The banking and securities arms of Sinopac Financial Holdings Co ; the securities arm of Yuanta Financial Holdings Co ; KGI Securities, part of China Development Financial Holding Corp ; and Capital Futures Corp will be market makers for the two new contracts, Liu said.
|
|
Forcing exchanges to lower the fees they charge for matching buy and sell orders would also cut into the amount of rebates the exchanges could pay market makers, the brokers who provide buy and sell quotes, the exchanges said in the Oct.
|
|
While ETFs themselves are highly liquid, he noted tougher regulations after the 2008 crisis had compressed trading volumes on underlying assets, especially bonds because it is much costlier for banks to hold them on their own balance sheets and act as market makers.
|
|
"If we can stop HFT (high-frequency trading) market makers from getting picked off by predatory HFT strategies, the byproduct should be more liquidity and a better experience for folks interacting on IEX," IEX's chief strategy officer, Eric Stockland, said in an interview.
|
|
NYSE MKT's regulatory filing, however, says it will replace its floor-based Designated Market Makers (DMMs), who have obligations to maintain fair and orderly markets for specific securities, with electronic DMMs, which have similar obligations It also said it will no longer have floor brokers.
|
|
The non-bank firms took a market share of 29 percent in 2016, up from 21 percent in 2010, Aite said, cautioning that in the relatively opaque FX market its numbers were estimates and may include traditional fund managers inadvertently acting as market-makers.
|
|
The firms are able to offer the free trading by pushing their customers' orders to so-called wholesale market makers, such as Citadel Securities and Virtu Financial, which aim to make a profit on the spread between the bid and the offer on the shares.
|
|
The company is controlled by Grupo Mexico, S.A.B. de C.V.. Peru has implemented a series of reforms in a bid to stay in MSCI's emerging market group, including a capital gains tax exemption, incentives for market makers and new rules for automated trading and short selling.
|
|
In extreme cases, such as the 2008-09 financial crises, there are self-perpetuating "liquidity spirals": market-makers take losses on their stockholdings; they are forced to sell assets to preserve their cashflow; and that in turn drives prices lower, further impairing their ability to trade securities.
|
|
"It is also important to note that one of the biggest game-changers in recent years has been the rise in non-bank market-makers in the FX market, significantly altering market structure as we know it," said Dan Marcus, CEO of ParFX, an electronic trading platform.
|
|
Kuijpers confirmed that CME will allow investors trading the new futures to offset margin requirements against its U.S. wheat and corn futures, and that it had enlisted undisclosed partners to act as market makers, to encourage liquidity by proposing bids and offers for different futures positions.
|
|
Thomas Peterffy, chairman of Greenwich, Connecticut-based Interactive Brokers, said he thought the conflict in payment for order flow is not so much between broker and customers as between the market makers who buy the order flow and the prices at which they execute the orders.
|
|
Thomas Peterffy, chairman of Greenwich, Connecticut-based Interactive Brokers, said he thought the conflict in payment for order flow is not so much between broker and customers as between the market makers who buy the order flow and the prices at which they execute the orders.
|
|
Stunted new issue numbers come as market makers assess concerns over global growth and trade war tensions between the US and China, while investors tailor their decisions around the US Federal Reserve's dovish take on interest rates, which typically favors fixed-rate instruments over floating-rate loans.
|
|
"The move is seen by many brokers and electronic market makers as an indication that the SEC is focused on reining in the data fees that exchanges collect from their customers," said Doug Clark, a managing director at brokerage Investment Technology Group, in a note to clients.
|
|
"All fractional share orders (like regular orders) get executed at the best price available for the IBKR Pro service level, and are sold to market makers for IBKR Lite client orders," Steve Sanders, the executive vice president of marketing and product development, said in a statement.
|
|
It can be very hard to discern the intent behind cancellations, and using high cancellation rates as the primary means for identifying spoofers runs the very serious risk of wrongly convicting market makers and others who cancel large numbers of orders as part of non-manipulative trading strategies.
|
|
Choosing the New York Stock Exchange likely gives the company some comfort, because unlike the Nasdaq, the NYSE has designated market makers on the floor of the exchange who can manage prices if the stock becomes really volatile in its first day of trading, according to the WSJ.
|
|
"It's the communication, it's the negotiation vehicle over instant messaging, it's the transaction platform and the settlement platform that's going to enable the [authorized participants] and market makers that are facing off these issuers really make that communication, negotiation and transaction much more simple and effective," he said.
|
|
Nobody knows how much fractional-share trading it would take to make it a worthwhile venture for market makers to pursue trying to build out some type of fractional share service, and none of the brokerages have publicly reported what type of volume they've seen from fractional shares.
|
|
The bank hopes the market makers, dealers who agree to buy and sell at set prices, would bolster liquidity in the exchange market to help avoid the sharp gyrations the peso has suffered in recent weeks when it hit a record low of 42.5 pesos per dollar in thin trading.
|
|
The main advantages of bitcoin and other cryptocurrences are that they are peer-based and therefore do not rely on central market makers, which means that transaction costs, at least theoretically, should be very low and it is impossible for authorities to disrupt transactions or place freezes on bitcoin accounts.
|
|
Those operators are the New York Stock Exchange, which is owned by Intercontinental Exchange, Cboe Global Markets Inc, which owns No. 2 U.S. stock exchange Bats, and Nasdaq Inc The bourses collectively pay around $2.5 billion a year in rebates, which they have said compensate market makers for the risks of providing liquidity.
|
|
We decided to launch a TGE because we had a design for a promising token — BNT, which could connect many tokens into a network — the Bancor Network — and make them instantly interchangeable, without needing to match buyers and sellers, without relying on volume or market makers, and without fees or barriers to listing.
|
|
Now, as an incentive to provide bids for traders to hit during the limit state, Nasdaq plans to give its market makers rebates of 10 cents per 100 shares for buy orders that are placed and executed inside the price band, said Walt Smith, Nasdaq's head of U.S. equities and business analysis.
|
|
The new supply-demand balance changed market rules: trading firms used to be the market makers as they could easily understand refiners' need and sell cargo with a significant premium, but now most refiners in Europe have a wide choice of different grades, which they use as a strong point in negotiations with sellers.
|
|
I THINK THE HEALTHY THING IS HOW – IS THAT IT HAS RECOVERED, BUT LOOKING FOR THE SPIKES IN MOVES AND PRICES IN RATES IS SOMETHING THAT I THINK ALL MARKET MAKERS AND ALL MARKET PARTICIPANTS HAVE TO BE CONCERNED ABOUT GOING FORWARD, AND, CLEARLY, WE'RE AT A TIME WHEN GEOPOLITICAL RIFF IS NOT GOING TO BE RECEDING.
|
|
Doug Cifu, CEO of Virtu, one of the world's largest market makers, said, "While Kolanovic has some interesting and intuitive ideas around macrotrends, his understanding of micro market structure is limited" And those who engage in the type of trading strategies that Kolanovic singled out as a factor in the trading don't like the swipe either.
|
|
For Bobby Cho, a trader at Cumberland Mining, a subsidiary of DRW, who is one of the market makers in the Cboe contract, it's a simple matter: "The largest traders of bitcoin are retail players that don't live in the U.S." He also points out that not only are the largest bitcoin miners in the world not in the U.S., but they are also not built to trade financial instruments.
|
|
Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with the events that took place in the currency markets on January 15, 2015 and their impact on FXCM's capital structure, risks associated with FXCM's ability to recover all or a portion of any capital losses, risks relating to the ability of FXCM to satisfy the terms and conditions of or make payments pursuant to the terms of the credit agreement and the letter agreement with Leucadia, risks related to FXCM's dependence on FX market makers, market conditions, risks associated with the outcome of any potential litigation or regulatory inquiries to which FXCM may become subject as a result of the cybersecurity incident that was reported in a press release on October 1, 2015, risks associated with potential reputational damage to FXCM resulting from this cybersecurity incident, and the extent of remediation costs and other additional expenses that may be incurred by FXCM as a result of this security incident, and those other risks described under "Risk Factors" in FXCM Inc.
|
|