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<p><keyword id="156037" type="COMPANY" weightage="60" keywordseo="Knight-Capital">Knight Capital</keyword>'s Chairman/CEO <keyword id="1170830" type="PERSON" weightage="60" keywordseo="Tom-Joyce">Tom Joyce</keyword> sent an email out this morning saying that he has resigned.</p>
<p>Here's the email obtained by Business Insider:</p>
<p style="padding-left: 30px;">To the KCG Board of Directors:</p>
<p style="padding-left: 30px;">Over the course of the last eleven years, I have been fortunate to be the CEO of Knight Capital Group. Together we achieved a wide variety of the business goals we had established. With the transaction with <keyword id="149697" type="COMPANY" weightage="60" keywordseo="GETCO">GETCO</keyword> completed, and after careful consideration, I have decided that now is the right time for me to resign as Executive Chairman and leave the organization.<span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span></p>
<p style="padding-left: 30px;"> As you know, it was my recommendation to the Board that Knight remain independent. That said, I remain confident that, once the issue of independence was taken off the table, the merger with GETCO was the best alternative available to Knight shareholders and other key stakeholders – including clients and employees.</p>
<p style="padding-left: 30px;">I take great pride in the fact that “legacy Knight” is operating so well as it moves into KCG Holdings. And I am gratified that the values at the core of Knight’s DNA – client service, integrity and maintaining the highest standard of business ethics – will continue to be core values of KCG going forward. Our business success is dependent upon relationships built on trust, and it is due to the committed and hardworking employees of Knight that our company has been successful through the years.   Similarly, it has been an honor to work closely with Knight’s clients.  They have been remarkably loyal to the firm and have been rewarded with consistently outstanding market making, institutional sales and trading, and electronic execution services.</p>
<p style="padding-left: 30px;">I wish my fellow directors and KCG’s employees every success as they move forward.</p>
<p style="padding-left: 30px;">All the best,</p>
<p style="padding-left: 30px;">Tom Joyce</p>
<p>Fox Business News' senior correspondent Charlie Gasparino <a href="https://twitter.com/cgasparino">is also reporting this on Twitter</a> and that Joyce sent the email to his friends, too.</p>
<p>Knight Capital's merger with Getco was just <a href="http://www.knight.com/investorRelations/pressReleases.asp?compid=105070&amp;releaseID=1834388">completed a couple days ago</a>. Last summer, Knight Capital <a href="http://www.businessinsider.com/knight-capital-is-on-sale-2012-11">lost $400 million due to a trading glitch</a> in one of its programs.</p>

Knight Capital's CEO Tom Joyce Quits, Here's His Resignation Letter

<p>The former supervisor of Kweku Adoboli, <a href="http://www.bbc.co.uk/news/uk-20338042">the UBS rogue trader who lost the firm $2.2 billion</a> on the ETF desk in London, got a big <keyword id="3187" type="ORGANIZATION" weightage="60" keywordseo="Promotion">promotion</keyword> at his new firm.</p>
<p><a href="http://www.ft.com/intl/cms/s/0/65b462c8-7bb5-11e2-8eb3-00144feabdc0.html#axzz2LTM9ENYr">From the Financial Times: </a></p>
<p style="padding-left: 30px;">John DiBacco, who was terminated by the Swiss bank for a failure to supervise after Adoboli’s crimes came to light in September 2011, was hired by <keyword id="149697" type="COMPANY" weightage="60" keywordseo="GETCO">Getco</keyword> last March and has since been promoted to run its global equities business.</p>
<p style="padding-left: 30px;">Mr DiBacco, now set to run global equities when the merger between the firms is completed, has said he disagreed with <keyword id="6365707" type="CITY" weightage="60" keywordseo="UBS">UBS</keyword>’s assessment of his performance.</p>
<p>He will be the Global Head of Equities Trading at Getco once it completes its merger with Knight Capital, <a href="http://www.knight.com/investorRelations/pressReleases.asp?compid=105070&amp;releaseID=1787150">according to a release</a>.</p>
<p>DiBacco, who was based in New York, was fired from UBS in January 2012.  UBS alleged that he "failed to ensure appropriate systems were in place to minimize the risk of unauthorized trading on the ETF desk in London," <a href="http://brokercheck.finra.org/Support/ReportViewer.aspx?SearchGroup=Individual&amp;FirmKey=-1&amp;BrokerKey=3095313">FINRA records show.</a></p>
<p>He worked at UBS from 1999 until that point, the records show.</p>
<p>He graduated from MIT with a bachelor's degree in mechanical engineering, <a href="http://www.linkedin.com/profile/view?id=63106011&amp;authType=NAME_SEARCH&amp;authToken=8J0X&amp;locale=en_US&amp;srchid=3afa5bb9-fd7a-4a18-8778-0b14ab624acd-0&amp;srchindex=1&amp;srchtotal=4&amp;goback=%2Efps_PBCK_*1_John_Dibacco_*1_*1_*1_*1_*2_*1_Y_*1_*1_*1_false_1_R_*1_*51_*1_*51_true_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2&amp;pvs=ps&amp;trk=pp_profile_name_link">according to his LinkedIn profile.</a></p>

The UBS Rogue Trader's Old Supervisor Got A Big Promotion At GETCO

<p><table class="image-container float_right" width="200"><tr><td><div class="image"></div><p class="source">Nanex</p></td></tr></table><keyword id="149697" type="COMPANY" weightage="60" keywordseo="GETCO">Getco</keyword>, the <keyword id="6377624" type="UNKNOWN" weightage="60" keywordseo="high-frequency-trading">high frequency trading</keyword> firm that bought Knight Capital last year, reported earnings for the first time yesterday, and it was total carnage.</p>
<p>The company's profits were down 82% from this time last year because the market lacked the high volume and volatility high frequency traders feed off of,<a href="http://www.bloomberg.com/news/2013-02-13/getco-profit-plunges-82-amid-slump-in-stock-volumes.html"> according to Bloomberg:</a></p>
<p style="padding-left: 30px;">Net income fell 82 percent to $24.6 million in the nine months ended Sept. 30, compared with $134.8 million a year ago, according to a filing today. Revenue decreased 41 percent to $425.3 million. Getco agreed to buy Knight in a $1.4 billion deal after the market maker lost more than $450 million when computers generated a flood of erroneous orders in August.</p>
<p>Just, ugly.</p>
<p><a href="http://www.bloomberg.com/news/2013-02-13/getco-profit-plunges-82-amid-slump-in-stock-volumes.html">For more, head to Bloomberg&gt;</a></p>

High Frequency Trading Firm Getco Reported Earnings For The First Time, And It Was A Massacre

State-owned <keyword id="77463" type="General" weightage="20" keywordseo="power-finance-corporation" source="Orion">Power Finance Corporation</keyword> has inked an initial pact with the <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> government to provide comprehensive financial backing for the state's <keyword id="6380509" type="General" weightage="20" keywordseo="generation" source="Orion">generation</keyword>, <keyword id="67884" type="General" weightage="20" keywordseo="transmission" source="Orion">transmission</keyword>, and distribution projects. Power Finance Corporation (PFC) signed an <keyword id="6368586" type="General" weightage="20" keywordseo="mou" source="Orion">MoU</keyword> with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. <br /><br /> The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. <br /><br /> The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. <br /><br /> The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL). <br /><br /> The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects. <br /><br /> Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs 25,000 crore, dedicated to powering up various projects across Gujarat, it stated. <br /><br /> This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector. <br /><br /> Apart from facilitating the expansion of power infrastructure, the MoU shall also help create employment generation of up to 10,000 in Gujarat.

Power Finance Corp commits Rs 25,000 cr for power sector projects in Gujarat

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Lucy Nicholson/Reuters</span></p><p class="caption">Dmitry Balyasny speaks at the 2018 Milken Conference in Beverly Hills, California.</p></div><p></p></div></div></p><ul class="summary-list"><li>Dmitry Balyasny is in the process of changing his systematic investing team, sources tell Business Insider, with the first big move being the removal of its head: Ulrich Brandt-Pollmann.</li><li>Brandt-Pollmann had been with the $6 billion hedge fund for a little over two years, and moved to the US this year after working in Balyasny's London office.</li><li>The fund, which had to cut roughly a fifth of its staff at the end of last year due to poor performance, has had a solid 2019, returning 10.22% through the end of July and hiring 14 new portfolio managers, sources say. </li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul><p>Despite a bounce-back performance in 2019, Balyasny Asset Management is revamping its quant team, and has dismissed its head of systematic strategies Ulrich Brandt-Pollmann. </p><p>The $6 billion hedge fund made the move this week, sources tell Business Insider, and there is the potential for more movement on the team. </p><p>The firm had hired Brandt-Pollmann from Credit Suisse in mid-2017, and moved him from its London office to the US this year. Previously, Brandt-Pollmann, who went to school in Germany, worked as a quant trader for Morgan Stanley, former high-frequency trading shop GETCO, and UBS. </p><p>The firm declined to comment. Brandt-Pollmann did not respond to requests for comment. </p><p><em><strong>See more: <a href="https://www.businessinsider.com/the-best-and-worst-performing-hedge-funds-this-year-2019-7">Humans are beating machines, and Pershing Square and Greenlight are crushing it. Here's how hedge funds performed in the first half.</a></strong></em></p><p>The move comes as a surprise as Balyasny seemed to have found its footing after a difficult 2018 that ended with the firm laying off a fifth of its staff. Balyasny's fund is up 10.22% through the end of July, besting the average hedge fund which is up roughly 8%, according to Hedge Fund Research. </p><p>The firm has also hired 14 new portfolio managers this year, sources close to the firm say, and as well as dozens of new analysts. The quant team earlier this year lost Paul Chambers, who co-led the equity strategy within the systematic team with Brandt-Pollmann. </p><p>Chambers returned to his previous firm, Man Group, <a href="https://www.businessinsider.com/balyasny-loses-one-of-its-top-quants-as-the-manager-gets-its-footing-after-a-disappointing-2018-2019-4">as previously reported</a>. </p><p><em><strong>See more: <a href="https://www.businessinsider.com/citadel-and-balyasny-using-machine-learning-to-rank-sell-side-2019-4">A new machine-learning tool used by hedge funds to rank their brokers hopes to put an end to the 'old boys network'</a></strong></em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-hq2-canceled-plans-new-york-city-headquarters-2019-2">Amazon is reportedly seeking a new space in New York City. Here's why the giant canceled its HQ2 plans 5 months ago.</a></h3>        <div>                    </div>    </div>

Balyasny just booted its quant head and it signals a strategy revamp at the $6 billion hedge fund

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>LinkedIn</span></p><p class="caption">Mike Blum, former chief technology officer at KCG, the high-frequency trading firm.</p></div><p></p></div></div>Goldman Sachs is bringing on a technology veteran to help drive its electronic trading business. </p><p>Mike Blum, the former chief technology officer at KCG Holdings, the high-frequency trading firm recently acquired by Virtu Financial, is joining Goldman as CTO for its electronic trading unit, according to a internal memo seen by Business Insider. Bloomberg News first reported the hire. </p><p>He will join as a partner, making him a rare example of a partner-level hire at the firm. </p><p>As part of his role, he will be responsible for setting standards for <span>Securities Systematic </span><span>Solutions, a newly created initiative that seeks to bring together all electronic trading efforts.</span></p><p><span>Blum will report to Konstantin Shakhnovich, Umesh Subramanian and Raj Mahajan, according to the memo. </span></p><p>Goldman Sachs has made technology a key part of its trading strategy. Paul Russo, the global co-COO of the equities franchise in the securities division at the bank, said it was one of two key components of the bank's strategy in equities in a recent episode of "Exchanges at Goldman Sachs."</p><p>"We have spent the last three to four years heavily, heavily investing in technology, literally redoing most things," Russo said. </p><p>Blum's role will touch the bank's trading operations across asset classes. </p><p> </p><p><span>As chief technology officer at KCG, Blum "oversaw the design and build-out of a new trading and research platform," according to Bloomberg. </span></p><p><span>He also held top tech jobs at Teza Technologies and Getco, a now defunct HFT. </span></p><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ubs-behavioral-finance-specialist-how-emotions-get-best-of-investors-2017-9">We talked to a UBS behavioral finance specialist about how emotions get the best of even the most experienced investors</a></h3>        <div>                    </div>    </div>

Goldman Sachs has made a big hire in electronic trading

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>LinkedIn</span></p></div><p></p></div></div></strong></p><ul><li><strong>William Wiley, a former chief operating officer at trading firm KCG Holdings has joined Instinet as an executive director and head of strategy. </strong></li><li><strong>Wiley follows a number of former KCG staff in making the move to Instinet, which is owned by Japanese investment bank Nomura.</strong></li><li><strong>KCG was acquired by Virtu Financial in 2017, and Virtu immediately set about cutting staff in half. Many of those to <a href="http://www.businessinsider.com/virtu-cut-staff-by-half-and-is-restructuring-after-kcg-acquisition-2017-11">leave as part of the cuts were former KCG staff</a>.</strong></li></ul><p>Instinet, the brokerage firm owned by Japanese investment bank Nomura, has hired William Wiley as an executive director and head of strategy.</p><p>Wiley was previously COO at KCG Holdings, the trading firm acquired by Virtu Financial in 2017. Wiley updated his LinkedIn profile on Thursday to reflect the move. A spokeswoman from Instinet confirmed the hire.</p><p>It's the third hire of a former KCG staffer by Instinet in the last six months, as the company looks to replace a number of key executives who left earlier this year. </p><p>In addition to Wiley, the firm hired Brian Bulthuis, who joined the firm in December as an executive director. Previously, Bulthuis was head of client execution services quantitative research at Virtu. He held the same position at KCG before the acquisition. He joined Knight Capital, which merged with Getco in 2013 to form KCG, in 2010. </p><p>Instinet also hired Denise Fiacco from Virtu Financial, where she was a quant researcher, <a href="https://www.prnewswire.com/news-releases/denise-fiacco-joins-instinet-quantitative-trading-strategy-group-300631956.html">the company announced on April 18</a>. She worked at KCG before its merger with Virtu.</p><p>Both Fiacco and Bulthuis were brought on as part of a broader effort to beef up the firm's quantitative research unit, a person familiar with the matter told Business Insider. </p><p>KCG was acquired by Virtu Financial in 2017, and Virtu immediately set about cutting staff in half. Business Insider previously reported that the firm brought its<a href="http://www.businessinsider.com/virtu-cut-staff-by-half-and-is-restructuring-after-kcg-acquisition-2017-11"> headcount down from a combined 1,250 between the two firms to 648</a>. Many of those cuts were among senior management from KCG.</p><p>Instinet experienced a shakeup after a number of senior staff left the firm earlier this year for Credit Suisse. Those hires included Gerry Milligan and John Comerford.</p><p>Milligan, who joined Credit Suisse at the beginning of the year as head of electronic trading, was head of global program trading and product sales at Instinet. Comerford joined Credit Suisse as its head of strategy in quant trading in February. Previously, he was a managing director at Instinet. </p><p>Both Milligan and Comerford report to Anthony Abenante, formerly CEO of Instinet, who joined Credit Suisse in 2017, <a href="http://www.businessinsider.com/anthony-abenante-to-join-credit-suisse-2017-7">Business Insider first reported</a>. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/facebook-stock-price-data-protection-privacy-regulation-2018-4">Facebook's recent struggles have investors in a panic - and looming regulation could forever change how it does business</a></h3>        <div>                    </div>    </div>

A bunch of former KCG staffers have found a new home at Wall Street broker Instinet

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Brendan McDermid</span></p><p class="caption">A Specialist trader for Virtu Financial works at a booth on the floor of the New York Stock Exchange April 16, 2015.</p></div><p></p></div></div></p><ul><li><strong>Virtu Financial, which completed its acquisition of KCG Holdings in July, announced its first joint results Tuesday and the stock popped as much as 18%.</strong></li><li><strong>During an earnings call, Virtu CEO Doug Cifu said the firm brought its headcount down from a combined 1,250 between the two firms to 648. He also suggested that KCG had been poorly run. <br /></strong></li><li><strong>Cifu said the merger is going better than expected. </strong></li></ul><p><br />The writing was on the wall from the beginning. </p><p>When Virtu Financial - which had grown to become one of the largest high-speed trading firms in less than a decade - acquired rival KCG in July, there was an understanding that costs and staff were going to be cut fast. Virtu had spent $1.4 billion on its purchase and was already known for a lean business model. Virtu had just 150 staff, compared with 1,100 at KCG. That's to say nothing of KCG's old-fashioned flash with cash reputation.</p><p>So there were some easy targets for Virtu chief executive Doug Cifu. <span>Still, the speed and success of Virtu's integration of KCG caught Wall Street off guard this week. After the company reported results for the first time since the purchase closed, the stock soared more than 18%. </span></p><p><span>The firm posted a net loss of $40 million, due to costs associated with the deal, with r</span><span>evenues of $271.3 million (up 64.6% year-on-year) offset by operating expenses of $317.8 million. But the firm guided to fourth quarter operating expenses of $152 million, with full year 2018 guidance at $503 million. </span><span>The firm also said it generated $3.1 million in adjusted net trading income per day for August, September and October, and that that figure could grow to as much as $3.6 million per day in time. </span></p><p><span>And i</span>n an earnings call to discuss the results, Cifu said KCG's technology was a mess, it lacked discipline around capital allocation, had multiple unprofitable units, and missed opportunities to expand in areas of strength.</p><h2><strong>"Harmonize the strengths of both legacy firms"</strong></h2><p>The ultimate vision of the acquisition, to "harmonize the strengths of both legacy firms," has not changed since the deal closed in July, Cifu said. The backdrop looks the same as well. High-frequency traders continue to struggle amid an environment of low volatility in which the big price swings that traders profit from are harder to come by. </p><p>Cifu, however, says the newly combined company is even more optimistic about the merger than it was when the deal was first announced in April. <br /><br />Since the deal closed, Virtu has done the following:</p><ul><li><strong>Cut staff:</strong><span> </span>Virtu had cut staff almost in half from 1250 total employees (1,100 from KCG and 150 from Virtu) to just 648. </li><li><span><strong>Sold assets:</strong> Virtu has sold off KCG's $400 million bond business to ICE, the owner of the New York Stock Exchange, with the proceeds being used to pay down debt. </span></li><li><strong>Integrated tech:</strong><span> </span>"We are moving to a single pan-asset, class, and geography integrated technology platform," Cifu said. "From an operational and trading perspective, the legacy Getco and Knight systems were essentially unaware of each other." KCG was formed when two trading firms, Knight and Getco, merged in 2013. According to Cifu the merger translated into redundancies four years later.</li><li><strong>Made changes in Europe:</strong><span> </span>The company has also begun shutting down<span> </span><a href="http://www.neonet.com/">Neonet</a>, a European business KCG acquired in 2015. KCG's European trading operations lost $2.5 million per month in 2016, according to Cifu.</li><li><span><strong>Made changes in Asia:</strong> "KCG's Singapore and Mumbai offices had 29 employees and generated little to no revenue," Cifu said, adding that Virtu had addressed this issue. </span></li><li><strong>Shut a unit:</strong><span> </span>GQS, a quantitative proprietary trading unit at KCG that posted a loss in the first quarter and a small gain in the second, has been shut down. </li><li><strong>Taken KCG quant strategies global: </strong>"We knew this from due diligence that they candidly had not done a great job taking these quantitative strategies in equities and in futures and in other asset classes around the globe," Cifu said. Virtu rolled these out to Canada, and is now rolling out those strategies to 34 more countries. </li><li><strong>Capital is now deployed with more discipline</strong>. "There were just a number of instances around the firm [KCG] where capital was being deployed very, very inefficiently," Cifu said. </li></ul><p>Cifu said he expects Virtu will achieve $262 million in gross synergies in 2018, adding that headcount reductions the firm has undertaken will have little impact on revenues. </p><p>"As we have previously noted many of the departed employees worked in redundant cost centers or offices that generated little to no revenue, or even lost money trading," Cifu said. </p><h2><strong>It's working on dozens of new projects</strong><em><br /></em></h2><p>It's not just a question of cutting costs. Cifu also mentioned a "dozens" of new projects underway at the firm that have emerged from collaborations between Virtu and KCG. The company has "generated approximately $14 million of incremental annualized adjusted net-trading income from these growth initiatives alone," according to Cifu.</p><p>He added that "the size and scoop of these initiatives is many multiples of what has been achieved to date."</p><p>All this has been achieved in a period of historically low volatility, Cifu said, adding that he's "really excited about when - not if but when - volatility comes back." He said: </p><p style="padding-left: 30px;">"When you have a firm that has its fixed cost base under control, and I think we put our money where our mouth is today, and you have a firm that can demonstrably generate net trading revenue in a muted<br />volatility environment, you have a great model. And the model is, in a famine, we can generate significant returns and then the model scales exceptionally well. That's always been the model of legacy Virtu, and it's the model of the combined firm going forward."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/preschool-accepts-bitcoin-for-tuition-2017-11">Why this New York City preschool accepts bitcoin but doesn't accept credit cards</a></h3>        <div>                    </div>    </div>

Wall Street trading giant Virtu cut staff by half and laid in to a $1.4 billion acquisition - now it can't wait for market chaos

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>IEX</span></p><p class="caption">The IEX team.</p></div><p></p></div></div><span>IEX, the upstart trading venue made famous by Michael Lewis' book "Flash Boys," has made some changes. </span></p><p>The firm has appointed Ronan Ryan, who was previously chief strategy officer, as president - a new role at the firm. </p><p>He will be replaced as chief strategy officer by Eric Stockland, who joins from KCG Holdings. In his previous role, he advised investors on algorithmic trading strategies. </p><p>He also previously worked at GETCO, a well-known high-frequency trading firm. IEX was made famous in part because of its effort to protect investors from high-frequency trading. </p><p>"Eric's background as an expert practitioner in electronic market-making and agency trading makes him an ideal fit for a trading venue that's striving to deliver greater efficiencies while retaining the speed and resiliency of an all-electronic marketplace," Ronan said in a statement. </p><p><span><span>IEX </span><span><a href="http://www.businessinsider.com/iex-files-with-sec-to-become-an-exchange-2015-9">filed with the SEC to become a stock exchange</a> in September. A</span></span><span><span> <a href="https://www.sec.gov/comments/10-222/10-222.shtml">long list of parties have sent in feedback to the SEC</a> on the application, though KCG, Stockland's former employer, is not one of them. </span></span></p><p><span><span>The debate on the merits of the IEX application <span>has at </span><a href="http://www.businessinsider.com/nyse-versus-iex-on-exchange-status-2016-2">times gotten ugly </a>with<span> </span></span></span><span><span>IEX and the New York Stock Exchange in particular trading barbs. More recently, </span></span><span>Nasdaq's law firm, Gibson Dunn, <a href="http://www.businessinsider.com/nasdaq-law-suit-threat-iex-sec-2016-5">said that the SEC could be sued if it approves</a> IEX's application to become an exchange.</span></p><p><span><span>For its part, the SEC has delayed its decision on the application until June 18.</span></span> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tim-sykes-instagram-star-million-cash-bank-withdrawal-2016-5">Why this Instagram star withdrew $1.2 million in cash - then deposited it the next day</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xteTBsMzE66LW5zu1o_toAUh5j4YKAgp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

There's been a shakeup at the trading venue made famous by 'Flash Boys'

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Andrew Redington/Getty Images</span></p></div><p></p></div></div></p><p>Very few people would disagree that the US Treasury market is broken.</p><p>Direct Match was borne out of my ideas of how to make it work better for everyone.</p><p>The Treasury market is different from other financial markets in that it combines a high level of opacity with a light regulatory environment. It also has been undergoing a profound evolution since the financial crisis. Reforms passed in response to the crisis have reduced dealer balance sheets committed to market making. Meanwhile, high-frequency trading firms have leveraged technology to dominate the interdealer platforms from which dealers source liquidity.</p><p>Institutional investors, whose liquidity demands continue to grow, have little access to the interdealer market and have few options but to execute via phone with large primary dealers. These and other factors have accelerated the evolution and fragmentation of the market.</p><p>I saw these trends accelerate as a software developer and algo trader at GETCO (now KCG) and Jefferies and was mindful of the dangers it presented to the market as a whole. My customers, especially the largest hedge funds and asset managers, had a more difficult time accessing liquidity.</p><p>The current system did not feel very sustainable, and so despite a new mortgage, I left my comfortable trading job in the Fall of 2014 to build a solution that would attack the structural issues of the market. That solution became Direct Match, which I founded with the mission of creating the first all-to- all trading venue for US Treasuries.</p><p> </p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Greco previously worked at GETCO</p></div><p></p></div></div></p><p>The first few months with no paid staff were not the most glamorous of my career, but positive feedback from customers encouraged me to keep going and convinced me that I was on the right track. In just under two years my team pitched over 200 customers and received commitments from 60. That level of enthusiasm allowed us to raise close to $9 million, which in turn allowed us to build a FINRA-registered broker-dealer and recruit a passionate team of 16 associates.</p><p>Most of my team have long sell-side careers, and they were just as excited as I was about shaking up the boring</p><p>world of Government bonds.</p><p>Everything was going smoothly (in retrospect, too smoothly) until a few weeks before we were set to officially launch in March 2016. My team pulled off heroic last minute efforts to finish paperwork and to integrate software with more than twenty customers. Then, the week we were to do the first live trades, our strategic clearing partner pulled out. Their CEO cited "conflicts of interest."</p><p>This was a decisive blow. Without a clearing solution, we could not launch.</p><p>My team scrambled to replace the strategic partnership that they had spent the prior six months building. We were confident we could find a new partner because the front-office solution was so compelling to our customers. However, this proved much more difficult than we thought.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.flickr.com/photos/acameronhuff/3379315939/">Addy Cameron-Huff</a></span></p></div><p></p></div></div>At first, the reason for our difficulties was not clear given how common new entrants are in other asset classes. Slowly it became clear that there are deep problems in US Treasury clearing as well. In US Equities, for example, the clearing solution (the NSCC) is a utility to which any broker-dealer has access. Uniquely in Treasuries, the dealers are serviced by a utility (the FICC) that they own, and everyone else is at the mercy of an ever shrinking oligopoly of clearing firms who are themselves dealers, or are dependent on them.</p><p>Thus far, we have not been able to put together a clearing solution that would satisfy the all-to- all mission that I originally set out to achieve.</p><p>My greatest error was that I was so committed to altering the competitive landscape in the front-office that I did not adequately structure the firm to simultaneously attack the uncompetitive landscape in the back-office.</p><p>With the current firm and capital structure, we will not be able to execute on our vision anytime soon.</p><p>As a prudent measure, the team has started to explore other strategic options that would either fortify the firm's capital or align it more closely with strategic partners that would enable us to realize our vision.</p><p>Despite the setbacks we have suffered and the uncertain future of the firm, I am more convinced than ever that the secondary market will look more like Direct Match in the future. Dodd-Frank, the Volcker Rule, and Basel III are here to stay.</p><p>Dealer liquidity will continue to deteriorate while buy-side demand increases unabated. Matt Levine will continue to write a daily section on why "People are worried about bond market liquidity." However, until market participants pay more attention to the plumbing of the Treasury market, little may actually change.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Wikimedia Commons</span></p></div><p></p></div></div>We recently suggested in our response to the US Treasury's request-for-information about the "Evolution of the US Treasury Market" that regulators should take the initiative by establishing a uniform clearing regime across the market structure. </p><p>A clearing regime with fair access rules and a reasonable pricing schedule would enable greater competition for order flow and a proliferation of venues that compete on features and price. Savings from greater competition in the secondary market ultimately would be passed back to taxpayers through a lower cost of financing the national debt.</p><p>I think that these issues will work themselves out in the next few years, whether through marketplace solutions, changes to the regulatory regime, or a combination of both.</p><p>Direct Match may have just been ahead of its time.</p><p> </p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/dentist-whitening-toothpaste-best-way-whiten-teeth-2016-8">A dentist reveals the most effective way to whiten your teeth</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="F3Z2s1NTE6WzgHfezARPMLaFtOM437VV" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Wall Street startup Direct Match: 'We will not be able to execute on our vision anytime soon'

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Brendan McDermid/Reuters</span></p><p class="caption">Specialists and traders from Getco Securities prepare for the start of trading of Manchester United Ltd following it's initial public offering on the floor of the New York Stock Exchange, August 10, 2012.</p></div><p></p></div></div></p><ul><li><strong>At the UBS CIO Global Forum in New York on Thursday, five investors were asked to share their top-conviction ideas for the next 6-12 months. </strong></li><li><strong>Investing in infrastructure, short-term bonds, and financial stocks were among the top ideas. </strong></li><li><strong>The investors were from firms including BlackRock and DWS, the asset-management arm of Deutsche Bank.</strong></li></ul><p>During the UBS CIO Global Forum in New York on Thursday, investors in attendance were polled on when they thought the bull market would end. </p><p>Most of them -60% - believed it would be over within the next 2-3 years, or by 2021.  </p><p>And so, chances are they were listening attentively when the markets and investing panelists were asked about their best-conviction ideas over the next 6-12 months.</p><p>Here's what they said: </p><p><strong>Michael Fredericks, head of income investing for the BlackRock multi-asset strategies team: Short-term bonds.</strong></p><p>Fredericks described himself as a "bond apologist" as he was the only one out of the five panelists to make a recommendation on the bond market. </p><p>He agreed that buying long-term <em>government</em> bonds may not be the best idea now, given the prospect that inflation could rise and eat into the returns on that investment.</p><p>His preference is for short-term bonds such as collateralized-loan obligations (CLO), the securities that earned a bad rap after the financial crisis for bundling risky mortgages into products investors could buy. Fredericks, however, recommended the highest-quality AA and AAA-rated CLOs. </p><p>Additionally, he saw non-agency mortgages, floating-rate bank loans, and preferred stock as attractive because they would earn more coupon as short-term rates increase. </p><p>"If I told that we had two-and-a-half, three-year maturity profiles with yields of over 5%, with 20% of the volatility of stocks, I think that looks outrageously attractive right now for more conservative investors," he said.</p><p><strong>Jeremy Zirin, head of investment strategy, UBS Wealth Management Americas: US financials</strong></p><p>Besides short-term bonds, rising interest rates would also benefit US financials, Zirin said. </p><p>"I think that in the financial sector, you have reasonable valuations," Zirin said.</p><p>He contrasted the sector with technology, which he said traded at about a 15% premium to the broader S&amp;P 500 - a 10-year high. "Tech has outperformed everything and tech has reasonably good fundamentals still," he said. "The problem is the price you pay for that."</p><p>He saw tech as a sector that's underperformed and underdelivered. The "steady drumbeat" of deregulation should also boost the sector, Zirin said. </p><p><strong>David Bianco, chief investment strategist and head of US active equity management, DWS Americas: Big US banks and emerging-market growth stocks</strong></p><p>Bianco narrowed his recommendation in financials to big banks, which he said hold "the best value in the world."</p><p>One issue that could plague small, regional banks is the flattening of the yield curve, which occurs when the gap between the short-term interest rates at which they borrow and the long-term rates they use to lend shrinks.  </p><p>"We do think the [yield] curve continues to flatten as the Fed hikes, so big banks, not small regional banks," Bianco said. He added, "I think we're all going to be surprised by how low long-term yields stay."</p><p>He cited growth stocks as his top recommendation, and urged US investors to look elsewhere for opportunities in emerging markets. </p><p><strong>Joseph Harvey, president and chief investment officer, Cohen &amp; Steers: commodities and infrastructure</strong></p><p>Cohen &amp; Steers specializes in investing in real assets including real estate, infrastructure, natural-resource equities, and commodities. </p><p>And so, it's no surprise that Harvey's recommendation was in commodities and infrastructure. Beyond the Trump's administration's plans to increase infrastructure spending, Harvey forecast that investments across the world would grow as well. "I think the alternative is to stop thinking about the world across geographic lines and start thinking across the world," Harvey said. </p><p>He noted that the portfolios of major investors such as endowments typically have most of their allocation in fixed income and equities, with 20%-30% in real assets. That's because they aim to get the return of stocks, yet provide diversification and some inflation protection. </p><p>"When we look at investors outside sophisticated ones like endowments, allocations to real assets are generally pretty low," he said. </p><p><strong>Colin Moore, global chief investment officer, Columbia Threadneedle: Mid-stream pipeline companies</strong></p><p>This subset of infrastructure is attractive after a down cycle triggered by the 2015-2016 crash in oil prices, according to Moore. </p><p>"Think return potential [in the] mid-teens, 6-7% dividend yields, 4% growth, and multiple expansion as these companies continue to finance the shale revolution and the energy independence for the United States," Moore said.  </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/world-running-out-sand-resources-concrete-2018-6">The world is running out of sand - and there's a black market for it now</a></h3>        <div>                    </div>    </div>

Here's what 5 top Wall Streeters told a conference for big investors about the best parts of the market to own over the next year

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><p>"Information wants to be free," the technology activist Stewart Brand once said. "Information also wants to be expensive."</p><p>That is proving true on Wall Street, where stock exchanges - in particular the New York Stock Exchange and Nasdaq - both publicly traded and for-profit, stand accused by rivals and some users of unfairly increasing the price of market data.</p><p>The debate centers on whether that data is essential - some customers and rivals say it is, the exchanges say otherwise -and whether there is any competition in the market for that data.</p><p>The big market-makers argue they are in a bind. They say they have to sign up to use the NYSE's and Nasdaq's proprietary depth-of-book feeds and pay for other add-ons, such as having their servers located in exchange data centers. And costs have increased 20% a year for the last five years, according to some estimates.</p><p>"Exchanges don't create any unique content - market data is generated by their members and other market participants including real investors - so it's very hard to believe that exchanges can perpetually charge their members more every year to look at the members' own data," Brad Katsuyama, CEO of IEX Group, told Business Insider.</p><p>The exchanges, in contrast, argue that these feeds are optional, that there is competition, and that trading firms can terminate feeds or colocation arrangements if they get too pricey. Earlier this year, a chief administrative law judge at t<span>he Securities and Exchange Commission (SEC)&#xa0;</span>sided with the exchanges in a long-running legal case focused on the issue.</p><p>"The SEC judge ruled based on an extensive evidentiary record that the cost of market data is subject to competitive forces," Jeff Kimsey, head of global data products in global information services at Nasdaq, told Business Insider. "Her ruling confirms that competition is real and increases transparency and facilitates access to the best prices."</p><p></p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div><h2>Boiling point</h2><p>All of this might sound like a Wall Street issue that lives and dies on trading floors. But a couple of recent developments provide reason to believe that the back-and-forth is about to boil over and go mainstream.</p><p>The major exchanges are levying a "tax" on the financial community to boost profits, according to IEX, which was approved to be <a href="http://www.businessinsider.com/iex-gets-sec-approval-2016-6">America's newest stock exchange</a> earlier this year. They've used "monopolistic power" to introduce "abusive practices," according to a former SEC commissioner. And they've increased the cost of data to achieve higher valuations, according to the CEO of a big market-making firm.</p><p>One industry consultant called it "the market data deathmatch" earlier this year in a lengthy report.</p><p>"If these costs are not reined in, it will almost certainly harm our markets as increased fees will push market-makers to widen quotes and create an increasingly difficult hurdle for brokers, leaving investors with a less liquid and effective market," said the report, from Larry Tabb, founder of the Tabb Group.</p><p>It has even started coming up on earnings calls. On Tuesday October 1, Richard Repetto, an analyst at&#xa0;<span>Sandler O'Neill,</span>&#xa0;asked Jeff Sprecher, chairman and CEO&#xa0;of&#xa0;Intercontinental Exchange, the group&#xa0;that owns the New York Stock Exchange, whether he was noticing "a little drum beat of pushback" on the increased pricing of market data.</p><p><span>"It's always interesting to us that a lot of the people that try to benefit from fragmentation of markets then complain about the fact that it costs them more to do business in that fragmentation that they helped create," Sprecher said.</span></p><h2>The upstarts</h2><p>IEX and Bats Global Markets, the exchange group that's <a href="http://www.businessinsider.com/cboe-to-buy-bats-global-markets-for-32-billion-2016-9">set to be acquired</a> by the Chicago Board Options Exchange, have emerged as vocal critics of the establishment exchanges.</p><p>IEX asked the SEC to investigate the NYSE for its <a href="http://www.businessinsider.com/iex-is-now-going-after-one-of-the-touchiest-subjects-on-wall-street-2016-9">market data and access fees</a>, saying the charges for colocation and market data represent a "tax" and that "exchanges have an outsized influence on constantly rising trading costs." And Bats urged the regulator to reject a Nasdaq proposal for a <a href="http://cdn.batstrading.com/resources/comment_letters/Comment-Letter-Regarding-Nasdaq-s-Proposed-Third-Party-Connectivity-Service.pdf">new network to carry data feeds</a>.</p><p>To be clear, Bats also charges for data, and has said it would <a href="https://www.ft.com/content/fed4f008-b7bc-11e5-b151-8e15c9a029fb">look to boost these kinds of revenues</a>. IEX will "never need to rely on charging for market data and connectivity," Katsuyama said.</p><p>Big trading firms are starting to go public with their dissatisfaction with rising costs, asking the regulator to step in.</p><p>"If you think about the improvements in technology and cost of information and how that has come down, this is the one industry that has gone the other way," Doug Cifu, chief executive of the high-speed trading firm Virtu, told Business Insider.</p><p></p><div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image"></div><p></p></div></div><p>"My take is that there have been some abusive practices - the fluctuation, the arbitrariness with which fees have been jacked up, and the monopolistic power that goes behind it - there is a problem," Dan Gallagher, an SEC commissioner until 2015 who is now president of the consultant Patomak Global Partners, told Business Insider.</p><h2>A bit of history</h2><p>In 1975, amendments to the Exchange Act introduced what are&#xa0;called Securities Information Processors, or SIPs, which were designed to be central, consolidated live streams of every exchange's best quotes.</p><p>In the late '90s and early '00s, regulators introduced new rules that sought to <a href="http://www.businessinsider.com/firm58-graphic-on-stock-market-fragmentation-2016-3">increase competition among exchanges</a> and reduce trading costs. Price quotes went from being in fractions - the smallest increment was once one-sixteenth of a dollar, or a teenie - to decimals in 2001.</p><p>The switch aided automated and high-frequency trading, which took off in a big way. More electronic exchanges were set up. The market fragmented. Around the same time, the major stock exchanges such as the NYSE and Nasdaq, which had been not-for-profit and member-owned, went public, creating a profit imperative.&#xa0;</p><p>Exchanges are banned from providing data directly to customers before providing the same data to the plan processors for the consolidated live stream. However, the trading center data feeds <a href="https://www.sec.gov/rules/concept/2010/34-61358.pdf">still gets the information to clients quicker</a>, as the data doesn't have to go through an extra step of consolidation.</p><p>Selling this proprietary data that competed with the SIP created a two-tier market for data. Brett Redfearn, a JPMorgan trading executive, <a href="https://www.sec.gov/comments/265-29/26529-43.pdf">told the SEC in 2015</a>:</p><p style="padding-left: 30px;">"Unlike SIPs, 100% of the revenues from competing, proprietary market data products go to the exchanges selling that data. These proprietary data products are far superior to the product produced by the SIPs, such that broker-dealers - including my firm - must purchase these proprietary data feeds from exchanges to provide competitive trading products for our clients.</p><p style="padding-left: 30px;">"The latency issues associated with the SIP are today so well known that, for broker-dealers providing electronic trading products, 'using the SIP' is considered uncompetitive. In client meetings, it is imperative that we reiterate that we use direct feeds."</p><p>The need to be signed up for better-quality proprietary direct feeds from the exchanges put the likes of the NYSE and Nasdaq in a position where, critics argue, they're able to increase the costs of the proprietary data.</p><p></p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Tabb Group" title_caption="Data and technology revenues have increased 62% in recent years, while transactional revenues are up 5%." class="zoomin" href="https://static-ssl.businessinsider.com/image/5817c428b28a648f198b558d-960/screen%20shot%202016-10-31%20at%206.21.47%20pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></div><p></p></div></div><p>Cifu said that US equities, as a percentage of Virtu's total spend, is the most expensive asset class his firm trades in.</p><p>"It is totally out of control," he said.</p><p>It isn't just high-speed traders who are feeling the pinch. Mike Savino is the vice president for operations at M1 Finance, a Chicago-based startup roboadviser. He told Business Insider that it costs his firm $10,000 a month just to license the data - more than any other cost but personnel.</p><p>"We execute tens of thousands trades a month, but that cost of accessing data is more than execution and clearing," he said.</p><p>"I would be pro democratizing the data, pushing it out to users at a lower cost," he added. "If the louder voices can make the change for everyone, with the new exchanges out there, it could become a more competitive marketplace."</p><h2>So what now?</h2><p>To be sure, all those complaining about the cost of market data are representing their own interests. IEX and Bats compete with NYSE and Nasdaq, and have sought to establish themselves as alternatives to the establishment exchanges.</p><p>And the big trading firms are looking to boost their own profits. Finding a way to cut the cost of market data is one way to do that.</p><p>While data product revenues have gone up, they're still far from the entire exchange profit pool. Nasdaq's estimated $413 million in data products revenue compares with more than $2 billion in total revenue, for example.</p><p>In addition, the cost of trading is still down dramatically from what it was 20 years ago. And the exchanges argue that the cost of data is going down. It is just that some people are buying more of it.&#xa0;</p><p>"One point that that group that is spending more and more on data doesn't recognize is that the actual cost of data is plummeting," Sprecher said on the earnings call earlier this week. "There is just the fact that people are buying more lower cost, declining cost information. And so the spend for many of these people is voluntary."</p><p>Still, the stage has been set for for a royal rumble on Wall Street, with the exchanges on one side and some of the big trading firms on the other.</p><p>"There are enough people in the industry, it is like the moment in 'Network' where they say 'We're mad as hell,'" Cifu said. "But I don't know what we're going to do about it."</p><p><div></div></p><p>One possibility is that the SIP gets an upgrade, either through investment or a governance change, making it more competitive with the proprietary data feeds. This is something Adam Nunes, head of business development at Hudson River Trading, <a href="http://modernmarketsinitiative.org/12/2015/mmi-member-guest-editorial-speed-up-the-sip/">has argued for</a>.</p><p>Steps in this direction are underway. In late October, the <a href="http://globenewswire.com/news-release/2016/10/24/882097/0/en/Securities-Information-Processor-SIP-Migrates-to-the-Nasdaq-Financial-Framework-and-INET-Technology.html">SIP migrated to a new system</a> that reduced the latency (think increased speed) by 95%, with the median latency decreasing from 500 microseconds to less than 20.</p><p>Another route toward change is through the courts.</p><p>In 2006, the NYSE acquired Arca and starting charging for depth-of-book data that had previously been free, a move that was approved by the SEC. NetCoalition - a trade association including Yahoo, Google, and Bloomberg - and the finance trade body Simfa joined forces in 2008 and filed suit seeking to set aside the SEC order approving the increase in fees. That legal battle has worked its way through the courts, with the latest petition <a href="http://www.sifma.org/issues/legal,-compliance-and-administration/market-data/overview/">rejected in June</a>.</p><p></p><div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image"></div><p></p></div></div><p>"The Exchanges have presented persuasive evidence establishing that their ability to price their depth-of-book products is constantly under pressure from their biggest customers, and those customers' ability to control order flow," Brenda Murray, a chief administrative law judge, <a href="https://www.sec.gov/alj/aljdec/2016/id1015bpm.pdf">wrote in her decision</a>. "That is enough."</p><p>Simfa and NetCoalition submitted their opening brief to appeal that decision in September, and the exchanges are due to reply next week. Oral arguments are due to be heard in 2017.</p><p>"Everyone likes the Simfa lawsuit as the way to solve this because that way it is in the hands of a judge rather than someone who has to go and have breakfast the next day with the other side," Friedman said.</p><p>Then there's the possibility that the SEC or Congress would decide to intervene. At present, the SEC controls the pricing of the SIP, and while exchanges submit data and infrastructure pricing, these are always accepted.</p><p>"When an exchange, which has a license from the government and has a pseudo-monopoly, files with the SEC to add a charge, what is the government's role?" Cifu said. "It is to rubber-stamp it? Or do they say 'We need more info if this fair and reasonable charge?'"</p><p>IEX has asked the SEC to start investigating these submissions and to push for more transparency on the makeup of the charges. That request, and Bats' decision to weigh against Nasdaq's proposals, could have a meaningful effect.</p><p>"If you have an exchange calling for reform, it really changes the debate in a big way," Gallagher said. He added that he could see this becoming "a massive hot-button issue."</p><p></p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div><p>"It is the entrance of IEX, the Bats movement - that is what the commission has never dealt with," Gallagher said. "The commission has always faced a united front supporting the status quo. It was always black and white. Now there are shades of gray, and I think it is fascinating."</p><p>Then there is the possibility that things stay as they are. Tabb, who earlier in the year penned a Bloomberg View column titled <a href="https://www.bloomberg.com/view/articles/2016-01-22/stock-exchanges-data-fees-harm-investors">Stock Exchanges Are Eating Your Returns</a>, said: "I think we're stuck with the status quo unless the whole industry yells so loud that they force Congress to do something."</p><p>Whatever happens next, the ongoing war of words is further evidence of how stock trading has fundamentally changed. Gone are the days when you could buy a place on the floor. Now you buy a place in the data center.</p><p>"The floor of NYSE doesn't exist," Cifu said. "It is in Mahwah, New Jersey. Now you can pay to be a floor trader, which is to say you can be in the data center. It has democratized the trading floor. Anyone can be there. But there is zero alternative for a market-making firm but to be in there."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ex-wells-fargo-employee-bankers-abused-customers-2016-10">Ex-Wells Fargo employees reveal how some bankers abused customers</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyNTR3NjE6eeFw_BqaT6rpuP-DCPt7nU" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "GETCO" and got 12 results

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