Tagged: Nasdaq OMX

Back in Pink

You’ve asked about the Issuer Data Initiative – this effort with you to roll back the dark cloud of mystery that has fallen upon the data about your equity trading: We’re getting big helping hands. I’m in NYC this week for that reason. Hope to tell you about it next week! Make sure your company is backing the initiative.

Meanwhile, the merger battle lines pulse and writhe around Nasdaq OMX and NYSE Euronext. The drama raises a question: Which market has the highest share volume in 2011, up 10% over 2010?

If you shouted, “The Pink Sheets!” you’re correct.

We owe the tip to Tom Steinert-Threlkeld writing in the April 14 Securities Technology Monitor. Threlkeld quoted a report from SIFMA, the securities industry association. We looked it up. Fascinating stuff. Before we go Pink, some facts about the big guys:

The Nasdaq’s daily volume first surpassed the NYSE’s in 1994, with 295 million shares to the NYSE’s 291 million. The DJIA was at 834, the S&P 500 at 466 and the Nasdaq Composite at 751. (more…)

Exchanges Depend on Arbitrage

What if some mathematical calculations in the market are just there to get a reaction?

Traders have not to my knowledge named them “Charlie Sheen.” But alert reader Walt Schuplak at the Market Intelligence Group in New York sent an item about rogue algorithms. Our friend Joe Saluzzi at Themis Trading wrote on it yesterday.

Joe explains that certain trading practices create arbitrage opportunity. Profiting from divergence isn’t bad of itself, Joe notes. But if the chance to profit is fostered where divergence could not or would not occur on its own, it raises fundamental questions.

Bloomberg writer Nina Mehta wrote today about the Australian government’s initial rejection of the Singapore Exchange’s effort to buy the Oz stock market. Singapore is a shareholder-owned exchange. The Deutsche Bourse is public. Same with the InterContinental Exchange, throwing in with the Nasdaq on a bid for the NYSE, both of which are public too. The London and Toronto markets are run by public companies. BATS may IPO. (more…)