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May 12, Volume 6, Issue 5 |
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May 12, 2010 Volume 6, Issue 5 |
The advantage of first-person knowledge |
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PERSPECTIVE
May 6, 2010...The Day the Market Sighed: What Went Wrong and What to Do Next
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by Larry Tabb
Within a 15-minute period of time, the Dow Jones Industrials dropped almost 700 points and, to date, we are still at a loss in identifying a definitive cause. What is more frightening is that not only do we not have a smoking gun, but our "resilient" equity market structure does not look so resilient. Instead, liquidity evaporated in a heartbeat, causing a gut wrenching, rollercoaster-type drop and subsequent meteoric rise.
> Read Larry's Perspective and more at TabbFORUM
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LATEST REPORTS |
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US Hedge Fund Equity Trading 2010:
Commissions, Volumes and Traders
by Matt Simon
For this year's buy-side trading study, discussions covered the views of head traders with regard to the trading desk and structure; dark pool selection criteria; and the changes in buy-side budgets and their impact on changing commission rates. TABB Group also examined the continued growth of low-touch trading; trends in order allocation across high- and low-touch trading venues; trends and selection criteria in algorithmic trading; and the growing demand for transparency into electronic trading infrastructure and its impact on broker relationships, leading broker algorithm providers, and expectations by hedge fund traders with regard to their sell-side relationships.
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European Derivatives 2010:
The Buy-Side Perspective on Equity Options, Futures and Swaps
by Miranda Mizen and Will Rhode
This report is based on conversations with 51 buy-side head traders from asset management firms and hedge funds located in 10 of the most developed markets in Europe. This first European Derivatives benchmark study looks at why, what and how the buy side is trading equity derivatives in Europe and explores competition, product choices, broker relationships, and expectations for the marketplace.
> MORE REPORTS
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IN THE NEWS
CBS News: Wall Street's Frightening Plunge
TABB Group Partner Robert Iati is interviewed by Tony Guida on CBS Evening News to discuss the events on Wall Street May 6."
Fast Profits on May 6
"The guys who probably made the most money in this were options players," said Larry Tabb in an interview with Julie Creswell from The New York Times regarding the events of May 6. He continued, "There are a whole other group of folks who play this game. They put low limit orders into the market for this exact purpose - for when the markets go into free fall." > MORE NEWS
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EVENTS |
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CTA 2010: Managed Futures and Commodities Investing
June 2, Chicago
TABB Group Senior Analyst Paul Rowady will participate in the 2:00 panel session, Brokerage - The Changing OTC Market. The session will focus on an up-close perspective of regulatory scrutiny and the drive for transparency. Panelists will discuss the likelihood that instruments that have historically traded over-the-counter will be forced onto exchanges, and what this means for managers and investors.
> AGENDA
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2010 CBX
June 3, New York
TABB Group's Kevin McPartland moderates the CBX Knowledge Center session that will cover Financial Trading: Virtualization, cloud computing, energy efficient processors... what is the Financial Services Data Center of the future?
2008 provided a wakeup call that efficient use of compute power and bandwidth should always be in style. Lower costs will always equal higher profits. But a combination of volatility, increasingly complex trading algorithms, and latency measured in microseconds makes cutting back on purchases a non-option. Virtualization, cloud computing, energy efficient processors and bandwidth management are only a few of the techniques that will be at the center of tomorrow's financial services data center. Finding the right balance between ever changing business requirements and cutting edge technology is no easy task however. This panel will highlight the needs from both sides of the fence in an attempt to create a more clear view of next generation financial services infrastructures.
> AGENDA
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SUBSCRIBE | CONTACT |
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Thank you for your continued interest in TABB Group. If you'd
rather not receive the newsletter, send an e-mail to
info@tabbgroup.com
© 2010 The Tabb Group, LLC All rights reserved.
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Spotlight
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Robert Iati discusses May 6 and extreme market volatility on CNBC
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RESEARCH IN PROGRESS
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OMS or EMS? Integration, Expansion and Consolidation
Options 2010
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TABB GROUP NEWS
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Register NOW on TabbFORUM so you don't miss a word of the latest commentary and analysis on the events of May 6, and other critical markets-related issues!
Here's a sampling of coverage over the last few days:
Stuart Breslow from RealTick on proprietary symbology
Chi-X's Tal Cohen and Matt Thomson challenging those who believe increases in Canadian dark liquidity should be met with fear and anxiety
Sal Arnuk from Themis Trading explaining why May 6 is evidence we have a failed market structure
TABB Group's Larry Tabb warning that we need to carefully consider the ramifications of the solutions put in place following the events of May 6
Melanie Wold's argument that the May 6 collapse proves the need for government mandated pre-trade risk management, market surveillance and real-time monitoring
Stay on top of developments and join the conversation on TabbFORUM. Have something to say? Say it on TabbFORUM!
Thank you to everyone who has contributed to TabbFORUM - with your help we've donated more than $7,000 to Haiti Earthquake Relief through Partners in Health, a non-profit group on the ground in Haiti for 20 years. |
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TabbFORUM Videos
View the latest interviews with our analyst team on hot new topics daily. See Adam Sussman on Squawk on the Street covering the May 6 meltdown. |
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Success for 2010 Per Scholas Gala Dinner + Auction!
Thank you to everyone who participated in this year's Per Scholas Gala Dinner + Auction, marking its 15-year anniversary. It was a great success, raising nearly $500,000 to bring the advantages of computer technology to low-income families and communities. Since its inception, Per Scholas has distributed over 80,000 computers to low income families, partnered with 25 inner-city public schools, and trained more than 2,600 adults in technology field careers. TABB Group hopes to see you at next year's Gala Dinner + Auction to ensure the success of Per Scholas.
For more information, please call Jaclinn Nudel at Per Scholas at 718-772-0638 or email her. |
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