Jan 24 2011 | 4:25 PM

Jamil Nazarali, senior managing director and global head of electronic trading at Knight, has some insightful comments in Traders magazine about the role of market makers in events such as May 6 and in the future.  The article begins:

"On May 6, there was no one who had enough liquidity to be buying from every seller. I don't think you can mandate someone to be there all the time. However, I think you can provide incentives to be in the market more. Incentives could be in rebate form, or relief around short sales. I think one example is the NYSE's DMM and SLP program--where they said, "We'll provide economic incentives to be at the inside. And if you are a supplemental liquidity provider and come on our platform at the inside at 'x' percentage of the time, we'll give you an enhanced rebate." And guess what happened? Lots of people came on their platform, and they started adding a lot of liquidity, and that resulted in an...

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Jan 19 2011 | 2:40 PM

The January issue of our U.S. Equities News is now online, with a cubic (but concise) megaton of stuff you need to know about our markets.  List of topics below. 

How do they fit it all in just four little pages? You'll just have to click to check it out for yourself: 

  • New progress on our Universal Trading Platform migration;
  • How the individual-issue circuit breaker works on NYSE Arca;
  • MSCI indices now trading on NYSE Liffe U.S.;
  • Meet your Relationship Management team;
  • NYSE Arca goes on the road for customer feedback;
  • Results of our STA poll;
  • Recent enhancements, new features and changes on NYSE and NYSE Amex;
  • Links to the latest "Wall Street & Washington" video, Trader Updates, blog posts and more; and
  • Upcoming events and topics. 
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Jan 17 2011 | 7:28 AM

Today is the 25th Dr. Martin Luther King, Jr. Day, the U.S. national holiday marking the birth of the great civil-rights leader.  Last Friday, I had the honor of talking about this special anniversary with Roy Innis, the longtime national chairman and CEO of the Congress of Racial Equality.  He was at New York Stock Exchange to ring the Opening Bell in advance of the holiday and CORE’s annual national celebration dinner tonight.

Mr.  Innis called the establishment of the King holiday “a seminal moment” in the history of civil rights.   

“People don’t always see the progress we’ve made -- how far we’ve come, and how fast,” he said.  When I remarked that the civil-rights movement was now a half...

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Jan 4 2011 | 11:56 AM

Here's a followup to our blog post from two weeks ago, Growing Number of 'Attractive Orders' Skimmed from Public Markets.  There are two news reports on the topic: one in today's Wall Street Journal, the other a blog post last night on  Forbes.

The Journal's Jacob Bunge reports:  "Private markets accounted for a record 1 in 3 U.S. stock trades last month as the country's four largest stock-exchange groups continued to lose market share, according to data released Monday. ... Private venues are seen as a more efficient way for transacting large chunks of...

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