Wall Street Letter VOL. XLV, NO. 35 - Nov. 7, 2013

THE DEFINITIVE SOUR CE F O R T R A D I N G N E W S
VOL XLV ISSUE 35 7 – 13 NOV 2013

www.wallstreetletter.com

IN THIS ISSUE
News People moves04
Feature Interplay: data management and data governance09
Focus Fee chart10

MORE NEWS INSIDE

Abacus to open in
Europe, targets firm
infrastructure
IT platform provider Abacus
Group has plans to open an office
in Europe in the coming year
TURN TO PAGE 05

NRI to leverage, expand
partnerships globally
The Nomura Research Institute is
looking to leverage partnerships it
has recently entered
TURN TO PAGE 08

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PLUS

09

Interplay: data
management and
data governance
Asset Control’s Mark
Johnson writes about data
management

TOP STORY

Stress dark order
size, not volume
BY JEANENE TIMBERLAKE

The industry’s current focus on
dark, or undisplayed, liquidity
should emphasize the size of the
trades as opposed to focusing
on how much of the total equity
market volume is traded in
the dark, according to global
executives commenting at the
annual meeting of the World
Federation of Exchanges.
During a panel discussion
held last week at the meeting
in Mexico City, which was
also broadcast live on the
internet, Steve Grob, director
of group strategy at Fidessa
and moderator of the panel,
questioned whether all market

participants see dark liquidity as
inherently bad.
In response, Hans-Ole
Jochumsen, president of
the Federation of European
Securities Exchanges and
executive vice president of
Nordic transaction services at
Nasdaq OMX Group, said the
problem is not the liquidity but
the lack of transparency.
“It’s obvious there are trades
that have a size where it is
relevant not to trade it in an
open order book,” he said.
Instead, he said there are
discussions that need to
TURN
occur among regulators TO
PAGE
as to how to balance the
needs of both.
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