Wall Street Letter VOL. XLV, NO. 36 - December 2013 | Page 4
NEWS
04
is a difference of 5% or 50 cents, the
stock isn’t reopened.
The reference prices, which are
essentially the prices at which the
highest number of shares could be
matched, are distributed every five
seconds. Under existing rules the
exchange compares the most recent
price, the price issued at the end of
the display period, with the price
that was distributed 15 seconds
prior.
But Nasdaq told the regulator the
process doesn’t consider the other
two prices that are disseminated in
the interim.
“Either of the two intermediate
current reference prices may reflect
volatile pricing that would not be
considered by the current price
volatility test,” it said.
Going forward, Nadsaq noted it
plans to compare all three prices,
the price disseminated 15 seconds
before the end of the display period
as well as prices at 10 seconds and
five seconds, to the current reference
price to make its volatility determination.
TRADING FIRMS
Lime to cover pre-,
post-trade risk via
offering
Lime Brokerage will release a risk
management capability that targets
pre- and post-trade risk analysis for
the buyside and sellside, according to
Jeff Bell, CEO.
“The capability revolves around
a marrying of
post-trade and
pre-trade risk in a
layered approach
that aims to make
risk management
stronger,” said
Bell. “It creates
an independent
JEFF BELL
view of risk management versus
PEOPLE MOVES
OANDA hires exec VP
OANDA Corporation hired Vatsa
Narasimha to the positions of executive vice president and chief strategy
OneChicago promotes regulation
director
-
Bovill hawks RBS exec
he was OneChicago’s director of
SEC appoints director of regional
Deutsche Bank poaches Boeing
exec
-
prosecutor for the Northern District
-
oversee enforcement and examination
MarketAxess takes on chairman
from JP Morgan
Options take on NYSE vet
-
Brownstone expands West Coast
BJSS hires head for London
consultancy business
aging director to expand its efforts in
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