Media Room

Wall Street Dark Pools to Come Out of Shadows Thanks to SEC

Dark pools execute about 14 percent of U.S. equity volume, according to Rosenblatt Securities, an institutional brokerage firm specializing in market structure. Mutual funds and other institutional investors have often used the venues to make big trades because the firms can do so without tipping off the rest of the market.

Source: BloombergDate: Wednesday, July 18, 2018

Light or dark? Six months on, MiFID 2 rules divide equity traders

Six months after sweeping changes to the way European equity trading is regulated came into effect, a debate is raging among investors over whether the reform has succeeded in making market activity more transparent.


Source: ReutersDate: Monday, July 02, 2018

In Recognition of International Women's Day

New York, NY March 8, 2018

In honor of International Women’s day, and emerging technologies that can have an impact on fintech, we would like to highlight three women who are doing fascinating things in the world of blockchain.

Source: Rosenblatt SecuritiesDate: Thursday, March 08, 2018

MiFID ‘Big Bang’ Dark Trading Caps to Impact Hundreds of Stocks
  • Crackdown likely to be broader than initially anticipated
  • UBS expects stock suspensions to be enforced from March 12
Source: BloombergDate: Wednesday, February 28, 2018

Industry butts heads over MiFID II SI tick size regime

Cboe Europe, the London Stock Exchange, Nasdaq and Aquis Exchange among voices supporting changes to MiFID II’s SI regime.

Source: The TradeDate: Monday, February 12, 2018

Rosenblatt serves as exclusive financial advisor to investment-research platform Visible Alpha on $38M funding round

New York, NY, January 22, 2018. Rosenblatt Securities is pleased to announce its role as the exclusive
financial advisor to Visible Alpha, a company that is transforming the way investment managers and brokers
collaborate on research, financial models and corporate access, on a $38 million investment by a consortium
of leading financial institutions.

Source: Rosenblatt SecuritiesDate: Monday, January 22, 2018

Rosenblatt Selected to Provide Assessment for US Wider Tick-Size Pilot

New York, NY, January 19, 2018.  Rosenblatt Securities is pleased to announce that the participants
in the National Market System Plan to establish a wider tick-size pilot in the US equity market have
selected Rosenblatt to provide the official assessment of the pilot.

Source: Rosenblatt SecuritiesDate: Friday, January 19, 2018

Trader VIP Clubs, ‘Ping Pools’ Take Dark Trades to New Level

First came dark pools, private trading venues that challenged old-school stock exchanges.

Now something else lingers in the shadows of Wall Street: ping pools.

They also operate outside traditional stock exchanges, but these venues, which are gaining users in changing markets, are more opaque for the public. Running them allows some of the fastest, savviest electronic traders to dodge exchange fees and reap plum opportunities.

Source: BloombergDate: Tuesday, January 16, 2018

How high-frequency trading hit a speed bump

Falling volume means fewer chances to trade, while low volatility allows less money to be made on each transaction. “For these businesses to make money, they need raw materials,” says Vikas Shah, an investment banker at Rosenblatt Securities. “The raw materials are volumes and volatility.” When Virtu went public in 2015 — the Flash Boys uproar having delayed its initial public offering by a year — the company’s annual revenue hit $714.5m. Last year it was expected to total just over $500m, according to S&P Capital IQ, even after it acquired fellow HFT pioneer KCG Holdings in a $1.4bn deal.

Source: Financial TimesDate: Tuesday, January 02, 2018

No Idea What MiFID Stands For? Here’s What You Need to Know

3) Will the industry keep trading in the dark anyway?

The short answer: yes. There are two key ways trading will still take place beyond the public gaze for orders that are too small for dark pools but too big to risk placing on a stock exchange:

The most contentious is called a systematic internalizer. It’s the new name that banks and trading firms will go by when they fill their clients’ buy or sell orders directly using their own capital. 

Public exchanges and some other trading venues will also hold periodic auctions which hide the order size for a stock until sufficient volume has been accumulated to trigger a sale.

"We are likely to see a distinct drop in dark trading once the caps are in force," said Anish Puaar, European market structure analyst at Rosenblatt Securities. "Ultimately most of the trading will move to periodic auctions and eventually systematic internalizers. Some volume may shift to the SIs on day one, but many buy-side firms are still getting to grips with how they work."

Source: Bloomberg/NewsroomDate: Tuesday, January 02, 2018