Current Year
Press Archive 2006
Press Archive 2005
Press Archive 2004
Press Archive 2003
Press Archive 2002
Conferences 2008
Conferences 2007
Conferences 2006
Conferences 2005
|
|
Newsmakers Of The Year: Trading
Wall Street Letter December 20, 2007
This hub approach seems to have proven very successful thus far, with 15-20% of the volume executed through external liquidity providers in August and September, said Joe Gawronski, president of Rosenblatt Securities.
<more>
Displayed markets integrate dark pools
Exchanges are developing new products to incorporate dark orders
Financial News US December 19, 2007
Joe Gawronski, president and chief operating officer of agency broker Rosenblatt Securities, said the importance of pools cannot be underestimated and his firm uses them to execute about a tenth of single stock order flow and up to one third of program trades.
The exchanges have not been passive and their strategies include developing new crossing products to attract algorithmic orders, incorporating dark orders within their displayed books and cooperating with alternative trading venues. <more>
Nasdaq's Opening Gambit
Traders Magazine.com December 2007
..."Speed does not price assets," says Anthony Corso, a managing director at Rosenblatt Securities. "In a bull market with low volatility, you may get away without high-touch service, but not in a volatile market like August." Corso, who previously ran LaBranche's NYSE floor operation, stresses that openings and closes can be risky times to trade and that specialists still have a level of accountability that gives their auctions more relevance than a computerized system. <more>
Agency Brokers See Growth as Business Evolves
Advanced Trading November 19, 2007
Joe Gawronski, president of Rosenblatt Securities, a New York-based agency broker, refers to the role of traders at his firm as "execution consultant." But their service in the consultant capacity, he stresses, is not something that clients generally pay separately for (although they have accepted hard dollars when clients requirements dictate) -- rather, it is the extra value add with which the firm tries to differentiate itself with to make its services "stickier," <more>
MiFID and fragmentation in Europe
It’s not a question of whether it will happen but when, and who will lead and profit from it
Trading Places November 2007
While Europe’s capital markets have led the way in terms of moving from floor-based to automated exchanges and from memberrun
utilities to for-profit exchanges, they will be following the US lead this time in terms of the proliferation of new venues and the
resultant market fragmentation, so it is important to be informed by the analogous US experience.
<more>
Exchange Consolidation Wave Is Expected to Continue in 2008
Advanced Trading October 31, 2007
Gawronski points out that unlike equities and options, which trade on a multitude of exchanges, ECNs and dark pools, futures exchanges have proprietary rights over the products that are created on them. "Your intellectual property is protected, and the product that can be offered is only limited by one's imagination," as opposed to the number of companies willing to list, he says. Further, "The way the clearing works in futures, if you buy it on CME, you can't sell it elsewhere," Gawronski notes. "It's not fungible like equities."<more>
US Futures Exchange banks on new products
October 11, 2007 Financial News Online US
Joe Gawronski, president and chief operating officer of agency broker Rosenblatt Securities in New York, said USFE’s success would hinge on its new owners providing liquidity through the exchange.
Gawronski said: “If the shareholders are willing to help seed a venue with orders and aggressively priced quotes, it helps attract contra-side liquidity.” <more>
Small US bourses fight for liquidity
September 27, 2007 Financial News online US
Joe Gawronski, president of broker Rosenblatt Securities in New York, said: “Many pundits predicted that Reg NMS and its order protection rule would breathe new life into regional exchanges, but that assumed they could attract liquidity and post the best bid or offer consistently, which they have not been able to do.” <more>
Rosenblatt Securities Hires Sanders to Build Out International Trading
September 12, 2007
Wall Street Letter <more>
Advanced Trading <more>
The Trade News <more>
Rosenblatt adds Jay Indovino as Managing Director
September 3, 2007
Securities Industry News <more>
Wall Street & Technology <more>
Rosenblatt Ponders Floor Trader Hires
August 31, 2007 Wall Street Letter
Rosenblatt Securities is considering bringing more floor trading firms into the fold as it continues to expand <more>
Tokyo Turns to NYSE as Technology Adviser
August 29, 2007 Securities Industry News
By helping the Tokyo exchange, NYSE can gain a toehold in Asia and position itself for the future, observed Joe Gawronski, president and COO of New York agency brokerage Rosenblatt Securities. “NYSE is well aware that Asia is the fastest-growing region in the world, and by entering into alliances with the TSE, the exchange has centered in on the largest financial hub in Asia,” said Gawronski. <more>
Borse Dubai broke law, but Swedish regulator won't take action
August 23, 2007 Finextra
However, a recent report from Rosenblatt Securities raised doubts about Borse Dubai's takeover chances even before today's decision by the regulator. <more>
TSE Seeks to Polish Image With New Technology and Alliances
August 10, 2007 Securities industry News
"There is talk of a merger of Japan's numerous exchanges by 2009," said Joe Gawronski, president and COO of New York agency brokerage Rosenblatt Securities. "But today, with the Osaka Securities Exchange dominating derivatives trading in Japan and existing as a separate entity, TSE lacks some of the heft it could otherwise have to accelerate the consolidation process in the region if it controlled the derivatives asset class as well." <more>
More Bang for the Records Management Buck
July 26, 2007 Securities Industry News
Until then, brokerages are faced with a mountain of data to store and monitor. "The greatest challenge is keeping up with the explosion in the volume of electronic correspondence, e-mails, e-mails with attachments, instant messages and market looks as well as having the resources necessary to devote to reviews," said Charlie Roney, chief compliance officer at New York-based Rosenblatt Securities. <more>
Tokyo Exchange Takes Stake in Singapore's SGX
July 11, 2007 Securities Industry News
"TSE had been crawling along toward a late 2008 or early 2009 IPO and was largely focused on internal matters like its IT glitch a while back," observed Joe Gawronski, president and COO of New York agency brokerage Rosenblatt Securities. "Now it's starting to look outward and move beyond vague memorandum-of-understanding alliances."
TSE is also making good on a recent promise to expand in derivatives through alliances and acquisitions, Gawronski told SIN, adding, "With the fastest growth in listings by far happening in the eastern part of the globe, most notably India and China, this will be an area to continue to watch the major exchange players' actions." <more>
The NYSE Floor Wins an Upstairs Privilege
Traders magazine July 2007
"This is excellent. We'll have an improved capability to access dark pools and Nasdaq and other liquidity sources," said Richard Rosenblatt, chief executive of Rosenblatt Securities. He added that this will likely make floor brokers "much more competitive." <more>
NYSE halts erroneous trades
Financial Times June 29, 2007
Dick Rosenblatt, chief executive of Rosenblatt Securities, said: “Automated markets offer many advantages but crisis management and common sense are certainly not on the list. On Thursday, the NYSE proved how blending technology with experienced trading professionals on its floor is invaluable.”
He added: “Since specialists in the affected stocks alerted NYSE officials, who refused to allow these stocks to trade until they verified the validity of the orders, losses that could easily have been in the hundreds of millions of dollars were averted.” <more>
Chicago exchange battle part of a new global war
Only choices are bulk up to survive or dress up for sale
Pensions & Investments Online June 25, 2007
“There will only be a handful of global, multiproduct survivors, and the big are already getting bigger ... It’s eat or be eaten — and every exchange must make a decision whether to bulk up to be a survivor or dress up to fetch a takeover premium,” said Joe Gawronski, president of Rosenblatt Securities Inc., New York.
“Would-be survivors and contenders are chasing the scarce plum assets left, while the rest are trying to figure out when is the right time to top-tick the group’s valuation and cash out, or if independence as a niche provider is really an option,” Mr. Gawronski added. <more>
OES, Lava Trading Emerge as Dominant Vendors in Order Routing
Wall Street & Technology June 12, 2007
Gawronski also argues that the industry's reliance on OES and Lava has been overstated. "Traders ... in many cases under Reg NMS are employing ISO orders to relieve the exchanges of their responsibility to route out to better away markets," he contends. And "there are a lot of people who use the smart order routing embedded within their OMS." <more>
Fair access threshold would force open pools of liquidity
Pensions & Investments May 30, 2007
“There are going to be a lot of unintended consequences of Reg NMS, because regulators are not practitioners,” said Joe Gawronski, president of New York-based agency broker Rosenblatt Securities Inc. “The increased market transparency that regulators were hoping would result from a strong order protection rule may prove illusory. Crossing networks have arguably been invigorated.”
“Institutional investors need a solution that allows them to hide their hands and get the work done; that’s why they are forced to go to non-displayed markets,” he said. <more>
People in the News
Securities Industry News
May 30, 2007
"Having made the transition from a floor-brokerage-only firm to a full-service equities execution firm with an upstairs desk that trades both single stocks and programs in listed and Nasdaq markets, Rosenblatt is in a unique position to assist me with my own transition in a world that is no longer floor-centric." <more>
Future of Floor Traders
The future of the floor trader remains in doubt as the NYSE fast forwards into the electronic era, and Joe Gawronski, president & CIO of Rosenblatt Securities, shares his insight with CNBC's Erin Burnett.
Pondering What's Next?
Investors Dealers' Digest April 16, 2007
"The NYSE was always a market where huge amounts of available liquidity resided at all times. Even though it wasn't visible, it enabled investors to find trading partners that would react to opportunities quickly," says Richard Rosenblatt, CEO of Rosenblatt Securities. <more>
Traders working in the dark
Smart routing will not support unlimited liquidity pools
the TradeTech - official Newspaper of TradeTech Paris, April 2007
“It seems far from an intended consequence of regulatory changes when one considers that one of the primary goals of Reg NMS was greater transparency, in particular encouraging the display of limit orders,” argues TradeTech speaker Joe Gawronski,
president and COO of New-York based agency broker Rosenblatt Securities, whose European subsidiary, RSI Europe, operates out of Dublin. “I would say one of the primary unintended consequences of Reg NMS is the further driving of institutional investors underground into the crossing networks and dark pools rather than the displayed markets.” <more, go to page 5>
Is This Really Goodbye? And Why?
Gawronski, Joseph
Spring 2007
THE JOURNAL OF TRADING
Price improvement has always been one of the hallmarks of the NYSE market structure. Thus, the observation that price improvement has shrunk dramatically at the NYSE as the Hybrid has rolled out calls into question one of its key competitive edges. But it's not the whole story. The decline in price improvement has been accompanied by other market quality improvements, in each case natural consequences of the changes in market structure dynamics. Most notably, spreads have narrowed (and of course one could consider this as a form of built-in price improvement that is already in the quote), speed has increased a whopping 30-fold, certainty of execution has increased leading to fewer missed markets, and fill rates have gone up. <more>
NYSE Proposes Floor-Broker Access to Away Markets
Securities Industry News March 26, 2007
A floor broker that doesn't currently have an upstairs trading desk [to execute orders electronically] would be able to create one on the exchange, in their floor booth," said Richard Rosenblatt, founder and CEO of agency brokerage Rosenblatt Securities.
The Rosenblatt firm has eight floor brokers and has aggressively developed its upstairs electronic trading capabilities over the past several years. Therefore, the away-market proposal would have less effect on his firm than on floor brokers that lack upstairs capabilities. <more>
NYSE to allow Floor Brokers to Route from Booths
Wall Street Letter March 26, 2007
"Of all NYSE-listed trading, the floor is only doing about 55% of the volume, 45% is trading away. There is no way you are going to stop migration (to upstairs trading) without giving floor brokers the ability to access the other 45% of the market," said Joe Gawronski president of Rosenblatt Securities. <more>
Preparing for the NYSE Hybrid Market, Rosenblatt Hires People
Securities Industry News March 23, 2007
"By bringing in Joe and his team, we empower them to continue their track record of success by expanding into all the new execution venues and technologies that we've incorporated into our systems over the years," said Richard Rosenblatt, founder and CEO of his eponymous firm.
..."Quotes are never advertisements of liquidity; they're a tactic to attract liquidity," Rosenblatt said, adding that when there is no additional information exchanged between counterparties, participants become wary about displaying the size of their orders. "Because people can negotiate in a very flexible way, and trading information increases mutual trust, putting together sizable trades and difficult stocks is often more efficient when humans are involved," Rosenblatt said. <please call us for reprint>
Rosenblatt Securities Migrates to Lava OMS and Smart Router
March 14, 2007 Wall Street & Technology
“I think Lava’s smart-order routing is top notch. I’ve been particularly impressed with the way that Lava is dealing with Reg NMS,” says Gawronski. <more>
Rosenblatt Securities adopts Lava's ColorPalette OMS
March 14, 2007 The Trade News
"
We are very pleased with the results we have seen with ColorPalette," says Joe Gawronski, president and COO, Rosenblatt Securities. "Lava's commitment to proactively align their technology with the rapidly changing equities landscape is in lock-step with our own priorities to pursue cutting edge ideas to better service our customers," he adds. <more>
Trading Regs Ease buybacks
March 12, 2007 Financial Week
“The truth is, right now the New York Stock Exchange has the biggest and best brand name, so anyone that qualifies for its listing standards chooses to list there,” said Joseph C. Gawronski, president and chief operating officer at Rosenblatt Securities, an institutional brokerage firm. “But over time, brand is built by being backed up by something else. If the NYSE loses its differentiators, like delivering price improvement and lower volatility, it risks losing listings.” <more>
Rosenblatt Bucks Trend, Grows NYSE Floor Presence
March 12, 2007 Wall Street Letter <more>
“Algo vs. Algo”
Institutional Investor Alpha Magazine February 2007
Early electronic execution channels were for only the smallest market orders. But the permitted sizes grew fast. Support for limit orders was added. DOT became SuperDOT, and the tool was adapted for direct use by the buy side, first by the little guys -- a joint venture between Richard Rosenblatt, founder and CEO of Rosenblatt Securities, and a technology provider, Davidge Data Systems (more on that later) -- and then by the big brokers, who gave the product away for clearing business… <more>
NYSE Will Pass Along Order Routing Fees Next Month
February 16, 2007 Bloomberg News
"The original strategy to bear the entire route-out fee was very aggressive,'' said Joe Gawronski, president of Rosenblatt Securities Inc., a brokerage based in New York. " The change represents a paired down, but still aggressive tactic presumably necessitated from real-world cost numbers.'' <more>
Joe Public goes head-to-head with the hedge funds
Financial Times, February 12, 2007
Joe Gawronski, president of Rosenblatt Securities, a brokerage firm in New York that's been adapting to the changes, says: "To me, the lack of market makers is made up by new market makers, such as the stat arbs. I think the markets will work more efficiently without the [short selling] rules in place." <more>
BATS Leverages Aggressive Price Cuts as Start-Up Costs
January 22, 2007 Global Investment Technology
Future exchanges typically have proprietary listings that can only be traded on their exchanges. Because stocks are commodities that can trade on any market center, they can trade on BATS as easily as on Nasdaq or Bloomberg Tradebook, for example, according to Gawronski. "Since just about everyone's system is fast - in fact, Nasdaq's INET platform may even be faster than BATS - BATS doesn't particularly win on speed," he says. "They do have the most aggressive pricing out there. That certainly gives them a leg up. However, BATS shareholders includes some of the largest electronic market makers and electronic players around, responsible for a significant percentage of average daily volume in Nasdaq stocks and are clearly seeding the venue with liquidity, which inevitably attracts takers of liquidity." <more>
Hooked on Speed
January 2007 Alpha Magazine
..."These stat arb traders may send in hundreds of limit orders at one time and then, seconds later, cancel and replace many of those with new limit orders," says Joseph Gawronski, president and COO of Rosenblatt Securities, an NYSE agency broker that is used by stat arbs.
<request reprint>
NYSE-Nasdaq Battle Over Listed Flow Gets Rough
January 2, 2007 Traders Magazine
Richard Rosenblatt, founder and CEO of agency broker Rosenblatt Securities, says the NYSE Group "is finally getting its pricing right-and it's only a matter of time before the dollar cap disappears." His firm has had an NYSE floor operation since 1979 and has traded Nasdaq stocks upstairs since the mid-'80s.
....However, the NYSE is equally bent on getting that first look at incoming orders-and is willing to eat the cost of routing out to markets that charge more than it does if it cannot execute orders on its own book. Since other exchanges charge more than the NYSE's 2.5-cent fee for 100 shares, it could rapidly bleed money with this policy.
But it's probably worth it, says agency broker Rosenblatt. In his view, "the exchange is betting that with its liquidity and price improvement, if the order comes to its book, it will never leave the exchange." <more> |
