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Crossing in Lehman’s dark pool breaks 100 million share barrier

The Trade News July 9, 2008

According to figures from US broker Rosenblatt Securities, Liquidnet had an average daily volume of 76.7 million shares in Q1 this year, and ITG POSIT 55 million shares. Of brokers’ internal pools, Goldman Sachs’ SIGMA X had an average daily volume of 139.3 million shares in Q1, and Credit Suisse’s CrossFinder 95.5 million shares <more>

Rosenblatt Hires Li as VP of Analytics and Consulting

Advanced Trading July 9, 2008

Rosenblatt Securities has hired Xiang Li as vice president of analytics and consulting. Li will work on improvements to the firm's models, as well as developing new applications for customers and other technology initiatives, as part of Rosenblatt's transaction cost analysis (TCA) group, which helps institutional investors boost their returns by identifying and minimizing the complex, often hidden costs associated with buying and selling large quantities of stock. <more>

LSE, Lehman to Launch Dark Platform
Markets Media Online June 30, 2008
But many question marks remain about the LSE's ability to successfully execute amid an array of rivals who have big head starts and, in many cases, deep experience with the transformation of U.S. markets,” said Joe Gawronski...<more>

Big Board Bets On Floor Brokers
Wall Street Letter June 20, 2008
"One of the huge advantages of the Stock Exchange has always been the ability to share information and find sources of liquidity. In the Hybrid market, that ability was the victim," said Richard Rosenblatt <more>

The Pendulum Backswing
The Tabb Group, LLC June 2008
It is no coincidence, then, that we’ve seen recent growth of the specialty higher-touch firms – such as Jones Trading, Williams Trading, Weeden and Rosenblatt – that have leveraged the value of their relationships with great success. Sure, they have advanced trading tools; but what continues to drive their business is, in a word, their relationships with clients. <more>

SEC Warns Exchanges About Overstating Market Share, People Say
Bloomberg May 13, 2008
There is an advantage to the bragging rights, not only for public-relations value, but also for getting listings and for getting the routing tables to hit you first.  <more>

Boom in 'Dark Pool' Trading Networks Is Causing Headaches on Wall Street

Wall Street Journal May 8, 2008

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Chaperoning Liquidity Seekers
Traders Magazine May 2008
... A trader working an order for a customer, for example, could have additional liquidity in reserve "waiting for better prices or different timing," Rosenblatt says. "Conceivably, we could use an approach to be present in PDQ, so while we're working aggressively in the markets, we could be passively waiting to interact with people seeking liquidity through PDQ." Rosenblatt says he's not sure which side of the PDQ equation may wind up benefiting his clients the most. <more>

Dark Pool Landscape in Flux

Old line dark pools are losing ground to newcomers.

Traders Magazine  April 25, 2008

Joe Gawronski, Rosenblatt president and co-author of the report, believes dark pool volumes will continue to grow. "I think non-displayed liquidity pools will continue to gain share over the next six-to-12 months," he said.

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Broker biz up for grabs after Bear buyout
Prime competitors nab J.P. Morgan's new clients, while B of A can't find a buyer

Finanical Week April 7, 2008

Bear’s collapse is also accelerating the trend of hedge funds moving away from relying on just one prime brokerage. “There’s a bit of a feeding frenzy right now,” said Joseph Gawronski, president and chief operating officer of Rosenblatt Securities, a trading firm. “With everything that happened at Bear, shops that didn’t have a second prime broker are now saying they really need to get one.” <more>

Reg NMS comes under threat from dark pools

Financial News Online US, April 2, 2008

Justin Schack, vice-president, market structure analysis for Rosenblatt Securities, an institutional agency brokerage, said: People looked to the floor as an iconic place. To get rid of the floor is a bit of a problem—it’s what distinguishes them. If NYSE gets rid of the floor, it’s just another electronic communications network. <more>

Rosenblatt To Track Darl Pool Liquidity

Wall Street Letter  March 31, 2008

Rosenblatt Securities has started tracking dark pool volume and trends to provide clients with better analysis of the expanding alternative trading market. <more>

Rosenblatt Securities Hires Wall Street Veteran Gordon Charlop To Head NYSE Floor Operations - Move Is Continuation Of Firm’s Contrarian Bet

Mondo Visione March 21, 2008 <more>

Are Exchanges Converging with Dark Pools?
Advanced Trading Mar 20, 2008
“Direct Edge deserves credit for being cutting edge in deciding to incorporate routing to non-displayed liquidity pools as part of its displayed market,” said Joe Gawronski, president and COO of Rosenblatt Securities, an institutional agency broker. In fact, Rosenblatt predicted six months ago in its market-structure analysis newsletter (Trading Talk, Oct. 11, 2007) that “displayed markets will continue to … push out more non-displayed alternatives.”<more>

NYSE Gives Floor a Credit to Provide Liquidity
Securities Industry News March 17, 2008
Those systems, operating on extremely tight margins, send orders to venues offering best price with the most attractive rebate. However, noted Richard Rosenblatt, CEO of New York-based agency brokerage Rosenblatt Securities, automated strategies cannot be carried out via floor brokers using handheld devices. Consequently, the new rebate is unlikely to increase the volume of orders brokers post. <more>

Rosenblatt Securities Hires Former Institutional Investor Editor as Vice President of Market Structure Analysis

Press Release March 4, 2008 <more>

Rosenblatt Securities Hires New CTO

Advanced Trading March 4, 2008 <more>

The Age-Old Debate: Centralization vs. Fragmentation

Traders Magazine, February 2008

For the debate, Joe Gawronski, chief operating officer at Rosenblatt Securities, a longtime NYSE floor broker, took up the cudgels for centralization, or competition between orders. <more>

NYSE expands in US with Amex deal

Merged exchange will have a strong presence in options and ETFs

Financial newsUS - online

Joe Gawronski, president and chief operating officer of New York and Dublin-based agency brokerage Rosenblatt Securities, said: “Amex’s best fit has always been and continues to be with NYSE as there are many more synergies than with a foreign buyer.”
Although there has been significant foreign interest in buying American exchanges, Amex was not an ideal candidate because of its technology challenges. Gawronski said although foreign buyers had looked at Amex as a possible entrée into the US options and equities business: “Everyone was also well aware that it is a wasting asset that requires a ton of technology and management time to fix it – not the ideal purchase for someone wanting to get into the US business for the first time.” <more>

Exchanges look ready to embrace the dark side

Financial Times  January 8 2008

Joe Gawronski, president of Rosenblatt Securities, a New York broker-dealer that specialises in trading technology, said buy-side traders – those at the biggest institutional investors – had become much more sophisticated in their understanding of trading cost. <more>