SEC Shocks the Industry With Revisions to Reg NMS
December 2, 2004, from Wall Street & Technology
"That change to the proposal will directly impact the NYSE's hybrid market plans where there were certain categories of orders that were not going to be displayed in order to allow the price improvement characteristics of an auction market to co-exist with auto-ex," says Joe Gawronski, chief operating officer at Rosenblatt Securities, an institutional agency broker that is also a member of the NYSE. < more >
CIO Challenge
November 29, 2004, from Wall Street & Technology
"As a smaller boutique, we've always had to find ways to compete and be different from the bulge-bracket firms," says Joe Gawronski, COO at Rosenblatt Securities, a New York-based agency-only execution firm. "We definitely had to add product arrows to our quiver." ... Gawronski believes technology is allowing boutique firms to compete against bigger players for hedge fund business. "Small firms don't have unlimited technology resources," he says. "It doesn't make sense for us to build the entire robust platforms that our clients trade on." Instead, by teaming up with vendors like FlexTRADE, Gawronski contends that his firm can deliver the trading services that hedge funds need. < more >
The Orders of Battle
November 17, 2004, from Institutional Investor
"We're increasingly performing a consulting role for our clients," says Joseph Gawronski, chief operating officer of Rosenblatt Securities, an NYSE direct-access floor brokerage that also offers over-the-counter, program and algorithmic trading to its institutional customers. "Just because a client is trading for himself or herself does not mean we have nothing to do."
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BPO Draws Broader Appeal
October 25, 2004, from Wall Street & Technology
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Rosenblatt participates in ICI conference panel entitled "The Future of Institutional Trading: Is There Still a Need for a Broker?"
September 23, 2004
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Gawronski speaks on Seattle Security Traders Association panel on model-based trading
September 23, 2004
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Fine-tuning the BCP
September 21, 2004, from Wall Street & Technology
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Rosenblatt To SEC: Broad Opt-Out Poses Potential Threat
June 24, 2004, from Institutional Investor
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Reg NMS: Divided We Stand
June, 2004, from Wall Street & Technology
After weighing the mutual-fund companies' testimony with Thain's assertion that opt-out is not necessary if the NYSE has automatic execution, Joseph Gawronski, COO of Rosenblatt Securities, an institutional agency brokerage firm, thinks the likelihood of an opt-out being part of the SEC's final plan is shrinking. He says that both Vanguard's and AIM's views will carry weight with the SEC, particularly given Vanguard's reputation for investor protection and transaction-cost sensitivity.
Gawronski adds that Thain "pulled the rug out" from under the ECNs who were arguing that speed and certainty of execution could justify an investor not choosing best price in certain cases. "You've had Thain change the debate by saying, 'How can you justify a worse price [elsewhere] if [the NYSE has the best quote and] we guarantee you an execution just as fast?" says Gawronski. < more >
FivePoints And IMlogic Offer Secure Hosted Instant Messaging Compliance Archiving Solution
June 8, 2004, from IMlogic
"Being able to focus our technology resources on implementing innovative trading strategies for our customers rather than on routine compliance is crucial to our firm," stated Joe Gawronski, Chief Operating Officer of Rosenblatt Securities. "With FivePoints' outsourced solution through IMlogic, we attained compliance with the new regulations on IM archiving quickly and cost effectively, and were also able to consolidate our email storage solution seamlessly at the same time." < more >
Trade-Through Rule Debated, But Access Seen As Key
May 10, 2004, from Institutional Investor
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Surviving In An Automated World: Will The NYSE "Go Along" Or Dare To Be Different?
May 5, 2004, from Institutional Investor
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Thinking Outside the Black Box: Accurate Price Discovery And Certainty Of Execution May Just Be Compatible
April 6, 2004, from Institutional Investor
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Not Quite Settled: Specialists wrap up SEC case, but their future remains up in the air
April 5, 2004, from Securities Industry News
... "The trade-through rule is one of the building blocks of the system, a guarantee that all customers will be treated fairly by the intermediaries serving them. We can think of no compromise in the trade-through rule that wouldn't result in a serious weakening of the integrity of our markets," CEO Richard Rosenblatt and COO Joseph Gawronski of Rosenblatt Securities wrote to the SEC. ... < more >
The Rise and Fall of Soft Dollars?
March 2004, from Traders Magazine
... Indeed, one trading executive, who emphasized that he is on neither side in the soft dollar controversies, added that it is critical that the independent research firms not be hurt. "I am not passing judgment as to whether soft dollar payments should be banned," wrote Joe Gawronski, COO for agency broker Rosenblatt Securities, in a letter to Traders Magazine. "However, I am certain that adopting a rule that favors the large Wall Street broker dealers over the independents is not only unfair and illogical, but risks further damaging the credibility of our industry." If the independents are allowed to compete, he added, "on a level playing field," this would likely improve the integrity of the markets. ... < more >
Veteran Floor Broker Pushes Research March 21, 2004, from Wall Street Letter
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Trade Through Rule Reform February 17, 2004, from Traders Magazine
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Execs Gear Up for New Year February 14, 2004, from Wall Street and Technology
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Mailbag: Soft Policy
February 9, 2004, from Barron's
To the Editor:
Bill Alpert's Jan. 26 Review & Preview "Big Foot" item made some insightful observations about soft dollars and the ways in which the recent Investment Company Institute proposal would, if adopted by the SEC, squash the very independent research that has been touted as a potential counterweight to often-conflicted Wall Street research.
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Rosenblatt Securities Using FlexTRADER on Linux January 19, 2004, from LinuxWorld
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