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Rosenblatt Securities Signs Sponsor Agreement with BIDS Trading
Bids Trading August 14, 2008
Rosenblatt Becomes First Agency Broker to Offer Sponsored Access to BIDS Trading <more>
Brokers Rush to Build Links Between Dark Pools
Financial News Onlince, August 4 2008
...According to Joe Gawronski, president and chief operating officer at agency broker Rosenblatt Securities and author of monthly report Dark Liquidity Tracker. <more>
Floor Under Fire: NYSE Fights to Bring Back Liquidity
Alpha Magazine, August 1 2008
Richard Rosenblatt, head of New York's Rosenblatt Securities, which supports floor and upstairs brokers, says that since the specialist scandals several years ago, Wall Street has taken the lead in market structure developments. It's no surprise, he says, that the current market is fragmented into multiple market centers often run by brokers, since they make money from market inefficiencies. He said for institutions seeking block size liquidity the parity allocation model can be more constructive than price-time priority's first-come, first-serve race. “The purpose of a marketplace is to discover and create a price, and that's facilitated by aggregating all types of orders and investment interests in a competitive, single venue,” Rosenblatt says...<more>
Navigating dark pools requires specialized tools.
Alpha Magazine July/August 2008
Joseph Gawronski, president and chief operating officer of New York–based Rosenblatt Securities, fields a constant barrage of questions from clients about trading methods and strategies. He says that over the past year one topic has seemed to be getting all the attention: dark pools.
These private electronic trading networks have been multiplying so quickly that more than 40 now exist, offering alternative arenas for traders to buy and sell stock away from traditional exchanges. The rise of dark pools has created a complex web of alternative liquidity sources that are difficult to manage, integrate and assess.
"People are naive if they think there is an easy answer," Gawronski says. "There is a lot of education and homework required." <request full article>
NYSE Floor Brokers Get Ready for Algo Trading Kickoff
Traders Magazine, July 25 2008
Richard Rosenblatt, an executive floor governor at the NYSE and founder of institutional broker Rosenblatt Securities, one of the two firms currently testing the new algorithms, believes the algos will help floor brokers represent their clients electronically better than they previously could have. "The algos will, for the first time, give agents a functionality they never could have had manually," he said. What floor brokers are gaining, he added, is the ability to represent orders at multiple price points and participate in more volume. <more>
Navigating dark pools requires specialized tools
Alpha Magazine, July/August 2008
Joseph Gawronski, president and chief operating officer of New York–based Rosenblatt Securities, fields a constant barrage of questions from clients about trading methods and strategies. He says that over the past year one topic has seemed to be getting all the attention: dark pools.
These private electronic trading networks have been multiplying so quickly that more than 40 now exist, offering alternative arenas for traders to buy and sell stock away from traditional exchanges. The rise of dark pools has created a complex web of alternative liquidity sources that are difficult to manage, integrate and assess.
"People are naive if they think there is an easy answer," Gawronski says. "There is a lot of education and homework required." <request article>
Assessing Dark Liquidity
Nasdaq OMX group July 2008
According to a recent study by Rosenblatt Securities, the top two dark pool venues topped the average daily matched volume list with 71.5 and 56.3 million shares respectively.3 NASDAQ gives you access to almost three times that volume.
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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>
Lehman's LX Tops 100 Million Shares for First Time
Bloomberg July 8, 2008
Trades on dark pools account for about 7 percent of total U.S. stock trading, according to Rosenblatt Securities data. Goldman's Sigma X system handled a daily average of 139.3 million shares in the first quarter, and Credit Suisse's CrossFinder paired off 95.5 million, Rosenblatt data show. The figures include both the shares bought and sold on the systems. <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.
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