New titans of Wall Street: How trading firms stole a march on big banks

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Financial Times 13h ago

New titans of Wall Street: How trading firms stole a march on big banks - Financial Times

Quick Summary:

Executives at Wall Street banks argue that their best defence is continuing to offer products that trading firms do not, such as extending financing to hedge funds through prime brokerage.

Independent trading firms have long been the biggest players in the US stock market, using algorithms to match buyers and sellers of equities and options at mind-boggling speeds.

Financial markets got a big push towards electronification from the 2007 rule known as the Regulation National Market System, or Reg NMS, designed to level the playing field for stock trading and requiring trades to be routed to whichever exchange offered the best price.