CS Cuts AA 2009 EPS Forecast from $1.50 to $0.15
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EUR/USD Consolidating Just Above 1.3420
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BoC To Auction C$2bln In 28 Day TLF on Jan 12
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BoC To Auction C$1bln In 14 Day PRA on Jan 12
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C, MS in Talks to Merge Brokerage Units --CNBC
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Merkin Leaving GMAC Board
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C: Rubin Will Stay on as Director Until Term Expires --CNBC
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Moody's Puts FDX (Baa2) on Outlook Neg
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WSJ reports Robert Rubin is "tired of defending" his Citi tenure
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Rubin Leaving Citigroup --WSJ
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NY FED Board Will Meet Tomorrow to Consider Geithner Replacements --Reports
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Boeing to Cut 4,500 Jobs --WSJ
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'Wickedly Nasty' Recession; Zero Upward Pressure on Rates --Pimco's McCulley on Bbg TV
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Pemex: Fisherman Protest at Salina Cruz Terminal Jeopardizes Shipments
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YHOO Likely to Pick Decker, Bartz, or 3rd Candidate for CEO Next Week
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Crude Down 3.5% at 40.27
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Exxon: Planned Repairs to Torrance, CA Refinery (150k BPD) Include Hydrotreater, Alky, Sulfur, FCC Units
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10yr Up 0.75% at 126-08
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Exxon Closes Units at Torrance, CA Refinery (150k BPD) for Maintenance
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Barclays Cuts J Crew from $10 to $5
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Automated Trader : Execution Research

Quantitative Service Groups (QSG) June research note on NYFIX Millennium trade execution has caused quite a stir in the industry. The research, which examined three months of detailed NYFIX execution data, will leave buyside traders who have long sought empirical evidence on the performance of dark pools praying that it is just the tip of the analytical iceberg. Andy Webb talks to Tim Sargent, President and Co-founder of QSG, about the report and its findings.

Dark Pool Delivers

By Tim Sargent

How did the research come about?

Our institutional clients have obviously long been interested in dark pools and particularly some objective measure of their execution potential. NYFIX had initially commissioned QSG to help analyse its Millennium execution data for the purpose of identifying any information that would be valuable from a client perspective. Through this research, we saw results that were pretty compelling, so we asked for authorisation to use the data for our own research. From our and our clients’ perspective it was a tremendous opportunity to gain a comprehensive view of a dark pool. While we have access to the execution performance of more than a hundred institutional clients across multiple execution venues (including the major exchanges and largest alternative trading systems) the opportunity of gaining a more holistic picture across an entire venue was extremely attractive. ...

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