News

Bear Stearns CEO steps down

James Cayne has stepped down as CEO of investment bank Bear Stearns, and has been replaced by Alan Schwartz, the company’s president. Cayne will remain chairman of Bear’s board of directors.

Townsend Analytics links to On Point’s STING SOR

Townsend Analytics, an electronic trading solutions provider, has added agency broker On Point Executions’ new STING smart-routing solution to the list of execution destinations for US equity options available through its RealTick EMS.

Vhayu offers new data feed handlers

Vhayu, a streaming tick processing and persistence software provider, has started offering new data feed handlers on its Velocity product line.

SEC approves rules for NYSE block trading platform

The US Securities and Exchange Commission has approved the rules for NYSE MatchPoint, a new, portfolio-based, point-in-time electronic facility of the New York Stock Exchange that matches aggregated orders at predetermined sessions throughout regular hours and after hours of the exchange.

Market data IT spending to hit $7.8 billion in 2010

Aite Group, a research and advisory firm, expects IT spending on global market data infrastructures to reach $7.8 billion by the end of 2010 as the pressure to keep up with speed and market fragmentation continues.