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The Wall Street Journal Features Cuttone & Company's New Trading Desk
March 11, 2010 |03.56 pm
Some NYSE Traders Take a Seat, Finally By Kristina Peterson The New York Stock Exchange opened the first phase of its revamped trading area for floor brokers, giving some veteran traders the opportunity to sit down for the first time in their careers. A spot on the New York Stock Exchange long has been called a "seat" in common parlance. But, in reality, many floor brokers work out of cramped, wooden booths with few actual chairs available. As part of a roughly $10 million renovation that began in July and is expected to wrap up by the end of this year, the stock exchange is building 200 new individual broker stations, with curved glass walls, brighter lighting and, most important, chairs. "There are guys on the trading floor that for the first time in their career, they have seats," said Bernie McSherry, senior vice president at Cuttone & Co., the first company to move into the renovated area. "They're very excited about it." Read More Here
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Cuttone & Company's NYSE Trading Desk Featured
March 11, 2010 |03.18 pm
NYSE Installs Chairs as Stock Exchange Seeks to Recoup Business March 09, 2010, 8:54 AM ESTBy Nina Mehta March 9 (Bloomberg) -- The New York Stock Exchange is betting that letting traders sit down will help win back business at the 217-year-old market. Cuttone & Co. yesterday moved more than two dozen traders into new stations with seats at the NYSE, where standing has been the norm since 1903. NYSE Euronext built the booths known as pods during the Big Board’s biggest overhaul since 1981, part of a plan to bring firms back to the floor after the number of traders shrunk about 70 percent to 1,200 since the 1990s. Read More Here
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SVP Bernie McSherry Publishes Forbes Article
March 04, 2010 |03.59 pm
Intelligent InvestingA New World Order Is Moving In03.03.10, 02:20 PM EST The world's economic axis is shifting because of Greece's sovereign debt issues and recent natural disaster Recent events offer evidence that the ground beneath our feet is shifting, both literally and metaphorically, and scientists and traders alike are noting the effects. In the literal sense, Richard Gross, a geophysicist at NASA's Jet Propulsion Laboratory, estimates that the massive earthquake that struck off the coast of Chile last Saturday moved hundreds of miles of solid rock several yards, altering the Earth's axis by approximately three inches due to the shifting of such a substantial mass. A movement of that magnitude is rare; yet investors can be forgiven for being unimpressed. The axis of world economic power is also shifting as the aftershocks of economic crisis continue to alter the world order.
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SVP Fredrick Scuteri Quoted In Securities Industry News
January 12, 2010 |03.46 pm
Senior Vice President Fredrick Scuteri Quoted In Securities Industry News Gaining a better handle on activity is a priority for institutional brokerage Cuttone & Co., as well as for its clients, said Fredrick Scuteri, senior vice president of prime brokerage services at institutional brokerage Cuttone & Co. Read More Here
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Cuttone & Company Hosts Editorial Roundtable
November 16, 2009 |12.00 am
Risk Management Technology Now Key Part of Prime Brokerages Offering By Melanie Rodier With the global financial crisis placing a greater emphasis on risk control measures at asset management firms, many low-cost systems providers are now coming to the market with sophisticated technology that was once inaccessible to smaller mid-tier hedge funds, a roundtable hosted by Cuttone & Company and Aite Group, heard on Monday. Risk management technology is becoming essential to smaller and mid-tier hedge funds, and is now a key part of prime brokerages' suite of offerings, the roundtable heard. Meanwhile, the current hedge fund regulation which is up for debate in Congress, is also creating a demand for medium-priced risk control products. "Firms need real-time risk management across multiple asset classes. If they have a desire to grow, they have to bring the technology on board. Firms have started to source out technology so small hedge funds can look like real brokers," said Keith Bliss, senior VP, director of sales & marketing, Cuttone & Company. Read More Here,
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SVP Bernie McSherry Interviewed in Washington Times
November 13, 2009 |12.00 am
November 13, 2009 Over the past few months there has been some concern in the markets, not just about the sustainability and volatility associated with its powerful increase in recent months, but also about who is doing all this trading. Normally, investor ownership data are filed with the Securities and Exchange Commission on a lagged basis in the form of 13D filings, which is a notification that an investor holds more than 5 percent of any class of a companys shares. Ownership and trading, however, are two different things. As such, there has been growing interest about "dark-pool trading" and "high-frequency trading." I recently spoke with Bernie McSherry, a senior vice president of strategic initiatives at Cuttone & Co., where he is a member of the management committee involved with strategic planning and market strategy. He has served in a number of leadership positions within the industry and has chaired several New York Stock Exchange committees and served as the NYSE governor for six terms. Read More Here
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Cuttone & Company Featured in Traders Magazine
November 01, 2009 |12.00 am
Firm Sees Bright Future on FloorTraders Magazine, November 2009 Peter Chapman
They say communication is the key to a successful relationship. At Cuttone & Co., an institutional brokerage with one of the largest staffs on the floor of the New York Stock Exchange, that old maxim is gospel. If the firm isn't communicating well with its customers, it's not doing its job. And that's a big reason why Cuttone plans to consolidate all of its trading on the Big Board floor once the exchange completes an overhaul of the broker booths that ring its two trading floors. By merging its upstairs desk with its floor operation, the firm hopes to eliminate any miscommunications between the two groups as well, as with its buyside customers. Read More Here
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SVP Bernie McSherry published in Advanced Trading
October 15, 2009 |12.00 am
October 15,2009 It has been only four years since the last overhaul of U.S. stock market rules but the events of the last year have all-but-guaranteed that congressional leaders and financial regulators will be once again be tinkering with the way investors buy and sell stocks. Would-be regulatory architects should exercise caution when altering market structure. If our recent experience is any guide, we may inadvertently create new problems by focusing on specific solutions with insufficient regard for the effect that changes will have on overall market quality. In 2005, under the leadership of then-Chairman William Donaldson, the SEC issued Regulation NMS, which mandated revolutionary changes in market structure and effectively forced manual exchanges like the New York Stock Exchange to permit direct electronic access to the point of sale. Read More Here
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SVP Keith Bliss to Moderate HedgeWorld Conference Panel
August 20, 2009 |02.23 pm
Cuttone & Company Senior Vice President Keith Bliss has been tapped to moderate a panel that will present a "Prime Broker Primer" during the upcoming Fall HedgeWorld Fund Services Conference. The conference, sponsored by Reuters HedgeWorld and held at New York's Metropolitan Club on Tuesday October 6, 2009, will provide a stategic forum for investors and fund managers to discuss the latest trends, market events, and issues essential for hedge funds and funds of funds to be successful in today's business environment. Mr Bliss' panel will offer "a look at what every manager needs to know today in selecting and using a prime broker, including current trends in leverage".
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SVP Bernie McSherry published on Financial Times Op-Ed page
July 16, 2009 |12.12 pm
In an article entitled "Investors Have to be Sure Statistics Do Not Lie", SVP Bernie McSherry Wrote In an unsettling development that may speak volumes about the true level of confidence underlying the “green shoots” economic recovery story, many professional traders have begun to doubt the veracity of the US government’s economic reports. Recently, most new releases of economic data have been accompanied by negative revisions of prior reports; and that is causing many to question whether the public is receiving the total, unvarnished truth. Conspiracy theorists abound on Wall Street and the current theory holds that a desire to unlock consumer spending is causing the government intentionally to skew the numbers. If that belief were to spread, the very difficult task of restoring confidence would be made much harder. I can already hear some of you scoffing at the whole idea. After all, the government does not lie, does it? Read More Here
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