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Rogue Trader Kerviel Accuses SocGen of Forgery
Former Societe Generale trader Jerome Kerviel says six hours of interviews were cut from evidence and plans to sue his former employer for forgery and manipulation of evidence.
SunGard's Valdi Adds Support for International Options Exchanges
With options trading volumes increasing, SunGard's Valdi Options Risk Manager now offers firms the ability to manage their overall position risk on options exchanges globally,
US Mortgage Funds Emerge As Housing Sways
The U.S housing market may still be in the doldrums, but funds that are betting on big gains in mortgage-related investments are a hot ticket this year on Wall Street.
Emerging Markets Hold Breath As EU Banks Shrink
LONDON, April 30 (Reuters)- From Beijing to Bucharest,
emerging market policymakers are as worried as those in Brussels
that the rapid contraction in western European banks' balance
sheets will compound the debt crisis and further delay economic
recovery.
Credit Suisse Suffers Pay Revolt, Barclays Next?
Almost a third of Credit
Suisse shareholders rejected the bank's pay plan on
Friday and UK rival Barclays was braced for a similar
revolt as investors vented their fury at executive pay deals and
called for a bigger slice of profits.
Spanish Economy In 'Huge Crisis' After Credit Slash
Spain's sickly economy faces a
"crisis of huge proportions", a minister said on Friday, as
unemployment hit its highest level in almost two decades and
Standard and Poor's downgraded the government's debt by two
notches.
Lazard Profit Drops, Still Beats Street
Lazard Ltd's first-quarter earnings dropped sharply because of higher costs, but the boutique investment bank beat analyst expectations by a wide margin when excluding a previously announced charge related to severance packages.
Blankfein Sounds Off, Dow 15,000?, Taibbi on Senate’s MF Global Inquiry, and more Quotes of the Week
Lloyd Blankfein opens up (well, sort of), Dow 15,000, Matt Taibbi on the Senate's MF Global hearings and the increasing use of consumer devices in the enterprise, also known as Bring Your Own Device (BYOD), are some of the topics people are chattering about this week. Wall Street & Technology keeps you in the loop by compiling some of the best quotes of the week. Enjoy!
HSBC To Cut Over 2,200 UK Jobs, Targets Managers
HSBC is
cutting more than 2,200 jobs in Britain, targeting senior and
middle management roles as part of its drive to slash costs and
boost profitability in the face of a changing banking landscape.
Blankfein Opens Up On What Goldman Sachs Has Done Wrong, and Right
Goldman Sachs CEO Lloyd Blankfein discusses the Greg Smith resignation letter, PR practices and more.
Numerix Boosts Risk Management Offerings With New Partner
New regulatory demands continue to increase the need for robust and timely risk management.
ITG Rolls Out TCA for Institutional FX Trading
The firm said the platform will help the buy side trade improve their executions in one of the least transparent asset classes.
The Center of the Financial Crisis, Four Years Later
The geographical center of the financial system is no longer Wall Street. Despite that shift, not much else has changed for the big banks.
Bitran Father and Son Pay $4.8M SEC Fine, Leave Securities Industry
The once heralded father and son hedge fund GMB Capital Management admit no wrong-doing in feeding Bernard Madoff and faking their profits.
What Led to the Crisis? The Repeal of Glass-Steagall, Stupid
Just like his predecessor John Reed, former Citigroup Chairman Richard Parsons holds the fateful 1999 repeal of Glass-Steagall responsible for the financial crisis.
Eyeing the SEC, Hedge Funds Shore Up IT
According to an Omgeo survey, hedge funds are addressing the demands of the SEC and other regulators.
DTCC and EFETnet Launch 1st Global Commodity Swaps Repository
Submission testing for Dodd-Frank Swap Data Repository (SDR) requirements will begin May 14.
Chicago's Mini-Boom in Small Prop Shops
Innovation is the key to a start-up's survival in the face of over-regulation.
Call-Out To Regulators: Banks Just Can’t Get Enough Stress Testing
Banks want more - and better stress testing, according to a global Sybase survey.
Abel Noser Unveils TCA To Combat FX Trade Costs
The transaction cost analysis provider says its clients are increasingly turning to TCA for FX.
Prime Brokerages Consolidate After "Big Bang"
Hedge funds are cutting back
on the brokerage accounts they hold as the prime brokerage
industry begins to consolidate more than four years after the
Lehman Brothers bankruptcy blew the sector wide open.
Why The CEP Market Will Hit $276m In 2013
The market for CEP is still booming as firms discover a growing number of applications for the technology.
OpenLink Launches CFTC Large Trader Reporting Solution
Releases comprehensive, XML-based reporting package for clearing members and swap dealers to report physcial commodity and swaption positions to the CFTC under Dodd Frank.
UBS, Goldman Win Formula One IPO
Private equity firm CVC
Capital Partners has hired UBS and Goldman Sachs to lead an
expected $2 billion initial public offering of motor racing
business Formula One in Singapore, sources with direct knowledge
of the matter said on Monday.
With TSX Shaky, Canadian Fund Managers Play Defense
With China's massive economy slowing and fresh signs of trouble in Europe, many Canadian fund managers are now favoring defensive stocks over growth-driven sectors such as mining and energy.
CFPB Warns U.S. Financial Firms About Contractors
U.S. financial institutions
may be held accountable for the actions of the companies they
contract with for services such as telemarketing or product
development, the new U.S. Consumer Financial Protection Bureau
said on Friday.
Top Quotes of the Week From the Street
It's been another busy week on Wall Street. BlackRock noted that it has no plans to cannibalize Wall Street, Barclays' CEO was paid $18 million too much, CIOs are sure they know best, and Goldman Sachs bankers only had to work 7 hours to pay a multimillion dollar SEC fine. Wall Street & Technology brings you some of the choicest quotes from Wall Street.
Group of 30 urges big banks to reform governance
The Group of Thirty, a
private organization of influential regulators, financial
executives and academics, has thrown its weight behind reform of
corporate governance practices at the world's biggest financial
companies, implicating executives, board members, shareholders
and regulators for past failures.
Big Hedge Funds Welcome Dodd-Frank Transparency Regs
Hedge funds think the finance reform law will help them be seen as a more mainstream investment vehicle by institutional investors, according to a study.
JPMorgan Wins Revenue War, Goldman Sags
U.S. group JPMorgan
kept its top position in investment banking revenue last year,
with Goldman Sachs and Credit Suisse losing
most ground in a tough year for the industry, a study showed on
Thursday.
MSRB Works to Further Transparency In Municipal Market
The Municipal Securities Rulemaking Board establishes a long-term plan to enhance its Electronic Municipal Market Access and provide investors with additional transparency into municipal securities pricing.
Fed's Rosengren Urges Money Market Fund Reforms
Money market funds
must be thoroughly revamped in order to ensure a stable U.S.
financial system, the president of the Federal Reserve Bank of
Boston, Eric Rosengren, said on Wednesday.
9 Biggest Mistakes CIOs Make
Managing a multitude of IT projects with a virtually flat budget in a highly competitive environment is no easy task. But CIOs are making a number of serious mistakes in running the IT organization, such as trying to build too much internally or focusing on the wrong type of transparency, which could ultimately damage their company, and the industry at large. WS&T sat down with four experts to discuss what heads of IT departments are doing wrong. Here is the list of the biggest 9 mistak
Hack Attacks Against Financial Firms Multiply In First Quarter Of 2012
China remains the top source country for attacks but the U.S. and Russia both moved up in the rankings.
Bernanke Says Financial Stability A Work In Progress
The U.S. economy
has yet to fully recover from the effects of the financial
crisis, and regulators must continue to find new ways to
strengthen the banking system, Federal Reserve Chairman Ben
Bernanke said.
Broadridge Releases New Financial Analysis And Reporting Solution
The platform is a rules-based enterprise web solution.
AcadiaSoft Hires COO
AcadiaSoft named Chris Walsh, an expert in the financial messaging field, as COO of the company, to run the day-to-day affairs.
Wall Street Tumbles After Weak Jobs Report
Major U.S. stock indexes were
set to open about 1 percent lower on Monday after last week's
much weaker-than-expected report on March U.S. job creation.
Forex Fine Print Haunts BNY Mellon, State Street
State Street has unveiled a new twist in its legal defense against charges of foreign exchange fraud: We're not like Bank of New York Mellon Corp.
Beyond Volcker: Seeing the Forest Through the Trees
Looking at the big picture, we see that Dodd-Frank leads to the removal of some of the structural barriers that exist in today's largely two tiered market structure, redistributes risk capacity within the capital markets and moves prop risk taking out of the banking system.
Regulator to Penalize JPMorgan over Lehman Demise
A U.S. regulator is set to penalize
JPMorgan for actions linked to the demise of investment
bank Lehman Brothers at the height of the financial crisis in
2008, the New York Times said, citing people briefed on the
matter.
Mobile: Data Security's New Frontier
As clients increasingly expect to be able to trade, transfer funds and do almost anything else they can do on a PC from their mobile devices, Wall Street technology executives must figure out how to protect data outside the enterprise.
How to Protect Employees' Mobile Devices From Cyber Attacks
With many financial services employees conducting business on the go, their smartphones and mobile devices increasingly are targets of cyber attackers.
Data Security: Who’s Winning the Cyber War?
The growing sophistication of cyber attacks and the proliferation of vulnerabilities resulting from the rise of mobile computing are forcing financial institutions to rethink data security and embrace new fraud-fighting techniques and technologies, including real-time monitoring.
The Key to Protecting Financial Data
Protecting financial data requires finding the right balance between security and access, says Tabb Group's Alex Tabb.
Data-Centric Security Offers Best Defense Against Cyber Threats
Data-centric security offers the best defense against advanced persistent threats, argues Voltage Security's Mark Bower.
Ambac Sues JPMorgan Over Mortgage Losses
Ambac Financial Group Inc,
the bond insurer that last month won court approval to emerge
from bankruptcy, has sued JPMorgan Chase & Co to recover
losses on mortgage securities that it insured and were made by
the former Bear Stearns Cos.
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