Content posted in January 2009
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Panel Pushes For More TARP Regulation (audio)
The Congressional Oversight Panel for TARP reveals the new regulations it is urging the government to implement to stop another financial crisis of this magnitude from ever happening again.
Davos Diary, Day 2: Another Day, More Bad News from the Banking Industry
The mood continues to be very muted her at the WEF here in Switzerland, with faces just as long as the coats that block out the bitter cold. While the parameters for the discussion were set yesterday, there is still no one who has set out an agenda or call to action that everyone can rally around to try and find a way out of the current economic quagmire. There are some themes starting to emerge, but everyone is still focused on the problems rather than the solutions.
InvestEdge Equips Banks and Advisors with Turnkey Compliance
Workflow compliance solution enables firms to conduct account investment reviews and
administrative reviews with less risk and cost
SEC Charges Nashville-Based Financial Planner With Fraud
Charge involves purported investments in TARP
DTCC Plans Real-Time Trade Guarantee for Equities, Municipal and Corporate Bonds
DTCC increases daily processing capacity to 500 million transactions per day.
TGIF: Bernard Madoff Apologizes, Explains Where the $50 Million Went
At last, an "explanation" of how the whole scheme played out.
President Obama Asks Wall Street to Show Restraint On Bonuses
President Obama told Wall Street today that executives should not be collecting huge bonuses while receiving taxpayer's bailout money.
"One point I want to make is that all of us are going to have responsibilities to get this economy moving again," he said. "And when I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses -- the same amount of bonuses as they gave themselves in 2004 -- at a time when most of these institutions were teetering
Digging for Madoff Evidence: 20 Million Documents in Queens
One anonymous law enforcement source in the story essentially blames the fraud on electronic trading. Since Madoff was a pioneer in electronic trading, there was no longer a physical paper trail, the source suggested.
SIIA Debuts Job Board for Financial Data Pros
Job board and certification programs designed to put displaced financial IT managers back to work.
Compliance (and E-discovery) a Hot Topic Right Now
Compliance is one of the beats I cover for WS&T, and in spite of the market conditions, or perhaps precisely because of them, compliance seems to be one area that is positively thriving right now.
Oracle Financial Services Software Releases Oracle Reveleus Market Risk
Release features new modeling, analysis and reporting capabilities to help financial institutions improve ability to manage market risk and related capital adequacy and compliance regulations
Cashhedge Gathers More Than $4.5 Billion in New Assets for Clients in 2008
OpenNow/FundNow solutions generate 27 percent increase in assets gathered over 2007
Realtime Systems Group to Offer Direct Market Access to NASDAQ Dubai
Users will be able to trade NASDAQ Dubai listed products.
Davos Diary, Day 2: This Market Needs an Intervention -- and a 12-Step Plan
Wednesday morning, the message at the in Davos was a sobering one right out of the gate: Get on with it; let the TARP be the TARP, etc. Yes, we need to come up with a way to value toxic assets. If recapitalization or foreclosure mitigation is necessary, then design a mechanism to deal with it and pass it into law. We were told we are headed for 2.5% growth average over the next three years thanks to a global recession this year and anemic growth next. Other more dire predictions from
Davos Diary, Day 1: First impressions at Davos: Collaboration is the Name of the Game
This is my third time in Davos for the World Economic Forum and my overwhelming impression is that the atmosphere is 'muted'. If you walk through the Congress Hall or global village, it's as if someone has thrown cold water over the delegates, plunging the temperature to match the weather outside. There is just not the same energy and ebullience that usually defines Davos.
JPMorgan Cut Potential Losses to Madoff Funds Last Fall
JP Morgan Chase says it cut its exposure related to Bernard Madoff last fall; but angry investors want to know why they weren't told about it.
Davos Diary, Day 1: What This World Needs Most ... Will We Find it at Davos?
I remember January 1997. I was 25 living in an apartment in Russia opposite the Kremlin. Guns were routinely checked at the door in my local restaurant. This was before the stock market crash of 1998, before Putin, before $150 oil prices. I would stay up nights, moonlighting on my first software company and the Internet infrastructure and email client I used in Moscow was already better than what my employer provided. And I was itching to get out there and catch this wave!
How He Got Away With It: SEC Officials Grilled on Madoff Shortcomings
In a hearing this week, senators took the opportunity to grill SEC officials in an ongoing attempt to uncover exactly how Madoff got away with the massive fraud for so long and how the SEC can help ensure it doesn't happen again.
Russell Investments to Reduce Work Force By 20%
Russell Investments to reduce work force by 20% as a result of economic woes.
Geithner's New TARP rules: How Clear Are They? (audio)
New Treasury Secretary Timothy Geithner is trying to rein in TARP with rules that limit the power of lobbyists and ensure more oversight for the billions of dollars being handed out. This MarketPlace report discusses how clear the new rules actually are.
Funds of Funds Will Stress Independence and Technology to Avoid the Next Madoff Scandal
After losing billions of dollars in Bernard Madoff's alleged fraud, funds of funds are refocusing on technology to perform due diligence on hedge fund investments.
Kaplan Compliance Solutions Unveils Client Concierge
The Concierge interacts with the relevant departments within KCS, monitoring activities related to the client, as well as ensuring the client is kept informed about regulatory changes affecting their business.
Financial IT Budgets Dip for the First Time, By 3.7%, But Will Quickly Rebound
Large-scale SOA projects are out, risk management and self-service technology initiatives are in, says TowerGroup's latest report. However, visionaries continue modernization efforts.
What Is a Fund Administrator?
In the wake of the Madoff scandal, institutional investors increasingly are demanding that hedge funds hire third-party fund administrators to verify net asset values and trading positions.
Al Frank Asset Management and VLSystems Collaborate to Package Technology
Capabilities enhance profitability of independent RIAs
New York Fed Names William C. Dudley President
He succeeds Timothy Geithner who became Secretary of Treasury
Wall Street Bonuses Fell 44% in 2008
Securities industry losses could exceed $35 Billion
Jarrod Yuster, Merrill Lynch's Head of Global Portfolio and Electronic Trading, Leaves FIrm
Team divides up Yuster's responsibilities across three regions: Americas, Europe and Asia
Quadriserv and Eurex Clearing Cooperate on Transatlantic Central Counterparty for Securities Lending
Senators Grill SEC Staff on Madoff Lapse
At a hearing yesterday, senators posed sharp questions to SEC staff about the agency's failure to detect Bernard Madoff's $50 billion Ponzi scheme. Several senators expressed incredulity at the dozens of warnings the SEC received about Madoff's firm and the fact that the SEC's investigations of the firm yielded nothing. New York Democratic senator Charles Schumer said, "It's as if there was a giant elephant standing next to the SEC in a rather small room for 25 years and the SEC never noticed th
Detangling the Economy from the Current Crisis Isn’t as Simple as Turning a Page
It will take a while for the economy to recover from a decade of slow GDP growth, job losses and virtually no increase in household incomes.
Sun Unveils Green Data Center
New energy-efficient data center saves $1 million in energy bills, 11,000 tons of carbon dioxide and 670,000 gallons of water every year, according to Sun.
CIOs’ Top Priority: Managing IT Costs in a Challenged World
The industry needs to rethink its cost and processing structures -- and perhaps make some radical changes, says Special Contributing Editor Larry Tabb.
Fidessa Unveils Hosted OMS/EMS
Fidessa MAAX is a broker-neutral trading and execution solution that deploys quickly and requires minimal internal technical support, the vendor says.
Merlin Releases New P&L Reporting Suite
Merlin Compass adds intraday portfolio reporting to the firm's existing trade monitoring and post-trade allocation and reporting tools.
Psychoanalyzing Madoff
One of the inconsistencies that emerges in the story is that Madoff ran this familial business where he treated employees like family, but he is very controlling and paid attention to minute details
HedgeOp Awarded U.S. Patent for ComplianceTrak Software
ComplianceTrak offers cost-efficient tools for staying compliant
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Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.
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