Content posted in September 2007
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Credit Derivatives Grew to $45 Trillion Just Before the Crunch
Just prior to the credit crisis, the volume of credit derivatives shot up 32% during the first half of this year, according to a report released this week by the International Swaps and Derivatives Association. The notional amount outstanding of credit derivatives grew by 32% in the first six months of this year to $45 trillion from $34 trillion, according to ISDA's mid-year survey of privately negotiated derivatives. (The group received responses from 88 firms,
Morgan Stanley to pay $12.5 million fine to settle 9/11 e-mail charges
Morgan Stanley has agreed to pay $12.5 million to settle a case brought by the Financial Industry Regulatory Authority (formerly NASD) for failing to produce pre-9/11 e-mails to regulators and investor plaintiffs, while claiming that the destruction of the firm's email servers in the Sept. 11, 2001 terrorist attacks on New York's World Trade Center resulted in the loss of all pre-9/11 email.
TradeTech West: Dark Pools Rising
Dark pools were the order of business for an intriguing panel discussion at TradeTech West today. The discussion, moderated by Douglas Engmann, senior executive vice president and managing director of equities at Fimat USA, touched on dark pool strategies, trends and one panelist even took it so far as to say that displayed markets are not necessary for buy side traders.
Trading Bonuses: What Can You Expect To Bring Home This Year?
With the credit crisis battering fixed-income desks and quantitative hedge funds, Wall Street traders are going to see their bonuses shrink in 2007 as sell-side firms recover from the turmoil and position their desks for 2008.
Despite Delay, Project Turquoise Appoints Board
Despite the delay until 2008, Project Turquoise, the bank consortium-backed European equities trading platform, has appointed a board to oversee the platform.
TradeTech West: Algos Inside Out
How exactly are buy side traders using algorithms? That was the question posed to a panel at the TradeTech West conference taking place in San Francisco this week.
Subprime Mess Will Continue Impact on Other Markets
It's just the eye of the storm for the subprime market mess. Count on the crisis impacting many other areas of the market.
Turner Investment Appoints Peter Yarrow To Grow Operations Abroad
Turner Investment Partners recently hired Peter Yarrow to grow the company's business in the U.K., Continental Europe and the Middle East.
Tips For Safely Navigating Facebook
There are ways employees can use social networking sites such as Facebook more safely, says Graham Cluley, senior technology consultant at security firm Sophos.
Financial Services Firms Ban Facebook
According to a survey of 600 global companies carried out by security firm Sophos, 50 percent of companies ban their employees from accessing Facebook.
SEC May Act Too Fast in International Insider-Trading Cases like Dow Jones
The U.S. Securities and Exchange Commission (SEC)'s complaint in May against a Hong Kong couple for insider trading of Dow Jones stock may have come up against a brick wall.
TradeTech West Coverage: Best Execution
The TradeTech West 2007 Conference, hosted by Worldwide Business Research, got underway this morning in San Francisco and I will on hand reporting for the next two days on the panels and discussions taking place at the trading event.
More Speculation on Nasdaq-Dubai Alliance
There is more intrigue behind Nasdaq's three-way transaction with the Borse Dubai to control OMX and dispose of its stake in the London Stock Exchange. One leading UK newspaper reported that Nasdaq has plotted an alliance with Dubai to ultimately bring the LSE into a global exchange network.
iPhone: Not Right For Financial Industry Now, But Survey Shows It Could Be In Future
According to a new survey, most financial services firms are not currently considering using Apple's iPhone on a corporate level - but this could change in the future.
Merrill Lynch’s Lehrman Named Head of Global Credit Trading Technology
As global head of credit trading technology at Merrill Lynch, Ira Lehrman will head up daily technology operations, as well as drive tech strategy for the group.
CAPIS Shifts OMS to Fidessa Trading Platform
Capital Institutional Services (CAPIS), the global agency brokerage firm based in Dallas, said it's moving to the Fidessa trading platform as a replacement for its proprietary order management system.
"Technology wise it's probably the most important decision we made in our 30-year old firm," says Jim Morrow, COO at CAPIS in an interview on Friday.
Sub-Prime Loans and CDOs Have Helped Create the Perfect Storm
Sub-prime loans, predatory lending, collateralized debt obligations (CDOs) and a legitimate real-estate market collapse have shaken the foundation of the U.S. economy.
Rosenblatt Securities Taps Jay Indovino
As a managing director at Rosenblatt Securities, Indovino will focus on helping Rosenblatt grow its client base, as well as tapping into business development opportunities and connecting the firm with new technology platforms.
Omgeo Board Adds Michael Bodson
Michael C. Bodson, executive managing director for business management, strategy and marketing for The Depository Trust & Clearing Corp. (DTCC) has replaced Jill M. Considine on Omgeo's board of managers.
Large U.S. Firms Getting Better at Managing Risk, But Can Still Improve
2007 Protiviti U.S. Risk Barometer study found that 53 percent of respondents rated their firms as very effective at managing risk, a 15 percent rise compared to last year.
Globalization Regulations Must Be Changed, CEOs State In NYSE Survey
Ninety-four percent of U.S. CEOs and 79 percent of non-U.S. CEOs believe changes to the American legal system to lower litigation risks would increase the competitiveness of U.S. capital markets.
Traditional Brokerages Must Embrace Web 2.0, Gartner Says
New Internet brokerages target niche markets looking for specific functionality and services rather than attempting to compete with large firms for the mass market.
Study Shows Most Enterprises Lack a Strategic Security Vendor
Nearly all (90 percent) plan to invest more in security solutions in the next 12 to 18 months, according to research firm Nemertes Research.
Market for Global Portfolio Systems to Reach $2.67 billion by 2010
Hedge fund growth, the need for risk controls and the increasing use of derivative instruments across a broader population of investment managers are driving the global portfolio systems market, according to a new report from Aite Group.
How Soon Will Wall Street Adopt Quad-Core?
How quickly will capital markets firms deploy Intel's and AMD's new quad-core processors? We asked a few industry experts and got varied answers. Gartner analyst John Enck believes most firms will follow their usual server replacement schedule (typically three years after purchase). "The change in performance, even for those optimized applications, just isn't dramatic enough for them to go through the pain and the manpower it takes to swap out an existing on-the-floor server that's still under w
Credit Suisse Appoints New Liquidity Head
Dmitri Galiametdinov has joined Credit Suisse's Advanced Execution Services group as Director and Head of Liquidity Strategy.
Misys’s Summit FT V5.2 Provides Advanced Credit Derivatives Solution for Banks, Asset Managers
Summit FT V5.2 enables banks and asset managers to scale up and meet evolving market demands in both complexity and volume.
The Danger of Revealing Too Much on Facebook...
At Wall Street and Technology's Executive Peer Roundtable on Security Risk this week, delegates pressed financial firms to consider the security threat posed by employees -- or potential employees -- using social networking sites, such as Facebook and MySpace.
It is critical to secure applications and data inside a company, they said. But it is equally important to keep a careful eye on communications between employees and the outside world.
BofA SafePass: One Name, Two Implementations
Bank of America recently launched a couple of security initiatives for both its banking and brokerage clients. To us, one of them seems pretty innovative, the other a potential nuisance.
STAC High Performance Testing Lab Sets Up Benchmark Council
The Securities Technology Analysis Center (STAC) announced on Monday that it has formed a Benchmark Council devoted to the creation and management of benchmark standards for trading technology. Eight Wall Street firms, including Citigroup, JP Morgan Chase, and HSBC, are among the charter members.
Feingold, Smith Join Portware to Head Up New Product Strategy Group
Portware announced the appointment of two industry veterans to head up its newly formed Product Strategy Group.
U.S. Algorithm Spending Slows
Algo spending hits a plateau in the U.S., but more-sophisticated offerings are on the horizon.
SEC Scrutinizes Hedge Funds for Insider Trading
The U.S. Securities and Exchange Commission (SEC) is scrutinizing hedge funds for signs of insider trading.
The regulator has been sending out a 27-page letter to registered advisers, asking them for information about relationships between managers, employees, family members and public companies.
BIDS Trading Passes A Billion Shares with Utility Model
As the battle for liquidity heats up among the major U.S. equity block trading platforms, BIDS Trading appears to be making rapid inroads with its open access, utility pricing model. In a sign that its model is catching on, yesterday, the BIDS alternative trading system, announced it has traded one billion shares since its formal launch this past April, only six months ago.
RealTick Adds Thomas Weisel Execution Services Offerings
Townsend Analytics announced it has added Thomas Weisel Partners' Weisel Execution Services' (WES) proprietary algorithms and equities execution services through its RealTick execution management system.
FX Bridge Taps FIX Flyer for High Speed Integration
As the adoption of the FIX fuels electronic trading in foreign exchange and expands into new areas such as FX options, banks are demanding integration with back office and risk management technology. Today, FX Bridge, an Atlanta-based FX dealing system, which specializes in FX options, announced that it's partnering with New York-based FIX Flyer to integrate the FIX messaging standard into its solution.
New Website for Gen X and Gen Y Investors Offers the Wisdom of Crowds
A new investing/social networking website for Generation X (people who are roughly 30-40 years old) and Generation Y (19-to-30-year-olds) is going live today called Cake Financial. "The word 'cake' is slang for money and it also means 'easy,'" explains founder and CEO Steven Carpenter. The site will screen-scrape a customer's investment information from any and all of his existing brokerage accounts, provide an aggregated view of historical transactions
Why TD Ameritrade's Data Breach Is So Worrisome...
Last week, TD Ameritrade became the latest financial firm to hit the headlines after suffering a data breach, with over 6.3m customer records stolen. Other financial institutions have also reported data breaches recently: these include JPMorgan, Fidelity Investments and Ameriprise Financial. These incidents generally stemmed from stolen laptops or careless employees (who, in the case of JPMor
News from the High Performance on Wall Street Show
The ongoing slugfest between providers of high-performance computing solutions was evident at the High Performance on Wall Street show today at the Roosevelt Hotel. All the major vendors of CPUs, GPUs, FPGAs, server grid software, data grid software and other high performance hardware and software are here, providing updates on their solutions and gently dissing the competition. As slugfests go, this is an amiable one and many of these companies are actually working together in pairs and groups
Oracle Delivers Coherence 3.3
Solution enables firms to push data closer to applications for faster access and greater resource utilization, Oracle claims.
Techrigy SM2 Helps Companies Monitor The Blogosphere
The SM2 is targeted at organizations that want to scour blogs and wikis on the Web for mentions of their companies, partners and competitors to mitigate reputational damage and potential legal liabilities.
Photo Gallery: Savvis Data Center Offers Connectivity to Exchanges Worldwide
Savvis, a provider of utility-hosted data center services, has a data center close to Manhattan that offers connectivity to market data from more than 100 exchanges worldwide.
Can Financial Models Prevent CDO Problems?
Could better use of modeling technology prevent fund managers from investing in too-risky credit derivatives?
Glenmede Trust Company Streamlines With Imprivata SSO Solution
Deploying a single sign-on solution streamlines Glenmede's operations and eliminates a mushrooming security risk.
Morgan Stanley's Global Wealth Technology Turnaround
A new network, a services-oriented architecture, and new portals for salespeople, financial advisors and customers have produced dramatic results for Morgan Stanley's Global Wealth Management Group.
Online Security Attacks Against Financial Institutions Rapidly Increasing
As hacking increases, experts say firms must use a blend of multifactor authentication, risk analysis and people to protect themselves.
Cisco Eases the Upgrade to Infiniband for Market Data Feeds
There's no question switching from a one gigabit Ethernet network to Infiniband can dramatically improve the speed of multicasting -- sending market data from feed handlers to multiple trading desks. Several tests conducted over the past year by the Securities Technology Analysis Center have proven this. Faster multicasting leads to improved ability to conduct algorithmic trading and better compliance with Reg NMS and MiFID. The question is, how do you m
New Security Alert: TD Ameritrade suffers Data Breach, Over 6.3m Records Stolen
TD Ameritrade Holding Corp said contact information for more than 6.3 million customers was stolen after one of its databases was hacked into.
The online broker apologized to its clients and said the breach stemmed from unauthorized code in its systems that allowed hackers to access an internal database. The discovery - and elimination of the unauthorized code - was made by the brokerage following an internal investigation of stock-related SPAM.
Options Dark Pool Readies for Launch
While dark pools have popped up like crazy on the equities side, bringing the total somewhere close to 40, there will soon be a new dark pool dimension. U.S equity options.
Rosenblatt Securities Hires Sanders to Build Out International Trading
Eyeing the regulatory changes in European equity markets with MiFID, Rosenblatt Securities hired Tom Sanders, formerly of Bank of America International, to build an international trading desk for the New York-based institutional agency only broker.
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