Content posted in October 2012
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Capital Markets Outlook 2013: Innovation While Cutting Costs
Once again, CIOs and their IT organizations will be forced to do more with less in 2013. However, this was expected and most are finding innovative ways to slash costs while boosting productivity.
Capital Markets Outlook 2013: QA Testers and Kill Switches Wanted
The SEC is ramping up its rules for managing the technology risk of computerized trading on stock exchanges, including a kill switch to stop runaway algorithms.
JPMorgan Sues Former London Whale Boss
JPMorgan Sues Former London Whale Boss
Wall Street Scrambles to Raise Cash after Sandy
Wall Street firms scrambled to raise cash on Wednesday, as financial markets resumed normal trading.
Twitter Proves a Lifeline Despite Pranksters
Even though the NYSE was victim to a Twitter prank, as Hurricane Sandy pounded the east coast, millions of residents turned to Twitter as a hotline that hummed through the night.
Wall Street Banks Still Reeling From Hurricane Sandy
Two days after Hurricane Sandy wreaked havoc on the East Coast and killed 18 people in New York City, Wall Street banks and their CEOs are dealing with the damage. Here is a look at who has been affected.
JPMorgan Sues London Whale's Former Boss
JPMorgan Chase & Co has filed
suit against the former boss of Bruno Iksil, the trader known as
the London Whale for the outsized derivatives positions he took
that cost the bank $6.2 billion this year, according to a
published report.
Barclays Hit by Fresh U.S. Investigations
Barclays, already rocked
by an interest rate rigging scandal, unveiled new U.S.
regulatory investigations into the bank's financial probity on
Wednesday and said its profit was hit by charges for mis-selling
insurance.
Goldman Sachs Buildings In Eye of the Storm (Photos)
Damage in the immediate area of one of its buildings was significant.
Exchanges Plan to Resume Trading Wednesday
As New York struggles to recover from a historic storm, the nation's stock exchanges plan to reopen on Wednesday.
NYSE Set To Reopen on Wednesday After Historic Battle of Wills
As Hurricane Sandy barreled towards the East Coast on Sunday night, NYSE Euronext was locked in a battle of wills with trading firms over whether to open at all on Monday.
NYSE to Test New Plan; Trading Floor Undamaged by Storm
NYSE Euronext said it plans to
test a new contingency plan to help resume stalled U.S. equity
trading, and added that its famed trading floor is not yet
damaged by Sandy, one of the biggest storms to hit the United
States.
U.S. Companies Delay Results Due to Sandy
Dozens of U.S. companies postponed
releasing quarterly results as Sandy, one of the biggest storms
to hit the United States, pounded the east coast, flooding large
parts of New York City.
U.S. Companies Delay Results Due to Sandy
Dozens of U.S. companies postponed
releasing quarterly results as Sandy, one of the biggest storms
to hit the United States, pounded the east coast, flooding large
parts of New York City.
NYSE to Test New Plan; Trading Floor Undamaged by Storm
NYSE Euronext said it plans to
test a new contingency plan to help resume stalled U.S. equity
trading, and added that its famed trading floor is not yet
damaged by Sandy, one of the biggest storms to hit the United
States.
Capital Markets Outlook 2013: Financial Transparency Gets Real
For Form PF, a Dodd-Frank requirement, firms must gather data from multiple sources, structure it, slice it according to how they believe the Securities and Exchange Commission will want to see the data, and file highly burdensome reports on deadline.
Is the iPad Mini Really A Game-Changer For Wall Street Execs?
As the iPad Mini hits stores on Friday, we look at whether Wall Street executives should upgrade their tablet.
Orc Integrates Ultra FGPA-Based Market Data Feeds from NovaSparks
Market makers can increase the profitability of their strategies by shifting to more consistent, high-speed feeds, contends Orc's CTO.
UBS Stock Soars at Prospect of 10,000 Job Cuts
Shares in UBS
soared on Monday after media reports the Swiss bank would
announce up to 10,000 job cuts as it takes the knife to its
investment banking operations, particularly its fixed income
business.
NYMEX Floor Trading Suspended Due to Sandy, Electronic Trade Open
The CME said it will
suspend floor trading on Monday at its NYMEX world headquarters
because of mandatory evacuation by the city of New York ahead of
Hurricane Sandy but the move is unlikely to affect trade as
higher-volume electronic dealing will operate normally.
Wall Street Shuts Down as Sandy Approaches U.S. Coast
Hurricane Sandy, the monster
storm bearing down on the U.S. East Coast, strengthened on
Monday after hundreds of thousands moved to higher ground,
public transport shut down and the U.S. stock market suffered
its first weather-related closure in 27 years.
Cost Cutting Vs. Innovation: Dueling Priorities for Wall Street CIOs?
Despite smaller budgets, this is the time when business leaders turn to IT for more efficiency, more productivity and, yes, innovative ideas.
FACTBOX: Wall Street's Plans for Hurricane Sandy
Wall Street firms were set to open with limited staffing on Monday, as stock markets remain closed ahead of Hurricane Sandy's approach and many traders in other markets as well as other financial professionals worked from home.
UBS to Cut Up to 10,000 Jobs
UBS is expected to cut up to 10,000 jobs, or 16 percent of its
workforce, as it contends with shrinking revenue and rising capital requirements.
Facebook IPO Fallout: Citi Fined $2 Million, Fires Two Analysts
Citigroup fired its top Internet analyst, Mark Mahaney, and paid a $2 million fine to a Massachusetts regulator to settle charges that the bank improperly disclosed research on Facebook IPO.
Can Brokers Level the Playing Field As Exchange Operators?
Credit Suisse reportedly has a plan to turn one of its trading venues into a stock exchange, which points to a budding rivalry between brokers and for-profit exchanges.
Did the Ouster of Pandit Violate Securities Laws?
The news that Vikram Pandit's voluntary resignation as chief executive was really a boardroom ouster could trigger regulatory scrutiny.
Citi Fined $2 Mln By Massachusetts Over Facebook IPO
Massachusetts fined Citigroup
$2 million to settle charges that two bank analysts
improperly released confidential information about Facebook's
financials before the technology company went public.
Legg Mason Profit Up With First Net Inflows Since 2007
Asset manager Legg Mason Inc said
on Friday quarterly profit topped expectations as the company
reported its first quarterly net inflows of client funds since
2007.
My Actions Were Not Fraudulent, Says UBS "Rogue Trader"
Former UBS trader Kweku
Adoboli wept on Friday as he told a jury that his "off-book
trades" were done for the benefit of a bank that meant
everything to him.
Despite Recent Struggles, HFTs Still Have the Advantage
Although high-frequency trading has wobbled a bit in the wake of weak U.S. equity trading volumes, industry consultant Haim Bodek argues on TabbForum that the market's structure remains tilted in their favor.
IMF's Lagarde Urges Action On Unfinished Financial Reforms
Unfinished financial reforms are
hampering recovery in key parts of the global economy and
weighing on economic growth, the head of the International
Monetary Fund warned.
My Actions Were Not Fraudulent, Says UBS "Rogue Trader"
Accused UBS "rogue
trader" Kweku Adoboli said on Friday he did not believe his
behaviour had been fraudulent and it was unfair to suggest that
his previous jobs in the UBS back office had given him the
knowledge and skills to commit fraud.
Why The U.S. Government Should Not Be Suing Bank of America
It's not the first time the government is targeting big banks, but it's probably not the right approach either.
Flash Crashes, Kill Switches, and 10 Million Easy Buttons
If firms don't start to do a better job of testing software and systems, regulators may do that job for us. And then things will get really complicated.
IT Isn't Where It's At
The big growth in tech spending is happening outside of the IT organization. That creates a challenge for companies trying to leverage technology well.
Credit Suisse to Move More IT Jobs to Poland and India
Credit Suisse will cut an extra 1 billion Swiss francs ($1.1 billion) of costs, including axing more jobs.
Trading the Election Results, In Real Time
Money managers are avidly watching the Nov. 6 presidential
election, gaming out investing strategies in the event of a second term for Barack Obama or a first one for Mitt Romney.
CME's Volume 'Disaster' Due to Macro Woes: Exec
The decline in trading on CME
Group Inc's futures exchanges this year is more the
result of a sluggish economy and uncertainty over tax policy
rather than regulatory changes affecting the futures industry,
CME's executive chairman said on Thursday.
Fee Pressures Drain Revenue at Big Asset Managers
Two big asset managers reported quarterly
revenue declines on Thursday as investors moved into lower-fee
fixed-income funds.
The Evolving Role of the CDO
John Bottega, who has been chief data officer at Citi, the Federal Reserve Bank of New York and now Bank of America, says the role of data in the enterprise is increasing.
OMS-EMS Retool as Clients Face New Regs
In the face of lower volumes, OMS and EMS are seizing opportunities as buy side clients need to upgrade their systems to comply with complex regulations and trade new asset classes electronically.
Big Data: A Big Deal for Trading Floors
Regulators are requiring financial firms to store many types of trading communications, including voice, IM, mobile SMS, and social networks putting stress on existing systems, writes Orange Business Services- Trading Solutions;s Sébastien Jaouen.
UBS To Cut Thousands of Jobs in Investment Bank, Information Technology
The Swiss bank has been hard hit by stricter capital rules and massive rogue trading loss.
UBS Set to Cut 400 Investment Banking Jobs
UBS is about to cut 400 investment banking jobs and may shed 900 more IT jobs in the near future.
Nasdaq Net Falls as Trading Volumes Decline
Nasdaq OMX's third-quarter profit fell 18 percent, due in part to a drop in trading volumes in U.S.
The Buy Side Wrestles with the OMS-EMS Dilemma
In the midst of a bad economy and lower trading volumes, the buy side balances the need to cut costs and consolidate OMS and EMS platforms, while chasing the best integrated solution.
Weak Trading Volumes Sink Nasdaq's Net Income
Nasdaq OMX Group's third-quarter
profit fell 18 percent, due in part to a drop in trading volumes
in U.S. and Nordic equities, the exchange operator said on
Wednesday.
UBS Set to Cut 400 Investment Banking Jobs
UBS is about to
cut 400 investment banking jobs, two sources familiar with the
situation said on Wednesday, with more extensive lay-offs at the
Swiss bank likely to follow as it withdraws from the riskier and
more capital-intensive parts of its business.
Financial Markets Suffering from Lack of Trust
Speakers at the SAP Financial Services Forum say restoring the trust of investors and the public should be a top priority for the industry.
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