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News & Commentary
Content posted in August 2006
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Compliance Newsflashes: Canadian Regulator Sounds Alarm on Online Brokerage Accounts, and more
News  |  8/31/2006  | 
IDA of Canada Uncovers Online Account Attacks, Wells Fargo Mixes a Security Cocktail, Italy's Banco Antonveneta to Use VASCO for Authentication
Investment Management Newsflashes: Artemis Flows Through Charles River, and more
News  |  8/31/2006  | 
Artemis Flows Through Charles River, AdviceAmerica Launches Retirement Income Planning Solution, GL Trade Acquires Nyfix
Operations Newsflashes: SunGard Survey Uncovers Lack of Disaster Prepearedness, and more
News  |  8/31/2006  | 
SunGard Survey Uncovers Lack of Disaster Prepearedness, Asset Control Supports Sun Operating System, Markitt Purchase Bolsters Structured Securities
Multi-Factor Authentication Adoption Picks Up Steam
News  |  8/25/2006  | 
By Greg MacSweeney, Wall Street & Technology Despite the approaching Federal Financial Institutions Examination Council's year-end deadline for the implementation of multi-factor authentication (MFA) at financial institutions, many FIs are still in the process of evaluating and selecting two-factor identification solutions. Some companies may still be in the evalu
Compliance Newsflashes: Estonian Trader Settles With SEC, and more
News  |  8/24/2006  | 
SEC Fines Estonian Web Hacker, CMC Interactive Chooses SunGard for 22c-2 Compliance, HedgeOp Expands in Boston
SOA: At Your Service
News  |  8/22/2006  | 
The technology that supports service-oriented architecture continues to mature, further enabling firms' customer-centric strategies.
Web Explosion
News  |  8/22/2006  | 
It does not take a rocket scientist to realize that we are in the midst of an online revolution.
Buckley Leaves CIO Role to Head Retail at Vanguard
News  |  8/22/2006  | 
By Cory Levine, Wall Street & Technology Tim Buckley, formerly managing director and CIO of The Vanguard Group (Valley Forge, Penn.) has moved from the technology organization to the business, as managing director in the retail investor group. Paul Heller replaces him as CIO. This will not be Buckley's first foray into the business side of the $1 trillion investment firm. He has previously held leadership positions within corporate plannin
Switching a Back-Office Relationship Is Very Hard
News  |  8/22/2006  | 
While the front office is eminently more glamorous and lucrative, switching front-office providers is easy. Switching a clearing, custody or depository relationship, however, is very hard.
Mark Tolani to Head Development at Cohen Bros.
News  |  8/22/2006  | 
Tolani joins the firm in newly created position
News  |  8/22/2006  | 
Andrew Silverman, formerly of Goldman Sachs, joins Morgan Stanley as head of U.S. electronic trading distribution
Keeping Tabs
News  |  8/22/2006  | 
Spotfire Releases DXP for Enterprise Analytics, Features Pre-configured Guided Analytics for Financial Professionals
News  |  8/22/2006  | 
Analytics developer Spotfire (Somerville, Mass.) unveiled a new enterprise analytics application, Spotfire DXP, that allows users to author their own guided analytic applications in context of the business process they serve, the company says.
Safend UpGrades Endpoint Security With Protector 3.0
News  |  8/22/2006  | 
Safend (Tel Aviv) is introducing version 3.0 of its Safend Protector product suite to provide access control and auditing capabilities for enterprise PCs and connected devices.
Matrox Releases PowerSpace for Virtual Desktop Management
News  |  8/22/2006  | 
Montreal-based Matrox Graphics released Matrox PowerSpace, virtual desktop management software for the financial services industry.
Get On the Omnibus: The Mutual Fund Industry Gears up for 22c-2
News  |  8/22/2006  | 
Mutual funds are focusing on omnibus account activity visibility and reporting as the compliance date for SEC Rule 22c-2 draws near.
Ask The Experts: Ira Lehrman, CTO at Merrill Lynch, on Outsourcing
News  |  8/22/2006  | 
Question: What are the major risks of offshoring and how can they be avoided?
Financial Services Companies Failing to Perform Due Diligence on Outsourcing Deals
News  |  8/22/2006  | 
Although 46 percent of financial services executives view outsourcing as a way to achieve business transformation and a competitive edge, according to research from London-based PA Consulting, fewer than half (43 percent) of participants representing financial services companies reported that their firms undertake any form of due diligence when considering outsourcing partners.
Operational Risk Management Goes Global
News  |  8/22/2006  | 
New research from Celent (Boston) suggests that financial services firms across global regions will concentrate much of their spending over the next three years on operational risk management (ORM).
Corporate Actions Trip Up STP According to TowerGroup Research
News  |  8/22/2006  | 
An integral part of today's capital markets, corporate actions processing remains the largest stumbling block to the financial services industry's attempt at realizing straight-through processing (STP), according to a new research note from TowerGroup (Needham, Mass.).
IT Not Aware of GRC Needs Says Compliance Pros
News  |  8/22/2006  | 
A survey of more than 200 governance risk and compliance (GRC) professionals, 37.8 percent of whom represent financial services companies, reports that the majority of respondents believe their IT departments aren't meeting the GRC needs of the business.
CDS Processing Cost to Peak in '06
News  |  8/22/2006  | 
Credit derivative market participants have been burdened by increased operational costs in processing credit default swaps (CDSs) as volumes have skyrocketed in recent years.
Changing the Game
Commentary  |  8/22/2006  | 
MTV just celebrated its 25th birthday. And the MTV Generation, as it is known, discovered that it no longer is the new kid on the block.
Enterprise Risk Management (ERM) and Technology Spending
News  |  8/22/2006  | 
By Sandeep Vishnu, BearingPoint Technology continues to play an increasing role in risk management as instantiated by the recent entry on the SOX technology burden by Brian Mitchell of JPMorgan. ERM poses a challenge from an expense allocation perspective in that every investment could be
Digital Gold Book 2006: The Vanguard Group Improves Advice Engine, Information Security and the Client Web Experience, says former CIO Tim Buckley
News  |  8/21/2006  | 
Listen to this episode By Beth Stackpole, Contributing Editor Since being honored in the 2006 Gold Book, Tim Buckley has vacated the role of CIO to head Vanguard's retail client group and high net worth client areas. But before he left the IT role he shared some of the top technology priorities at the trillion-dollar investmen
FFIEC Muddies the Authentication Waters
News  |  8/21/2006  | 
By Cory Levine, Wall Street & Technology The financial services industry's effort toward secure authentication for online financial transactions was bumped up a spot or two on the old to-do list last week. The Federal Financial Institutions Examination Council (FFIEC) released a list of frequently asked questions, clarifying some of the lingering issues surrounding la
Affirmative Action
News  |  8/21/2006  | 
A flood of new solutions hits the credit derivatives space in an effort to stem the risk of backlogged paperwork.
CIO Challenge: Energy Efficiency
News  |  8/21/2006  | 
THE CHALLENGE: To meet the ever-increasing demand for computing power on Wall Street, firms require more and more energy to run their data centers. But faced with skyrocketing energy costs, CIOs are challenged to balance raw computing power with energy consumption.
Outer Defenses
News  |  8/21/2006  | 
To win back investors' confidence following a seemingly endless parade of high-profile breaches, remote hardware security has become a differentiating factor for financial services firms.
Exchanges Are Adopting the FPL’s FAST Protocol to Speed Up Market Data Rates
News  |  8/21/2006  | 
With market data message rates surging, exchanges are adopting the FAST protocol to reduce bandwidth requirements.
The SOX Technology Burden
News  |  8/18/2006  | 
By Brian Mitchell, JPMorgan Why has SOX become such technology burden? In year one, SOX was a burden for all. The business had to define all of the key controls associated with financial reporting and it had to identify the key systems on which the business depends to support these controls. Meanwhile, the technology group applied a typical general computing controls assessment to those
Digital Gold Book 2006: State Street CIO Joseph Antonellis Focuses on Building Out The Firm's Outsourcing Services Infrastructure
News  |  8/17/2006  | 
Listen to this episode By Beth Stackpole, Contributing Editor Joseph Antonellis, CIO of institutional investment manager State Street, is a true Bostonian -- having held positions at Bank of Boston and holding degrees from Harvard and Bentley College. He speaks to Wall Street & Technology Radio about his plans to build out
Trading Newsflashes: U.S. Brokers to Take Stakes in National Stock Exchange, and more
News  |  8/17/2006  | 
U.S. Brokers to Take Stakes in National Stock Exchange, Nasdaq Raises Market Share in NYSE-Listed Securities up to 10.75 Percent, Wombat Releases FAST Version of Archipelago Data Feed, Boosting Support for Compression Standard, Penson Upgrades FX Trading Platform With Auto Dealing
i-flex Acquires Compliance Solutions Provider Mantas
News  |  8/17/2006  | 
Top vendors in financial services space come together for more robust compliance solutions.
Compliance Newsflashes: SEC Seeks XBRL Tools for Web, and more
News  |  8/17/2006  | 
SEC Releases RFP for XBRL Web Tools, FaceTime and Proofpoint Partern for Email and IM Compliance, Kaplan Financial Launches Virtual Series 7 Training
Investment Management Newsflashes: Morningstar Develops Suitable 529 Tool, and more
News  |  8/17/2006  | 
Morningstar Develops Suitable 529 Tool, RMB Asset Management Implements LatentZero, Morgan Stanley Makes Private Wealth Management Hire
OperationsNewsflashes: Bank of America Appoints Second FBI Official, and more
News  |  8/17/2006  | 
Bank of America Appoints Second FBI Official, Threadneedle Outsources through JPMorgan, Sophis Launches Securities Lending and Repo Module
Digital Gold Book 2006: Putnam Investment's CTO Philippe Bibi and Right-Hand Man Eric Meltzer Guide IT/Business Strategy
News  |  8/16/2006  | 
Listen to this episode By Jessica Pallay, Contributing Editor Philippe Bibi's position at the top of the technology ladder at Putnam Investments is no accident. Bibi, Putnam's CTO, and his managing director of investment systems, Eric Meltzer, worked long and hard to establish themselves in the financial services industry. Togeth
Digital Gold Book 2006: PHLX CIO Bill Morgan Says the Regional Exchange Is Preparing for Penny Quoting in Options
News  |  8/15/2006  | 
Listen to this episode By Ivy Schmerken, Wall Street & Technology With options quote volume growing exponentially, Bill Morgan, CIO of the PHLX is preparing PHLX XL, the options trading platform, for penny quoting in options. Also, he discusses plans to roll out new electronic trading platforms for equities and futures.
NYSE Euronext Courts Other Exchanges
Commentary  |  8/15/2006  | 
If you think the NYSE-Euronext linkup is only about creating synergies between the U.S. and European securities and derivatives markets, then you are mistaken.
Digital Gold Book 2006: CIO Kevin Shearan Focuses On Portfolio Managment for Mellon Financial's Private Wealth Management
News  |  8/14/2006  | 
Listen to this episode By Jessica Pallay, Contributing Editor Mellon Financial's CIO Kevin Shearan discusses how new sales and portfolio management capabilities support his firm's private wealth management business. Shearan also addresses internal security standards, a data center recovery makeover and how Mellon is seizing ne
Digital Gold Book 2006: Nirup Krishnamurthy, the New Tech Chief at Northern Trust, Looks Ahead to ERM
News  |  8/13/2006  | 
Listen to this episode By Jessica Pallay, Contributing Editor Nirup Krishnamurthy, who joined The Northern Trust Co. as CTO in November 2005, is in the midst of several major initiatives including the standardization of enterprise relationship management and revamping the desktop of his portfolio managers. He shares his
Digital Gold Book 2006: Nasdaq CIO Anna Ewing Says INET Integration is Top Priority for 2006 but Crossing Networks are on Tap for Q3
News  |  8/11/2006  | 
Listen to this episode By Ivy Schmerken, Wall Street & Technology The Nasdaq Stock Market is preparing to launch an intraday crossing network for block trades in Q3, says Ana Ewing, CIO of Nasdaq. Ewing says the intraday crossing network for buy and sell-side firms will compete with alternative trading systems. She also discusse
It's Hard to Ignore the Hype: HSBC Security Flaw
News  |  8/10/2006  | 
By Greg MacSweeney, Wall Street & Technology At first glance, the security flaw within HSBC's online banking system that has been exposed by two researchers working within Cardiff University's School of Computer Science looks like another black eye for financial firms, which are battling the growing perception that personal data risks aren't being taken seriously. Howe
Investment Management Newsflashes: Standard & Poor’s Capital IQ Adds Real-Time Module, and more
News  |  8/10/2006  | 
Standard & Poor's Capital IQ Adds Real-Time Module, MD Sass and Macquarie Group Join Forces, Morley Fund Management Taps Reuters Knowledge, Bill Few Financial Group Migrates to Advent
Trading Newsflashes: Barclays Capital Partners With Townsend Analytics to Offer Clients Direct-Access Trading, and more
News  |  8/10/2006  | 
Barclays Capital Partners With Townsend Analytics to Offer Clients Direct-Access Trading, Goldman Sachs and Trading Technologies Expand Software Licensing Agreement to Global Futures Markets, The Philadelphia Board of Trade Tapped RTS to Develop Streaming Quote Software, Rand Financial Services Offers Access to Italian Derivatives Markets
Compliance Newsflashes: SEC Eases Up on SOX for Small and Foreign Companies, and more
News  |  8/10/2006  | 
SEC Announces Sarbanes-Oxley Relief, Kingston and Safend Partner for Port Security, FrontLine Offers Compliance Service for Hedge Funds
Operations Newsflashes: BGC Links to T-Zero for Trade Affirmation and STP Connectivity, and more
News  |  8/10/2006  | 
Operations Newsflashes: BGC Links to T-Zero for Trade Affirmation and STP Connectivity, and more
Digital Gold Book 2006: Michael Radziemski, CIO of Lord, Abbett & Co. is Building Proprietary Systems for Fixed Income Modeling and Trading for Investment Managers
News  |  8/9/2006  | 
Listen to this episode By Beth Stackpole, Contributing Editor Lord, Abbett & Co. CIO Michael Radziemski returns to the Gold Book in 2006 and shares his top three projects. He is currently involved in custom development of fixed income modeling and trading systems, enhancing and adding capability to the firm's Web site, and
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