Web 2.0 at TD Ameritrade
Anyone who even remotely follows technology and the Internet has no doubt heard of Web 2.0. While there does not seem to be one accepted, all-encompassing definition, there are a number of features associated with it: AJAX enabled web pages, reviews, blogs, etc. Although it may be hard to define, as Potter Stewart might have said, "I know it when I see it."
Oppenheimer & Co. fined $1M by FINRA
Oppenheimer & Co. Inc. has agreed to pay $1 million to settle charges it produced "flawed, incomplete and untimely data" in breakpoint self-assessment, the Financial Industry Regulatory Authority said.
Vhayu Offers Real-Time and Historical Order Book Analysis
As order books get bigger - the Tabb Group recently estimated that in just equities and options, the volume of market data messages across the global exchanges will soar from under four billion messages per day in 2006 to nearly 130 billion per day by 2010, as the number and variety of trading venues increases, as trades become smaller (e.g. 100 shares per order), as cancels and replacements accelerate, and as Reg NMS and
John Hancock's Outsourcing SMA Ops to JPMorgan A Sign of the Times
When insurance company John Hancock announced this week that it's outsourcing its separately managed accounts administration to JPMorgan, we saw this as a reflection of three trends: separately managed accounts have become very popular, good operations staff have become hard to find, and firms that experience growth in an investment area are tending to outsource operations for it.
MiFID Uncertainty Persists as Implementation Day Approaches
With the implementation of the Markets in Financial Instruments Directive (MiFID) just days away, a new study has found that a massive 93% of financial services institutions do not believe that MiFID will be consistently implemented and enforced across Europe.
Wachovia Greens Its Data Centers
Wachovia has just completed a state-of-the-art data center in the Birmingham, AL area and is 18 months into a 36-month effort to relocate and overhaul many of its data centers for the dual purposes of reducing energy consumption and achieving geographic diversity. "We are being smarter about how we deploy data centers and using technology that's more efficient in terms of power consumption, heat dissipation and cooling," says Thomas Caddoo, vice president, Corporate and Investment Banking Techno
How Are U.S. Businesses and Lawmakers Responding to Data Breaches?
Nearly 77 million individuals have been affected by data breaches so far this year. But even after suffering a data breach, 46 percent of businesses failed to implement encryption solutions and 82 percent did not seek legal counsel prior to responding to the incident -- even though they had no prior response plan in place.
Rule 22c-2 Won't Work, Says Study
According to survey results released earlier this month, the recently effective SEC Rule 22c-2 may not be the end-all solution for mutual fund market timing abuses.
Regulator Probes Bear Stearns
Bear Stearns is being investigated by Massachusetts securities regulators over whether the bank improperly traded with two in-house hedge funds that collapsed last summer, burdening investors with added losses.
Mass Affluent Use Online Banks
With an increasing number of high net-worth consumers now using Internet-based financial insitutions, traditional banks must rise to the challenge or face losing out.
SEC sues New York Hedge Fund Over Illegal Trades
The Securities and Exchange Commission (SEC), which recently heightened its scrutiny of the hedge fund industry, is suing a New York hedge fund and its principal, alleging the fund made more than $1.48 million in profits from illegal trading.
New Online Investing Site Covestor Presents A Threat to Fund Managers
A new competitor called Covestor has quietly rolled onto Wall Street and is hoping to dine on the lunches of mutual fund and hedge fund managers. "We want to de-institutionalize money management and funds management," says Perry Blacher, director of marketing and co-founder of Covestor. "We're taking on the guys in the big corner offices with wood paneling who rely on people's laziness," he says.
How Much is that Stock in the Window?
Every few years, we review commissions at the firms that we monitor. Given the recent elimination of the "Merrill Rule", it seemed an opportune time to revisit this issue since the default account that clients are being switched into (unless they specify otherwise) are standard commissionable brokerage account.
Regulators slap Morgan Stanley with another $7.5 million fine
Morgan Stanley has agreed to pay a $7.5 million fine to settle charges that over a five year period it provided customers with insufficient written trade confirmations for municipal securities and bonds, the Securities and Exchange Commission (SEC) said. It is the second, unrelated but substantial fine that Morgan Stanley has settled in less than two weeks.
BREAKING NEWS: Thomson Plans to Spin Off TradeWeb
Thomson Financial announced today that nine of Wall Street's leading bond dealers are investing about $180 million to purchase a minority stake in the electronic trading platform for fixed-income securities and derivatives.