Content posted in March 2008
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Could Lehman Bros have prevented latest fraud?
Lehman Bros has filed a lawsuit against Marubeni Corp., the Japanese trading giant, responsible for defrauding the New York-based investment bank out of US$352 million through a scam carried out by two rogue employees. Could it have stopped the fraud?
BATS Trading Unveils Plan for European Equity Trading, Targeting September Launch
The ECN operator in US. equities is developing a high-speed platform for European stock trading with a data center near London.
What You Don’t Know Will Hurt You
Each day investors wake up to more bad news in the financial markets. Worse yet, many thought their assets were safe, only to find out that the financial crisis is hurting even low-risk investments.
Rosenblatt Hires New NYSE Floor Head
Rosenblatt Securities recently appointed Gordon Charlop as managing director and head of the firm's New York Stock Exchange operations.
Buy-Side Still Values Sell-Side Research, Study Says
Asset managers find the most value in corporate access and one-on-one meetings.
Mobile Apps Are Gaining Respect, Flexibility
Mobile applications and the people in charge of them are gaining more Street cred, according to Todd Christy, chief technology officer at Pyxis Mobile, a provider of wireless applications for the financial industry that counts Blackstone Group, Deutsche Asset Management and OppenheimerFunds among its customers. "Mobility is becoming a first class citizen in corporate America," he says. "We're seeing more chief wireless officers on Wall Street -- at least a half dozen firms have appointed someone
InterContinental Exchange Acquires Yellow Jacket Software to Expand its Electronic Trading of OTC Derivatives
The ICE acquires Yellow Jacket Software's electronic platform to expand deeper into OTC derivatives.
CIOs Feel Their Influence Has Waned
Only 68% of CIOs think their role is strategic to the company and 28% actively seek new jobs, while 54% are open to offers
Subprime Aftermath: Tech Spending to Slow
It's no surprise that analysts are predicting technology spending will slow as a result of the current market turmoil.
Bear Stearns Meltdown Could Force Buy-Side to Rethink Bulge Bracket Relationships
The failure of a top broker raises questions about the buy-side consolidating broker relationships as well as counterparty risk.
The Inside Scoop on Nasdaq's Options Strategy
Why Nasdaq is Launching an Electronic Market While Preserving the PHLX Floor
Nasdaq Brings Speed and New Approach to Price Improvement to Electronic Options Market
As the new kid on the block, Nasdaq OMX executives believe that technologically they have the edge over older exchanges that have legacy systems.
Clash of the Cultures
The announcement that JP Morgan would be bailing out Bear Stearns with a deal to purchase the company at $2 per share sent shockwaves across Wall Street last week.
Correspondent Clearing Workstation Market to Reach $262 Million in 2008, But Providers Are Slacking
Aite study finds clearing workstation technology needs improvement, except for Bear Stearns' platform -- a rare jewel among the Bear wreckage
Welcome to the New Wall Street & Technology Website
For the first time in many years, Wall Street & Technology has completely redesigned its Website. The new site makes searching for content much easier, with customized Google Search and easy to navigate content catagories.
Not Fundamental, but Not Technical Either
According to the commodity market fundamentals we were all accustomed to, traditional traders make buying and selling decisions based on what they figured to be a "fair" price for a given commodity.
Tullett Prebon Signs On to Derivatives Platform
Interdealer broker joins T-Zero.
Are Exchanges Converging with Dark Pools?
NYSE Arca is not the only exchange routing to dark liquidity pools. I spoke to a few industry sources and several immediately told me that this reminds them of Direct Edge,
Banks Seize Web 2.0 Opportunity
Joining the ranks of a growing number of financial institutions to increasingly focus on Web 2.0, Royal Bank of Canada (RBC) is targeting Facebook users by launching a financial advice blog that can be accessed through its fan page on the popular social networking site....
Nasdaq OMX Leverages INET to Build Pan-European Trading Platform
Nasdaq OMX Unveils Plan to Develop Trading and Routing Platform for European Blue Chip Stocks.
Poor CDO Pricing Brought Bear Stearns Down
What was the one fatal blow that caused Bear Stearns' suddden demise? Its inability to properly price collateralized debt obligations, according to a report issued by Financial Insights today.
Raymond James Creates Complete View of Customer Data
By linking together customer accounts of all kinds, firm gives brokers and customers a full view of customer relationships.
Finding Qualified Tech Professionals Is Difficult
New survey finds that in areas like Web development, database management, wireless networking and applications engineering, qualified professionals are in short supply.
NYFIX Launches Euro-Millennium Dark Liquidity Pool
NYFIX Goes Live with a Pan European Trading Venue, Touting Neutrality and Openness
Lack of Standardization in Data, Reporting to Hinder Basel II Compliance
Nearly half of the more than 100 financial services and compliance professionals who participated in an FRSGlobal survey indicate standardization of their business reporting processes is insufficient.
Identity Fraud on the Decline
Despite the hype, identity fraud is on the decline, according to a new survey. But as fraudsters return to traditional channles, such as phone lines, to steal the trusting public's personal information, few financial instituions have implemented multifactor authentication for telephone banking.
Identity and Access Management Market to Reach $12.3 Billion in 2014
Forrester predicts that the largest area of growth will be in user account provisioning technologies, which is expected to be a $7.9 billion market in 2014.
Sell Side to Spend $70 Million on Derivatives Processing in ’08, Buy Side Far Less, Says TABB Group
The TABB Group forecasts that top-tier broker/dealers will ramp up spending on OTC derivatives processing automation software at a compound annual growth rate of 30% over the next two years.
Could Technology Have Saved Bear Stearns?
Although a full autopsy has yet to be performed on Bear Stearns, reason and common sense suggest that state-of-the art technology might have helped the firm circumvent some of its troubles. Here are a few examples.
Deutsche Bank Has Eye on Smart IT Spending
Facing a down market, Deutsche Bank is investing in technologies to improve efficiency, such as virtualization and SOA, without losing sight of the customer experience.
Are Hedge Funds Behind Bear Stearn's Demise?
Are Hedge Funds Behind Bear Stearn's Demise?
The Principal Saves Costs By Printing on Demand
The Principal Financial Group, a provider of retirement and investment services, life and health insurance and banking with $311.1 billion in assets under management, has turned to print on demand software to streamline and reduce costs in generating and printing 401(k) statements and marketing collateral.
Is Wall Street Ready for the iPhone?
Apple's announcement that it is now targeting its iPhone to business customers too with improved security and integration of e-mail, calendars and contact lists, has generally received positive reviews in the press. But is the financial industry ready to trade in their BlackBerrys and Treos for a more colorful iPhone?
Nedbank to Implement New FX Platform for Straight-Through Processing
Investment bank hopes to quickly get new products to market on foreign exchange platform
Getting That Single Version of the Truth on Wall Street
After years of talking about it, Wall Street firms finally are creating unique customer IDs, integrating data sources enterprisewide and building the long-coveted single view of the customer. The result? Better customer and performance reports, streamlined audits, enhanced customer service and improved detection of new business opportunities.
Turquoise Taps Neonet to Provide Market Data From Other European Markets
Turquoise Taps Neonet to Provide Market Data From Other European Markets
Markit's Moving Fast Into Derivatives Processing
London-based data provider Markit has bought Communicator, Swapswire and BOAT. What's next for the fast-moving derivatives player?
NYSE TransactTools May Be NYSE Euronext’s Most Important Asset
NYSE TransactTools, a FIX-engine provider, could be the ticket to the NYSE's survival.
Turquoise Hires Former LSE Compliance Manager Werner
Werner says Turquoise wants to set standards in terms of quality of technology and client service, as well as setting the bar for best practices in compliance, surveillance and adherence to regulatory guidance.
Rosenblatt Hires Kannan as CTO
Kannan says sourcing liquidity as new venues are launched and making them available to clients keeps Rosenblatt motivated.
NYFIX Hires BSE’s Richardson
Richardson, who is currently EVP at the BSE, will join NYFIX when Nasdaq's acquisition of the BSE is completed. In his new position, he will oversee management of the company's electronic execution products and services, including the Millennium ATS dark pool, and the soon to be launched Euro Millennium dark pool.
SunGard Targets Alternative Investment Firms
The new release adds equalization credit/contingent redemption functionality as well as support for unitized funds.
Reuters Delivers New Derivatives Pricing Service
The new offering is part of Reuters' overall strategy to speed up the valuation process for complex instruments.
BioPassword Monitors Rhythm of Typing
Authentication provider adds improved monitoring and reporting capabilities to its authentication platform, which monitors the typing rhythm of users.
The OMS Dilemma: Speed vs. Intelligence
While the drive on Wall Street has been for pure speed, firms are struggling with balancing speed versus intelligence in their OMSs.
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