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ARCHIPELAGO PICKS SUN SERVERS FOR OTC STOCK TRADING, REPLACING MICROSOFT/INTEL MACHINES In a move to cut costs, boost speed, and increase its trading volume, Archipelago is shifting its OTC stock trading business over to Sun Microsystems Unix-based servers by the end of next month.
UP TO BAT: THE SIA TAKES ANOTHER SWING AT THE SEC IN THE ELECTRONIC-COMMUNICATION-STORAGE DEBATE In its latest comment letter to the Securities and Exchange Commission, dated February 21, the SIA is asking the Commission for more work in "modernizing" the commission's Electronic Storage Rule (Rule 17a-4(f)).
INDUSTRY SPLIT ON WHEN, NOT IF, OF T+1 MANDATE Executives in the financial-services industry are still split on the benefits of imposing a trade-date-plus-one settlement cycle, according to a recent study conducted by Deloitte & Touche's STP practice.
ASSET MANAGER IMPLEMENTS FRONT- AND MIDDLE-OFFICE TECHNOLOGY Majedie Asset Management recently selected Financial Models Company to manage its front- and middle-office technology.
ELECTRONIC TRADING * UNX will begin posting orders directly to SuperMontage. * Nasdaq Deutschland sets March 21 as the launch date for its new trading venture. * TradeStation Group reports total revenues of $13.4 million in 2002 fourth quarter.
MARKET DATA * Fame Information Services releases ReferencePoint solution. * Fame announces partnership with Tap Ventures, integrating database with TapMaster. * Reuters and Factiva expand with three-year agreement for Factiva content to be embedded in Reuters 3000Xtra and Reuters BridgeStation.
RISK-MANAGEMENT TECHNOLOGY * Oliver, Wyman & Company merges with Mercer Inc. to form Mercer Oliver Wyman. * Sector Inc. launches e-mail archiving solution, enables broker/dealers to comply with SEC Rule 17a-4. * Fitch Risk acquires IC2 First database from Zurich Financial Services Group
INVESTMENT-MANAGEMENT TECHNOLOGY * U.S. Bancorp Asset Management's enlists Morningstar, Inc * Author Damon Kovelsky from Financial Insights contends that TOMSs has a high level of value proposition for buy-side firms. * Forefield combines with eMoney to offer the Web-based wealth-planning tool. * Web-based front office may be next step towards automating trade-order management, according to TOM vendor Indata.
OPERATIONS * PFPC Inc unveils IMPRESS Desktop-Generation Next. * Depository Trust & Clearing Corporation announces strategy to prepare National Securities Clearing Corporation * The Bank of New York announces being selected by The Chubb Corporation to provide global-custody services * Royal Liver Assurance Limited appoints Northern Trust global custodian to 2.5billion pounds sterling.
Reuters Makes Waves with Losses, Cuts and an Acquisition The market data giant aims to streamline development operations and re-focus on core data products.
Buy-Side Firm Ditches OMS Vendor EBS Asset Management Replaces Advent with Indata in an attempt to gain greater trade-order-management customization and increased customer service.
FIX Takes On Fixed Income After achieving total domination in the equities markets, FIX Protocol Limited sets its sights on conquering the untamed world of fixed income.
New FIX Order Routing Network Targets Derivatives Exchanges Two British technology suppliers are building an order routing network to hit 14 derivatives exchanges with one FIX-connection. To drive down the cost of access, they plan to charge a flat fee.
ELECTRONIC TRADING Brokerage America will begin to attach liquidity fees to specific Nasdaq securities; Swapstream selects Xlaunch as supplier of managed technology and network services; The New York Board of Trade's EOR system is deployed in all five soft commodities.
MARKET DATA Reuters appoints Devin Wenig as executive director; HSBC Asset Management deploys Thomson Financial's First Call Analyst in seven locations worldwide; weComm's streaming market data wireless application, MarketWave 2.0 is now available on the Microsoft windows-based Smartphone.
INVESTMENT-MANAGEMENT TECHNOLOGY Charles Schwab & Co. Inc. implements Checkfree Investment Service's M-Pact; Oregon State Treasury goes live with Eagle PACE; Headstrong partners with MacGregor and FIX network service.
RISK-MANAGEMENT TECHNOLOGY Fitch Risk's OpVantage releases enhanced version of OpVar software; SunGard Trading and Risk Systems releases new version of Credient credit-risk management system; Wing Hang Bank signs on Reuters' Kondor+ and Reuters Trade Processing.
OPERATIONS Netik announces all the relevant customers upgrade to the ISO15022 standard; ABN AMRO implements Capitalia as the first CLS in the Italian market; BoNY is selected by Torchmark Corporation to provide global-custody services.
Instinet Has Tough 4th Quarter While Boosting Nasdaq Market Share Instinet boosts its share of Nasdaq-listed volume up to 30 percent since the SuperMontage launch, but the largest ECN reports fourth quarter '02 net loss.
Hedge Fund Benefits From New Connectivity Unconventional hedge fund Maple Leaf Capital gets real-time risk management and seamless connectivity thanks to two of its vendors working together.
Sun and B2Bits Offer FIX Utility at Monthly Rate Sun Microsystems and B2BITS are testing a FIX appliance with buy and sell-side customers to drive down the cost of acquiring FIX-messaging technology. The concept is a single utility that charges a monthly rental fee.
Sector Data Offers Real-Time Market-Data Services Through Savvis' Financial Xchange Network Sector Data makes its SectorEngine available via Savvis' Financial Xchange network.
ELECTRONIC TRADING TransactTools expands its certification services for the FIX protocol; ArcaEx begins to migrate the trading of Nasdaq-listed stocks from the Archipelago ECN to the ArcaEx trading platform; A proposal to halt municipal bond trading in times of emergency could do more harm than good.
MARKET DATA Thomson Financial launches its Thomson One Banker desktop solution; Equitec Proprietary Markets replaces its traditional market-data vendor feeds with a ticker plant system from InfoDyne; HyperFeed partners with Telekurs USA to deliver global data to its customers.
RISK-MANAGEMENT TECHNOLOGY The U.S. General Accounting Office to the Committee of Financial Services criticizes regulators and financial-services firms for falling short in disaster-recovery procedures; Kamakura releases a new version of its Kamakura Risk Manager application; Mark-It-Partners releases an integrated daily-pricing service for global credit derivatives and cash credit instruments.
INVESTMENT-MANAGEMENT TECHNOLOGY Fidelity Investments enhances the trade-processing capabilities of Advisor CHANNEL; eMoney Advisor and Brinker Capital launch an online wealth-advisory and planning platform for the high-net-worth market; WS Griffith Advisors agrees to integrate StatementOne's consolidated portfolio-accounting and performance-reporting solution into its technology infrastructure.
OPERATIONS Gartmore Investment Management and Dresdner Kleinwort Wasserstein Securities use the SwiftNet FIX service; Swift selects AT&T for the provision of managed IP-VPN services; BNP Paribas Brokerage Services commences operations on Wilco's Gloss STP Bureau outsourcing service.
FIXing Fixed Income "If it ain't broke don't FIX it," is very apropos to the bond markets today. Many industry players resist its automation, but the the February launch of FIX 4.4, which heavily focuses on fixed income, will likely put an end to these naysayers.
Newsmakers Stubbs and Jaen Take On New Roles at Bear Stearns; Merrill Lynch CTO John McKinley Moves On
Product Watch FIX Testing Facility for Fixed Income?; ADP & ATS Offer Real-time Risk Tool; Townsend Analytics Set to Expand RealTick's Reach.
A Conversation with Fidelity President Ellyn McColgan WS&T's Editor-in-Chief Kerry Massaro speaks with President of Fidelity Brokerage Company Ellyn McColgan about her new post.
IT Challenge Investment statements are the primary communication tools used to reach clients, so its important to make sure they're getting the right message.
BNY Clients Apprehensive About Acquisition BNY's acquisition of Pershing and its stellar technology looks great on paper, but some BNY clients now fear price hikes.
Buy-Side-FIX Adoption Gains Momentum Low- and mid-tier investment managers, notorious for tech spending only when they have to, are finally jumping on the FIX bandwagon.
Fixed-Income Database a Reality? The Bond Market Association selects NEC and Niteo Partners to help get its Securities-Master Database underway.
Operational Risk: An Ongoing Operation As the dust settles on high-profile fines and losses and the operational-risk revolution continues, firms such as JPMorgan Chase work towards a unified, enterprise-wide approach.
VMUs Watch Out! TradeWeb is rolling out STP functionality to buy- and sell-side customers, while Omgeo looks the other way.
Expanding Your Options The recent influx of new electronic-trading systems for options is revolutionizing the marketplace - but are traders ready?
FIX Opens Up the Inner Circle Here ye! Here ye! FIX Protocol Limited is wooing exchanges, alternative-trading systems and vendors to join the all-volunteer, buy- and sell-side standards organization. Yet, it must tackle the thorny issue of certification, while expanding the protocol into fixed income, derivatives and post-trade messaging.
The Art of Outsourcing With billion-dollar deals in the pipeline, even large financial-services firms are now looking to outsourcing as a means to reduce costs, improve efficiencies and gain flexiblity. JPMorgan Chase, in particular, has tapped IBM to outsource large portions of its data-processing infrastructure.
The Beat on the Street Tough Times See Analysts Teaming Up; Financial Insights Releases Top-10 List for 2003; Funds Must Re-evaluate Service Providers.
Shaping STP In "Game, Set, Match", Anthony Guerra most certainly captured the mood of the buy-side community when it comes to central matching.
News Exclusive: TowerGroup Establishes New Position, Hires Gartner Exec to Bring Focus TowerGroup names senior Gartner staffer as head of Research and Consulting.
Taking the Linux Leap Touting better performance and lower costs, Reuters releases Linux version of its Reuters Market Data System.
Supermontage Performance Report Posted Nasdaq Posts Report on SuperMontage Performance.
International Registry Proposed for Enhanced Due Diligence Financial institutions would benefit from an "international registry" for enhanced due diligence documents, according to industry insider.
ELECTRONIC TRADING BTEX will decrease the minimum tick size on the five-year Treasury note contract as of Friday, Feb. 13, 2003; RBS picks Calypso Technology to process its capital markets operations globally; TradeWeb launches AccountNet.
MARKET DATA FinancialContent launches market information feed and instant-messaging system; Sector Inc. appoints Fred Del Gaudio as President and CEO; HyperFeed's Software Development Kits have been "Exchange Approved" by all North American stocks exchanges.
RISK-MANAGEMENT TECHNOLOGY SunGard Futures Systems releases its Query Builder real-time reporting system; ANZ Investment Bank installs the MindAlign real-time messaging tool.
INVESTMENT-MANAGEMENT TECHNOLOGY eMoney Advisor announces the availability of its new AdvisorPlatform; Macgregor announces the opening of a Hong Kong office; CSSL selects Sierra System to manage its fixed-income business.