Content posted in April 2003
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Merrill Lynch Brings Mainframe to Web With X4ML
Merrill Lynch technologists have developed a new protocol that opens mainframe-based functions to the World Wide Web.
Investment Firm Overhauls Front Office
Harris Investment Management scraps obsolete technologies in favor of Indata's TOM and Portfolio-Modeling Solutions.
Single-Bank FX Portals Duel Against Multi-Bank Platforms
Despite the impression that multi-bank foreign exchange platforms are killing off single-dealer sites, a research
study by Greenwich Associations shows that single-bank sites are keeping up with the multi-bank platforms.
Electronic Trading Briefs
Chicago Mercantile Exchange Holdings Inc reports record revenues and a 40 percent increase in net income for the first quarter of 2003; Instinet Group Incorporated reports a net loss of $34 million, or .10 cents per share for the first quarter of 2003, compared to a net loss of $35 million, or 14 cents per share, for the first quarter of 2002; Schwab Capital Markets L.P. announces the recruitment of 12 more professionals.
Market Data Briefs
CCBN's StreetEvents added to Bloomberg Professional; Dow Jones Newswires and Communicator Inc. agrees to combine products to deliver financial news and information; Prebon Technology Group selects I-Deal Data Systems to handle internal and external distribution of market data; TimesTen upgrades its flagship product for events processing.
Risk Management Briefs
RWE to implement Trema's Finance Kit; The New York Board of Trade introduces Riskmaster; Scott Schleifer joins The Professional Risk Manager's International Association (PRMIA).
Investment Technology Briefs
Northern Trust has selected a customized version of Morningstar's online investment planning system; Rorer Asset Management recently announces its creation of Advantage Outsourcing; A new performance-analysis system has been released by Barra.
Operations Briefs
The Depository Trust & Clearing Corporation (DTCC) announced the launch of the Global Corporate Action (GCA) validation service; MEFF, the Spanish futures and options market, has formally filed a proposal to establish a central-counterparty clearing house (CCP); Rorer Asset Management, LLC announced that it has created Advantage Outsourcing Solutions.
Amex Potential Sale Opens Debate On New Owner's Strategy
A potential sale of The American Stock Exchange, a traditional floor-based equity exchange, to a Chicago-based private-equity firm, is sparking industry speculation as to what the new owners will do to recoup their investment.
Uncertainty Slows Preparation for Basel II
A lack of clear direction by regulators is causing some to adopt a wait-and-see approach to preparing for the implementation of Basel II.
CornerCap Ousts Fund-accounting Provider
Investment firm switches to Global Investment Systems for enhanced productivity and efficiency.
Electronic Trading Briefs
Robert Greifeld was named president and chief executive officer of Nasdaq, the board of directors announced; Eurex, the world's largest derivatives exchange, tapped Michael G. McErlean to join the Eurex-U.S. management team. McErlean, formerly Global Co-Head of Futures Services at Goldman Sachs, will be based in Chicago; The Archipelago Exchange (ArcaEx) completed the rollout of all Nasdaq-listed stocks from the Archipelago ECN to the ArcaEx trading platform.
Market Data Briefs
The Chicago Board of Trade has selected an Internet Protocol-based networking solution by Radianz in order to distribute real-time financial information to 60 market-data vendor connections; A Los Angeles-based hedge fund, MW Post Advisory Group LLC, which specializes in high-yield bonds and distressed securities, has recently signed with Princeton Financial Systems to provide a portfolio-management and accounting system; StatementOne, a N.J.-based wealth-management technology provider, has intr
Risk Management Briefs
Asset Control introduced AC Contour, a comprehensive and flexible tool for creating and visualizing curves and surfaces used in financial markets; Sophis introduced VALUE v2.0, a new version of its fund and risk-management software for the buy side; Principia Partners announced enhanced credit-derivatives functionality in the Principia System version 4.0, including comprehensive-instrument coverage.
Investment Technology Briefs
AXA Advisors, LLC has chosen a Web-based financial-planning platform by NaviPlan to be rolled out throughout this year; JBWere, an Australian investment house, is implementing a
portfolio-management system from Misys Asset Management Systems; Credit Lyonnais Asset Management has replaced SmartStream Technologies' Corona reconciliation system with Smatch from Monro Business Softwares (Monrosoft).
Operations Briefs
Mighter Gissing has launched the ConteX Trade Capture Gateway, which enables STP by automatically routing trade confirmations into back-office systems; CDC IXIS Asset Management has selected Accurate Software's Operational-Risk-Management solution for the reconciliation of trade and holdings; Swift announced that 99.5 percent of all securities-message traffic is now compliant with the ISO 15022 standard.
OMS Vendors Revamp Offerings to Meet Demands
When it comes to buy-side order-management-system vendors, the market features a range of players, catering to all firms from small hedge funds to large investment managers.
The Buy Side is Buying into OMS Tech
It goes without saying that in a volatile market, traders must be on their toes and ready for anything. One way that firms are keeping pace with rapidly changing markets is by deploying the latest in order-management-system technology.
A Season of Change
In a tough economy, being complacent about technology is not an option. To that end, buy-side firms are taking a closer look at key applications in an effort to ensure they are getting the most bang for their buck.
Stakes to Play
OMS has become a prerequisite to doing the business of investment management.
Nasdaq’s Battle Over Locked Crossed Markets
A phenomenon known as locked and crossed
markets has plagued Nasdaq stocks since the launch of SuperMontage. Dean Furbush, evp, Nasdaq, says locks and crosses never occur in Supermontage. With Nasdaq, ECNs and market makers blaming each other, the issue is heating up.
Zeltwanger Heads Fimat USA ; UBS CIO Takes Leave, New Head Named ; Brinker Capital Hires Senior Mana
UBS Warburg names a new technology leader, Brinker Capital hires SEI exec, Fimat Group finds new president and ceo, and more
Money.Net And Nasdaq.Com Offer Trading Tool ; S&P Offers Indices Module; Citrix Secures Enterprise A
Citrix launches an enterprise-access solution, S&P releases a new indices module, and Money.net and Nasdaq team up to offer a trading tool.
E-Mail Archiving: Easier Said Than Done
Thanks to new regulations on Wall Street that require extensive retention, e-mail archiving is no mean feat.
A Conversation With Merrill Lynch’s Byron Vielehr
In charge of the largest outsourcing deal ever undertaken at Merrill Lynch, Byron Vielehr has an enormous project ahead of him.
Natural-Language Search Engines
The Challenge: Weeding through thousands of pages of Web-site documents to locate the answer to a question can be a laborious process and a challenge outside the scope of many search engines. Now, financial institutions are turning to natural-language search engines to make them more efficient and improve the self-help capabilities of their Web sites.
T+1? 2010, 2004, or Today
Though the SIA plans to revisit the issue in 2004, one analyst doesn't see T+1 happening until at least 2010. Another analyst thinks it should happen today, and an IT manager reveals his firm's STP program is dead and gone.
Advisers See Value in Performance Reporting
Buy-side firms are learning how to beat out competition and increase return on investment with advanced reporting technologies.
Benefiting from Compliance Technology
A tough economy has one hedge fund exploring trade-compliance technology and finding creative ways to finance it.
Is There Life for RDUG After Tony Kirby?
The RDUG and the REDAC have almost identical agendas. With the pullback of support from Reuters, RDUG's founder, many predict the two will become one.
NYBOT Builds a New Home
The New York Board Of Trade is building a sophisticated trading floor, preparing its return to lower Manhattan after the Sept. 11 terrorist attacks.
Archipelago Serves Microsoft an Ace
In a stunning blow, Archipelago is moving its OTC-stock trading off the Microsoft/Intel platform and onto Sun Microsystems' Unix servers.
One Size Does Not Fit All: Matching the Right Technology With the Right Adviser
Financial institutions are turning to natural-language search engines to make them more efficient and improve the self-help capabilities of their Web sites.
Beyond Compliance
Financial companies want to turn regulatory burden into competitive advantage.
Organizational Politics Stymie Grid Computing; Mastering Web-Services Security; Tips to Optimize You
Organizational Politics Stymie Grid Computing; Mastering Web-Services Security; Tips to Optimize You
Success In the Wealth Management Business
Re: February 2003 article "One Size Doesn't Fit All"
Data Management Takes Center Stage
After attracting a steady buzz for years, STP and T+1 are quickly moving out of the spotlight.
Building New Bridges
The collapse of Bridge has left a number of vendors scrambling to pick up the former market-data giant's lucrative contracts.
FX Prime Brokers Rally Around Give-Up Trades
Three top foreign-exchange prime-brokers are joining forces to automate the process for reporting give up trades. The Harmony service will replace an existing manual process and reduce operational risk.
Investment Firm Beefs Up Feeds
MJSK enhances market data with help from Thomson Financial.
Service Provider Uses IT Monitoring Tech to Sleep Better
Effron's Performer Division has selected Appilog's PathFinder suite of IT monitoring tools.
ELECTRONIC TRADING BRIEFS
* Pershing LLC is offering its customers access to Dene International's Dene Gate Software.
* NYFIX Transaction Services received approval to become an Electronic Access Member of the International Securities Exchange.
* Swapstream reached an agreement to interface with SwapsWire, an integrated, electronic- processing-network for derivatives.
* TradeWeb reports an 80 percent increase in trading of fixed-income securities during the first quarter of 2003.
MARKET DATA BRIEFS
* Merrill Lynch has signed a six-year agreement with Dow Jones Newswires to provide a suite of real-time news and information products.
* Charles Schwab and CyberTrader announced that their active trader clients will be able to access a new direct streaming real-time quotation service.
* Telekurs and Financial Technologies International are combining products to create StreetReference with Telekurs.
* SunGard Market Data Services announced that it has entered into an agreement with Comtex News N
RISK-MANAGEMENT TECHNOLOGY
* Issues surrounding Basel II topped the list of key issues facing risk professionals, according to a survey conducted by The Professional Risk Managers' International Association and Reuters.
* Algorithmics struck an alliance with Cicada Corporation and Investors Guaranty of Zurich to develop a suite of reference data and managed-risk-solutions for compliance with Basel II and other regulations.
* NYFIX Transaction Services received approval to become an Electronic Access Member of the Internat
INVESTMENT-MANAGEMENT TECHNOLOGY BRIEFS
* Insight Investment has introduced a front-office suite from LatentZero to service its entire operation.
* Stanlib Asset and Wealth Management recently implemented technology from DST International to consolidate its front- and back-office operations.
* Financial Models Company has released a fixed-income attribution module for FMCSylvan.
OPERATIONS BRIEFS
* Fidelity Investments announced it has reached agreement to acquire
Correspondent Services Corporation from UBS PaineWebber.
* The Board of Trade Clearing Corporation announced that it will
expand the security classes to include municipal bonds, corporate
bonds, commercial paper and certain additional government-agency
securities.
* JPMorgan Investor Services JPMIS) announced that it has been
appointed as global custodian by TKP Pensioen BV of the Netherlands.
* Dennis J. Dirks, chief operati
Nasdaq Cuts Trade Reporting and Connectivity Fees
Nasdaq is reducing trade-reporting fees and connectivity charges as part of an ongoing strategy to compete against ECNs. Volume discounts will benefit market makers, the heaviest users.
Can Operational Efficiencies Increase ROI?
Buy-side investment managers examine ways to improve their bottom lines with strategic technology spending
A Financial Giant Builds Content-Rich Services
XML has always been used to enable organizations to create content once -- in an open, vendor-neutral format -- and then use it in as many formats as possible.
Electronic Trading Briefs
Hotspot FX, Inc begins trading U.S. Dollar/Polish Zloty and Euro/Polish Zloty.
; The ISE is the largest U.S. equity-options exchange in March, for the second consecutive month.
; Deutsche Bank AG in Europe, Asia-Pacific and Japan certifies for FIX connectivity with Charles River Development.
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