Content posted in June 2007
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Dave Cummings Steps Down As BATS CEO/Prez
CEO of BATS, Dave Cummings sent this email to the BATS community about an hour ago:
Dear Trading Community,
Passing the Baton to Joe Ratterman
BATS Trading is pleased to announce the promotion of Joe Ratterman to President and CEO. As one of the founding employees, Joe has been a huge part of BATS success. I believe he is the right person to lead the company to the next level. While at Bridge and Lab One, Joe managed technical organizations as large as 650 people. As BATS grows and matur
Reg NMS Test Set for Saturday, June 30th
An industry-wide test will be conducted for Regulation NMS on Saturday, June 30. Brokers that participate can test their Reg NMS compliant trading systems with all the automated trading centers. When the Pilot Stocks Phase starts on July 9th all the broker dealers will have to be in compliance with Reg NMS for 249 stocks.
Celent Commentary: Citi's Potential Acquisition of ATD
As reports have surfaced that Citi is in discussions to purchase Automated Trading Desk (ATD) for somewhere in the neighborhood of $700 million, it's a sure sign that Citi is continuing to invest in order to build out it electronic trading capabilities.
Wall Street Sets Guidelines on Electronic Communications
As Wall Street workers continue to furiously use their BlackBerrys, email, text messages and instant messaging to communicate, regulators have become increasingly concerned about the potential spread of confidential information through unsecure devices.
Citi's Acquisition of ATD Intersects with Private Equity
It's no accident that Citigroup (Citi) is close to acquiring Automated Trading Desk, a computerized market-making firm for $700 million, as reported by the Wall Street Journal Online yesterday and Reuters this morning. Both financial services companies have connections to the private equity world where relationships are cultivated and exit strategies are born.
In January of this year, ATD rece
Canaras Capital Protects its Data Against Botnet Threat
If you work for an alternative asset management firm, so much rides on protecting intellectual property, customer data and the reputation of your firm. That is the message from Raffi Jamgotchian, chief information officer at Canaras Capital LLC, an alternative asset manager specializing in credit markets that was founded in 2006.
With botnets and other dangerous forms of crimeware anonymously launching distributed attacks on companies,
More than 75 Percent of Financial Companies Now Offshoring, Saving $9 bln
Financial services firms continue to lead the way in offshoring. More than 75 percent of global financial institutions now have operations offshore, compared to less than 10 percent in 2001. And it is no longer just IT departments that are being outsourced: transaction processing, finance, HR, investment banking analytics and research, are all increasingly heading overseas.
Financial Technology Firms Receiving Private Equity Funding
Technology firms are starting to receive private equity funding. But any private equity firms investing in financial services technology providers will also need IT management skills. Otherwise, they risk turning a once promising company into a bad investment.
IBM Previews Ultra-Powerful Stream Processing System
For the past four years, a team of 70 engineers in IBM's T. J. Watson Research Center in Hawthorne, N.Y. has been working on an ultra-powerful, large-scale (as in petabytes of data) stream processing system, currently running on 800 x86 computers with embedded Cell processors, that can analyze in real time massive volumes of market data and news (as well as medical, seismic, astrological or any other type of data). At the SIFMA show this week, IBM talked about this "mature prototype," called Sys
Morgan Stanley Ranks First in Financial Insights Svurvey of Electronic Trading Serices
Morgan Stanley won first place among a dozen bulge bracket brokers ranked for providing electronic trading services to buy-side clients, according to the Financial Insights 2007 Electronic Trading Services Ranking which was released at the SIFMA Conference today.
Brokers were evaluated in five categories: direct market access (DMA), algorithmic trading, transaction cost analysi
NYSE Euronext's Niederauer Updates Strategy at SIFMA
At yesterday's SIFMA conference, Duncan Niederauer, President and Co Chief Operating Officer NYSE Euronext, began his talk with the idea that exchanges are technology companies that rely on the business side and IT working in synch. He even invited attendees to leave a business card on the way out, noting that he's "looking to hire technology talent." Niederauer who joined NYSE Euronext only eight we
MFS Builds Automated Reports Based on Actuate Tools
MFS Investment Management, a Boston-based asset management firm, and Actuate, a business intelligence software vendor, announced today at the SIFMA show that MFS has been using Actuate's Enterprise Reporting Application Platform to build automated reports in three areas of the firm and will continue to create more.
Connotate Launches Agent Community GEN 2.0
Connotate Technologies, a New Jersey-based Web mining company, has launched its new Information Agent Community GEN2.0 at the SIFMA TMC show.
The upgraded solution, a scalable platform based on Connotate's web mining technologies, provides Wall Street firms with intelligent agents that can interact with the Web and intranets, 24 hours a day, in a Web 2.0 environment.
GoldenSource, A-Team Survey Defines Data Management Issues
Investment banks, hedge funds, broker/dealers and asset managers are actively seeking data consistency, according to a survey released by reference data management vendor GoldenSource and consulting firm A-Team this week at the SIFMA show. "We're seeing an evolution in the market," says Paul Kennedy, vice president of product management at GoldenSource. "Firms are seeing data management as more than a technology issue, but becoming more of a business and process issue."
Reuters Becomes One-Stop Shop for Real-Time Collaboration and Compliance
As enterprise instant messaging continues to grow in popularity, Reuters is making a bid to become a one-stop shop for real-time collaboration and compliance, launching its Reuters Messaging Compliance Manager (RMCM) at the SIFMA show.
StreamBase Upgrades Its Complex Event Processing Platform
StreamBase, a provider of complex event processing tools, has made several announcements at the SIFMA show this week, including a major upgrade of its basic platform and joint development work with Microsoft, IBM and Sybase. First of all, StreamBase has transformed its development environment to be based on the Eclipse open source software framework. This will let developers writing applications in StreamBase easily incorporate Eclipse, Java and StreamSQL plug-ins into their work.
Data Center Energy Costs Skyrocket
The cost of energy skyrocketed from 2005 to 2006 in the tri-state area, especially on Long Island, with energy costs increasing 85 percent. For financial firms, the additional energy costs could amount to millions of dollars per year, depending on the size of their data centers in and around Manhattan.
Show Floor Traffic Heavy at SIFMA TMC, But Number of Exhibits Decrease
Although the number of exhibits listed on this year's SIFMA Technology Management conference show floor map is down approximately 12 percent from the 2006 SIA Technology Management conference map, there are a record number of exhibitors and attendees at the conference.
Fidessa Launches Global Direct Liquidity Access Service
With brokers sponsoring low-touch trading for their correspondents and buy-side clients, Fidessa (Booth # 3400) announced the U.S. launch of a global direct liquidity access (DLA) service at the SIFMA show. Fidessa Global DLA offers enhanced risk management and client monitoring capabilities.
The DLA offering will offer direct-market access across all exchanges and all markets worldwide, according to Martin Hakker, EVP Marketing at Fidessa.
Parlano Builds Ethical Walls, Compliance Adaptors for Its Hosted Group Chat Software
Two things that are sometimes at odds: the need for investment bankers, traders, research analysts and others to share information about deals, companies, markets etc., and the need for Chinese Walls that prevent information from being inappropriately shared among different sides of the business.
Enter Parlano's announcement today at the SIFMA show that its MindAlign persistent group chat product, which runs on Microsoft Live Communications Server and provides secure chat rooms for specific top
The Multi-Billion Dollar Hacking Industry
It is a multi-billion dollar industry. Today's IT attacks are regional, targeted, going after specific people and companies in the world, and entirely driven by profit, according to David Rand, CTO of security firm Trend Micro.
"Yesterday's hacker was typically aged 15 to 34, had no girlfriend and was living with his parents. This is no longer true today," Rand told the audience at the SIFMA trade show.
Novell Announces Coming Real-Time Upgrade, InfiniBand Integration and Latency Locator
This morning, Novell introduced three developments calculated to appeal to its Wall Street audience at the SIFMA show. First, the company says it will have a maintenance release for Suse Linux Enterprise Real-Time (affectionately referred to by company executives as SLERT) ready in early July. SLERT is an add-in to Novell's Suse Linux Enterprise 10 open source operating system that is said to provide real-time performance for certain processes. According to Novell, SLERT provides predictable int
Tim Lind Joins Omgeo In Strategy Role
Industry Veteran Tim Lind Joins Omgeo as Managing Director, Strategic Planning
Balancing Performance And Energy Efficiency
Financial institutions need better performance from their data architectures to support algorithmic trading, complex event processing and risk simulations.
ESpeed is well positioned to benefit from the growth of computer-based and algorithmic trading. By acquiring BGC, the company will be able to develop new products more effectively and will benefit from a larger capital base. But some industry insiders wonder how much impact the merger will have on the market.
Who Will Cure Your Data Latency?
Data latency solutions are a popular offering at the 2007 SIFMA show.
Liquidity Management, Low Latency Dominate SIFMA Buzz
With liquidity in U.S. stocks spread across so many electronic trading venues, several vendors are showing products that aggregate the feeds across liquidity pools.
Sun Life Creates One Link to Many Back Offices
Independent Financial Marketing Group announced that it's connecting its 3,500 securities and insurance brokers, who mostly work out of retail bank branches in 48 states, with the back offices for all the products they sell.
Business Continuity Planning Again a Top Priority for Wall Street Firms and Vendors At SIFMA
Wall Street firms slowed business continuity planning in recent years due to high costs and an uncertain market, but with new regulations in place and the market back on track business are taking a second look at their BCP.
Customer-Centric Strategic Initiatives En Vogue, Once Again
Financial Insights' research shows that customer-centric strategic initiatives are on the rise.
The Anti-Partisan IT Budget of 2007
Many CIOs are committed to improving core infrastructures in conjunction with the exponential growth in trading.
Virtualization Can Increase Efficiency, Improve Flexibility and Ease BCP
Scalent Systems' Virtual Operating Environment V/OE 2.0 DR Edition will allow customers to take their data centers from powered-off hardware without any installed software to live and connected to network and storage servers in less than five minutes, the company claims.
SunGard Adds Real-Time Features for Global Clearing and Settlement
STN Settlements is an automated service that consolidates and controls multiple messaging interfaces on one browser-based platform, eliminating the need for Wall Street firms to build and manage separate bilateral connections and providing low-risk migration to straight-through processing.
MacSweeney
EquityFeed Pro is a real-time streaming platform that offers market makers' quotes, Level Two data feeds, information about top movers, SEC filings, filtering and technical trading tools
Intel, HP, Reuters, Voltaire Offer Joint Market Data Solution
Intel, HP, Reuters and Voltaire recently introduced the general availability of a prepackaged, low-latency, market-data platform.
Wesley Clover Solutions Aims to Lower Costs of Turret Systems With IP
The 3300 IP Voice Trading Platform is a rack-mountable, dual-bus voice switch that supports both legacy TDM (time-division multiplexing) switches and converged IP environments simultaneously on the same controller.
BT Virtual Product Takes Headache Out of Managing Trading Technology
BT's new service, targeted in particular at firms with less than 25 trading positions, enables financial firms to enjoy all the benefits of BT's ITS Netrix trading turret without the overhead associated with installing and supporting on-site equipment, the vendor says.
First Coverage Proves Sell-Side Ideas Outperform the Market
Sell-side investment ideas in First Coverage's system for Q4 2006 through Q1 2007 outperformed their relative benchmark for the past two quarters by 300 basis points, or 3 percent.
NYFIX Millennium Releases Order Type That Finds Hidden Liquidity
Client orders sent via NYFIX Millennium's Millennium PLUS automatically generate a liquidity alert to several passive liquidity responders.
Technology’s Pervasiveness Yielding Exchange Consolidation, Alternative Execution
Up until very recently, technology has helped strengthen the position of these players. But now technology itself is what is making the position of traditional players untenable.
Teradici, Verari Introduce A PC-Free Trading Floor
For some IT executives, the idea of removing all desktop computers to the back office (leaving users with screens and keyboards) is an elusive ideal. In such a state, personal computer support could be provided remotely staff through software, IT staff would never have to deal with a single aggravated user or even trouble-shoot an individual machine - they could simply switch the user to a different PC blade or portion of pooled PC resources. No one would be able to steal data from or tamper wit
EdgeTrade Releases Dark-Only Algo
EdgeTrade has released its Covert algorithm for dark pool order execution. Building on its FAN smart order execution tool that sprays public markets and dark pools simultaneously, EdgeTrade has now developed a separate dark only liquidity-seeking algorithm.
New Survey Says Corporate Financial Misconduct Is Still Prevalent
Over 50% of certified fraud examiners say they have personally observed financial misconduct in the past year, according to a new survey on corporate fraud.
Around three-quarters of participants also said they felt institutional fraud was more prevalent today than in 2002, when the Sarbanes-Oxley (SOX) Act was passed in response to accounting scandals at companies such as Enron and WorldCom.
Aite Appoints Valentine as Senior Analyst
With the aim of boosting its analysis of buy-side technology issues, Boston-based think tank Aite Group has appointed industry expert Denise Valentine as a senior analyst.
Nasdaq Updates Strategy with Crossing Networks, Options and Other Value-Added Services
While continuing to increase its market share in U.S. equities, The Nasdaq Stock Market is focused on adding valued-added products to its INET matching engine, according to a press briefing held today.
After the purchasing the INET matching engine for $900 million from Instinet in December of 2005, and merging the BRUT ECN and Nasdaq's own SuperMontage matching engine into INET, the U.S.-based
Bank of America Constructs Energy-Conscious Tower in Manhattan
Energy-Efficient Bank of America building makes intelligent use of energy, light and water.
Pivot Looks Beyond Instant Messaging With Launch of Pivot 360°
Pivot Solutions' Pivot 360° pulls together research, analysis and trade entry through an automated workflow.
Dow Jones Delivers News into Progress Apama Platform for Algo Trading
With hedge funds and proprietary trading firms doing more algorithmic trading, media companies are turning their news feeds into machine-readable formats to feed into electronic trading platforms.
This week Dow Jones & Company announced a global agreement with Progress Apama to supply the Dow Jones Elementized News Feed into the Progress Apama Algorithmic Trading Platform.
Gissing Software Rearchitects Market Data Contribution System
Revamped Gissing ConteX 4.0 architecture results in higher performance rates and lower latency for contributing market data and executable prices.
SIFMA Exhibitors Announce Databases That Enable High-Speed Analytics
QD Technology announced version 4.0 of its Quick Response Database while Kx Systems reveals the kdb+ v2.4 low-latency database.
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Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.
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