Content posted in May 2007
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TowerGroup Update: Impact of Exchange Activities
The continued consolidation and globalization drive among exchanges will have "medium to high impact" on securities institutions, according to Dushyant Shahrawat, research director for TowerGroup's Security & Capital Markets service.
FX Electronic Trading to Reach 60% by 2010
Electronic trading in FX will exceed 60% by 2010, says Tom Price, TowerGroup senior analyst, at the research firm's annual Financial Services Conference and Exhibition in Boston. In Price's seminar "Foreign Exchange: Old World and New World Market Growth", he described how FX trading has evolved and how it will continue to evolve into a highly automated marketplace similar to the equities market. He notes that FX average daily volume will exceed $3 trillion in 2007, with more than 45% of tradin
Citi's Geyer Becomes Jones Prez
Former Citigroup, Barlcays exec brings electronic trading experience to JonesTrading
Harvey Pitt: Securities and Exchange Commission Looking, Not Acting on Dark Pool or Non Displayed Liquidity Explosion
Harvey Pitt, former SEC chairman, believes the SEC won't act without a thorough review of non displayed liquidity pools.
eSpeed's Aqua prepares to lauch equities ATS in US, Europe
MiFID opens the doors for electronic trading in Europe, and eSpeed's new electronic equities ATS is poised to take advantage of the opportunity.
Hong Kong Hedge Fund Sets signs on with TradingScreen and Imagine for execution management and compliance.
As fund managers tap Asia for Alpha, Dragonback Capital taps TradingScreen and Imagine as an execution management and compliance system for equities and derivatives.
Dark Pools Gaining Share On Wall Street
Currently, in aggregate, stocks traded in dark pools represent about 10 percent market share, and all predictions suggest that share will increase.
BEA Debuts Server For Low-Latency Java Apps
"People aren't coming out of college knowing C and C++, they're coming out with Java degrees," says Guy Churchward, vice president of WebLogic Products at BEA Systems. That's part of the reasoning behind BEA's announcement this week of WebLogic Real Time 2.0, an application server that offers microsecond latency for Java applications.
Is Multi-Asset Trading Dead on Arrival?
Multi-asset trading shouldn't be written off so quickly. More products are electronically traded, and investors are changing the investment dynamic.
Northern Names Geographic-Specific Transition Management Leadership
Grant Johnsey to head Northern Trust Blobal Investments' (NTGI) North American transition management operations, with Simon Hutchinson leading international operations
Symark Software Releases PowerBroker 5.0
Software is designed to enhance security and simplify delegation of administrator priveleges.
Martin
Advisers can use the Wealth Designs platform to gather information about their clients' objectives and automate the production of investment proposal recommendations.
Towergroup: US Exchange IT Spending Is Slowing
Although many US exchanges are enjoying increased valuations after much publicized IPOs, most exchanges will spend less on technology over the next few years as they answer to shareholder pressure, work to reduce IT expenses and focus on consolidating data centers, said Dushyant Shahrawat, research director for Towergroup's Security & Capital Markets service, at the Towergroup Financial Services and Business Technology
Eagle Investment Management Solutions Suite Version 8.0 Launched
Eagle Investment System's version 8.0 also introduces the Eagle Data Mart, which enables clients to generate information for access using third-party report and query tools.
Towergroup Coverage: Let's Meet for Dinner on the Floor of the NYSE
It was only four short years ago when Robert Hegarty, the managing director for Towergroup's Securities & Investments practice, made the statement that the NYSE trading floor will never go away. How quickly things change. In his presentation today at this year's Towergroup Financial Services and Business Technology conference, Hegarty joked, "Oops, I'm eating crow on that one, but soon we will all be eating
Business Analytics: Transforming Intelligence into Action
The challenge for most capital markets firms is not a lack of raw data, but a lack of context and insight based on that information.
AIIM Industry Watch Survey Shows Records Management Problems Prevail
Twenty percent of large organizations report that no department within the company has specific responsibility for managing electronic records, AIIM Industry Watch survey says.
Indentity Theft-Related Data Breaches Inceasingly Stemming From Laptop Theft
When it comes to these six security technologies, well-known doesn't mean widely used. But maybe they should be.
A.G. Edwards Purchase Will Strengthen Wachovia
This morning, Wachovia announced that it will buy A.G. Edwards for $6.8 billion in cash and stock. The deal is expected to form the second largest retail brokerage in the U.S. after Merrill Lynch. The combined firm will have almost 14,800 financial advisors and 3,300 brokerage locations.
Industry observers give the merger a thumbs-up. "Post-acquisition, Wachovia's business model will be unique as it will be one of a few firms that are top three in retail banking as well as retail brokerage,"
Mobile: The Next Financial Services Frontier?
A senior wireless executive at a large Boston-based brokerage told me today -- and backed up his argument with some serious stats -- that mobile technology will be the next area that financial services firms try to dominate in order to capture and retain users.
Goldman's SIGMA X Breaks Volume Record
The race among the dark pools to top each other's volume figures is heating up.
Last Friday, Goldman Sachs disclosed via email that its alternative trading system SIGMA X executed over 100 million shares on a single data, Thursday, May 25th.
According to Goldman, 103 million shares were crossed and the notional value traded was $3.7 billion in 2,837 unique symbols. Average daily volume in the ATS has grown 47 percent month-to-month.
Messaging Delays A Major Worry For Traders, Brokerages
Most brokers have stated that exchanges — large and small, new and established — have had problems at various times either processing the number of orders received or handling the various messages that are sent back and forth between market participants.
U.S. Institutes Risk-Based Portfolio Margining
New risk-based portfolio margining rules likely will produce significantly lower margin requirements for many investors.
Barclays Risks ABN AMRO Acquisition To Move More Than 10,000 Positions Offshore
Barclays says it would also cut outright 12,800 staff positions if its plan is approved by ABN Amro shareholders.
ITG Appoints New Business Development Head
Investment Technology Group has named Richard Herr to the new position of senior vice president, strategic and business development. Herr will be charged with oversight of strategic partnership opportunities and acquisitions at the company.
Market for Wealth Management Compliance Systems Set to Jump 15% by 2011
Investment advisors are expected to spend the most as they are among the fastest growing but most regulated group of advisers. But hedge funds are also likely to increase spending.
HP Shows Off High-Tech Videoconferencing
Although I'm not a fan of the word "telepresence" -- for me it conjures up strange images of Teletubbies and seances -- a Wall Street executive told me last week that his firm was taking a serious look at telepresence, meaning a type of presence awareness technology. So when HP invited me to a telepresence demo they were running uptown this afternoon, I accepted. I was a bit surprised to be ushered into a soundproof studio and sit facing a wall of high-definition monitors broadcasting live imag
Trading Private Paper: Are New Dark Pools On the Horizon?
Given the buy-side's interest in finding liquidity under the radar, here's a new twist on 'dark pools..'
On Friday the Wall Street Journal reported that Goldman Sachs is creating its own private system to trade the stocks of companies that want to avoid the glare of U.S. regulation. The new system -GS TRuE- short for Goldman Sachs Tradable Unregistered Equity, made its debut last week with the sale of a
Tata Spins Off Financial Software Unit
Having witnessed a surge in demand for its financial software offerings - from 150 financial services customers in fiscal year 2006 to 214 financial customers in FY 2007 - Tata Consultancy Services tomorrow will set its financial software group loose as a new entity called TCS Financial Solutions.
The group will be headed by N. Ganapathy Subramaniam and have 2,560 employees, 1,800 of them developers. The existing product suite, called BANCS, includes software for CRM, core banking, global custo
Update on BondDesk Story
Since posting the story "BondDesk Gives Odd-Lot Fixed Income Marketplace an Institutional Makeover", I received a few comments disputing that BondDesk was the first ATS to focus on odd-lot executions. I am not qualified to make this judgment on my own so I'd like to share with you what folks had to say.
One reader who posted a comment, said: "This is incorrect. BondExpress, BondTrac and
Brokerage Firms Are Starting to Use Digital Rights Technology to Protect Their Research
To prevent plagiarism and other unauthorized access to their research, brokerage firms are starting to add digital controls.
Technololgy Can’t Beat Inherent Data Latency, TABB Group Report Says
The inherent latency in routers, switches and other equipment accounts for most latency in networks, not the cables.
Data Latency Playing An Ever Increasing Role In Effective Trading
Wall Street's quest to process data at the speed of light relies on the physical proximity of servers to overcome the technical barriers of data latency.
The Latest from BATS' Dave Cummings
Dear Trading Community,
"The Deal'n is Now Done"
BATS is happy to announce we have closed our funding round and raised an additional $45 million from new and existing investors. The new investor will be announced shortly in a separate press release.
We also have decided to stop talking about mergers with the regionals and remain independent.
SEC Makes Sarbanes-Oxley Compliance A Little Easier
In a move that will put a smile on the faces of large and small financial services firms, the U.S. Securities and Exchange Commission (SEC), has approved guidelines that will make it easier - and less costly - to comply with the Sarbanes-Oxley Act.
Meanwhile, the PCAOB body that oversees auditors, has voted on changes to audit rules too.
Barclays Capital Enhances FX Algo Offering
Barclays Capital, the investment banking arm of Barclays Bank, has enhanced its recently launched algorithmic trading tool for FX trading. The tool is called PowerFill Orders, and is available on the firm's BARX execution and post-trade platform.
Pulse Trading Launches Dark Book
And now there are 41...Pulse Trading has entered the fray of dark pool trading with the launch BlockCross, which had its first day of trading today (May 23). I talked to Mark Enriquez, managing partner of Pulse a few weeks ago and he told me a little about the system. He was hesitant to say too much because it had not yet launched. What he did tell me is that the system is open to both buy and sell side traders and they can determine with whom they want to cross. The system is geared toward bloc
7 out of 10 Popular Web Applications are Dangerous
A new study has found that the Web application security landscape is still fraught with danger - and financial services firms had better watch out.
At least seven out of popular 10 Web applications have vulnerabilities that could potentially lead an unauthorized party to steal critical personal information such as social security numbers or transfer money to their accounts, according to a report by Santa Clara, Calif-based Cenzic .
Anatomy of A Trading Floor--ING Investment Management
ING Investment Management's 8-seat equities trading desk located on Park Avenue in NYC uses the Charles River OMS, various dark pools of liquidity and many brokers' algorithms to execute orders.
ECNs BATS, DirectEdge Gain Traction Against NYSE, Nasdaq
Electronic Communications Networks BATS and DirectEdge are gaining traction, taking marketshare away from the exchanges.
BondDesk Gives Odd-Lot Fixed Income Marketplace an Institutional Makeover
BondDesk Group is expanding its electronic fixed-income marketplace for odd-lot securities into the institutional investment community, the company will announce on Friday.
"We've been driving hard to get this platform out to the buy-side marketplace," says Peter Harker managing director at BondDesk Group, which has been quietly evolving BondDesk Institutional (BDI) into a product. BondDesk currently aggregates inventory from over 110 brok
New York to Test Super Power Grid
Since we issued dire warnings about the viability of New York City's power grid during the coming summer months in our June issue (Don't Panic, But the Grid's Going Down), we learned this week that the Department of Homeland Security and Consolidated Edison are testing a potential solution. The DHS project will invest $39.3 million over the next four year
Instinet and Credit Suisse Link Dark Pools in Japan
Instinet and Credit Suisse announced an agreement to link their respective dark liquidity pools in Japan. Through an algorithm, customers of Instinet's CBX for Japanese Securities and Credit Suisse's CrossFinder will have access to each other's dark pools of liquidity.
New Independent Research Platform Targets Buy Side
With the buy-side increasingly looking to separate trading decisions from where it purchases research, a new platform offering independent research is marketing analysts directly to the buy-side.
New York-based StreetBrains, LLC is launching a third-party platform focusing on equity, alternative, derivatives and fixed income research analysts. "We've essentially cut out the middlemen," says Lawrence Margolis, a founder and managing directo
Dark Order Routing A Popular Option For Traders Seeking Anonymity
In addition to dark pools, dark order routing to exchanges is also becoming a popular option for traders still seeking anonymity and limited market impact while also getting some money back in rebates.
Gaming The System: Online Fraudsters Use ACH Efficiency for Illegal Benefits
What'll the cyber crooks think of next? Well, this isn't a new idea and it certainly isn't the type of flashy heist you will see in this summer's sequel Ocean's 13 with George Clooney, Matt Damon and crew. But hundreds of account holders have lost funds after a most likely phony firm named Equity First generated random routing and account numbers and tried to deposit one cent. If the one-cent deposit clears, the fraud
SIFMA Chief Lackritz Testifies Before Senate
Marc Lackritz, CEO of the Securities Industry and Financial Markets Association, and the voice of the U.S. broker-dealer community, testified last week in front of the Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investments. In his testimony, Lackritz reaffirm
Dark Pools Link and Partner to Combat Fragmented Liquidity
As dark pools grow in popularity and number, many are linking or partnering to better serve buy-side traders.
The CME And CBOT Proceed With Consolidation Planning, Despite ICE Bid
As mergers and acquisitions in the equities markets subside, they are just beginning to heat up in the futures and options markets.
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