Content posted in September 2006
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NSCC Offers to Open Up Trade Fail Data Under Reg SHO
Cory Levine, Wall Street & Technology
The National Securities Clearing Corp. (NSCC) has offered to work with the SEC to promote transparency in clearing and settlement by revealing closely guarded trade failure information sooner than it is currrently doing so. Forbes.com reported the deve
ATS Epidemic
Ivy Schmerken, Wall Street & Technology
I was surprised to learn that the sell-side community is funding yet another round of ATSs after investing in regional exchanges and turning their own internalization engines into SEC-registered crossing networks.
In case you haven't heard, this week Wall Street firms unveiled plans to launch two different electronic matching initiatives - begging the question, do we need another ATS?
CME Revamps Market Data Packages and Pricing
Ivy Schmerken, Wall Street & Technology
CME is revamping the future exchange's market data packages. Starting on Jan. 1, 2007, all distribution of CME market data will be repackaged to include market-depth-data, according to the exchange's release.
Bank of America Pilots its First FX Algorithm
Ivy Schmerken, Wall Street & Technology
Bank of America launched a pilot of its first foreign exchange (FX) algorithmic trading strategy, and also expanded liquidity access to third party platforms. Clients can access liquidity through multi-bank platforms such as TradingScreen, FXall,
FTN Financial Adapts to OTC Derivatives Activities
By Tim Clark, Wall Street & Technology
Memphis, Tenn.-based financial services provider FTN Financial Group (FTN) has selected SunGard's Adaptiv to manage its OTC derivatives business activities with its clients.
Northern Trust Ranked No. 1 Lender by ISF
By Tim Clark, Wall Street & Technology
Northern Trust recently announced that its Global Securities Lending program has been named the No. 1 lender in North America by borrowers in the 2006 International Securities Finance(ISF) Equity Finance Survey of Borrowers Rating Lenders. Northern Trust was also awarded the No. 1 ranking in multiple service categories recognizing its sup
Finetix/Cadence Partnership Mitigates Hedge Fund Risk
By Tim Clark, Wall Street & Technology
Financial services consulting firm Finetix recently announced its partnership with Cadence Capital Group LLC, a New York-based hedge fund specializing in options, aggressive long-short and delta-neutral strategies. According to Cadence cofounder Dmitry Babayev, the partnership was designed, in part, to avoid a hedge fund
Mellon Asset Management Saves With CRM
By Tim Clark, Wall Street & Technology
Mellon Asset Management has achieved significant financial savings estimated by Mellon to be worth $944,000 in infrastructure and software, and $377,000 in support in just two months following its implementation of the Pivotal Customer Relationship Management (CRM) solution.
SunGard, Satyam Prepare for Disaster
By Tim Clark, Wall Street & Technology
In an effort to help companies minimize the risks to business and information technology (IT) operations created by influenza pandemics and other catastrophic events, SunGard Availability Services and Satyam plan to release new solutions aimed at retaining business continuity in times of crisis. Also, to demonstrate some of its capabilit
Time to Swap Your OMS?
Mention Regulation NMS and order management system (OMS) in the same breath, and technology suppliers will seize the opportunity to explain that firms on the buy and sell sides need new functionality to compete in a more-automated trading environment.
What’s Up With Exchanges?
First it was Philadelphia (Philx) and Boston (BSE), then Chicago, and now it's Cincinnati.
/hardware
Some predict that the EMS market may converge with the OMS market, but don't be too quick to judge this book by its cover.
7 Surfacing Algo Trends
According to Brad Bailey, a senior analyst with research and consulting firm Aite Group, there are seven sure-to-see trends emerging in the algorithmic trading space.
Citigroup Targets Hidden Liquidity
Citigroup joins other sell-side firms in introducing algorithms to hunt for hidden liquidity in a fragmented market.
Illuminating the Dark
Will dark pools connect, creating more liquidity, or will they fragment the market - making it harder for buy siders to execute trades?
Surviving an Avian Flu Outbreak
The securities industry is employing various technologies to address the risks of a bird flu pandemic or other disaster
Execution Management Systems: From the Street and on the Block
As the buy side seeks greater control of its own trades, brokers are acquiring EMS vendors. But at the same time, the line between EMS and OMS is blurring.
Liquidity Hunters
With so many electronic trading venues emerging under Reg NMS, monitoring market structure is turning into a full-time job.
Nasdaq Raises Market Share in NYSE-Listed Securities to 10.75 Percent
The Nasdaq Stock Market increased its market share in New York Stock Exchange-listed securities to 10.75 percent in July, up from 8.9 percent in June, according to consolidated market performance statistics.
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A group of Wall Street investment banks, including Citigroup, Bear Stearns and Credit Suisse, reportedly is joining forces with the electronic trading arms of Bloomberg and Knight Capital to buy a 50 percent stake in the National Stock Exchange (NSX).
Calypso Partners With Sky Road
Joint trading platform opens doors for small hedge funds to trade multiple asset classes without long systems development times.
Liquidity Seekers
With the markets continuously being reshaped, in retrospect, it's surprising that it took this long for the new role of liquidity strategist to emerge on Wall Street.
Could Technology Have Prevented the Amaranth Blowup?
By Tim Clark, Wall Street & Technology
As federal regulators begin to investigate the catastrophic blowup of hedge fund Amaranth Advisors-whose $6 billion in losses resulted from bad bets on natural gas futures-the industry at large is scratching its head as to why the fund adopted such a risky investment strategy to begin with. This begs the question: Could technology, risk management or otherwise, have prevented the Amaranth debacle?
WS&T EXCLUSIVE PREVIEW: Actimize and LexisNexis Unveil CDD Solution
By Cory Levine, Wall Street & Technology
In the modern age of electronic workflow and data management, paper-based processes increasingly are becoming a liability, which is why it was surprising to hear about the large full-service financial services institution that brought together compliance and fraud prevention vendor Actimize, and information services provider LexisNexis.
Liquidity Right Under Our Nose: The Benefits of a Smart Posting Approach
Liquidity issues have been at the forefront of the equity market structure debate since decimalization.
Every job seeker who contacted Securian Financial Group via its "E-mail a Referral" program has been granted a face-to-face interview with the firm's human resources department.
Jack Be Nimble
Sometimes, smaller is better. That's not to say there aren't advantages to being part of the Citigroups or Fidelities of the world, where vast sums of capital are available.
UTI Bank Reels In Credit Derivatives Tool
By Tim Clark, Wall Street & Technology
In an effort to better manage its derivatives portfolio, UTI Bank has selected the RisKompass software solution from Pyxis Systems.
T-Zero Surpasses 100 Clients
By Tim Clark, Wall Street & Technology
T-Zero, a credit derivative affirmation and connectivity provider recently announced that more than 100 buy side firms have signed on to use its services. Launched just over a year ago, T-Zero was expected to hit the 100 client goal by year end, but strong interest by the buy side is resulting in a substantially faster sign-up rate.
Financial Firms Are Struggling to Manage, Archive and Monitor the Exponentially Growing Volume of Corporate E-mail
From in-box overload to lawsuits, e-mail can deliver a nasty bite. Get control of it before you're a victim.
Hayes Leaves Charles River to Head Client Services at Pipeline
Pipeline Trading Systems LLC, operator of the Pipeline block electronic trading marketplace, announced that Michael Hayes, formerly with buy-side order management systems provider Charles River Development in Boston, joined the company as VP and executive director of client services.
Regulator Turns Up the Heat on Derivatives Markets
By Cory Levine, Wall Street & Technology
The much-discussed global derivatives market had the spotlight turned its way this week by an official from the U.K.'s Financial Services Authority (FSA). In a speech at yesterday's International Swaps and Derivatives Association regional co
Lava Offers Derivatives Trading for the Buy-Side
By Ivy Schmerken, Wall Street & Technology
Lava Trading is offering derivatives trading to its buy-side customers through its multi-broker LavaX platform.
Lehman Brothers Buys Stake in BATS ECN
By Ivy Schmerken
Lehman Brothers has acquired a minority stake in BATS Trading, operator of the Kansas City-headquartered BATS ECN, the investment bank announced on Tuesday. Financials of the transaction were not disclosed.
Securities America Bolsters Wealth Reporting Capabilities
By Tim Clark, Wall Street & Technology
In an effort to bolster its wealth reporting capabilities, Securities America has armed its 1,800 financial advisors with WealthMonitor, a web-based application designed by Albridge Solutions. This recent deal signifies the growing need for wealth management providers to deliver more focused attention to their High Net Worth Individual clients.
Northern Trust Lands Major Middle Eastern Fund
By Tim Clark, Wall Street & Technology
The multi billion dollar Abu Dhabi Pensions & Benefits Retirement Fund has selected Northern Trust as its sole global custodian to provide investment risk and analytical services, including performance measurement and attribution analysis.
ITG's Smart Hire: Raymond Killian Picks Bob Gasser
By Ivy Schmerken, Wall Street & Technology
Finally finding a successor to its visionary founder and tireless leader Raymond Killian, Investment Technology Group named Robert (Bob) Gasser, former CEO of NYFIX Inc., as its new president and CEO, starting Oct. 4.
In a conference call with analysts and media on Monday, Killian, 69, said he would remain in his role as chairman of the board and devote
A Hard Act to Follow
Amid dwindling commissions and a resurgence in the use of soft dollars, commission recapture is becoming harder to quantify.
NYSE Group Invests in Marco Polo Network
By Ivy Schmerken, Wall Street & Technology
Looking at fast growth in less developed markets, NYSE Group has acquired an equity stake in Marco Polo Network Inc.(MPN), an electronic platform providing connectivity and order routing to equities and derivatives listed on emerging market exchanges. Details of the transaction were not disclosed.
VOIP Provides Efficient and Cost Effective Communications for Smaller Investment Managers and Hedge Funds
VOIP provides efficient and cost-effective communications for small investment managers and hedge funds.
The Quiet Market Explosion
While most of the industry has been focusing on exotic investment products and emerging markets, the securities lending market has boomed into a $16 trillion business. But with rapid growth comes substantial risk.
Hedge Funds Drive Capital IQ Growth
Standard & Poor's Capital IQ, a Web-based data tool designed for the financial services community, announced that its client base doubled to 1,500 since its acquisition by Standard & Poor's in 2004.
Patent Processing
The Challenge: Given the abundance of technology solutions created in the securities industry, once-ignored intellectual property issues have been forced to the forefront as firms increasingly are settling infringement claims in court. But a flood of new patents could curb innovation.
Reducing Market Spend
As the global economy has expanded, the information requirements of the financial services industry and related markets have continued to grow.
Who Said Technology Isn’t Important?
Check scams, logic bombs, data theft, online outages, compensation for botched trades and computer glitches -- and that was only the first six of seven stories gracing a popular financial technology Web site earlier this month.
JPMorgan’s Kerry Williams Leaves for SwapsWire
Derivatives STP System has hired former JPMorgan CTO Kerry Williams to head technology
JPMorgan WSS Makes Serenita CDO
Peter Serenita, a 25-year JPMorgan veteran, has been promoted to the newly created position of SVP and chief data officer for JPMorgan Worldwide Security Services.
Stephen Andress Hired by Northern Trust
Look to the expansion of its derivatives business, Northern Trust has hired Stephen Andress as global head of derivatives operations.
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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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