Content posted in July 2010
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SEC Fines Citigroup $75 Million For Misleading Investors on Subprime Exposure
The U.S. Securities and Exchange Commission charged Citigroup Inc. with misleading investors about the its exposure to subprime mortgage-related assets and hit the firm with a $75 million fine.
The Goldman Sachs Profanity Police
Goldman Sachs, embarrassed by the profanity that was used in the now infamous email that was brought to light by Sen. Carl Levin during a Congressional hearing, has moved to prohibit employees from swearing in emails. Goldman is deploying technology that will screen for "bad" words in emails and text messages.
The Consumer Financial Protection Bureau: The New Kid on the Block
Top economics and financial officials met with Timothy Geithner today to discuss the future Consumer Financial Protection Bureau (CFPB).
Equinix Opens IBX Data Center in D.C And Plans Singapore Expansion
Global data center service provider Equinix announced today that it opened an International Business Exchange data center in the Washington, D.C.-area, a region it said serves as its main hub for inbound and outbound traffic.
Pyxis Mobile Appoints IT Vet As New CEO
Steven Levy, who replaces Bob Mazzarella, co-founded and served as CEO for 15 years at Macgregor, an order management system (OMS) provider, where he led the sale of the software firm to ITG for approximately $250 million.
J.P. Morgan Hires Staff Amid Push to Boost Trade Finance Business
J.P. Morgan Treasury Services said today that it plans to beef up its global trade operation by hiring around 100 new trade and supply chain workers to its international team.
SBI Japannext PTS Joins Fidessa Global Network
Fidessa predicts that the launch of 'Arrowhead' by the Tokyo Stock Exchange will attract more liquidity from high frequency traders that like to trade on multiple venues.
Dodd-Frank Legislation: How the Law Might Really Impact the Capital Markets
While opinions vary, Matthew Samelson and Sean Owens of Woodbine Assoc. weigh in on the Dodd-Frank law and its impact on systemic risk, derivatives, proprietary trading, fixed income and liquidity.
Execution Quality:Electronic Order Books Dominate
New reports from Celent on Execution Quality in NYSE and Nasdaq stocks found that electronic order books (EOBs) such as BATS, Nasdaq, NYSE Arca and Direct Edge's EDGA and EDGX, are leading performers when speed and price are taken into account, but the NYSE specialists/DMMs are the fastest, except for small orders.
Principia Partners Unveils Web-based Derivatives Valuation Platform
Finance software provider Principia Partners said today that it launched a web-based derivatives valuation platform that enables traders to conduct independent valuations, portfolio analysis and risk assessment.
OptionsCity Introduces Metro 2.2. for Equity Options Traders
Adds connectivity to BOX and exposes additional API functionality for clients integrating proprietary algorithmic trading engines.
Blaylock Robert Van Launches U.S. Equities Trading Platform Via Fidessa
Taps Fidessa's network of brokers and exchanges, as well as advanced algorithmic trading solutions, clearing, real time analysis, compliance and risk management features.
The Data Center of the Future
Given Wall Street's insatiable need for computing power and the ever-increasing cost of energy, firms inevitably will deploy energy-efficient hardware and technology, such as virtualization. But to build data centers that will remain cost-effective for years to come, organizations including the NYSE and Citi also are focusing on how they power and cool their facilities.
Breaking the Sales Model in the Cloud?
Cloud-based on-demand services may offer a way to reduce bloated infrastructure and data center spending.
Data Center Spending: $1.8 Billion (and Counting)
To handle the increasing compute demands of financial firms, a good portion of IT budgets in 2010 and beyond will be spent on upgrading older technologies to make today's data centers more energy-efficient and more powerful.
Sell Side Continues to Invest in Data Centers
Financial firms spent $1.8 billion on data centers in 2009, and 2010 spending will go even higher, TABB Group says.
Financial Firms Forge Ahead With Innovation, Survey Finds
According to third annual "Digital IQ" survey from Diamond Management & Technology Consultants, 50% of firms say innovation was their primary strategic focus for 2009.
Actant Upgrades To NYSE Technologies’ SuperFeed Data Platform
NYSE Technologies announced today that software trading firm Actant will begin using its SuperFeed data platform as it looks to gain access to overseas markets.
Quantifi's Software Addresses Regulatory Scrutiny of OTC Markets
New version of pricing and risk analysis software addresses changes in market, operational and regulatory requirements.
NASDAQ OMX to Acquire Market Surveillance System Provider SMARTS
The acquisition is part of NASDAQ OMX's strategy to diversify its commercial technology business and enter the broker surveillance and compliance market, Nasdaq said.
Nasdaq OMX to Acquire Australia's SMARTS Group, Surveillance System Provider
Allows Nasdaq OMX to diversify commercial technology business and enter broker surveillance and compliance market.
Wall Street Movies: Looking Behind the Crisis
With summer blockbusters like the Sorcerer's Apprentice, The Last Airbender and Twilight Saga:Eclipse playing in theaters, it's hard to imagine that plots about Wall Street's role in the financial crisis will be a hot ticket.
DTCC Releases New ISO Messages To Help Automate Corporate Actions Processing
In 2009, DTCC processed more than $3 trillion in corporate actions, and the release of these draft messages is a key element in DTCC's plan to automate and streamline corporate actions processing, the company said in a release.
Bank of America Merrill Lynch Rolls Out ETF Algorithm
Bank of America Merrill Lynch has rolled put ETF-aX, an exchange-traded fund algorithm which purports to identify the most efficient combination of ETF, stock, and futures and then automatically trade them to source liquidity and find the best prices.
Brazil's Alliance Asset Management Selects OneTick CEP and Database
Proprietary trading firm chooses OneTick's integrated CEP and database to drive its research and high frequency trading strategies in South America.
Knight Capital Acquires Astor Asset Management for $20 Million
Knight Capital Group Inc said today that it acquired Astor Asset Management, LLC, a money management firm specializing in macro-economic strategy and the construction of exchange traded fund portfolios, for about $20 million in cash and stock.
BATS Europe Deploys Pan European Feed Via Thomson Reuter's Elektron Facility
The BATS Europe MTF will access a low latency direct data feed from primary European execution venues via the London-based hosting facility.
Europe's Bank Stress Tests Not So Tough
Europe's banks largely passed tests designed to show how they'd fare if the region had a double-dip recession. But there's still questions being asked about the toughness of the tests.
Treasury Hires Morgan Stanley to Handle Citigroup Shares
The Treasury is selling Citigroup shares and has hired Morgan Stanley to manage the shares for them -- and to help the brokerage out.
Financial Advisors Spend 23 Hours A Week Online, Mobile Use Increasing
A survey by kasina of 536 financial advisors revealed that intranets are still the most commonly accessed sites, while social media use continues to increase and more than two-thirds share content with clients.
Direct Edge Becomes Newest U.S. Equity Exchange
Electronic market operator Direct Edge Holdings LLC became the newest equity exchange in the U.S. this week, converting its alternative trading platforms EDGX and EDGA to formal exchanges.
The New Financial Data Network: Speeding Towards More Profitable Trading
With firms competing for low latency routes to preferred liquidity destinations at exchanges housed within Manhattan and New Jersey data centers, choosing the network provider is critical. John Macario of Optimum Lightpath discusses the criteria to consider.
Interxion To Host Mission-Critical IT Applications For Lupus Alpha Asset Management
Lupus alpha offers specialist investment concepts to institutional investors.
Lupus alpha Taps Interxion for Colocation and Access to Market Data
Buy-side firm will host IT applications in Frankfurt hub for sub-millisecond trading strategies.
Windward Advisory Group Hires Veteran Tech Expert Bob Shepro
Shepro was founder and CEO of Shepro Braun Systems, where he designed and brought to market the first integrated real-time trading, portfolio management, financial accounting, partnership and trust system for hedge funds and investment managers.
Knight's Stephen Kay Named 2010-2011 President of STANY New York
During his one-year term, Kay will focus on STANY’s educational role, helping members understand new regulations and other issues affecting the markets.
Finra Hits Deutsche Bank With $7.5 Million Fine Over Subprime Reporting
The Financial Industry Regulatory Authority said it fined Deutsche Bank with a $7.5 million fine for misrepresenting the percentage of delinquent mortgages in the prospectus of six subprime residential mortgage-backed securities issued in 2006.
CQG Partners with Broco to Expand Trading Connectivity in Russia and Eastern Europe
Customers clearing through Broco will have access to CQG's decision-making tools, consolidated market data, and advanced electronic trading via the CQG Trader and Integrated Client platforms to route orders to CFE, CME Globex, EUREX, NYSE Euronext Liffe, and other exchanges.
ConvergEx Hires Sean Westley for Northpoint Trading Partners
Joins ConvergEx's boutique prime brokerage business as SVP of sales.
Barclays Capital Took Colocation Step to Grow Liquidity of LX Dark Pool
Seeking to grow volume of LX dark pool, Barclays positions matching engine in colo facility to access liquidity of hedge funds, exchanges and broker dealers.
Dark Pool Analytics Provide a Light in the Darkness
Buy-side firms are beginning to tap more sophisticated transaction cost analysis tools to help them navigate dark pools' murky waters and better target their dark strategies.
Buy-Side Use Of Algorithms Projected to Climb In 2011: Tabb Report
Buy-side use of algorithms is projected to climb next year as firms increasingly opt for self-directed trading as a way to cut costs, according to a new report by Tabb Group.
NYSE Technologies Rolls Out Order Routing Direct Platform
NYSE Technologies said today that it launched Order Routing Direct, an order routing device that allows users to connect directly with their trading counterparties without requiring routing back to a centralized hub.
ITG Hires Market Structure Expert Jamie Selway of White Cap Trading
White Cap Trading closes its doors; Selway and three partners join ITG.
NYSE Technologies Launches Order Routing Direct Connectivity Service
Order Routing Direct uses technology that allows customers to seamlessly connect directly via FIX protocol with their trading counterparties and doesn't require routing back to a centralized hub.
Firms Still Not Analyzing Unstructured Real-Time News
Real-time news isn’t reliable enough to include in automated trading strategies, say industry executives.
Data Center Costs, Oversight Challenge the Sell Side in 2010
Financial services firms spent $1.8 billion on data centers in 2009, and TABB Group expects 2010 spending to go even higher.
What is the Best Low-Latency Tool? Try People
While faster chips and 10-gigabit Ethernet connections help, having the right developers and engineers is the key to winning the low-latency race.
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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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