Content posted in October 2009
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Early Thoughts On SEC Dark Pool Regulation
The SEC put forth a series of proposals it believes will enhance transparency, reduce asymmetries, and enhance public confidence in the equity markets but discussing these proposals in advance of releasing them in written form has raised significant confusion in the industry.
CFA Institute Sends Letter on OTC Derivatives Reform to Congress
Standardized derivatives should trade on regulated exchanges and clear centrally, states CFA's letter, citing investor group's report.
Geithner Testifies on Regulation
The Federal Reserve should lose its authority to bail out big, failing financial firms like AIG and Bear Stearns under proposed reforms aimed at limiting the collateral damage from such failures, U.S. Treasury Secretary Timothy Geithner said. Geithner added in this video from the Wall Street Journal that the bankruptcy code should be the primary tool for failing financial institutions, but there might be some cases where a bail out would be necessary.
Paladyne, RiskMetrics Partner for Hedge Fund Risk Reports
Paladyne Systems has formed a strategic partnership with RiskMetrics Group to provide intra-day, daily and monthly risk reports to hedge funds and service providers.
TGIF: Has Halloween Become Overcommercialized?
Has Halloween Become Overcommercialized?
The Onion delves into this pressing issue.
Direct Access Partners Hires Team from Van der Moolen Group
US institutional brokerage team exits Van der Moolen Group to join Direct Access Partners, citing access to multiple asset classes and prime brokerage.
Fitch Solutions and Pricing Partners Team up on CDS Data
Fitch Solutions has teamed up with Pricing Partners to allow users of Pricing Partners’ Price-it Solution with Fitch Solutions market data license to access Fitch Solutions’ market data on OTC credit derivatives.
FINRA To Focus on Fraud and Facebook
The Wall Street regulator has redefined its priorities, and fraud detection and social networking are two prominent ones.
Wall Street Bands Rock Out for Charity
Tonight, mortgage traders and other fixed income professionals who play in Wall Street bands are hoping to have fun and raise a ton of money.
Liquidnet In Rwanda
Check out the amazing work that global electronic marketplace Liquidnet is doing in Rwanda to help traumatized orphans caught in the 1994 Rwandan genocide.
Capco Expands Cap Markets Group to Meet Trading Demand
Industry Experts Joe Anastasio and Michael Haworth to Co-Lead Group
Senate Subcommittee Questions Industry Insiders on Market Structure Issues
Lawmakers gathered for a hearing to question industry participants and gather information on dark pools, high frequency trading, sponsored access and flash orders.
Finding Hidden Dangers in Spreadsheets
So much valuable information on Wall Street is stored in Excel spreadsheets, it's worth keeping an eye on them to spot fraud and errors before auditors do, says Ralph Baxter, CEO of ClusterSeven.
Nasdaq Builds A Social Network
Letting Nasdaq devotees swap stock tips.
ITG Testifies at SEC Hearing on Dark Pools, Etc
Bob Gasser, CEO, of ITG is testifying today before the Senate Subcommittee on Securities, Insurance, and Investment Committee on Banking, Housing and Urban Affairs on the topic of dark pools, flash orders, high frequency trading and other market structure issues.
His testimony can be read :
https://www.itg.com/news_events/Senate_Testimony_102809.pdf
AmInvestment Selects SunGard for Risk Modeling
Funds Management Division of AmInvestment Bank Group Selects SunGard’s APT for Multi-Asset Fund Risk Modeling, Analysis and Reporting
Stamford Risk Analytics Introduces New Approach to Enterprise Risk Management
Ali Samad-Khan, a world-renowned expert in risk management, has announced the formation of Stamford Risk Analytics.
Turquoise To Launch Exchange Traded Commodities
Turquoise announced it will expand its services to include six Exchange Traded Commodities (ETCs) for trading on its multi-lateral trading facility (MTF).
Bank of America Merrill Lynch Launches Brazilian Algos
Bank of America Merrill Lynch has launched its algorithmic trading platform in Brazil.
Higher Frequency, Lower Risk
Detractors claim that high frequency trading has a very risky profile and is capable of destabilizing the markets but Aldridge examines the risks of high-frequency trading in comparison with lower-frequency trading styles across every risk category.
G2 Systems Joins Forces with HighRoad Fund Services
G2 hires HighRoad's founder to add solid fund administrator and fund accounting consulting services to its practice.
SEC Drafting Proposals on Sponsored Access, HFT
At SIFMA’s Annual Meeting SEC Chairman Mary Schapiro announced that she has asked her staff to come up with two new market structure proposals focusing on sponsored exchange access and high frequency trading.
Datawatch Upgrade to Ease Fraud Investigations, Expert Says
Datawatch's Monarch software, which converts reports to Excel spreadsheets, can now embed the original source document in the Excel file. Fraud examiner Phillip Levi says this should shorten and simplify internal fraud investigations.
Madoff Friend Jeffrey Picower Takes Secrets to His Grave
Bernard Madoff's billionaire friend Jeffry Picower, who was found dead at the bottom of a pool on Sunday at his Palm Beach mansion, was the biggest beneficiary of the Madoff scam,
Robert McCann Now CEO, UBS Wealth Management Americas
Former Merrill brokerage chief settled in new position nine months after leaving BofA/Merrill.
Lime Brokerage to Offer Marketcetera's Automated Trading Platform
Lime will tap Marketcetera's open-source software platform to enable rapid implementation of new equities trading strategies.
How Prosecutors Wiretap Wall Street
Hearing that the alleged Raj Rajaratnam-led insider trading ring was detected using wiretaps and that the U.S. attorney for Manhattan, Preet Bharara, plans to employ the same kind of electronic surveillance for future Wall Street investigations, we were momentarily seized with the geeky desire to know how these wiretaps are performed. Are agents sneaking into offices and homes in the middle of the night to bug phones?
Misys Launches Buy Side OTC Derivatives Solution
Misys has launched its Summit Invest over-the-counter derivatives solution for hedge funds, asset managers and asset servicers.
Scottrade Fined $600,000 for Failing to Monitor Transactions
This could happen to you: FINRA told the online brokerage that having compliance officers look for suspicious activity is not enough, software monitoring is necessary.
Nothing Has Changed, Paul Wilmott Says
Risk models are OK, says famous researcher and quant who predicted the subprime crisis, but they need to be paired with common sense rather than a sheep-like mentality.
High-Frequency Trading Firms Seeking Tech Talent
High-frequency trading firms are recruiting programmers and other tech talent. But some prefer Google and Microsoft alumni to Wall Street veterans.
Inter-Pacific Securities Goes Live With SunGard's GL Net for DMA
Malaysian brokerage firm utilizes SunGard's GL Net to trade directly on Malaysia's derivatives exchange.
'Exchange-Traded' Does Not Equal 'Risk-Free'
Just because Congress mandates that OTC products trade on-exchange doesn't mean that OTC derivatives won't blow up.
Inter-Pacific Securities Goes Live with SunGard’s GL Net
Inter-Pacific Securities uses SunGard’s GL Net for direct market access to Malaysia
Geyer Leaves JonesTrading
JonesTrading announced that Will Geyer, the firm’s president and CEO, left the firm on October 15th to pursue other opportunities.
S&P Offers Residential Mortgage Data
New data feed provides information about mortgage originations and performance.
The Case for Insider Trading
In a story in the Wall Street Journal's weekend edition, Donald J. Boudreaux, an economics professor at George Mason University, defended insider trading as a way to make markets work more efficiently and encourage investors to diversify.
Q&A With Bats COO Chris Isaacson — Managing IT for A Growing Exchange
Developing proprietary programs, measuring latency, expanding the footprint and meeting the ever-increasing need for speed.
Derivix Integrates with GFG For Options Trading Solution
Derivix, a software company providing options pricing, analytics and real-time risk visualization, has now integrated with Greenmoor Financial Group (GFG), a Chicago-based introducing broker.
Wall Street Reacts to Executive Pay Curbs
Andrew Ross Sorkin, New York Times columns, discusses Wall Street's reaction to the Treasury and Federal Reserve's new rules that would curb pay at U.S. financial institutions.
Downsized, the Web Series
Self-help guru offers advice to those affected by the recession.
Workers Reflect One Year After Leaving Wall Street
It's been a little over a year since the markets and economy imploded, resulting in massive layoffs in financial services. So what have some former financial workers been doing with their time?
The Bar Code of Financial Markets
After 40 years CUSIP numbers are becoming more vital than ever.
Regulators Urge Financial Firms to Get Risk Data in Order
Mergers and acquisitions have created for many firms a hodgepodge of databases that need to be integrated and normalized, a report finds.
Fidelity Launches New Online Platform For Foreign Stocks and Currency Exchanges
New platform expands capabilities for retail investors, broker-dealers and
advisers to trade international stocks and exchange foreign currencies.
Fidelity Launches New Online Platform For Foreign Stocks and Currency Exchanges
Platform expands capabilities for retail investors, broker-dealers and
CME Group Names Sammann MD Financial Products, Services
CME Group has named Derek Sammann managing director of financial products and services.
Madoff Workplace Allegedly Rife with Cocaine, Sex
And the saga continues. CNN's Chloe Melas reports on a recent lawsuit filed by former Madoff investors claiming that "Madoff's workplace was rife with cocaine and sex." The 264-page law suit claims Madoff "financed a cocaine-fueled work environment and a "culture of sexual deviance."" The complaint alleges Bernard Madoff Investment Services was known by insiders as the ""North Pole", in reference to the excessive amount of cocaine use in the work place." The law suit also
claims that "Madoff di
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