Content posted in July 2002
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Why Wait Until 2005 to Improve Performance and Work Environments?
To give firms the necessary time to switch to T+1, the deadline has been set back to 2005.
ISE Ponders Third Site, Builds Internet Connectivity for Members
Seeking to further strengthen its disaster-recovery plan, the ISE is considering building a third trading facility. Separately, the exchange is developing a Web-friendly version of its front end.
CLS's Live Trials Highlight Technology Requirements
Having recently completed its live trials and anticipating a launch before year's end, financial institutions will soon be forced to investigate CLS's requirements for connectivity.
Credit-Risk Data Could Be a Major Stumbling Block for Basel II
New research finds automating the data process is proving to be a big problem for financial institutions moving to the IRB approach.
ELECTRONIC TRADING
* The Securities and Exchange Commission and the Commodity Futures Trading Commission finalize customer margin rules for single-stock futures products.
* BTEX traded its one-millionth contact on July 22. * The Brut ECN completes a FIX interface to SunGard's Decalog trade-order management system.
MARKET DATA
* Thomson Financial acquires privately held TowersData.
* Neovest enters into a distribution deal with Dow Jones Newswires to offer the Dow Jones News Service as an optional service on its professional trading software. * Michael Danziger has joined the Fair Disclosure Financial Network, where he will work on strategic planning and business development for the company.
RISK-MANAGEMENT TECHNOLOGY
* TradeCapture launches its ICTS Symphony trading and risk-management system for multi-commodity markets.
* Tanya Styblo Beder joins the Professional Risk Managers' International Association's Blue Ribbon Advisory Panel. * EVault opens two new electronic vaults and expands into the Atlanta and Cincinnati metropolitan areas.
INVESTMENT-MANAGEMENT TECHNOLOGY
* Eagle announces the availability of Eagle PACE Third Edition.
* SFF Investment Funds goes live with GLOBAL PORTFOLIO II. * Summit Investment Partners selects FMCPacer and FMCPages for portfolio accounting and client reporting.
OPERATIONS
* FPK goes live with an ISO 15022 messaging solution created in-house using HelioGraph tools.
* Tokyo-Mitsubishi International PLC invests in SunGard ePI's intelliMATCH EP solution to achieve end-to-end STP. * Mercator Software, Inc., announces the availability of new products for Web services.
Breaking News: SIA Shelves T+1 Decision Till 2004
Operations professionals could be heard breathing a sigh of relief as the SIA announced it would not even consider a date for moving to T+1 until 2004.
New York Board of Trade Preps to Go Live With Wireless Handhelds
The New York Board of Trade is getting ready to roll out handheld PCs that are expected to provide more automation and trading efficiency to its pit brokers and remote members.
Lehman Brothers Chooses Iron Mountain for E-Mail Archiving Solution
As the New York Attorney General continues to investigate analyst/investment banking conflicts of interest, e-mail seems to be the evidence of choice.
CGE&Y and Norkom Partner to Launch Anti-Money Laundering Technology
Cap, Gemini, Ernst & Young and Norkom enter the realm of anti-money Laundering with the introduction of MLDAP.
Clover Capital Goes Live with Indata
Clover Capital Management implements Indata's I.M.S. for Windows to take advantage of the system's STP abilities and system architecture.
ELECTRONIC TRADING
* The Fimat Group promotes Wessel van der Scheer to managing director of its Asian zone.
* FleetBoston Financial makes its InvestmentLink application available to its institutional customers. * Triple Point Technology launches version 2.0 of Power XL.
MARKET DATA
* The Chicago Board of Trade names Steven Dickey Vice President of Market Data products.
* S&P expands its offering of Certificate of Deposit information to include independent evaluations both domestic and foreign bank CDs in addition to Index-linked CDs. * Caplin Systems and weComm team up to deliver real-time market data to wireless devices.
RISK-MANAGEMENT TECHNOLOGY
* Fitch Risk Management agrees to acquire the NetRisk and its OpVantage subsidiary.
* Goldman Sachs is spearheading the creation of a company to operate a shared database of public information to identify and manage the risk associated with financial crime. * BITA Plus Consultants will now operate as COR Risk Solutions.
INVESTMENT-MANAGEMENT TECHNOLOGY
* Financial Models Company Inc. selects FMCPacer for portfolio accounting and FMCPages for client reporting.
* Waddell & Reed, Inc. extends its technology contract with Impact Technologies Group, Inc. for the company's Wealth Strategies financial-planning software. * Macgregor signs an alliance agreement with dbConcert.
OPERATIONS
* Wilco International announces the global delivery of its ISO 15022 Swift solution for the Gloss range of products.
* CheckFree Financial and Compliance Solutions and Syllog, Inc. announce a partnership to create an interface from CheckFree's RECON Securities system to SSB solution. * Mercator Software, Inc. announces that it is reporting preliminary second-quarter revenue of approximately $27 million.
Newsmakers
Costa Elected President of GSCC/MBSCC; ISE Elects Guardian CIO as New Vice Chairman; JPMorgan Executive Named to Standards Board
Product Watch
Ameritrade Connects to Institutions; Accounting for Aggregation; New Wealth-Management Platform
Beyond Equities and Into Bonds, MDDL Extends the XML Reach
The Bond Market Association works closely with the FISD to develop a data dictionary leveraging the MDDL standard.
Sizing Up the Separate-Accounts Opportunity
Entering the term "separate accounts" on an Internet produces hundreds of references to an investment vehicle whose appeal is spreading like hot gossip.
A Conversation with Instinet COO Jean-Marc Bouhelier
COO Jean-Marc Bouhelier provides details about the broker's ECN strategy and new foreign exchange system.
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.NET? J2EE? Brokerage firms try and decipher the Web-services landscape.
Wireless Financial Services Plod Along
Most financial-services firms are cutting back on wireless development but some are still plugging away.
The Date Will Stand, Sort Of
Are you ready to deal with 15022 messages when SWIFT turns out the light on 7775 come Nov. 16?
Offshore Score
Not saving enough money with your outsourcing strategy? Try sending application development offshore.
Update: SIA Committee on Business-Continuity Planning Moves Forward
The SIA's BCP Committee has been making strides to ensure the financial-services industry is well prepared for any business interruption. Committee Chair Paul Honey shares the latest initiatives.
Risk Spending Ramps Up
Risk spending is on the rise as financial-services firms take an enterprise-wide approach to risk management.
Market-Data Management in the Spotlight
Market-data gurus gathered recently to share their experiences and insight into market-data-management issues. Take a look at some of the key issues discussed at the WS&T event.
Instinet/Island Marriage: Former Rivals Unite in Quest for OTC and ETF Dominance
The two ECN superpowers have decided to join forces, via a $508 million merger that could dramatically alter the Nasdaq Stock Market landscape.
Cooking Up New Broker Workstations
It's time to refresh broker workstations. But this time, major full-service firms have sent out RFPs to vendors to develop integrated platforms with financial planning, CRM and other advisory tools. In tough economic times -- outsourcing is no longer a dirty word.
e-mail Alert
E-mail communications are at the center of ongoing investigations into analyst/investment-banking conflicts of interest. As a result, new technology is hitting the market to help financial-services firms capture, store and retrieve electronic messages.
THE BEAT ON THE STREET
IT Department Responsible for 36 percent of BCPs
trends & highlights; Gomez Advisors Ranks Brokerage Web Sites; Direct-Access Usage Will Increase to 35 percent of U.S.-Equity Trading.
LETTERS
When it comes to the crucial area of career development, information is the most important commodity available to the financial-technology executive; Great Article on the Patriot Act.
Doing More With Less
Analyst Henry Blodget's improprieties have caused NY's Attorney General and the Securities and Exchange Commission to crack down on Wall Street - forcing firms to show they have the proper technology in place to retrieve and archive all electronic communications.
Bank of Montreal to Halt Wireless Banking and Brokerage, Except Brokerage in U.S.
BOM will suspend its Canadian and U.S. wireless-retail-banking services and its Canadian-wireless-brokerage service as of July 31.
SuperMontage is Almost Here, But Questions Still Remain
Nasdaq's new order-display and execution network is ready to launch in late July, but the level of participation by ECNs remains uncertain.
Buy Side Wants Aggregated View of Sell Side
A new report suggests that most sell-side firms have been doing it all wrong. Apparently, it's about one-stop shopping.
Prediction Dynamics Teams with Reuters for Data Integration
Reuters DataScope data available in Prediction Dynamics' Crucible platform for trading and risk management.
Industry Voice: Introducing & Setting Active Investors' Expectations
So-called "day traders" are still responsible for a potent percentage of trading activity. And brokerage firms are spending feverishly to attract and retain them.
ELECTRONIC TRADING
* CME postpones the launch of Eagle, a project that will enable participants to electronically trade calendar spreads.
* Thomson Financial signs a licensing agreement with NeoVision Hypersystems. * IntercontinentalExchange signs a deal to acquire the assets of CommodityLogic.
MARKET DATA
* Scottrade is providing its customers with free access to Dow Jones Real-Time News for Investors.
* Brown Brothers Harriman launches a new Web-based system for clients to manage real-time corporate actions.
RISK-MANAGEMENT TECHNOLOGY
* Sumitomo Mitsui Banking Corporation selects Sybase's PATRIOTcompliance solution.
* Egar Technology releases a Web-based analytical tool for equity and equity options traders. * TD Securities taps NumeriX for a project to develop an enhance derivatives trading and risk management system.
INVESTMENT-MANAGEMENT TECHNOLOGY
* BPC announces the appointment of Swedish consultancy and services group Proventek as the exclusive distributor for BPC products in the Nordic region.
* DrKW selects CameronFIX for trading on the Euronext exchange. * PFPC Inc. extends its 12-year relationship with Seligman Data Corp.
OPERATIONS
* REY Consulting licenses WebQuery.
* Gloria Kristorian is elected managing director of ADM by the DTCC. * HelioGraph announces the signing of a distributor agreement with NIWS Co., Ltd.
Vendor Clearing Market Gears Up for Tech Spending
When it comes to clearing and settling trades, there's no lack of competition in the marketplace.
Costs Are A Big Issue in Clearing Space
When it comes clearance and settlement technology, firms notice two things: "The market is not that good right now. People are looking to cut costs anyway they can."
STP, T+1 and the Back Office
What if the Securities and Exchange Commission decides to subsequently mandate the move to a one-day-settlement cycle?
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