Content posted in December 2012
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Wall Street & Technology’s Top 5 Stories of 2012
Financial firms may have been laying off employees by the thousands, but it’s certainly not all gloom and doom for technologists. Specialized IT skills are still in high demand on Wall Street, and earlier this year, we gave you the low-down on how to get an elite IT education. If you’re a Wall Street manager, we also gave you some tips on how to manage Millennials to make sure you connect with them, retain them and make the most of their talent – while also ensuring you take a
A Look Ahead to the Capital Markets in 2013
The Eurozone crisis is far from over, the fiscal cliff is top of the headlines and industry revenues continue to decline. Adding to their collective headache, financial organizations are dealing with flat IT budgets while striving to innovate in today’s ultra-competitive market. But there are a host of bright spots in the financial technology world. Here is a look at Wall Street & Technology’s take on the key issues that will shape the industry in 2013.
Wall Street & Technology’s Top 5 Galleries of 2012
It’s been quite a year for the financial services industry, which was hit by multi-million dollar hack attacks as well as spectacularly disastrous technology failures. We took a look at the most costly industry mishaps in our top galleries of 2012, while also shining the spotlight on some of the biggest mistakes CIOs make. But there is light at the end of the tunnel for chief technology officers: our recent salary survey showed that IT skills remain in short supply on Wall Street. So for t
ICE's NYSE Swoop Creates Derivatives Giant
IntercontinentalExchange's $8.2 billion takeover of New York Stock Exchange owner NYSE Euronext allows it to tap into a dramatic expansion of demand for clearing financial derivatives expected next year.
In ICE-NYSE Deal, One CEO Steps Back, The Other Rises
Duncan Niederauer, the chief executive of
New York Stock Exchange operator NYSE Euronext, once
boldly proclaimed that his company could not be acquired.
Regulatory Black Hole Puts Banks Off Deals
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
In ICE-NYSE Deal, One CEO Steps Back, The Other Rises
Duncan Niederauer, the chief executive of
New York Stock Exchange operator NYSE Euronext, once
boldly proclaimed that his company could not be acquired.
Regulatory Black Hole Puts Banks Off Deals
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
World's Investors Stirred, Not Shaken by U.S. Fiscal Crisis
Global investors are betting
Washington will overcome its budget deadlock despite an
apparently serious setback.
Hedge Fund Sloane Robinson Hit by Emerging Market Slowdown
The slowdown in emerging markets
is hitting hedge fund Sloane Robinson hard, highlighting how,
even as the industry attracts investors, managers can quickly
fall from grace if they fail to perform.
IntercontinentalExchange Buys NYSE Euronext for $8 Bln
IntercontinentalExchange
agreed an $8 billion deal to buy New York Stock Exchange owner
NYSE Euronext on Thursday, propelling the commodities player
into European financial futures and helping it to take on arch
rival CME Group.
Factbox: ICE-NYSE Euronext Would Go Third in World Table
A look at the world's top
exchanges by market capitalization, as IntercontinentalExchange
agrees to pay $8 billion for NYSE Euronext.
Proven: Technology That Stuns Users Into Boosting Retirement Funds
Merrill Edge has launched an app called Face Retirement.
Costs, Investor Confidence Among Biggest Obstacles for Boutique Asset Managers
According to a SunGard survey, boutique asset managers are looking to technology to help meet growth challenges and satisfy increased demands.
IntercontinentalExchange Buys NYSE Euronext for $8 Bln
IntercontinentalExchange
agreed an $8 billion deal to buy New York Stock Exchange owner
NYSE Euronext on Thursday, propelling the commodities player
into European financial futures and helping it to take on arch
rival CME Group.
U.S. Funds Cut Equity Stakes to Year Low on Fiscal Worries
U.S. investment firms headed
towards the new year defensively, with average equity holdings
hitting a more than 13-month low and average bond weightings at
their highest in all of 2012, a Reuters poll showed on Thursday.
UBS Libor fixing fine puts brokers under scrutiny
The complex world of inter-dealer
broking took centre stage on Wednesday as UBS admitted
that its traders paid bribes to brokers in return for their help
rigging interest rates.
Getco to Buy Knight Capital in $1.4 Bln Deal
Knight Capital Group Inc, which
was nearly brought down by a trading error in August, said it
will be acquired by rival electronic trading firm Getco Holdings
Co in a cash-and-stock deal that the companies valued at $1.4
billion.
MF Global Judge Wary of Letting Customers Depose Corzine
A bankruptcy judge responded on
Wednesday with skepticism to a request by former MF Global
customers to depose the collapsed brokerage's former chief Jon
Corzine.
SAC's Top Consumer Trader Draws U.S. Scrutiny
U.S. authorities are examining
trading by one of SAC Capital Advisors' most successful
portfolio managers, Gabriel Plotkin, as part of a probe into the
$14 billion hedge fund firm's investment in Weight Watchers
International Inc last year, according to a person
familiar with the investigation.
Getco to Buy Knight Capital in $1.4 Bln Deal
Knight Capital Group Inc, which
was nearly brought down by a trading error in August, said it
will be acquired by rival electronic trading firm Getco Holdings
Co in a cash-and-stock deal that the companies valued at $1.4
billion.
Commodity Trader Hedge Funds Outsmart Standalone Rivals
Hedge funds owned by commodity
giants including Cargill and Louis Dreyfus have outwitted their
standalone rivals in a year of market volatility that has
disrupted traditional models for oil and metals trading.
Extreme Makeover: Citi Consolidates 70 Data Centers to 20
The global bank has also virtualized 40,000 servers and improved server utilization by 45 percent.
Seatbelts, Air Bags Won't Solve Threat of Tech-Induced Market Crashes
Given the rapid growth of technology in all aspects of the market, the disastrous BATS and Facebook IPOs - and the Knight Capital episode - shouldn't have been a big surprise.
Two Former Fund Managers Guilty of Insider Trading
Two former hedge fund managers
were convicted on Monday of illegal trading in Dell Inc
stock based on secret information supplied by research analysts,
the latest in a string of Wall Street insider-trading
convictions.
Massachusetts Fines Morgan Stanley Over Facebook IPO
Morgan Stanley, the lead
underwriter for Facebook Inc's initial public offering,
will pay a $5 million fine to Massachusetts for violating
securities laws governing how investment research can be
distributed.
Massachusetts Fines Morgan Stanley over Facebook IPO
Morgan Stanley, the lead
underwriter for Facebook Inc's initial public offering,
will pay a $5 million fine to Massachusetts for violating
securities laws governing how investment research can be
distributed.
Two Former Fund Managers Guilty of Insider Trading
Two former hedge fund managers
were convicted on Monday of illegal trading in Dell Inc
stock based on secret information supplied by research analysts,
the latest in a string of Wall Street insider-trading
convictions.
BofA Ramps Up Mobile, Social Media User Experience
BofA aims to mirror how users and consumers share information outside the financial industry.
Asia Brokers In Balancing Act to Bypass Stalled HFT Debate
Brokers in Asia are
trying to balance traditional investors and the new force of
high-frequency traders to keep profits growing amid a pullback
in overall trading volumes, seeking to move past a stalled
debate on trading models.
U.S. Banks Add to Call For Easing Liquidity Rule
U.S. banks want regulators to ease a rule forcing them to hold large amounts of assets that can be tapped at short notice in a crisis, saying the buffers built up already should be enough.
JPMorgan Copper ETF, First in US, Gets Green Light
U.S. regulators have finally approved
JPMorgan Chase & Co's controversial plan to launch a
copper exchange-traded fund backed by actual stockpiles of the
metal, dealing a blow to end users who fear the product will
wreak havoc on prices.
U.S. Banks Add to Call for Easing Liquidity Rule
U.S. banks want regulators to
ease a rule forcing them to hold large amounts of assets that
can be tapped at short notice in a crisis, saying the buffers
built up already should be enough.
2013 Electronic Trading Outlook: More Pressure on Tap for the Sell Side
Next year, the buy side is also likely to be impacted by intense pressure on management fees, an issue has been developing for some time but in 2012 seemed to reach a tipping point.
Microwave Technology for Low Latency Trading Networks
Microwave networking can deliver a significant speed advantage over fiber for high frequency trading applications between cities such as Chicago and New York, writes Travis Mitchell of Aviat Networks
So Much Uncertainty, So Little Volatility
Equating economic uncertainty
with financial market volatility this year would have been a
dangerous game.
Hedge Funds Down, Not Out in Tricky US Natgas Market
David Coolidge may still be the king of
U.S. natural gas hedge fund managers but his $2 billion Velite
Capital has made less than half of last year's money while one
of his biggest rivals is headed for a loss in an unusually
tricky year for traders.
Investors Bet on Euro Assets in 2013 Despite Risk
Major investors are preparing to
dip their toes deeper into the turbulent waters of the euro zone
in 2013.
Ex-Wells Fargo Banker Arrested in Insider-Trading Scheme
A former Wells Fargo
banker was arrested on Thursday on charges of fraud, conspiracy
and money laundering resulting from an insider-trading scheme
that netted its participants $11 million, the Justice Department
said.
Four Deutsche Bank Employees Jailed on Thursday
Four of the five Deutsche Bank
employees arrested for money laundering or
obstruction of justice related to a carbon trading scheme will
remain in jail, the Frankfurt prosecutor said on Thursday.
Financial Stability Oversight Council Considers Money Fund Designation
The U.S. risk council discussed using its powers under Dodd-Frank to impose more regulatory oversight on money market funds.
Things You Should Know About HTML5
Leading front-end trading applications in FX, fixed income and OTC derivatives have moved quickly to adopt HTML5. But this is no technology fad, writes Mazy Dar, CEO of OpenFin.
Selling DDoS Flak Jackets in the Cyberwars
When hacker groups like Anonymous rise from the digital ether, or when WikiLeaks dumps a trove of classified documents, some see a lawless Internet.
Wall Street Nemesis Warren to Join Senate Banking Committee
Wall Street critic and Senator-elect Elizabeth Warren will join the Senate Banking Committee where she is likely to be a loud voice in favor of tight financial regulation.
Here Comes the CFTC: The Regulators Keep Coming Back for More
The ripples from the financial crisis are still being felt as regulators continue to find new ways to monitor, control and examine the daily work of asset managers.
US Man Pleads Guilty to Wire Fraud in Hedge Fund Scheme
A man who stole money from clients after
convincing them he was a Harvard-trained hedge fund manager with
more than $1 billion under management plead guilty on Wednesday
to five counts of wire fraud, the U.S. Department of Justice
said.
Wall St Nemesis Warren to Join U.S. Senate Banking Committee
Wall Street critic and
Senator-elect Elizabeth Warren will join the Senate Banking
Committee next year where she is likely to be a loud voice in
favor of tight financial regulation.
The Case for Scenario Planning in Sandy’s Wake
After underestimating the strength of Hurricane Sandy, financial firms need to consider 'risk scenario planning' as a tool for forecasting what can go wrong in the future, writes author and risk analyst Andrew Waxman.
Instinet Revamps Commission Management Platform
The global agency broker has launched an enhanced version of Plazma with multi-strategy functionality to enable buy-side users to view budgets and balances on a sub-account level.
Budget Deal Could Set U.S. Economy 'Booming' - Dimon
JPMorgan Chase & Co CEO Jamie
Dimon said the United States could have a "booming economy" in a
couple of months if lawmakers in Washington reach agreement to
deal with the looming spending cuts and tax increases known as
the "fiscal cliff."
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