Content posted in November 2012
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Insider Trading Investigation Reaches A New Stage
Speculation intensified that federal prosecutors are looking at SAC Capital Advisers' owner Steven Cohen, but the government doesn't have enough evidence, a lawyer told American Public Media's Marketplace..
New Global Tech Hubs Emerge In Surprising Locations
A number of cities around the world that were formally quiet on the tech front are now making a stand.
Proliferation of CSAs Causes Headaches for Brokers, Buy Side — Greenwich, Frost
An estimated 82 percent of U.S. asset managers surveyed by Greenwich Assoc. use CSAs for efficiency and transparency, but the trend is leading to a reduction in execution payments to smaller broker dealers and administrative headaches to buy side.
Two Charged With Insider Trading Over 2009 IBM Deal
Two former stock brokers at a
Connecticut financial services company were charged with insider
trading on Thursday over a 2009 acquisition by computer giant
IBM Corp.
Disaster Recovery Planning After Hurricane Sandy
Investment managers without appropriate disaster plans were left facing some difficult decisions in Sandy’s wake.
Key Debt Limit Options, Dates for U.S. Treasury
President Barack Obama and
his Democrats are insisting that an increase in the $16.4
trillion U.S. debt limit be part of any deal to avert the
"fiscal cliff" of year-end tax hikes and automatic spending
cuts.
Happy Holidays: Get Your Drink On -- Wall Street Style!
Now that company holiday parties are coming back in style, here's one of the more creative drink menus. Each year Cognito, the PR and marketing agency that specializes in financial services and technology, holds a holiday party with a specialized set of financial services drinks. This year's menu reminds us of some of the year's most notable events, including Knight Capital's trading glitch, Rajat Gupta's insider trading trial and the Libor rate-fixing scandal. Bottoms Up!
Investors Swarm into Stock ETFs Amid "Fiscal Cliff" Hopes—Lipper
Investors in U.S.-based
funds have pumped the most new money into stock exchange-traded
funds since mid-September, while adding to bond funds amid
growing optimism U.S. lawmakers will avoid the looming "fiscal
cliff" of tax hikes and spending cuts.
Data from Thomson Reuters' Lipper service showed on Thursday
that Stock ETFs raked in $7.66 billion in new investor cash in
the week ended Nov. 28, the most money since the week the U.S.
Federal Reserve announced its extended stimulus plan.
How A Desperate HP Suspended Disbelief for Autonomy Deal
For Leo
Apotheker, the former Hewlett-Packard CEO, a July 2011
meeting with Autonomy founder Mike Lynch at a chic seaside
resort in France was pivotal to his effort to remake a storied
technology giant.
Can Banks Prevent the Next Cyber Attack?
Banks knew this past September's DDoS attack was coming, but were powerless to stop it. What can be done to prevent the next attack from succeeding?
Soft Dollars May Put Buy Side At Odds With Investors: Report
The use of soft dollars may prevent investors from getting the full benefit of everything they're paying for, according to Woodbine Associates.
A Toast to Mary and 10 Suggestions for the New SEC Commissioner
Mary Schapiro's efforts to clean up our marketplace are her legacy.
Merrill Lynch Pushes Content via Flipboard App As Clients Shift to Tablets and Smartphones
As consumers of information shift their habits to tablets and smartphones, Merrill Lynch Global Wealth Management launched a channel on Flipboard, a popular, free app, where users can aggregate news and social media content.
Getco, Virtu Pursuit of Knight Signals Consolidation Trend
Suitors of Knight Capital Group are eyeing the wholesale market maker's retail order flow, but they'll also look to save money by eliminating overlapping infrastructure like duplicate colo facilities.
Fidelity Pushes BNY Mellon for Better FX Pricing
Fidelity Investments is pushing
BNY Mellon Corp and other custody banks for stricter
pricing on certain foreign currency trades, the latest sign of
how big investment managers are using the same tactics as public
pension funds to cut expenses.
At White House, CEOs Offer Support for Higher Tax Rates
Chief executives from
corporations such as Goldman Sachs and Deloitte LLP met
with President Barack Obama on Wednesday and offered support for
resolving U.S. fiscal problems with an approach that included
higher tax rates for wealthy Americans.
Goldman Sachs Boosts Rating on RIM, Shares Surge
Research In Motion
received a big boost on Thursday after Goldman Sachs
raised its rating on the company, sending shares of the
BlackBerry maker soaring more than 12 percent in trading before
the morning bell.
Short Sellers Target Hard Hit Europe Tech Stocks
Hedge funds are increasingly
betting against European tech shares, targeting companies hit
hard by a sluggish global economic outlook and those struggling
with stiff competition in the mobile business.
RBC Profit Rises 22 Percent on Strong Fixed-Income Trading
Royal Bank of Canada's
quarterly profit rose 22 percent on a sharp jump in fixed income
trading revenue and steady loan growth, suggesting the
long-awaited slowdown in Canadian consumer lending has yet to
materialize.
Getco Eyes $1.4 Billion Deal with Knight Capital
Getco offered to merge with Knight Capital to create one of the largest U.S. market makers for stocks and options.
Regulatory Action On Dark Pools Must Be Part of Market Structure Debate
With an Increasing Number of Securities Now Trading in Excess of 40% Volume Off-Exchange, Industry Discussions on Dark Trading Must Include Quality and Efficiency of Lit Markets.
New ITG Algo Takes Aim at Customization, Liquidity Sourcing
The broker says its latest algorithm will help the buy side take a more strategic approach to sourcing liquidity.
CME Says No Plans to Shut Grains Floor Trading
The CME Group, the
biggest operator of U.S. futures exchanges, has no plans to shut
open-outcry trading pits but will not change new price
settlement rules for grains despite a lawsuit by a group of
traders, its CEO said on Wednesday.
Getco, Virtu Make Rival Bids for Knight Capital-Sources
Trading firm Getco Holding Co said it
offered to take control of Knight Capital Group Inc in a
deal that values the electronic trading firm at $3.50 a share,
sending Knight shares up 15 percent in early trading Wednesday.
Data's New Look: Demand for Visualization Tools Is Coming
Business users and executives in financial services will eventually demand data visualization to make their workflow more productive.
Why Are Suitors Vying for Knight Capital?
Rival firms are expected to submit bids this week to acquire Knight Capital Group, which could bring the potential acquirer savings in equity trading technology.
BATS Rolls Out Free 'Kill Switch'
BATS Global Markets will begin offering free risk management tools, including "kill switches" and order restrictions, to all of its members.
Following CFTC Lawsuit, Intrade Cuts Out US Customers
Prediction market Intrade said it will no longer accept U.S. customers because of what it called legal and regulatory pressures.
Global Regulators to Hold New York Meeting on Derivatives Rules
Global regulators will meet in New York on Wednesday, hoping to hammer out a deal on how to jointly supervise the $650 trillion derivatives market.
Revenge of the Nerds: Banks See Risk, Compliance Hiring Boom
Tough regulations have jolted demand for compliance, risk and legal officers, creating one of the few bright spots in an otherwise dismal job market for the financial industry.
New SEC Head Faces Fights On Several Fronts, Legal Straitjacket
Mary Schapiro's successor as head
of the U.S. Securities and Exchange Commission is going to have
to hit the ground running.
Basel Committee Won't Delay Jan. 1 Rules Implementation — Head
The introduction of stricter
capital rules for banks will go ahead as planned on Jan. 1, the
head of the Basel Committee at the Bank of International
Settlements told Reuters on Tuesday.
Intrade Cuts Out US Customers After Regulatory Suit
Prediction market Intrade,
which allows spectators to bet on subjects ranging from
entertainment to elections, said on Monday it will no longer
accept U.S. customers because of what it called legal and
regulatory pressures.
How To Select The Most Accurate Data Visualization
Understanding the underlying concerns of data analysis is a good first step for firms looking to more clearly analyze complicated data sets, spot patterns and answer key questions.
SEC Chairman Schapiro to Step Down Dec. 14
Schapiro departs an SEC that’s better equipped to oversee an increasingly complex marketplace.
Fidessa Teams With Thomson Reuters on Buy-Side Liquidity Sourcing
The firm says the Autex platform opens up access to sources of block liquidity, helping the buy side navigate a highly fragmented marketplace.
Fidessa Helps Buy Side Source Block Liquidity via Autex
Through a collaboration with Thomson Reuters, Fidessa group plc has developed tools to help the buy side cut through large volumes to quickly access relevant and actionable IOIs.
Knight CEO Plays Down Deal Talk
Knight Capital Group,
currently in talks with at least two firms on the possible sale
of its largest business unit, is well capitalized and would only
pursue a deal if it created value for its shareholders and
clients, Knight's chief executive said in an internal memo.
Warren Buffett Calls for a Minimum Tax on the Wealthy
Warren Buffett, the legendary investor
who changed the debate about U.S. tax reform in 2011 with a call
for the rich to pay more, is now calling for minimum tax rates
for millionaires.
Spurred By Crisis, Euro Zone Is Shaping Up Study
The euro zone is turning into a
more balanced and potentially more dynamic economy thanks to
market pressure and the constant demand for structural reforms,
a study showed on Monday.
Knight CEO Plays Down Deal Talk
Knight Capital Group,
currently in talks with at least two firms on the possible sale
of its largest business unit, is well capitalized and would only
pursue a deal if it created value for its shareholders and
clients, Knight's chief executive said in an internal memo.
Knight Capital Sets the Record Straight on Algo Testing
With more attention on how trading algorithms are tested following the August software mishap, Knight Capital's Brendan McCarthy opens up about the firm's vetting procedures.
Prosecutors Charge ex-SAC Manager in $276 Mln Insider Scheme
U.S. prosecutors on Tuesday
charged a former SAC Capital employee with insider trading in a
series of transactions that hedge fund titan Steven A. Cohen had
personally signed off on.
New York Sues Credit Suisse Over Mortgage Securities
New York Attorney General Eric
Schneiderman brought a lawsuit on Tuesday accusing Credit Suisse Group AG of deceiving investors in mortgage-backed
securities.
New York Sues Credit Suisse Over Mortgage Securities
New York Attorney General Eric
Schneiderman brought a lawsuit on Tuesday accusing Credit Suisse
Group AG of deceiving investors in mortgage-backed
securities.
Ex-SAC Manager Charged With $276 Mln Insider Scheme
U.S. prosecutors on Tuesday
charged a former SAC Capital employee with insider trading in a
series of transactions that hedge fund titan Steven A. Cohen had
personally signed off on.
FINRA Threatens to Suspend Morgan Keegan in ex-NBA Star Flap
Wall Street's industry-funded watchdog,
FINRA, has notified Morgan Keegan & Co. that it will suspend the brokerage's license for not complying with an arbitration ruling
in favor of retired basketball star Horace Grant unless the firm
meets certain conditions, according to a letter reviewed by
Reuters.
Surveillance and Monitoring Through the Looking Glass
Looking ahead to 2013, European regulations are stepping up the need for automated surveillance and monitoring solutions on the buy side, writes SunGard Protegent's, Magnus Almqvist, who says firms must have audit trails and quick answers to questions on suitability and personal dealing.
Nasdaq CEO Calls on Washington to Compromise
Washington needs to rediscover its ability to compromise and commit to a long-term plan to reduce the nation's debt, the head of Nasdaq said.
Australia Introduces "Kill Switch" for Computer Share Trading
The Australian government introduced new market trading rules, including a "kill switch," to protect investors from volatility.
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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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