Content posted in May 2002
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Ex-Clients Debate Blackwood's Customer Service
Former Clients of Blackwood, a direct-access firm that recently declared bankruptcy, have opposite opinions on the customer service the firm provided in its waning hours.
Credit-Risk Management is Ripe for Centralization
Meridien Research Sees the Future of Credit Risk Management in a component-based approach.
Charles Schwab Enhances Wireless Functionality with Stockpoint
Charles Schwab & Co. is providing stock quotes, news, watch lists and market briefs to both clients and non-clients through a wireless-services agreement with Stockpoint.
SAN Backup Gains In Importance
SANs provide financial institutions with the tools to ensure that no data disappears during or after an emergency.
ELECTRONIC TRADING
* NeoNet builds an electronic interface to the Nasdaq Stock Market's trading network.
* Townsend Analytics launches MarketGauge. * Computershare appoints Phillip DeFeo -- the chairman and chief executive of the Pacific Exchange -- to its board.
MARKET DATA
* Reuters enhances its FX, money-market and debt services to link live quotes to targeted news and analysis.
* eSignal expands its European content offering with the addition of new stock exchanges and historical and intraday European financial data. * Alacra launches a new "Pay Per Book" pricing plan for its Alacra Book.
RISK-MANAGEMENT TECHNOLOGY
* SunGard Trading partners with Alpha Strategies to develope multi-factor portfolio-risk analysis for its Panorama solution.
* Kamakura releases Version 4.0 of its KRM risk management solution. * The Professional Risk Managers' International Association forms a new regional chapter in Brazil.
INVESTMENT-MANAGEMENT TECHNOLOGY
* Matrix selects the Innovest Systems solution as a platform to support it's trust operations.
* Pekao Financial Services chooses MSHARE for its shareholder accounting and administration. * The Rowan Group joins list of premier Professional Services Channel Partners.
OPERATIONS
* TD Waterhouse commences live operations on its Order STP order-validation and management system and its SUMMIT broker-client-accounting system.
* HelioGraph announces the appointment of two individuals to support the company's continued growth. * Wilco International acquires German financial-software and services provider ISAM GmbH.
Treasury Assures Congress of IRS Readiness
The USA PATRIOT act puts an additional burden on the Internal Revenue Service, but the agency can handle the extra workload, according to the U.S. Treasury.
Blackwood Files For Chapter 11, Looks for Re-Birth in the Software Business
Blackwood, which recently decided to shut down its direct-access brokerage business, is now seeking a new life licensing trading software.
ELECTRONIC TRADING
* Instinet Group Inc. and Citibank N.A. form an alliance that calls for the firms to jointly operate the Instinet FX Cross.
* The Brut ECN decides to post its Nasdaq quotes on the Nasdaq Stock Market's SuperMontage order-routing and execution network. * Computershare Ltd names Jennifer LaGrow its head of U.S. sales.
MARKET DATA
* Reuters announces an agreement with Siebel Systems, Inc. that will enable financial professionals to develop deeper relationships with their clients.
RISK-MANAGEMENT TECHNOLOGY
* Global regulatory initiatives are driving the industry to take a unified approach to credit-risk management.
INVESTMENT-MANAGEMENT TECHNOLOGY
* TD Waterhouse joins Advent TrustedNetwork.
* Linedata Services chooses Financial Fusion Server with GlobalFIX to enhance its range of portfolio-management packages. * HedgeWorld Limited announces an exclusive, online-distribution partnership with NCO Group.
OPERATIONS
* Euroclear, Clearstream International and The DTCC announce the launch of a new service.
* Shadow Financial Services licenses its product, ShadoSuite, to Pax Clearing. * Wilco International announces that Michael Simmons has authored a book entitled Securities Operations -- A Guide to Trade and Position Management.
SEC To Float T+1 Conversion Proposal
Though the SIA says that conversion to T+1 now needs a closer examination, the SEC will check for itself by offering up a T+1 settlement proposal this summer.
Direct Access Extends its Reach
Celent Communications forecasts strong growth in volumes for direct access providers, based upon increasing usage among institutions and continued market fragmentation.
Island to Offer Outbound Order Routing, if it Joins SuperMontage
The Island ECN, which currently matches 100 percent of its customers' orders internally, may soon route outbound orders for the first time in its history. If it decides to participate in SuperMontage, Island will route orders to Nasdaq's new network.
SunGard Dismisses Conflict-of-Interest Concerns About GSTPA Deal
SunGard says there is no reason to worry about its deal with rival-VMU the Global Straight Through Processing Association, but adds that an expansion of the relationship would take those concerns into consideration.
Actuate Releases Version 6 of its Information-Delivery Platform
Latest version enables the delivery of customized reports to employees, customers and potential customers from a single platform.
ELECTRONIC TRADING
* Investment Technology Group appoints Robert Russel its new chief executive officer.
* Stockholm names Per Nordberg its chief financial officer. * HSBC licenses FlexTrader.
MARKET DATA
* The Shanghai Stock Exchange taps Reuters to help build an enterprise-wide data warehouse.
* Thomson Financial launches its Thomson Analytics Web-based application with tools for using market data.
RISK-MANAGEMENT TECHNOLOGY
* Spending on risk-management technology is expected to outpace spending growth in most other areas of technology for the financial-service industry.
* Barra launches an enhanced version of its Aegis System for investment managers. * JPMorgan deploys Application Networks' JRisk solution to develop its Credit Market risk-management system.
INVESTMENT-MANAGEMENT TECHNOLOGY
* TransactTools and Slam Dunk Networks announce a strategic alliance to provide a full trade-connectivity solution to the financial-services.
* The Nikko Securities Co. International Inc. selects SunGard's Decalog to support its alternative investment-management operations. * CheckFree announces a further step in enabling its clients to achieve greater transparency in their trading workflow and straight-through processing.
OPERATIONS
* Blue Frog Solutions enters into an agreement with The DTCC to provide integrated and seamless access to DTCC's Mutual Fund and Insurance Services for both Internet and mainframe customers.
* DTCC's shareholders elect four new directors and re-elect 17 to serve on DTCC's Board of Directors. * Capco announces the appointment of Predrag Dizdarevic as executive vice president and head of Capco Solutions.
NEWSMAKERS
Hotspot FX welcomes a new CFO, Fame gets a new CEO and a former Goldman executive launches an investment-banking boutique.
PRODUCT WATCH
The latest and greatest offerings from Wall Street's vendors.
Here to Stay: The Future of XML in Financial Services
Is XML here to stay or should you wait for the next big thing before deciding what to do? Here's one opinion from the Street.
Talking STP with Calpers’ Director of Operations, Denise Arend
Calpers chief executive of straight-through processing talks about the challenges in achieving total front-to-back automation.
IT CHALLENGE
In light of Sept. 11, mirroring data may be the way Wall Street firms ensure they can bounce back from a disaster.
THE BEAT ON THE STREET
Financials Group Equity Research is not recommending Instinet or Island until there is further consolidation among electronic-communication networks; Celent Communications forecasts $4.1 billion to be spent on information technology 2002; The path to advancement in the technology field begins close to home; Financial institutions have to make technology enhancements to their risk-management systems in order to comply with the impending regulatory requirements.
WiFi Hits the Street
Wireless Fidelity (WiFi) is redefining mobility and Wall Street firms are jumping on the bandwagon to boost-worker productivity by installing wireless LANs with high-speed Internet access.
Conference Coverage: Highlights from WS&t's Drilling Down on STP Conference
Sometimes, the best way to solve a problem is to hear how others are tackling it. At our recent STP conference, industry insiders were able to do just that.
As Investment Managers Feel the T+1 Heat, Outsourcing Looks Better and Better
Some say that outsourcing will be one of the best ways for investment managers to achieve straight-through processing, but what are the pros and cons?
The Internet and Private Banking
Lyon Hardgrave is a first-year MBA student at Wharton, whose paper, "The Internet and Private Banking," recently one top prize in the Capco/Wharton Essay Contest. Read why Hardgrave's ideas about the Internet's potential to restructure the industry caught the attention of the judges.
Breaking News: GSTPA Inks Deal With SunGard, Draws Industry Concern
Breaking News: GSTPA selects SunGard to provide facilities management for its TFM leaving many questioning the new VMU landscape.
Brut Joins the Nasdaq Intermarket in Pursuit of Listed-Equities Access
Attempting to provide its clients with far-reaching access to listed-equity market centers, the Brut ECN has decided to participate in the Nasdaq Intermarket.
HyperFeed Jumps on the Java Bandwagon with New Software Development Kit
Addressing customer requests and the acceptance of Java on the Street, HyperFeed releases Java-based development kit for market-data integration.
ELECTRONIC TRADING
* BrokerTec Europe removes the interim tag from Garry Jones' chief executive and president titles.
* PHLX gives 100 of its employees the ability to access the exchange's internal applications remotely. * Savvis and Neovest form a partnership.
MARKET DATA
* Pershing delivers real-time fund data to its investors through Standard & Poor's Fund Advisor product.
* Barclays Capital offers its proprietary research to professional investors via the researchsummary.com financial portal. * Standard & Poor's ComStock establishes a partnership with Xinhua Financial Network in an effort to expand its operations in the Asian financial community.
RISK-MANAGEMENT TECHNOLOGY
* IBM launches a new application and data continuity service to safeguard customer networks, provide back-up systems for data and uninterrupted access to that data.
* Dr. Stephen Figlewski and Dr. Stephen Kealhofer join the Blue Ribbon Advisory Panel of the Professional Risk Managers' International Association. * The International Swaps and Derivatives Association calls for participation for the Equity Derivatives Working group for the Financial-products Markup Language standard.
INVESTMENT-MANAGEMENT TECHNOLOGY
* Exane implements Financial Fusion Server with GlobalFIX as part of its electronic-routing project.
* SolutionForge is selected by Advent Software to provide an enhanced FIX-messaging module, based on its FIX.NET Server product. * NYFIX revenues increase for the first quarter of 2002.
OPERATIONS
* HKEx and Wilco International Limited agree to form a joint venture to provide securities markets' transaction-processing services.
* HelioGraph joins the Omgeo Central Trade Manager Early Adopter Program. * Omgeo and SWIFT announce a strategic agreement covering messages communication and standardization.
The Buy Side Picks Up the Risk-Management Pace
Fidelity works with Algorithmics to leverage risk management technology for its investment management needs.
Capacity Issues Loom as Nasdaq Prepares New Feeds
Capacity comes to the forefront as Nasdaq launches new feeds, announces necessary network upgrades. Will trade-order management systems be able to keep up?
Capacity Issues Loom as Nasdaq Prepares New Feeds
Capacity comes to the forefront as Nasdaq launches new feeds, announces necessary network upgrades. Will trade-order management systems be able to keep up?
Diversity and Innovation are Key Issues in NYSE/Amex Talks
The NYSE remains interested in the Amex's Options and ETF business units.
Death of Atriax Opens New Door for FXall, State Street and Currenex
FXall and FX Connect are among the multi-bank portals that are benefitting from the imminent death of Atriax.
The Hybrid Zone: Who Holds the Key to Trading Single Stock Futures?
Though its rivals plan to trade single-stock futures in fully-automated environments, the Amex is sticking with its strategy to roll out the hybrid product on its floor. But will the Amex be able to compete with the likes of NQLX and OneChicago? And what factors will determine the success or failure of each SSF market? WS&T searches for answers.
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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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