NYSE and TSE to Merge?
The New York Stock Exchange and the Tokyo Stock Exchange have announced an alliance that could lead to a combination of the two exchanges.
Cantor Launches Structured Products Group
Cantor Fitzgerald, a leader in the fixed-income market, has launched a structured products group with the hire of two senior executives. Gina Hubbell, formerly managing director and head of the Structured Credit Group at UBS, and Edward LaScala, formerly head of Debt Syndicate at HSBC, joined Cantor two weeks ago. Hubbell will lead the new group and report to Irvin Goldman, CEO and President of Cantor.
Wall Street Journal Chronicles Amaranth's Demise
Today's Wall Street Journal provides a gruesomely fascinating account of Amaranth's final days ("Amid Amaranth's Crisis, Other Players Profited"). The mental image it conjures in the reader's mind is that of a pack of wolves, one of which has injured itself and lies dying of its wounds, the rest taking the biggest, juiciest hunks out of it they can while its heart still beats.
The Amaranth fiasco continues to affect the industr
Thomson Integrates OMS, TradeWeb
To enhance the workflow of asset managers and buy-side traders active in fixed-income markets, Thomson Financial launched TradeCentral, an order management system (OMS) that comes pre-integrated with Thomson TradeWeb, the electronic fixed-income and derivatives marketplace.
FlexTrade Unveils FX Block Trading
Eyeing the success of crossing systems in the equities market, FlexTrade Systems has launched what it claims is the first block trading system for FX currency pairs.
What Is 'Best Execution'?
Though traders are required to strive for best execution, it has not been definitively defined. Fortunately, new tools can help firms identify good trades.
NYSE Asks for NMS Delay
Looks like REg NMS Could be postponed again. As Advanced Trading went to press, the New York Stock Exchange was preparing a letter to be sent to the Securities and Exchange Commission to ask for a one-month postponement of the new trading rule.
Day 5 at Davos: Recapping the World Economic Forum 2007
The top priority for many senior business and financial leaders at the World Economic Forum was, surprisingly, climate change, followed by global banking security standards.
My first visit to the World Economic Forum is now over and, after an exhausting week, I used the downtime on my flight home to contemplate some of the bigger issues that were raised during the past week.
Day 4 at Davos -- Banking the Unbanked
The unbanked, or underbanked, represents a huge -- but risky -- opportunity for financial institutions. And one needs not travel to Asia or South America to find a large underbanked market: There are 50 million unbanked people right here in the world's most developed economy.
Three New Business Intelligence-Style Tools for Investment Managers
The business intelligence movement rolls on and one of its targets/benefactors is Wall Street. It's a good fit -- after all, what buy-side or sell-side executive wouldn't want the most insightful views of the right pieces of data? In my first full week at Wall Street & Technology, I was briefed on three new or recently updated data analysis tools: one for analyzing the blogosphere for stock and company tips and rumors, one for analyzing SEC Edgar data, and one for portfolio backtesting. Here's w
NEW DATES FOR REG NMS COMPLIANCE
The SEC has once again postponed the Trading Phase date of Regulation NMS, as well as two other deadlines for the Order Protection and Access Rule.
Day 3: A good climate for global regulation?
Delegates are calling for global regulation that directly addresses climate change at the World Economic Forum in Davos. But can business, government and scientists agree on a solution that could actually have some impact on a global scale?
Microsoft Takes Aim at MiFID
Microsoft is positioning itself as a MiFID solutions provider, with an announcement today of an eight-solution technology grab bag intended to meet the requirements of the European uber-regulation. The software giant is parading out its partners as "mix and match" MiFID solutions that all focus on the MS ar
Day 2 at Davos: Setting the Security Standard
Not surpisingly, information and data security is one of the hotter topics in Davos among the attendees at the World Economic Forum. Logically, if there are regulators for the Internet, telecommunications and accounting, why don't we have a standards in place for information and data security?
Wealth Managers Turn to Unified Managed Accounts to Better Serve Wealthy Clients
Unified managed accounts and unified managed households are part of a growing trend to electronically aggregate a client's holdings in as close to real time as possible. The goal of such cross-product, cross-institution and cross-individual accounts is superior portfolio management, including tax optimization and risk mitigation.
A Market Turned Upside Down
The European Union's Markets in Financial Instruments Directive (MiFID) is scheduled to go into effect in November 2007. Even U.S.-based firms will need to have a thorough strategic plan for compliance in order to stay competitive in the global markets.
NYSE Requests a Four-Week Extension of the Reg NMS Deadline
Although it has been beaten to death by industry analysts and press, the importance of the changes to the U.S. securities industry spurred by Reg NMS cannot be overstated. The industry anxiously awaits full implementation of the regulation in 2007.
Firms Ready to Dive Into China's Financial Markets
The opening of the huge Chinese financial services sector to foreign-based institutions presents a gamut of opportunities -- whether in retail and corporate banking, investment banking or asset management -- for North American and European firms.
Regaining N.Y.’s Financial Glory?
The SEC's vote to reduce the impact of Sarbanes-Oxley by reducing audit and sign-off requirements on firms' financial controls is a positive step, but will it bring back growth to the U.S.'s financial markets?
Moody’s Hires Rotella as CIO
Moody's Corp. -- the New York-based parent company of the credit rating, research and analysis firm Moody's Investors Service -- hired Perry Rotella as SVP and CIO. He will report to CEO Raymond McDaniel.
Chauvin Promoted to CRO at TD
Mark Chauvin, a veteran of TD Bank Financial Group, has been appointed as EVP of risk management and chief risk officer for the firm.
VASCO Bolsters Tokens
Chicago-based strong authentication vendor VASCO Data Security International has bolstered its hardware authentication offerings with the release of two new user authentication products for online commerce.
Reuters Enhances IM
Instant messaging technologies are increasingly gaining a foothold in various functions of the financial services industry.
In order to address December's changes to the Federal Rules of Civil Procedure (FRCP), electronic communications compliance vendor Orchestria released an e-discovery solution, Legal Hold.
On the Offensive
Capital markets firms enter 2007 amidst dramatic changes in their product offerings, customer relationships, organizational structures and markets.