News & Commentary
Content posted in October 2007
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Exchange Consolidation Wave Is Expected to Continue in 2008
News  |  10/31/2007  | 
U.S. exchanges are seeking mergers overseas and looking to consolidate with U.S. regional exchanges to diversify into multiple asset classes and cut technology costs.
Wall Streeters Make Predictions About Exchange Mergers
News  |  10/31/2007  | 
With exchange consolidation in full swing, there is no shortage of predictions on The Street for more activity.
Web 2.0 at TD Ameritrade
News  |  10/31/2007  | 
Anyone who even remotely follows technology and the Internet has no doubt heard of Web 2.0. While there does not seem to be one accepted, all-encompassing definition, there are a number of features associated with it: AJAX enabled web pages, reviews, blogs, etc. Although it may be hard to define, as Potter Stewart might have said, "I know it when I see it."
Oppenheimer & Co. fined $1M by FINRA
News  |  10/30/2007  | 
Oppenheimer & Co. Inc. has agreed to pay $1 million to settle charges it produced "flawed, incomplete and untimely data" in breakpoint self-assessment, the Financial Industry Regulatory Authority said.
NYSE Euronext to Form Block Trading Venture with BIDS
News  |  10/30/2007  | 
NYSE Euronext plans to form a joint venture with a dozen Wall Street firms that own BIDS Trading, an alternative trading system in a move to re-aggregate block liquidity.
Data Centers Are Understaffed, Over Budget and Breaking Their SLAs, Survey Finds
News  |  10/30/2007  | 
Cutting costs and consolidating/virtualizing servers are top priorities for data center managers, who are struggling mightily to meet service level agreements and staff their data centers properly, according to a study Symantec released today. The company polled 800 data center managers at very large, Global 2000 companies who manage an average of 14 data centers each. (Although it's probably better known as a
Fidessa Launches Canadian Smart Routing
News  |  10/30/2007  | 
Fidessa has launched a new Smart Routing Service for the Toronto Stock Exchange and Pure Trading, the first Canadian alternative market.
FSA Dives into Hedge Funds and Sets Out Guidelines to Prevent Market Abuse
News  |  10/29/2007  | 
The UK's FSA is launching a formal assessment of the systems hedge fund managers have in place to prevent market abuse, after being "disappointed" by the controls at firms it visited.
SEC heightens battle against "rampant" insider trading among Wall Street professionals, hedge funds, international rings
News  |  10/29/2007  | 
The SEC is stepping up its efforts to fight what a senior official called "rampant" insider trading among Wall Street professionals, and has formed a working group to focus on the crime. The agency is seeing a trend in larger rings involving more people, international cases, as well as those involving securities professionals and hedge funds.
Vhayu Offers Real-Time and Historical Order Book Analysis
News  |  10/29/2007  | 
As order books get bigger - the Tabb Group recently estimated that in just equities and options, the volume of market data messages across the global exchanges will soar from under four billion messages per day in 2006 to nearly 130 billion per day by 2010, as the number and variety of trading venues increases, as trades become smaller (e.g. 100 shares per order), as cancels and replacements accelerate, and as Reg NMS and
Financial Firms to Spend $28.5 Billion on Wealth Management IT By 2012
News  |  10/25/2007  | 
Wall Street firms are ready to spend on new wealth management technology, according to a report released today by Datamonitor that predicts spending on wealth management IT in North America, Europe and Asia-Pacific will reach $28.5 billion by 2012.
John Hancock's Outsourcing SMA Ops to JPMorgan A Sign of the Times
News  |  10/25/2007  | 
When insurance company John Hancock announced this week that it's outsourcing its separately managed accounts administration to JPMorgan, we saw this as a reflection of three trends: separately managed accounts have become very popular, good operations staff have become hard to find, and firms that experience growth in an investment area are tending to outsource operations for it.
NYSE Euronext and Partners to Create Electronic Block Trading Market for European Stocks
News  |  10/24/2007  | 
NYSE Euronext has partnered with two European investment banks BNP Paribas and HSBC to develop an electronic block-trading platform for large orders in Pan European stocks in a move that positions the exchange to operate a dark pool under the Markets in Financial Instruments Directive (MiFID).
The Repercussion of MiFID and Reg NMS in the U.S.
News  |  10/24/2007  | 
U.S. institutions must educate themselves on the differences and similiarities between the two regulations to ensure they know the rules and are able to comply.
Larry Tabb Predicts Financial Trends for 2008
Commentary  |  10/24/2007  | 
Larry Tabb of TABB Group discusses the trends that, although not new, will gain significance in the coming year.
MiFID Uncertainty Persists as Implementation Day Approaches
News  |  10/24/2007  | 
With the implementation of the Markets in Financial Instruments Directive (MiFID) just days away, a new study has found that a massive 93% of financial services institutions do not believe that MiFID will be consistently implemented and enforced across Europe.
Wachovia Greens Its Data Centers
News  |  10/24/2007  | 
Wachovia has just completed a state-of-the-art data center in the Birmingham, AL area and is 18 months into a 36-month effort to relocate and overhaul many of its data centers for the dual purposes of reducing energy consumption and achieving geographic diversity. "We are being smarter about how we deploy data centers and using technology that's more efficient in terms of power consumption, heat dissipation and cooling," says Thomas Caddoo, vice president, Corporate and Investment Banking Techno
Rumors Fly on Nybot Closing Trading Floor
News  |  10/23/2007  | 
One more trading floor is turning into an endangered species if the rumors in yesterday's New York Post are true.
Economical iSCSI Storage Area Networks Appearing In More Large Business Operations
News  |  10/23/2007  | 
An affordable iSCSI storage area network can power enterprise-class business continuity.
How Are U.S. Businesses and Lawmakers Responding to Data Breaches?
News  |  10/23/2007  | 
Nearly 77 million individuals have been affected by data breaches so far this year. But even after suffering a data breach, 46 percent of businesses failed to implement encryption solutions and 82 percent did not seek legal counsel prior to responding to the incident -- even though they had no prior response plan in place.
Financial Firms Continue to Struggle to Plug Security Loopholes
News  |  10/23/2007  | 
New technologies, such as pattern analysis, as well as awareness and training can help financial services firms keep attacks at bay.
Connectivity Booms in Emerging Markets
News  |  10/23/2007  | 
As asset flows chase hot returns in emerging markets, global order-routing networks are increasing connectivity.
Fearless Investors Jump Into New Markets
Commentary  |  10/23/2007  | 
While too much fear can paralyze the decision-making process, a healthy balance of fear and risk taking just might help avoid the next market crisis.
How can Companies Avoid Fines? Ex-SEC commissioner Offers Some Clues
News  |  10/23/2007  | 
Former SEC acting chairman and commissioner Laura Unger suggests that to keep ahead of the regulators and avoid costly fines, Wall Street firms should adopt cutting-edge technology and....
NeoNet Connects to Chi-X
News  |  10/23/2007  | 
NeoNet, a global DMA agency broker, announced it has connected to Chi-X, its first link to a European alternative trading system (ATS).
Rule 22c-2 Won't Work, Says Study
News  |  10/22/2007  | 
According to survey results released earlier this month, the recently effective SEC Rule 22c-2 may not be the end-all solution for mutual fund market timing abuses.
Merrill Lynch Rolls Out Middle Office Outsourcing to Hedge Funds
News  |  10/19/2007  | 
As we reported back in January, hedge funds are eager to outsource their middle- and back office functions, due to the growing complexity of these functions as hedge funds grow and offer more exotic products, as well as the difficulties of dealing with corporate actions regulations and Sarbanes-Oxley. Surveys over the last couple of years have shown that hedge funds a
Regulator Probes Bear Stearns
News  |  10/19/2007  | 
Bear Stearns is being investigated by Massachusetts securities regulators over whether the bank improperly traded with two in-house hedge funds that collapsed last summer, burdening investors with added losses.
Euroclear Hires Michael Shipton as Managing Director and Head of Corporate Technology
News  |  10/17/2007  | 
Euroclear is currently developing a new technology platform to consolidate all of its securities-settlement activities -- from Belgian and French to U.K. securities -- onto one processing system.
Bank of New York Mellon’s Pershing Advisor Solutions Hires Mark Tibergien as new CEO
News  |  10/17/2007  | 
Pershing Advisor Solutions provides financial business solutions to more than 1,150 institutional and retail financial organizations as well as independent registered investment advisors.
Reuters Launches New Enterprise Data Management Solution Offering Full Automation
News  |  10/17/2007  | 
The ability to deploy a comprehensive and cost-effective enterprise data management strategy allows participants to improve the management of trading and operational risk.
Milestone Unveils Flagship Funds Processing Solution in the U.S.
News  |  10/17/2007  | 
The Flagship Funds processing solution is used primarily for cutting NAVs on mutual funds.
What Can AMD and Intel’s Quad-Core Chips Do for Wall Street Firms?
News  |  10/17/2007  | 
New chips offer the ability to run applications faster and consolidate servers. But they also may require old applications to be rewritten.
Schwab, Investment Managers Prepare for Retirement Boom
News  |  10/17/2007  | 
Millions of baby boomers are about to retire and move their money into new vehicles. How will financial advisers cope with the deluge?
Asset Flows Move to Hedge Funds, says TABB Group
News  |  10/17/2007  | 
Most fund managers believe the growth of active-extension funds will increase as the pressure for increased yield and increased fees push traditional managers into this new area.
Mass Affluent Use Online Banks
News  |  10/17/2007  | 
With an increasing number of high net-worth consumers now using Internet-based financial insitutions, traditional banks must rise to the challenge or face losing out.
Gen X Has Biggest Demand for Financial Solutions, Offers Wealth of Opportunity to Financial Insitutions
News  |  10/17/2007  | 
Gen Xers have greatest need for financial solutions out of any age group. But financial institutions need to provide more transparent guidance to earn their trust.
Financial Firms to Increase IT Hiring in Fourth Quarter
News  |  10/17/2007  | 
Corporate growth is driving the need for more IT staff in the financial industry. But the market for skilled candidates is increasingly tight.
Exchange Market Share Set to Decline Due to Competition from Nimble Dark Pools and ECNs
News  |  10/17/2007  | 
Aite Group expects to see an increasing decline for the exchange market share as NYSE, NASDAQ and regional exchanges struggle against price-competitive ECNs and dark pools.
Buy Side Firms To Spend $586 Million This Year on Research Tools
News  |  10/17/2007  | 
Buy side firms will spend $586 million on research technology this year and $1.1 billion in 2010 -- a compound annual growth rate of 22%, according to a report put out today by the Tower Group. The reasons for all this investment are diverse: "Instead of depending largely on broker research, buy-side research has become a complicated process that aggregates internal analysis, broker research, independent research, outsou
Deutsche Borse and Chi-X Win Approval for MiFID Trade Reporting License
News  |  10/17/2007  | 
Earlier this week, Germany's Deutsche Borse and Chi-X Europe, a Pan European alternative trading system, operated by a subsidiary of Instinet, each said they received regulatory approval to offer a trade reporting service for off-exchange equity trades.
Growing Dark Pool Trading Volume Could Be Problematic for Exchanges
News  |  10/17/2007  | 
As dark liquidity pools garner more and more volume, how will they evolve going forward, and what does it all mean for exchanges?
SEC sues New York Hedge Fund Over Illegal Trades
News  |  10/15/2007  | 
The Securities and Exchange Commission (SEC), which recently heightened its scrutiny of the hedge fund industry, is suing a New York hedge fund and its principal, alleging the fund made more than $1.48 million in profits from illegal trading.
Instinet Aims to Simplify Commission Management
News  |  10/15/2007  | 
Looking to simplify the commission management process for both institutions and their broker/dealer partners, Instinet has released two new offerings.
Trading Technologies wins $3.5 million patent suit against eSpeed
News  |  10/11/2007  | 
A U.S. District Court for the Northern District of Illinois jury has awarded Trading Technologies $3.5 million after finding that certain versions of eSpeed's futures-trading software infringed on its patents...
New Online Investing Site Covestor Presents A Threat to Fund Managers
News  |  10/11/2007  | 
A new competitor called Covestor has quietly rolled onto Wall Street and is hoping to dine on the lunches of mutual fund and hedge fund managers. "We want to de-institutionalize money management and funds management," says Perry Blacher, director of marketing and co-founder of Covestor. "We're taking on the guys in the big corner offices with wood paneling who rely on people's laziness," he says.
How Much is that Stock in the Window?
News  |  10/11/2007  | 
Every few years, we review commissions at the firms that we monitor. Given the recent elimination of the "Merrill Rule", it seemed an opportune time to revisit this issue since the default account that clients are being switched into (unless they specify otherwise) are standard commissionable brokerage account.
Regulators slap Morgan Stanley with another $7.5 million fine
News  |  10/10/2007  | 
Morgan Stanley has agreed to pay a $7.5 million fine to settle charges that over a five year period it provided customers with insufficient written trade confirmations for municipal securities and bonds, the Securities and Exchange Commission (SEC) said. It is the second, unrelated but substantial fine that Morgan Stanley has settled in less than two weeks.
BREAKING NEWS: Thomson Plans to Spin Off TradeWeb
News  |  10/10/2007  | 
Thomson Financial announced today that nine of Wall Street's leading bond dealers are investing about $180 million to purchase a minority stake in the electronic trading platform for fixed-income securities and derivatives.
Bear Stearns Makes Key European Portfolio Trading Hire
News  |  10/10/2007  | 
Bear Stearns has appointed Jenny Miller as senior managing director and Head of Portfolio Trading Sales, Europe.
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