News & Commentary
Content posted in November 2006
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Keeping Tabs
News  |  11/30/2006  | 
FSTC Gets New Chief of Staff
News  |  11/30/2006  | 
Rep. Lifecycle Management
News  |  11/30/2006  | 
Enhanced Password Security
News  |  11/30/2006  | 
Algorithm Building Blocks
News  |  11/30/2006  | 
Exclusive: New Omgeo CEO Marianne Brown Cites Europe and Hedge Funds as Key Growth Drivers
News  |  11/30/2006  | 
Exclusive Executive Q&A: Marianne Brown Replaces Adam Bryan as Omgeo's President and CEO In her first interview as Omgeo's new CEO, Marianne Brown discusses with WS&T key growth opportunities for the provider of post-trade, pre-settlement solutions. Brown also highlights Omgeo Connect and Omgeo CTM as crucial product initiatives going forward.
Mid-Sized Firms Cheated in NYSE/NASD Merger?
News  |  11/30/2006  | 
By Cory Levine, Wall Street & Technology In a widely anticipated move, the NASD and NYSE Group this week announced their plans to merge regulatory arms into a single self-regulatory organization. The merger appears to be an effective play toward regu
When Risk Managers Cry Wolf
News  |  11/29/2006  | 
By Greg MacSweeney, Wall Street & Technology Avoiding "reputation risk" is a common justification for increasing security measures, protecting customers' financial information and reporting security breaches in a timely manner. But now more than 18 months after the big ChoicePoint incident when 163,000 accounts were affected by ID thieves, the doom and gloom that financial services risk professionals have predicted has failed to come true.
BNY ConvergEx Group Launches Independent Research Service
News  |  11/29/2006  | 
By Tim Clark, Wall Street & Technology BNY ConvergEx Group , a provider of agency brokerage and investment technology solutions, recently launched Jaywalk 360, a research service designed to deliver in-depth analysis from its BNY Jaywalk Independent Research Provider (IRP) network.
Creditex Completes Merger With CreditTrade
News  |  11/28/2006  | 
Ivy Schmerken, Wall Street & Technology Creditex completed its merger with CreditTrade, underscoring plans to create a global leader in voice, hybrid and electronic execution in the credit derivatives market. The transaction, announced on July 25, has received both NASD and FSA approvals, according to Tuesday's release.
Tradeware Expands DMA to Mexican Stock Exchange
News  |  11/28/2006  | 
Ivy Schmerken, Wall Street & Technology Tradeware Global Corp. has established an agreement with Interacciones Casa de Bolsa, among the largest Mexican brokers, to provide electronic direct market access (DMA) to the Mexican Stock Exchange through FIX connectivity.
The BOX Files to Participate in Penny Pricing Pilot
News  |  11/28/2006  | 
Ivy Schmerken, Wall Street & Technology The Boston Options Exchange (BOX) has filed with the Securities and Exchange Commission (SEC) to participate in the penny pilot program for option trading, which will begin on Jan. 26, 2007. In addition, BOX has also filed a quote mitigation plan to help manage market data traffic, according to the announcement.
ISE Stock Exchange to Launch Displayed Stock Market
News  |  11/28/2006  | 
Ivy Schmerken, Wall Street & Technology The ISE Stock Exchange will unveil its fully displayed stock market on Friday, Dec. 8, according to an announcement by the publicly traded International Securities Exchange (ISE), which also operates the leading all-electronic U.S. options exchange.
Trading Strategies, Swapping Opinions
News  |  11/28/2006  | 
What matters to buy-side traders? Simplicity in technology, responsiveness from service providers and, yes, relationships, which, on a scale of one to 10, still rank a 10.
The New Soft Dollars
Commentary  |  11/28/2006  | 
Have you noticed that no one in the industry uses the term "soft dollars" anymore?
The Buy-Side Dilemma: Research vs. Execution
News  |  11/28/2006  | 
Commission-sharing arrangements are a big trend in the U.K. Now, the buy side is evaluating CSAs as a way to pay for research and consolidate their trading relationships in the U.S.
Regulation NMS: Preparing for Impact
News  |  11/28/2006  | 
As we approach the Regulation NMS implementation deadline, brokers and exchanges are faced with the challenge of utilizing technology in order to become compliant while adapting to the evolving marketplace.
Much Ado About Nothing
News  |  11/28/2006  | 
Sarbanes-Oxley is only partly to blame for the decline in foreign companies listing their stock on U.S. markets.
Market Orders Are Da Bomb
Commentary  |  11/28/2006  | 
Limit orders were da bomb. But in a post-Reg NMS world, market orders rule.
Liquidity Right Under Our Noses: The Benefits of Smart Posting
News  |  11/28/2006  | 
Liquidity issues have been at the forefront of equity market structure debate since decimalization.
Futures Crossing to Wait
News  |  11/28/2006  | 
Despite recent changes in the futures market, the futures exchanges shouldn't expect competition any time soon.
Dark Books: The Next Chapter
News  |  11/28/2006  | 
Two new dark books have been created to link venues and decrease market fragmentation, but will they be the answer the buy side is looking for?
Algos Dip Into Multiple Dark Pools
News  |  11/28/2006  | 
In search of hidden liquidity, EdgeTrade and ITG introduce algorithms that employ a smart-posting strategy to fan dark books.
Citi's Richardson to Head BeX
News  |  11/28/2006  | 
The Boston Equities Exchange (BeX) hired former Citigroup managing director Thomas Richardson as its new president.
FSA: U.K. Will Be OK in Flu Pandemic
News  |  11/28/2006  | 
Cory Levine, Wall Street & Technology While I was eating leftover turkey last week, London's Financial Services Authority (FSA) completed a resiliency test of its financial markets and found that in the event of a bird flu pandemic, the backbone of the U.K. economy would be able to continue operating.
The Chicago Mercantile Exchange Intends to Purchase the Chicago Board of Trade, Creating One of the Largest Derivatives Markets
News  |  11/28/2006  | 
The windy city makes a splash in the derivatives market with the merger of the Chicago Mercantile Exchange and the Chicago Board of Trade.
Trading Candor
Commentary  |  11/28/2006  | 
Buy-side Trading desks can seem a bit mysterious - even to other buy-side traders.
The Audacity
Commentary  |  11/27/2006  | 
Business is good. Corporate profits are setting records, and Wall Street bonuses are predicted to set records in 2006 for the second year in a row.
Barclays Wealth to Create 500 New Jobs in Glasgow
News  |  11/22/2006  | 
By Tim Clark, Wall Street & Technology In an effort to meet its rapid expansion in Scotland, UK-based Barclays Wealthrecently announced that it will create 500 jobs in Glasgow over the next three years.
Penson to Purchase Schonfeld's Clearing Business
News  |  11/22/2006  | 
Ivy Schmerken, Wall Street & Technology Penson Worldwide agreed to acquire the clearing business of privately held Schonfeld Securities, LLC, a New York-based securities firm, which has been a pioneer in active trading.
Penson to Purchase Clearing Biz of Schonfeld Securities
News  |  11/22/2006  | 
Ivy Schmerken, Wall Street & Technology Penson Worldwide agreed to acquire the clearing business of privately held Schonfeld Securities, LLC, a New York-based securities firm, which has been a pioneer in active trading.
NeoNet Eyes Asian Expansion and New Hires
News  |  11/21/2006  | 
Ivy Schmerken, Wall Street & Technology Direct market access broker NeoNet Securities plans to offer connectivity to Asian markets next year and will expand its staff at its Jersey City, New Jersey headquarters. The expansion of its exchange connectivity will start during the first half of next year, with the Tokyo Stock Exchange in Japan, according to Greg Treacy, dir
Market Data Management Mandate
News  |  11/21/2006  | 
Financial services firms are building robust infrastructures to handle the anticipated data deluge while continuing to scrutinize market-data-related spending.
News  |  11/21/2006  | 
Financial services firms increasingly are adopting Web-based tools to better track new business prospects and close deals faster.
Federated Search Providers Are Looking to Reach the Financial Services Industry
News  |  11/21/2006  | 
Federated search technology providers are looking to reach the financial services industry, but the big fish aren't quite ready to bite.
Inefficient Efforts: Firms Look to Break Down Their Isolated Compliance Processes
News  |  11/21/2006  | 
The pressure to meet regulatory deadlines has resulted in siloed compliance activities across organizations.
Yahoo Finance Upgrades Web Site Technology
News  |  11/21/2006  | 
Yahoo Finance wrangles stock data directly from exchanges and updates its service with new front end.
U.S. Market Position Under Attack
News  |  11/21/2006  | 
Three interesting news pieces came across my desk today: the acquisition of Instinet by Nomura; the development of a Pan-European MiFID-ready exchange; and a story about European exchanges and depositories promising to open up their vertically aligned clearing businesses, prompted by the European Financial Services commissioner, Charlie McCreevy, to promote cross-border clearing and settlement competition, innovation and lowered cost.
Seeing Is Believing
News  |  11/21/2006  | 
New From Cybercrooks: Fake Chrome, Pump-And-Dump
News  |  11/21/2006  | 
E-Trade and TD Ameritrade were victims of an online brokerage pump-and-dump scheme.
Complexities Make Boards Worry
News  |  11/21/2006  | 
The emerging popularity of complex financial instruments is of major concern to financial institutions, as they'll be forced to respond to this increased demand via new products, revamped infrastructure and, perhaps most importantly, regulatory compliance, according to a new PricewaterhouseCoopers (New York) survey.
Ready for FFIEC
News  |  11/21/2006  | 
A new report from Boston-based Aite Group shows that the financial services industry is geared up for the Federal Financial Institutions Examination Council's (FFIEC) end-of-year deadline for outlining a plan for stronger online authentication.
In the News: Customer Account Security
News  |  11/21/2006  | 
How is E-Trade Financial ensuring the security of customer data and helping customers protect their identities and accounts?
The World After MiFID
News  |  11/21/2006  | 
London-based consultancy LogicaCMG explores the potential impacts of the Markets in Financial Instruments Directive (MiFID) and forecasts three scenarios that may play out in the E.U.'s capital markets over the next five years
Electronic Trading Expectations Soften
News  |  11/21/2006  | 
The buy-side trading desk continues to transform itself into a more electronic, automated and self-directed operation, but the spread of electronic trading is slowing, according to TABB Group.
OTC Obstacles
News  |  11/21/2006  | 
In a poll of 20 asset managers and institutional investors conducted by JPMorgan Worldwide Securities Services at its "Operational Success in OTC Derivatives" forums in New York and London, the buy siders shared their biggest challenges in OTC derivatives operations.
FSIs Care More About Compliance
News  |  11/21/2006  | 
New research out of the Business Performance Management Forum (Palo Alto, Calif.) verifies the financial services industry's high prioritization of compliance as a business function.
SEC Exemption Expands NYSE Bonds' Universe
News  |  11/17/2006  | 
Ivy Schmerken, Wall Street & Technology Days after announcing partnerships with Kestrel Technologies and Townsend Analytics (TAL) to provide access into NYSE Bonds, its new electronic fixed-income trading marketplace, NYSE Group received regulatory approval to vastly expands the number of debt securities it can trade through the revamped el
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