News & Commentary
Content posted in November 2012
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Insider Trading Investigation Reaches A New Stage
Commentary  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
Commentary  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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!
Slideshows  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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?
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
Commentary  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/29/2012  | 
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
News  |  11/28/2012  | 
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
Commentary  |  11/28/2012  | 
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
News  |  11/28/2012  | 
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
News  |  11/28/2012  | 
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
News  |  11/28/2012  | 
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
News  |  11/27/2012  | 
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?
Commentary  |  11/27/2012  | 
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'
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/26/2012  | 
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
News  |  11/26/2012  | 
Schapiro departs an SEC that’s better equipped to oversee an increasingly complex marketplace.
Fidessa Teams With Thomson Reuters on Buy-Side Liquidity Sourcing
News  |  11/26/2012  | 
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
News  |  11/26/2012  | 
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
News  |  11/26/2012  | 
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
News  |  11/26/2012  | 
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
News  |  11/26/2012  | 
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
News  |  11/26/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
Commentary  |  11/21/2012  | 
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
News  |  11/20/2012  | 
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
News  |  11/20/2012  | 
The Australian government introduced new market trading rules, including a "kill switch," to protect investors from volatility.
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