News & Commentary
Content posted in February 2008
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Nasdaq OMX Invests in Agora-X OTC Derivatives ECN
News  |  2/29/2008  | 
Nasdaq OMX Takes 20 Percent Stake in Agora-X OTC Commodities Market for Institutional Trading
Online Investment Site Cake Moves into Facebook
News  |  2/27/2008  | 
Cake Financial, the social network investment service that lets investors track and share the performance of their actual brokerage accounts, has launched a Facebook application...
NAVA Marketing Conference: More Advisor Education Please
News  |  2/26/2008  | 
As retail financial products become more complex - especially in the annuity space - it is crucial that firms producing the products provide resources to educate the sales force. Otherwise, they may just find a simpler product to sell.
Ineffective Access Management Poses Risk to Businesses
News  |  2/25/2008  | 
Employees have too much access to information, according to a new Ponemon survey.
Most U.S. Wealth Management Clients Apathetic or Downright Unhappy
News  |  2/25/2008  | 
IBM surveyed 1,300 U.S. wealth management clients and found 57% are either apathetic or antagonistic toward their advisory firm
Tips & Tricks for Building Composites
News  |  2/21/2008  | 
Avoid having too many composites by focusing on the firm's primary mandates. If there are a lot of unique accounts left over without a composite, you can create single-account composites or expand your firm's definition of discretion.
Twelve Steps to an Effective GIPS Compliance Program
News  |  2/21/2008  | 
There are several things financial firms can do to develop an effective Global Investment Performance Standard (GIPS) program.
Markit, Six Investment Banks To Launch Derivatives Pricing Platform
News  |  2/21/2008  | 
In the wake of the subprime mortgage crisis and subsequent plummeting in value of mortgage-related derivatives such as CDOs, which in turn has generated a crop of unhappy investors, lawsuits and regulatory concern around improperly sold and priced derivatives, it's no wonder that companies that offer help in determining the value of derivatives contracts are coming out with new products. While many (Numerix, Maplesoft, Quantify) offer pre-built mathematical models for calculating the theoretical
Wall Street Changes Are Visible
Commentary  |  2/20/2008  | 
Citi may become a takeover candidate. IT spending cuts are looming. Financial products are becoming more exotic. What's next for the Street?
Fidelity Top Online Brokerage for Customer Satisfaction, says Survey
News  |  2/20/2008  | 
A new survey carried out by the American Customer Satisfaction Index and ForeSee Results has ranked Fidelity as the top online brokerage in terms of customer satisfaction. Bottom of the list was....
Janney Montgomery Scott to Upgrade 900 Financial Advisor Workstations
News  |  2/20/2008  | 
Philadelphia-based regional brokerage JMS will provide advisors with one-click performance reports for their clients
Department of Justice Says Regulations May Have Stymied Exchange Competition
News  |  2/20/2008  | 
The Department of Justice (DOJ) says existing regulatory policies may have prevented new futures exchanges from competing with the Chicago Mercantile Exchange (CME), suggests ending the practice of self-clearing.
New Electronic Futures Exchange Could Take On Chicago Mercantile Exchange
News  |  2/20/2008  | 
The consortium-led electronic futures exchange, ELX, will compete with the Chicago Mercantile Exchange (CME).
Daiwa Modernizes Securities Settlement
News  |  2/19/2008  | 
Daiwa has installed a single securities settlement interface for operations staff and will soon upgrade its derivatives processing operation
Brokers Code Dark Pool Routing Into All Algorithmic Trading Strategies
News  |  2/19/2008  | 
Many brokers are coding formulas to search for liquidity in dark pools into all of their algorithms.
Société Générale-Type Fraud Could Happen Again
Commentary  |  2/19/2008  | 
Société Générale rogue trader Jerome Kerviel wasn't a tech genius; but poor risk controls allowed him to cover up his fraudulent trades.
SIFMA Appoints Tim Ryan CEO
News  |  2/19/2008  | 
Tim Ryan was vice chairman of investment banking for financial institutions and governments at JPMorgan before joining the Securities Industry and Financial Markets Association (SIFMA).
TABB Group Promotes Sussman
News  |  2/19/2008  | 
Adam Sussman says one major industry trend he will be focusing on as research director at TABB Group is the significant increase in buy-side derivatives trading.
FundQuest Hires Prescott
News  |  2/19/2008  | 
Leslie Prescott will lead the development of FundQuest's Retirement Management Solutions platform, which enables financial advisors to deliver advanced planning, implementation, and monitoring services to their clients.
Weather Derivatives Traders Get Starter Kit
News  |  2/19/2008  | 
YellowJacket, Risk Management Solutions and MDA EarthSat Weather combine their offerings to create a suite of services designed to enhance weather trading operations.
Reuters Releases Data Feed Direct for OPRA
News  |  2/19/2008  | 
RDFD offers high-performance exchange feed connectivity, as well as daily reference data maintenance and hardware, software and service monitoring.
Ecora Releases New Auditor Professional
News  |  2/19/2008  | 
Auditor Professional 4.5 discovers, collects, analyzes and reports on configuration data from a company's infrastructure.
A Practical Guide to Implementing the Global Investment Performance Standards (GIPS) for Asset Managers
News  |  2/19/2008  | 
Adhering to GIPS is in the best interest of any investment firm that wants to compete effectively and fairly. It helps build a framework for implementing industry best practices while helping engender the trust of prospective and current clients.
Energy-Efficient Hardware Reduces Data Center Energy Consumption
News  |  2/19/2008  | 
Cassatt's Active Power Management software reduces energy consumption in the data center by turning off servers when idle.
Wall Street Firms Building More Energy-Efficient Data Centers
News  |  2/19/2008  | 
Financial institutions increasingly are employing new technologies to improve the efficiency and environmental friendliness of their data centers.
The Future of SOA on Wall Street
News  |  2/19/2008  | 
Many Wall Street firms are refining their SOA architectures and taking them to the next level. Executives at JPMorgan, Merrill Lynch and Comerica share their insights.
Wachovia Adopts Entitlement Management Solution
News  |  2/19/2008  | 
Entitlement management technology gives Wachovia control over what users can do once they've passed through network security.
DTCC Streamlines Managed Accounts
News  |  2/19/2008  | 
DTCC launches Managed Accounts Service to streamline communications among investment managers, sponsors and service providers.
Ineffective Access Management Poses Risk to Businesse
News  |  2/19/2008  | 
Employees have too much access to information, according to a new Ponemon survey.
Aite Reveals Top 10 Investment Trends
News  |  2/19/2008  | 
Hot topics in 2008 include OTC derivatives processing, international market fragmentation, and corporate actions processing.
Stock Exchanges and ECNs Fight for Liquidity
News  |  2/19/2008  | 
TABB Group reports that faster ECNs are leveraging aggressive pricing models to build equity volume.
Offshore Outsourcing of IT Positions Loses Popularity
News  |  2/19/2008  | 
According to a recent survey, 94 percent of participating CIOs say their companies currently are not outsourcing technology positions outside the U.S.
More Financial Firms Join Industry Consortium Trade Ideas
News  |  2/19/2008  | 
London-based utility Trade Ideas Limited (TIL), established by Citi, Credit Suisse, Dresdner Kleinwort and Merrill Lynch, reported an increase in membership of 88 percent in 2007.
Compliance Costs Grow Faster Than Net Income
News  |  2/19/2008  | 
Compliance costs are eating up more and more net income, growing from 2.83 percent of net income in 2002 to 3.69 percent in 2006.
Wachovia Improves Its Forex App Response Time 33%
News  |  2/14/2008  | 
Wachovia's investment bank had a problem: foreign exchange customers were complaining about platform performance issues. "Foreign exchange is not a good place to have performance issues -- not when you like to retain customers," notes Jim Hirschauer, architecture manager and technical expert for the corporate and investment banking technology division of Wachovia.
The Buy Side Demands More Transparency Into Brokers' Dark Pool Algorithms
News  |  2/13/2008  | 
As brokers begin to code dark pool access into all of their algorithms, the buy side is demanding more disclosure into their executions.
What is the banking future of Second Life?
News  |  2/13/2008  | 
Dutch banking group ING is closing the online community it launched in the virtual Second Life world last year. Although it still is too early to tell if and how companies can ultimately leverage Second Life...
Santayana New Sales Head at Credit Suisse AES
News  |  2/13/2008  | 
As the newly appointed Head of Advanced Execution Services (AES) Global Sales at Credit Suisse, Manny Santayana is already working hard to foster the group's global, multi-asset focus.
NYSE MatchPoint Offers Free Internalization to Sell-Side DMA Providers
News  |  2/12/2008  | 
"In a way we're giving them a matching facility for free," says Jim Ross, VP, NYSE MatchPoint, explaining that DMA order flow providers could use NYSE MatchPoint to internally match customer orders at no charge.
ISO Promotes Biometric Standard for Financial Firms
News  |  2/12/2008  | 
ISO says the proliferation of electronic transactions — and the security risk inherent in these transactions -- has led it to promote biometrics as an integral part of a financial company's overall information security management program...
What's Holding SOA Back on Wall Street? Missing SLAs
News  |  2/11/2008  | 
The heavily siloed computing model that pervades Wall Street today is not transitioning to "SOA goodness" any time soon for one key reason: lack of service quality, said Hugh Grant, director of global IT research and development at Credit Suisse, at the Web Services/SOA on Wall Street show in New York City today. Funding, security, risk and compliance are additional hurdles to large-scale SOA adoption at investment firms, he said.
Soc Gen: Kerviel Messages with Broker Revealed
News  |  2/11/2008  | 
With a second trader now in custody in the Soc Gen fraud scandal and rogue trader Jerome Kerviel in jail, a French magazine today published a series of instant messages Kerviel and his broker at Newedge exchanged over the course of several months leading up to their arrest.
Customize My Dark Pool
News  |  2/11/2008  | 
Dark liquidity and how to access it will continue to be a hot topic in 2008, posing challenges as exchanges, ECNs and other pools each try to devise new differentiators to attract a powerful mix of liquidity sources.
World’s Biggest Bank Frauds
News  |  2/11/2008  | 
The Société Générale $7.14 billion fraud is the most recent in over a decade's worth of major bank fraud.
Is the Risk Manager to Blame for the Subprime Crisis and the Société Générale Scandal?
News  |  2/11/2008  | 
In the wake of the credit crisis and the Société Générale fraud, the spotlight -- and much of the blame -- has fallen on the risk manager.
Société Générale Fraud: A Timeline of Events
News  |  2/11/2008  | 
The Société Générale fraud began to surface in 2007 when junior trader Jerome Kerviel's losses started to materialize.
Software Lets Old Apps Run Faster Across Windows Clusters
News  |  2/7/2008  | 
Ever since the clock speeds of individual computer chips stopped doubling, those who have wanted to run existing applications faster -- such as algorithmic trading desks -- have had to turn to grid computing or specialized hardware to get that extra processing power. Multicore chips (which put two, four or more computer processors on one chip) and clusters of computers hold out the promise of high-performance computing but can't truly provide it to the typical application. The reason for this, <
Citi Brings Together ATD and Citi Liquidity with Launch of Citi Match
News  |  2/6/2008  | 
Citi has quietly launched Citi Match, an anonymous crossing network that brings together the order flow of Automated Trading Desk and Citi. Tim Reilly, Managing Director and Head of Electronic Sales, says, "This is a game changer. One of the biggest challenges for any of the bulge bracket firms is to create a single point of access to their consolidated liquidity. There is a short list of firms that can offer one stop shopping for their non displayed liquidity." He explains that although most o
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