News & Commentary
Content posted in March 2012
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Paul Ringmacher - Capco (sponsor content)
Paul Ringmacher - Capco (sponsor content)
Wall Street & Technology Videos  |  3/31/2012  | 
Paul Ringmacher - Capco (sponsor content)
Former Goldman Sachs Exec Will Write Tell-All Book
Commentary  |  3/30/2012  | 
Bashing a bank can be big business, of course.
MarketAxess Research Introduces TCA for Fixed Income
News  |  3/30/2012  | 
The electronic trading platform's research arm is offering a proprietary method for analyzing and reducing transaction cost in less liquid corporate bond markets.
Senate Confirms Top FDIC, OCC Bank Regulators
News  |  3/30/2012  | 
The Senate confirmed President Obama's picks for the Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC).
CFTC Told to Keep Swap Dealer Rule Narrow
News  |  3/30/2012  | 
Congressional lawmakers asked the CFTC to lenient swap dealer rules and hope to exempt hedgers.
Wells Fargo, SEC Told to Meet in Subpoena Dispute
News  |  3/30/2012  | 
A federal judge rejected the U.S. Securities and Exchange Commission's demand that Wells Fargo & Co comply with subpoenas related to a probe of the bank's sale of $60 billion of mortgage-backed securities, but directed both sides to meet.
FINRA Investigating Exchange-Traded Notes
News  |  3/30/2012  | 
The U.S. regulator that oversees the sale of investment products to investors is investigating how companies are marketing exchange-traded notes, a niche category that gained some notoriety when one ETN experienced a huge loss this year.
Equinix Offers Private Cloud With A Twist
News  |  3/29/2012  | 
Highly secure, highly networked Equinix facilities in Secaucus, N.J. and Chicago let enterprise customers install their own server racks, then manage them as private infrastructure-as-a-service operations.
Top Quotes of the Week
Slideshows  |  3/29/2012  | 
What a week! Europe double dips, hedge fund managers have big egos, MF Global pleads the Fifth, and everybody is leaving Goldman Sachs. Advanced Trading gathered up the funniest and the most revealing quotes from the capital markets thought leaders. There's a lot of bad news out there, but there are some bright spots. Enjoy.
5 Things To Know About Big Data
Commentary  |  3/29/2012  | 
Google searches for 'big data' have gone up 1200% in the last 12 months, according to sources. Here's big data 101.
Tech Investment Suffers as UBS Wins Race for Top Brokers
News  |  3/29/2012  | 
UBS's American wealth management arm has focused on attracting top brokers from competitors, but investment in other areas, such as technology, might be hurt.
MF Global Exec's Ignorance, Silence Stymie Congress
News  |  3/29/2012  | 
MF Global's Assistant Treasurer Edith O'Brien refused to answer questions from Congress, frustrating lawmakers who are probing why an estimated $1.6 billion of customer money is missing.
Institutions Failing Commodity Investors
News  |  3/29/2012  | 
Financial institutions offering commodity investments during this once-in-a-generation demand boom are failing on two levels: they are not attracting the money they should and they haven't realised that Asia is the future.
Goldman Board Discusses Split of CEO, Chairman Jobs
News  |  3/29/2012  | 
Half a world away from Wall Street, the board of directors of embattled Goldman Sachs Group Inc were meeting in India amid reports that senior executives have talked about splitting the roles of chief executive and chairman, both held now by Lloyd Blankfein.
NYSE Euronext Plans Own Futures Clearing House
News  |  3/28/2012  | 
NYSE Euronext plans to create its own clearing house for futures transactions, a move that leaves LCH.Clearnet without a key customer.
Magic Johnson Beats Out SAC Capital’s Steven Cohen
Commentary  |  3/28/2012  | 
The basketball legend led a group to the winning bid for the Los Angeles Dodgers.
BlackBerry: From Wall Street Staple To A Relic Of The Past?
Commentary  |  3/28/2012  | 
Some analysts believe RIM's next earnings report, due Thursday, could spell the end of an era.
Are Google and Facebook Stealing Future Quant Stars?
News  |  3/28/2012  | 
Following the financial crisis, the Occupy Wall Street protests and the rise of social media companies, some worry that Wall Street has lost its ability to attract the best IT talent.
Big Data: A Little Less Conversation, A Little More Action
Commentary  |  3/28/2012  | 
While Big Data is a hot topic on Wall Street, most financial firms don't have the right systems in place to manage it and make it actionable, argues Microgen's SVP North America Tom Crawford.
Hedge Fund Trading Desks Are Just Window Dressing
Commentary  |  3/28/2012  | 
Thanks to algorithms, quants and high-frequency trading there's no need to have a fleet of trading desks. Having traders stare at screens all day is just for pumping up the ego of the hedge fund owner, says George Michaels of G2 Systems.
Meet the Next-Generation Trader
News  |  3/28/2012  | 
Thanks to electronic markets, high-speed trading and intelligent algorithms, today's buy-side trader must evolve to survive.
Goldman Sach's Gupta Loses Wiretap Ruling
News  |  3/28/2012  | 
Former Goldman Sachs Group director Rajat Gupta lost his bid to suppress wiretap evidence at his upcoming criminal trial on charges that he leaked boardroom secrets to hedge fund founder Raj Rajaratnam.
Are the Buy-Side Trader's Days Numbered?
Commentary  |  3/28/2012  | 
As the rise of black-box trading has transformed the industry, buy-side traders have had a tough time reinventing themselves. But even in the Age of Algos, there is still plenty of value for the buy-side trader to add.
New Leaders for Goldman Sachs?
News  |  3/28/2012  | 
Senior executives within Goldman Sachs have talked about splitting the roles of chief executive officer and chairman, two sources said, although pressure for any imminent move appears to have eased after a deal with a labor union pension fund.
BATS Sheds Light on Software Glitch that Scuttled IPO
News  |  3/27/2012  | 
According to BATS COO, Chris Isaacson, the electronic exchange operator successfully completed the IPO auction, but had a problem transitioning to continuous trading.
BATS IPO Business Still Open
News  |  3/27/2012  | 
After a humiliating meltdown when its own initial public offering had to be withdrawn, the exchange operator will continues with its IPO listing business nevertheless.
Global Exchanges Strike Back at Abusive HFT Technique
News  |  3/27/2012  | 
A growing number of exchanges are fighting quote-stuffing with fees aimed at punishing high-frequency traders for excessive order cancellations.
BofA Technology Executive Speaks Out on Gay Marriage Amendment
News  |  3/27/2012  | 
Cathy Bessant, Bank of America's head of technology and operations, has taken a stand against a proposed constitutional amendment that would ban same-sex marriages and civil unions in its North Carolina, the bank's home state.
Is Wall Street IT Losing Its Luster?
News  |  3/27/2012  | 
Technology execs are jumping to other industries, including Silicon Valley start-ups, consulting firms and technology providers.
Hedge Funds See Profits After Hot Q1
News  |  3/27/2012  | 
Hedge funds are cashing in some of their chips after enjoying a bumper first quarter, wary that a sudden change in market sentiment could see them take the sort of losses suffered in last year's volatile markets.
Algo Trading, HFT Wreaking Havoc on Commodities
Commentary  |  3/27/2012  | 
Recent research showing a big jump in correlation between commodity and equity markets and among commodities themselves, over short periods from a second to an hour, has unleashed fresh bad tempered debate about whether "speculators" - especially high-frequency traders - are distorting commodity prices.
CFTC Picks Tabb for HFT Subcommittee
News  |  3/27/2012  | 
Larry Tabb will help the CFTC subcommittee to create a definition of high frequency trading.
JP Morgan Launches Alternative Investment Reporting Portal
News  |  3/27/2012  | 
The launch comes on the shoulders of increased regulation coupled with expanding investor and portfolio demands for secure, real-time information, according to JP Morgan.
BATS' Software Glitch: Bad Things Happen
Commentary  |  3/26/2012  | 
After Friday's technical fiasco, BATS Global Markets was forced to withdraw the company's own I.P.O. and aplogize to its customers. But the computerized stock market shouldn't be crucified.
MF Global's Corzine Faces New Scrutiny on Customer Accounts
News  |  3/26/2012  | 
Congressional investigators released details of emails from just before MF Global's bankruptcy that renew questions about whether anyone at the failed brokerage authorized the use of customer funds to cover an overdraft in London.
BATS Sticks with Europe Technology Plan After IPO Debacle
News  |  3/26/2012  | 
BATS Global Markets is sticking with a plan to move its Chi-X platform, Europe's largest share trading venue, to its own technology, after a software bug forced the exchange operator to take the embarrassing step of pulling its own listing last week.
Getco Slapped With $450k Fine For Weak HFT Oversight
News  |  3/26/2012  | 
The firm admitted no wrongdoing, but agreed to pay a fine for a lack of oversight of high-frequency and algorithmic trading at its subsidiary Octeg.
BATS Flash Crash: Here's What Happened
Commentary  |  3/26/2012  | 
Say what you will about BATS' humiliating IPO, stock plunge and trading stop last Friday - the exchange operator is owning up to it and answering questions.
270,000 More IT Jobs Headed Offshore
News  |  3/26/2012  | 
Offshore outsourcing will continue at brisk pace for next four years, then ease up as automation replaces offshoring as a way for companies to save money, a new study says.
Thomson Reuters' Elektron to Power Dow Jones' U.S. Indexes
News  |  3/26/2012  | 
The move expands the existing collaboration between the rival news and market data firms.
BATS CEO: It Is With Great Humility
Commentary  |  3/26/2012  | 
BATs CEO Joe Ratterman says it was a software glitch and in a letter to clients and investors he is now explaining to clients and the investor community what exactly happened.
Foreign Traders Invade Grain Giants' N. American Turf
News  |  3/26/2012  | 
For decades, the world's leading grain traders like Cargill and Bunge enjoyed an unparalleled advantage: their smaller North American competitors lacked the flexibility and diversity of a global operation, and their foreign rivals lacked access to the biggest and most stable exporters in the world.
Flash Crash At BATS Renews Market Concerns
News  |  3/23/2012  | 
The crash caused BATS to halt its IPO on what should have been the proudest day in the exchange's history.
Suffering a "Flash Crash," BATs Withdraws IPO
News  |  3/23/2012  | 
The debut of BATS Global Markets Exchange Inc on Friday was overshadowed by a series of blunders, including its own shares erroneously trading for less than a penny and confusing investors.
Social Media Is Wall Street's Number One Enemy
Commentary  |  3/23/2012  | 
For the world-at-large, the whole point of Twitter is spontaneity. Not for Wall Street.
Is Gen Y Ready To Work At Your Hedge Fund?
News  |  3/23/2012  | 
They grew up with the Internet and handheld devices but does Generation Y have the right skills to work at your hedge fund or prop shop?
BATS IPO Prices at Low End of Expected Range
News  |  3/23/2012  | 
The initial public offering is the first by an exchange since the Chicago Board Options Exchange went public in 2010.
U.S. Securities Watchdog Probes High-Frequency Trading Firms
News  |  3/23/2012  | 
The U.S. securities watchdog is looking at whether some high-frequency trading firms have used their close links to computerised stock exchanges to gain an unfair advantage over other investors, the Wall Street Journal said.
Banks May Get Breathing Room on Volcker Rule
News  |  3/23/2012  | 
U.S. banks may get breathing room on the Volcker rule's looming crackdown on proprietary trading, after a Federal Reserve official pledged to ease firms into compliance.
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