News & Commentary
Content posted in April 2008
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Rising Concerns over Fraud Management
News  |  4/30/2008  | 
The lack of robust enterprise-wide case management is the single biggest cause of concern for financial firms.
IBM Buys InfoDyne
News  |  4/30/2008  | 
Big Blue will connect InfoDyne's market data platform with WebSphere middle- and back-office processing technology
Want Your IT to Look Like Wachovia's? Call Tony Bishop
News  |  4/29/2008  | 
We checked in yesterday with former Wachovia IT wunderkind Tony Bishop, who led a three year IT re-architecture effort at the firm (you can read about some of his work here). Last fall, Bishop, then a Wachovia senior vice president, took 15 of his staff and left to start his own consulting firm, called Adaptivity.
Securities Industry Wins Right to Paperless Trade Confirms
News  |  4/28/2008  | 
Goldman Sachs, Merrill Lynch and other firms have convinced the SEC that paper disclosures are no longer necessary for trade confirmations
A CEP Toolkit Just for Quant Researchers
News  |  4/25/2008  | 
Intrigued by Vhayu's announcement of a complex event processing tool geared toward quant researchers, yesterday I looked at this software. It gives quants a means to look for patterns, test ideas and strategies and run what-if scenarios against massive volumes of real-time and historical tick data. It combines some of the features of mathematical algorithmic modeling tools (such as Numerix and Algorithmics) with a fast historical and real-time tick database (a la Vhayu, Kx) with a front-end comp
Sophisticated Web Attacks Force Banks to Re-Think
News  |  4/23/2008  | 
The sophistication of increasingly widespread fraudulent techniques such as Man-in-the-Browser attacks are forcing financial institutions to re-assess how they fight electronic fraud.
Brokerage Technology Spending Slowing
Commentary  |  4/23/2008  | 
Brokerage Technology Spending Slowing
Brokerage IT Spending Expected to Grow 1.3% Through 2011
News  |  4/23/2008  | 
Brokerages have dramatically slowed but not stopped their IT spending, according to a report released today by Oliver Wyman/Celent
High-Performance Computing Is the Primary Driver in Change in Data Center Architecture
Commentary  |  4/22/2008  | 
High-Performance Computing Is the Primary Driver in Change in Data Center Architecture
Virtual Storage and Memory Appliance Combo the Latest Approach to Low Latency
News  |  4/22/2008  | 
For those on board the advancing trend on Wall Street to virtualize data centers and computing in general, the announcement from Violin and FalconStor this week, that they are offering a virtual storage server bundled with a fast memory appliance, should be interesting. The companies say that for $300 per gigabtye, their storage servers and memory units can stream data at speeds of two gigabytes per second and beyond, accelerating applications 10 to 50 times, while providing the benefits of virt
Managing the Desk: Keeping Up With Information Overload
News  |  4/21/2008  | 
Trading desks are challenged to keep up with changes in the markets, regulations and technology.
Ballista Unveils Electronic Platform to Aggregate Options Liquidity In Fragmented Market
News  |  4/21/2008  | 
Ballista Unveils Electronic Platform to Aggregate Options Liquidity in Fragmented Market
Wealth Management Trend: Socially Conscious Investing
News  |  4/18/2008  | 
In the midst of this quarter's write-downs, layoffs and earnings disappointments, wealth management clearly remains a bright, profitable star on Wall Street -- in Merrill Lynch, for instance, wealth management was most strongly profitable unit this quarter and financial advisors have been promised they will be spared from the upcoming layoffs. In an interesting trend, more wealth management dollars are moving into socially aware investing. According to the S
The Time Has Come for Fixed-Income Electronic Trading
Commentary  |  4/17/2008  | 
In some regards, nothing has changed in the fixed-income trading space to warrant electronic trading. On the other hand, however, everything has changed, signaling that the time may be right for e-trading.
ITG Targets Students to Recruit Trading, Technology and Quantitative Talent
News  |  4/17/2008  | 
ITG CEO Bob Gasser has overhauled the firm's recruitment process to target a younger, more tech-savvy talent pool rather than mid-career-level prospects.
Exchange Revenues are Exposed to Latency Risk
Commentary  |  4/17/2008  | 
TABB Group Says over 50% of All Exchange Revenues are Exposed to Latency Risk, Up from 22% in 2003.
Baby Boomers Prefer Paper Statements and Prospectuses
News  |  4/17/2008  | 
Aite Group recently asked a group of 505 U.S. baby boomers (251 pre-retirees and 254 recently retired) how they like to receive brokerage financial statements and prospectuses and to what extent they would like these to be paperless. Surprisingly, they're not as willing to forego paper as one might expect in these carbon-footprint-conscious times.
The Lessons of Risk Management
Commentary  |  4/16/2008  | 
Morgan Stanley Stands Up At Salesforce Revival
News  |  4/16/2008  | 
Salesforce.com's Tour de Force event this morning was the closest I've ever come to attending a spiritual revival like the ones on TV. There was loud pop music, a charismatic and telegenic leader (CEO Marc Benioff) with a strong and clear if narrow-minded message (which is: utility or cloud computing is the future path for all business applications, preferably hosted on Salesforce.com's servers and software platform), dazzled audience members obediently yet enthusiastically nodding and clapping,
A Rare Look Inside Morgan Stanley Investment Management
News  |  4/16/2008  | 
It's very rare that a big buy side firm wants to talk about their trading technology projects, let alone grant full access to an entire team of people working on a large-scale trading renovation.
Web Services 2.0 Make Good on the Web's Promises of Flexibility and Customization
Commentary  |  4/15/2008  | 
Now that Web services have gone 2.0, new service-oriented business applications (SOBAs) offer complete, cost-effective adaptability to unique business models, processes and best practices.
Merrill Lynch Speeds Up Application Development
News  |  4/15/2008  | 
Merrill Lynch developers are turning a Microsoft framework into a customized platform for rapid application development.
Consulting Firm ALaS Hires Ex-JPMorgan Vet Erik DiGiacomo
News  |  4/15/2008  | 
DiGiacomo previously worked at Washington Mutual Bank and JPMorgan.
TABB Hires Former Amex Executive Miranda Mizen
News  |  4/15/2008  | 
Mizen will leverage her extensive global capital markets experience in her new position.
Managing the Desk: Technology Documentation
News  |  4/15/2008  | 
Technology implementations on the trading desk can be daunting tasks. But proper project documentation can alleviate the madness.
Rosenblatt Securities Expands NYSE Floor Operations With Gordon Charlop Appointment
News  |  4/15/2008  | 
Bucking the trend of shrinking exchange floor operations, Rosenblatt Securities appointed Gordon Charlop as managing director and head of the firm's New York Stock Exchange operations.
Outsourcing Losing Its Luster
News  |  4/15/2008  | 
Broker-dealers will be able to offer primary and multicustodial brokerage and direct-to-fund account opening from one system.
CDC Releases New CRM Platform as a Software-as-a-Service Offering
News  |  4/15/2008  | 
The solution can be used on an on-demand basis through a Web portal or deployed internally by the client.
Quod Releases Solution for Buy-Side Execution Management
News  |  4/15/2008  | 
Advanced Smart-Order Router (ASOR) uses the algorithms in Quod's sell-side solution to bring new levels of routing capabilities to the buy side, the vendor says.
Wall Street Project Management Offices Focus on Derivatives
News  |  4/15/2008  | 
The latest trend and challenge for Wall Street's project management offices is the need to push through derivatives automation projects.
What Is a Project Management Office?
News  |  4/15/2008  | 
The basics of project management offices on Wall Street.
CIOs Say Projects Are Late and Over Budget
News  |  4/15/2008  | 
Harvey Nash/KPMG survey shows across-the-board difficulties in meeting schedules and sticking to budgets, but PMOs and other solutions offer hope.
Overbearing Market Reform Will Only Slow Market Innovation
Commentary  |  4/15/2008  | 
As investors call for extensive regulatory oversight of certain derivatives, regulators must be careful not to create a regulatory crutch that removes innovation from the markets.
The Massive Growth of Electronic Bond Trading
News  |  4/15/2008  | 
Electronic trading represents 57% of the U.S. fixed income market's average daily volume and will reach 62% by 2010, according to Celent.
BATS Picks Savvis to Host European Equity Trading Platform
News  |  4/15/2008  | 
BATS is counting on Savvis' Dockland's data center to deliver high-speed trading in European equities.
Content Router Delivers 10 Million Trade Messages Per Second
News  |  4/15/2008  | 
Solace has upgraded its hardware messaging solution with a larger chassis, new market data router and network accelerator
Fund Administrator Speeds Up Report Creation from Four Hours to Five Minutes
News  |  4/14/2008  | 
To keep up with new business demands, Alps uses software to shave time out of manual processes.
FINRA Issues Guidelines to Prevent Rogue Trading
News  |  4/14/2008  | 
In the aftermath of the clamorous Soc Gen scandal, FINRA has issued guidance to financial firms outlining best practices for detecting and preventing rogue trading. FINRA CEO Mary L. Schapiro pointed out that while rogue trading isn't new, pervasive elctronic trading and market lingages have increased pressure on some firms to relax internal controls...
Can Wall Street Learn to Sustain Cost Reduction?
News  |  4/14/2008  | 
I had lunch with Bob Gach, global managing director capital markets at Accenture, last week. We chatted about a number of topics but one of the most interesting was Wall Street 's quest for sustainable cost reduction.
Time to End Wall Street IT's Boom and Bust Cycle?
News  |  4/14/2008  | 
When the industry was generating huge profits from packaging and trading complex derivatives and needed to launch a system in 30 days, cost didn't matter. But now that the bubble has burst, the industry is more focused on not only how to reduce costs but sustaining the operating model in good times and bad.
Opportunities Beckon Amid Economic Turmoil
Commentary  |  4/14/2008  | 
A shaky economy and the defibrillation of many fixed-income products provide fertile ground for automated trading, fixed-income ECNs and exchanges -- as well as opportunities for those willing to take some calculated risk.
Advisers Turn to Asset Managers for Advice During Economic Slump
News  |  4/14/2008  | 
Nearly all financial advisers say the ability of a fund company wholesaler to deliver an informed opinion impacts their transaction decisions.
Gartner Offers Financial Institutions Tips to Broaden Client Relationships
News  |  4/14/2008  | 
By helping customers better manage their finances with access to external data, financial institutions can broaden their customer relationships and meet some of their own short-term cost and revenue challenges.
Network Accelerator Makes Ethernet Networks Infiniband-Like
News  |  4/11/2008  | 
If yours is like many Wall Street firms, you'd like to upgrade the one-gigabit Ethernet networks in your data centers to speed up applications, but you're not sure you want to make the leap to an exotic alternative like Infiniband or Fibre Channel. Startup company Teak Technologies offers a radically different idea: replace your end-of-row network switches with a layer of small, local switches that fit directly into racks or blades and, according to Teak, can accelerate an Ethernet network, save
Direct Market Access to Continue Steady Growth
News  |  4/11/2008  | 
Celent estimates that 15 percent to 18 percent of current U.S. equities flow goes through direct market access (DMA) pipes, a number that is expected to increase to 20 percent by 2010.
Financial Institutions Evaluate Biometrics
News  |  4/11/2008  | 
While financial institutions aren't yet ready for consumer-facing biometrics deployments, these technologies are gaining popularity for behind-the-scenes authentication.
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