News & Commentary
Content posted in April 2012
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Is Buy-Side Order Flow Really Going Dark?
Commentary  |  4/30/2012  | 
In the search for liquidity, the buy side increasingly is turning to dark pools. Or is it?
Buy-Side Traders Find Liquidity in Dark Pools
News  |  4/30/2012  | 
With U.S. equity volumes in the dumps, the buy side increasingly is searching for liquidity in dark pools, stoking fears about a lack of execution transparency in the opaque markets. But buy-side traders are finding value in the dark -- if they know where to look.
Rogue Trader Kerviel Accuses SocGen of Forgery
News  |  4/30/2012  | 
Former Societe Generale trader Jerome Kerviel says six hours of interviews were cut from evidence and plans to sue his former employer for forgery and manipulation of evidence.
NYSE Hit by Weak Trading and Failed Deutsche Boerse Deal
News  |  4/30/2012  | 
NYSE Euronext's profits fell by 44 percent to $87 million in the first quarter due to a slowdown in trading and costs from its failed merger with Deutsche Boerse.
Big Isn't Bad, U.S. Banks Tell Fed
News  |  4/30/2012  | 
The largest U.S. banks say large banks are needed and are accusing the Federal Reserve of attempting to misuse its new regulatory powers to shrink financial giants under the misguided belief that "big is bad."
SunGard's Valdi Adds Support for International Options Exchanges
News  |  4/30/2012  | 
With options trading volumes increasing, SunGard's Valdi Options Risk Manager now offers firms the ability to manage their overall position risk on options exchanges globally,
How the JOBS Act Will Impact Hedge Funds
News  |  4/30/2012  | 
The recently passed Jumpstart Our Business Startups Act is about more than jobs. The new regulation is likely to drive consolidation among asset managers, and small hedge funds are in danger of being forced out of the game.
SuperDerivatives Hires Morgan Stanley Quant
News  |  4/30/2012  | 
The company appointed former Morgan Stanley derivatives expert Raphael Juston to jumpstart the growth of its commodity and energy derivatives solutions.
US Mortgage Funds Emerge As Housing Sways
News  |  4/30/2012  | 
The U.S housing market may still be in the doldrums, but funds that are betting on big gains in mortgage-related investments are a hot ticket this year on Wall Street.
Emerging Markets Hold Breath As EU Banks Shrink
News  |  4/30/2012  | 
LONDON, April 30 (Reuters)- From Beijing to Bucharest, emerging market policymakers are as worried as those in Brussels that the rapid contraction in western European banks' balance sheets will compound the debt crisis and further delay economic recovery.
NYSE Tech FIX Expansion Lets Europe, Asia Traders Go Global
News  |  4/27/2012  | 
The technology arm of NYSE Euronext says the move will let overseas traders access global liquidity sources at the same cost of a regional FIX connection.
BNY Mellon Names New CIO
News  |  4/27/2012  | 
Promotes Suresh Kumar to replace retiring John Fiore.
Credit Suisse Suffers Pay Revolt, Barclays Up Next
News  |  4/27/2012  | 
31.6 percent of Credit Suisse shareholders rejected the bank's pay plan, as investors remain angry at payouts. Barclays was braced for a similar revolt.
Investment Banks Likely to Cut More Staff
News  |  4/27/2012  | 
Investment banks globally will likely have to cut pay and also reduce staff levels by at least another 10 percent to achieve profitability targets, a report said.
Credit Suisse Suffers Pay Revolt, Barclays Next?
News  |  4/27/2012  | 
Almost a third of Credit Suisse shareholders rejected the bank's pay plan on Friday and UK rival Barclays was braced for a similar revolt as investors vented their fury at executive pay deals and called for a bigger slice of profits.
Spanish Economy In 'Huge Crisis' After Credit Slash
News  |  4/27/2012  | 
Spain's sickly economy faces a "crisis of huge proportions", a minister said on Friday, as unemployment hit its highest level in almost two decades and Standard and Poor's downgraded the government's debt by two notches.
Lazard Profit Drops, Still Beats Street
News  |  4/27/2012  | 
Lazard Ltd's first-quarter earnings dropped sharply because of higher costs, but the boutique investment bank beat analyst expectations by a wide margin when excluding a previously announced charge related to severance packages.
Blankfein Sounds Off, Dow 15,000?, Taibbi on Senate’s MF Global Inquiry, and more Quotes of the Week
Slideshows  |  4/27/2012  | 
Lloyd Blankfein opens up (well, sort of), Dow 15,000, Matt Taibbi on the Senate's MF Global hearings and the increasing use of consumer devices in the enterprise, also known as Bring Your Own Device (BYOD), are some of the topics people are chattering about this week. Wall Street & Technology keeps you in the loop by compiling some of the best quotes of the week. Enjoy!
Startup Hedge Funds Battle Gale Force Headwinds
Commentary  |  4/26/2012  | 
From fundraising difficulties, to IT and regulatory headaches, smaller hedge funds are struggling to take off while investors seek security with the larger players.
In Surprise Move, Citi Promotes Executive Tied to Grubman Scandal
News  |  4/26/2012  | 
The SEC approved a request by Citigroup to promote an executive disciplined by regulators for failure to properly oversee Jack Grubman, a research analyst who issued fraudulent reports on companies, but will have to strictly monitor the executive's behavior.
Lehman Brothers Still Being Probed by SEC, Says Schapiro
News  |  4/26/2012  | 
The SEC has reviewed millions of documents and questioned all senior executives, but it is still probing Lehman Brothers more than three years after the investment bank collapsed, chairman Mary Schapiro said.
HSBC To Cut Over 2,200 UK Jobs, Targets Managers
News  |  4/26/2012  | 
HSBC is cutting more than 2,200 jobs in Britain, targeting senior and middle management roles as part of its drive to slash costs and boost profitability in the face of a changing banking landscape.
CME Group Cuts Staff, Plans 'Exit Incentive Plan'
News  |  4/26/2012  | 
CME Group, whose first-quarter profit missed Wall Street expectations, said Thursday it has cut staff and plans more slimming this year as it tries to reduce costs and shore up income.
Blankfein Opens Up On What Goldman Sachs Has Done Wrong, and Right
News  |  4/26/2012  | 
Goldman Sachs CEO Lloyd Blankfein discusses the Greg Smith resignation letter, PR practices and more.
Former Merrill, Fannie Mae Tech Chief Named NYC CIO
News  |  4/26/2012  | 
Wall Street veteran Rahul Merchant named CIO, as Mayor Bloomberg adds "innovation" to the job of the city's top tech executive.
Can Strained Broker-Dealer Relationships Be Repaired?
News  |  4/25/2012  | 
A scathing op-ed in The New York Times by a former Goldman Sachs trader reveals the potential conflict between sell-side firms and their clients. It also rekindles an age-old debate: Can you trust your broker-dealer?
Citadel Securities Hires Former RBS and ITG Electronic Trading Expert
News  |  4/25/2012  | 
Electronic trading veteran Anthony Huck joins Citadel Automated Trading Services and will focus on sales of the firm's algorithm suite and dark pool, Apogee.
Numerix Boosts Risk Management Offerings With New Partner
News  |  4/25/2012  | 
New regulatory demands continue to increase the need for robust and timely risk management.
DRW Teams With CBOE to Build New Class of Futures Contracts
News  |  4/25/2012  | 
The firms said these swap-like contracts will give traders another avenue for navigating volatile markets.
Goldman Sachs CEO: We Are Not "Anti-Client."
Commentary  |  4/25/2012  | 
In a rare interview, embattled Goldman Sachs CEO Lloyd Blankfein defends his firm after a public relations nightmare.
Half of Hedge Funds Skittish on 2012: Survey
News  |  4/25/2012  | 
Roughly 48 percent of hedge fund managers surveyed indicated that 2012 will be a difficult year for the sector, with nearly 40 percent expressing concern that the U.S. could enter a 'double-dip' recession.
ITG Rolls Out TCA for Institutional FX Trading
News  |  4/25/2012  | 
The firm said the platform will help the buy side trade improve their executions in one of the least transparent asset classes.
The Center of the Financial Crisis, Four Years Later
News  |  4/25/2012  | 
The geographical center of the financial system is no longer Wall Street. Despite that shift, not much else has changed for the big banks.
Nasdaq's Profit Slips as Stock, Swap Volume Weakens
News  |  4/25/2012  | 
Nasdaq OMX Group Inc declared its first quarterly dividend on Wednesday, but said first-quarter net earnings declined due in part to lower U.S. trading volumes for stocks and derivatives.
Priority No. 1: Rebuilding Confidence in the Capital Markets
Commentary  |  4/25/2012  | 
As more negative news batters Wall Street's public image further, brokers must realize that something is broken and make the necessary repairs to rebuild confidence in the financial system.
Banks May Not Be Able to Resist 'Bring Your Own Device'
News  |  4/25/2012  | 
User-friendly consumer devices, such as Apple's iPad, are infiltrating the enterprise and transforming workforce expectations. Despite security concerns, employee demands and the productivity gains are forcing banks to embrace BYOD.
5 Reasons Why One In Every Three U.S. Equities Shares Is Traded In the Dark
Commentary  |  4/25/2012  | 
Tabb Group offers the real reasons why 33 percent of U.S. equities volume is traded off-exchange.
6 Must-Have Skills For Aspiring CIOs
News  |  4/25/2012  | 
Not everybody is cut out to be a CIO. Consider these six elements that help shape a successful chief information officer.
How the Exchanges Are Bouncing Back From Mega-Merger Mega-Flops
News  |  4/25/2012  | 
From the sale of market surveillance systems to forays into the clearing business, the global exchanges are moving on after their best-laid plans for consolidation collapsed.
Connecticut Hedge Fund Manager Found Dead in NC
News  |  4/24/2012  | 
Money manager B. Robert Williamson Jr., the nephew of Wall Street investment guru Julian Robertson, was found dead on Sunday in North Carolina, in water surrounding an island.
Thomson Reuters Launches Elektron in Brazil
News  |  4/24/2012  | 
Interest in Brazil has increased rapidly in recent years, driving market liquidity and seeing an expanding number of domestic and international firms adopting algorithmic trading.
A New E.F. Hutton Hopes People Will Listen
News  |  4/24/2012  | 
Former executives of famed brokerage E.F. Hutton & Co. are launching a boutique investment advisory firm that revives the old name.
Former Calpers CEOS Charged With Fraud Scheme by SEC
News  |  4/24/2012  | 
The SEC says Calpers ex-CEO and an ex-board member fabricated documents that allegedly defrauded a firm of $20 million in placement fees.
LCH.Clearnet In Talks to Buy IDCG From Nasdaq OMX
News  |  4/24/2012  | 
The European clearinghouse operator said the move will help it to better serve the buy side, while expanding its footprint in the U.S.
Bitran Father and Son Pay $4.8M SEC Fine, Leave Securities Industry
Commentary  |  4/24/2012  | 
The once heralded father and son hedge fund GMB Capital Management admit no wrong-doing in feeding Bernard Madoff and faking their profits.
Janus Profit Falls as Client Withdrawals Climb
News  |  4/24/2012  | 
Janus Capital Group Inc reported a 40 percent drop in first-quarter profit on Tuesday as a new fee structure made the company more vulnerable to fund performance troubles.
Celoxica Launches Feed Handlers For Two European Cash Markets
News  |  4/24/2012  | 
Expanding its hardware-accelerated feed handlers, Celoxica will support NYSE Euronext and Xetra cash equity markets, and plans to support the Chi-X user migration to the BATS Europe tech platform.
Thomson Reuters Brings Elektron to Fast-Growing Brazilian Market
News  |  4/24/2012  | 
The move comes as a growing number of domestic and international firms adopt algorithmic trading in Brazil.
BATS Software Bug Stings Strategy
News  |  4/24/2012  | 
The market's confidence in financial institutions is low enough without being exacerbated by completely avoidable mistakes.
SEC Charges Former Calpers CEO With Fraud Scheme
News  |  4/24/2012  | 
A former chief executive of the biggest U.S. public pension fund, and a former board member were charged by federal regulators with scheming to defraud Apollo Global Management of more than $20 million in placement fees.
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