News & Commentary
Content posted in July 2012
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BGC Partners to Create Microwave Network Between Chicago and New Jersey
News  |  7/31/2012  | 
Global wholesale broker forms Epsilon Network with Thesys Technologies to create fastest route for futures, equities and fixed income between CME, Nasdaq, BGC and ELX Futures data centers.
Facebook Fiasco Drags UBS Profit Lower
News  |  7/31/2012  | 
UBS blamed its 349 million Swiss franc ($360 million)loss from Facebook's botched U.S. market debut on exchange operator Nasdaq, saying orders for the stock had been entered multiple times due to a systems failure.
Recession, Libor, Facebook Punish Europe's Banks
News  |  7/31/2012  | 
Leading European banks reported dismal profits on Tuesday, blaming everything from the continent's debt crisis and Spain's property market crash to Facebook's disastrous stock market debut.
As Deutsche Bank Cuts More Jobs, New CEO Urges Change In Compensation Model
News  |  7/31/2012  | 
Executive pay at banks in the U.S. and Europe are under fire, and shareholders on both sides of the Atlantic have been protesting against what they view as unjustified compensation packages.
High-Frequency Trading Is Costing Investors Billions: Pragma Securities
News  |  7/31/2012  | 
The firm said it reached that conclusion after studying high-volume stocks and discovering they were more difficult - and expensive - to trade.
Facebook Fiasco Dents UBS Profit
News  |  7/31/2012  | 
UBS reported a surprise slump in profit, hit by a big trading loss on Facebook's stock market debut and a drop in revenue that pushed its investment bank into the red.
Europe's Banks Pounded by Recession, Libor, Facebook
News  |  7/31/2012  | 
As if things weren't bad enough, one of Europe's banks took another knock on the chin on Tuesday from its role in Facebook's botched stock market flotation.
Momentum Trading Partners Closes Shop, Shops Around
Commentary  |  7/31/2012  | 
The hedge fund brokerage that kept a lid on information leakage stopped trading yesterday and is putting itself on the market. Why? Tough market realities that are claiming other struggling brokerages.
Futures Industry Debates Solution to Protect Customer Segregated Accounts
Commentary  |  7/30/2012  | 
A CFTC panel agreed on the urgency of developing a technological solution for verification of funds in customer segregated accounts, but one industry veteran, warned not to wait until everything is perfect.
6 Steps Wealth Management Firms Must Take to Attract Millennials
News  |  7/30/2012  | 
A large number of affluent Millennials have shifted their assets to a different firm over the last three years. Here's a low-down of what wealth management firms need to do to attract, and retain their young clients.
Young Investors Demand Top-Notch Brokerage Tools – Or Else
News  |  7/30/2012  | 
Today's wealth managers need to offer convenience and online tools to lure Gen-X and Gen-Y investors.
BlackRock Canada Debuts Minimum Volatility ETFs
News  |  7/30/2012  | 
The asset manager says the offering comes in response to investor demand.
Capital Rules Drive Shifts in Fixed Income Trading
News  |  7/30/2012  | 
Deutsche Bank claimed the No. 1 ranking, while Goldman took second place, in a Greenwich Associates 2012 fixed income study as some dealers have pulled back on capital allocated to fixed income trading.
Rising HFT Volumes in Asia Push SBI Securities to OneTick
News  |  7/30/2012  | 
SBI Securites, a Japan-based online securities firm, is looking to OneTick to aid its data needs amid rising trading volumes in Asia.
Franklin Resources Profit Tops Expectations
News  |  7/30/2012  | 
Franklin Resources Inc posted higher-than-expected quarterly earnings on Monday a s the money manager maintained its steady investment performance record.
British bank RBS Bracing for Libor Rigging Fine - CEO
News  |  7/30/2012  | 
British bank RBS is braced to be punished over its role in the interest-rate rigging scandal that has rocked the industry, Chief Executive Stephen Hester said in an interview with The Guardian newspaper.
Bernanke, Geithner Response to Libor Scandal Rings Hollow
News  |  7/30/2012  | 
Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history.
Hacking Law from 1980s Is Out of Step, Say Critics
News  |  7/30/2012  | 
A 1984 anti-hacking law passed when computer crime was in its infancy is under fire for potentially going too far in criminalizing the actions of employees.
New York State Pension Fund Taps Fuller as CIO
News  |  7/30/2012  | 
New York has hired investment veteran Vicki Fuller as the chief investment officer overseeing the state's $150 billion pension fund, the state comptroller said.
Mobile First: Financial Firms Must Focus on Creating a Seamless Customer Experience
Commentary  |  7/30/2012  | 
When it comes to mobility, the biggest challenge for financial firms is in synchronizing their mobile, online and offline experiences to meet the expecations of both their customers and internal users.
The Mobile Frontier: Next-Gen Apps on the Street
Commentary  |  7/30/2012  | 
The rise of mobile apps is transforming Wall Street, enhancing the customer experience, improving portfolio and risk management, advancing the search for alpha, and even strengthening compliance.
Bernanke, Geithner Response to Libor Scandal Rings Hollow
News  |  7/27/2012  | 
Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate.
Mobile, HTML5 and Multichanneling in Wealth Management
Commentary  |  7/27/2012  | 
Emerging technologies such as HTML5 can help wealth management firms empower their advisers to meet the 'anytime, anywhere' expectations of their clients across multiple mobile platforms and devices.
The End of An Era: ICE Closes NY Trading Floor
News  |  7/27/2012  | 
The exchange, depicted in the popular 1983 film Trading Places, has a history dating back to the New York Cotton Exchange, which was founded in 1870 and later became the Coffee, Sugar and Cocoa Exchange.
ICE to Close New York Floor Trading After 142 Years
News  |  7/27/2012  | 
The 142-year-old tradition of floor-based open-outcry trading at the former New York Cotton Exchange is coming to an end as the last of its contracts go exclusively electronic.
JPMorgan Shuffles Managers Below Dimon
News  |  7/27/2012  | 
JPMorgan Chase announced a broad management shakeup among the executives just below Jamie Dimon, with Daniel Pinto and Mike Cavanagh becoming co-CEOs of the Corporate & Investment Bank.
Big Asset Managers Miss Wall Street Targets as Investors Flee
News  |  7/27/2012  | 
Four of the largest U.S. money managers reported sharp declines in second-quarter earnings, as volatile markets and fleeing customers cut into their fee income.
ICE to End New York Floor Trading After 142 Years
News  |  7/27/2012  | 
The 142-year-old tradition of floor-based open-outcry trading at the former New York Cotton Exchange is coming to an end as the last of its contracts -- options on futures tied to agricultural products such as sugar and cocoa -- go exclusively electronic.
TMX Group Profit Hurt by Weakness in Equity Markets
News  |  7/27/2012  | 
TMX Group Inc reported a drop in second-quarter profit on Friday, as weak equity markets hurt trading volumes and dried up the pipeline for new listings and financings just as the Toronto Stock Exchange operator gets set to be acquired by Maple Group.
JPMorgan Shuffles Managers Below Dimon
News  |  7/27/2012  | 
JPMorgan Chase & Co, the biggest U.S. bank, announced a broad management shakeup among the executives just below Jamie Dimon, signaling that the bank is preparing for life after its famed chief executive officer.
Barclays Dragged Into New Probe After Libor Blow
News  |  7/27/2012  | 
Barclays revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.
The True Cost of HFT, Sandy Weill's About Face, Death Star of Finance, and more
Slideshows  |  7/27/2012  | 
Sandy Weill, the former Citigroup chief executive and shatterer of Glass-Steagall says the industry needs a return to the separation of commercial and investment banks, while a recent study on HFT reveals that the practice costs long-term investors $2.5 billion per year.
With Exchange Volumes Down, Lightspeed Turns to ATS
News  |  7/26/2012  | 
In a push to find liquidity amid falling trading volumes on public exchanges, Lightspeed will route orders through the PDQ alternative trading system.
Citi Hires Two Sr. Bankers for Equity Derivatives Desk
News  |  7/26/2012  | 
The bank hired David Silber, who joines from Jefferies &Co., and Peter Lambrakis formerly with Deutsche bank, in a move to strengthen its Equities team in the Americas.
Interactive Brokers to Pay $700,000 to Settle Charges
News  |  7/26/2012  | 
Interactive Brokers agreed to pay a $700,000 penalty to settle charges by the CFTC that it violated reporting rules and failed to "diligently" supervise the handling of accounts.
Outspoken Analyst Kinnucan Admits to Insider Trading
News  |  7/26/2012  | 
A brash securities analyst who refused to cooperate with a broad probe of insider trading pleaded guilty to criminal charges.
Geithner Says Did All He Could to Address Libor Problem
News  |  7/26/2012  | 
Timothy Geithner, U.S. Treasury Secretary, under pressure for not doing enough to stop fraudulent manipulation of a key benchmark interest rate, told lawmakers he alerted the appropriate authorities "early on."
CFTC Panel to Weigh New Customer Fund Safeguards
News  |  7/26/2012  | 
The CFTC is considering requiring direct electronic access to customer accounts in addition to other technological improvements in order to protect customer funds.
The Funniest Sandy Weill Twitter Responses
Slideshows  |  7/26/2012  | 
Former Citigroup CEO and the architect of the modern mega-bank dropped a bombshell on CNBC yesterday: We should break up the big banks that are too big to fail. This statement may seem simple and sensible but consider the source: this came from the man who created these very banking behemoths. Needless to say, Twitter was abuzz comparing Sandy Weill's truth bomb to other statements no one ever expected to hear. Enjoy.
CFTC Panel to Weigh New Customer Fund Safeguards
News  |  7/26/2012  | 
A commissioner charged with improving technology at the U.S. futures regulator plans to tell industry players that immediate action is needed to protect customer funds at an emergency advisory committee meeting on Thursday.
CME Profit Tops Expecations On Lower Tax Bill
News  |  7/26/2012  | 
CME Group Inc, the biggest U.S. futures exchange operator, reported a better-than-expected second-quarter profit on Thursday, driven by a lower tax bill.
A Game Called Compliance
News  |  7/25/2012  | 
Low Trading Volumes at Exchanges Keep Earnings Under Pressure
News  |  7/25/2012  | 
As U.S. exchanges start reporting financial results, expectations are mixed following a quarter in which many investors pulled back from the markets because of an uncertain, sluggish global economy.
Are Big Banks' Glory Days Gone for Good?
News  |  7/25/2012  | 
Ever since the financial crisis, banks have held out hopes of a return to the good times. But analysts and investors are now questioning whether things have changed for good.
Weill Changes Mind, Calls for Big Banks to Break Up
News  |  7/25/2012  | 
Sanford Weill, the tycoon who built financial conglomerate Citigroup into a massive commercial and investment bank, said it is time to split up the biggest banks so they can go back to growing again.
Sandy Weill: Break Up the Banks
Commentary  |  7/25/2012  | 
The man who created the modern bank supermarket and shattered Glass-Steagall thinks the banks are too big and should be broken up.
Eagle Investment Systems Strikes Alliance with Microstrategy
News  |  7/25/2012  | 
Investment manager clients of Eagle will get access to portfolio data and analytics via web, mobile devices and Microsoft Office applications.
Nasdaq Quarterly Profit Boosted by Data Business
News  |  7/25/2012  | 
Nasdaq OMX Group said on Wednesday its profit rose in the second quarter, which was marked by the bungled Facebook IPO, as cost controls and growth in the exchange operator's market data business helped offset a slowdown in trading volumes.
U.S. Big Banks' Glory Days Feared to Be Gone for Good
News  |  7/25/2012  | 
The summer of 2012 may be remembered as the time when regulation, scandals and a protracted slow-growth economy finally caught up with big American banks.
Dow Jones to Sell Newswires Directly to Wall Street Through WSJ.com
News  |  7/24/2012  | 
When Lex Fenwick started his job as CEO of Dow Jones, he found it strange that one of Wall Street's most historic and well-known brands did not have a direct pipeline into Wall Street itself.
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