Nicholas-Applegate Overhauls Trading Systems
Vendors largely have replaced in-house development as the source for mission-critical tools, according to Nicholas-Applegate Capital Management SVP and CTO Steve Rapp. For example, the firm has partnered with Latent Zero to overhaul its trading systems. Learn more about Nicholas-Applegate's technology transformation through Wall Street and Technology's exclusive interview with Steve Rapp.
Microsoft Buys Parlano, Will Add Group Chat Software to Communications Server
Yesterday, Microsoft announced its intent to buy Parlano, maker of the MindAlign group chat software that eases collaboration among far-flung team members and provides support for the specific needs of Wall Street firms, including Chinese walls and security features. MindAlign is used by Wall Street firms such as ABN Amro, Cantor Fitzgerald, Deutsche Bank, Nomura, Putnam Investments and UBS.
State Street Upgrades Mutual Fund Accounting Customer Interface
Last night we dropped by a California wine tasting sponsored by State Street and NetManage at the Gartner Financial Services Technology Summit at the Times Square Marriott Marquis. At the reception, Jim Dobbie, vice president of State Street, told us a bit about how his firm has webified the applications it provides its mutual fund administration clients.
SEC Appoints Lineberry, Plotkin Pleads Guilty to Insider Trading
The SEC's Office of Market Surveillance, which enforces regulation on U.S. markets, appointed a new head in Mark Lineberry. He steps in for Joe Cella, who resigned earliers this year, according to reports.
Lineberry comes into the position during a flurry of activity surrounding insider trading. The SEC has of late stepped up its efforts to
4,000 Financial Firms To Get Urgent, Automatic Security Alerts
With the number of cyber attacks continuing to rise, top security watchdog Financial Services Information Sharing and Analysis Center (FS-ISAC) has announced a partnership with MessageOne to provide urgent fully automated security alerts to its 4,000-member firms.
Portware Opens Hong Kong Office
As overseas markets heat up, Portware announced it will open a Hong Kong office to support expansion in the Asia-pacific region and has appointed Damian Bierman head of Asian operations.
Bear CDO Series: S&P Partners with Sky Road for Credit Ratings Data
With the fall out from the credit crisis spreading to multiple asset classes and ravaging returns, the rating agencies are partnering with technology providers to get the data in the hands of hedge funds.
Yesterday, Standard & Poor's said it will make its credit ratings data available through Sky Road LLC, a provider of hosted technology to hedge funds engaged in cross-asset trading.
Until high-speed, low-latency technology becomes easier to acquire, install and integrate, there are going to be many disappointed vendors.
Dream Job: No Limits
Albridge Solutions expanded its Wealth Reporting portfolio accounting and performance reporting solution to include internal rate of return (IRR) and daily time-weighted rates of return calculations.
Data Message Rates
A surge in data message traffic is leading the industry to examine hardware acceleration to reduce data latency.
BNY ConvergEx Introduces Options Trading
In light of the growing popularity of listed derivatives and growing client demand, BNY ConvergEx Group has launched a new options trading desk. Buy side clients can take advantage of either broker-assisted or fully electronic options trading via BNY ConvergEx.
Mutual Funds Submit First XBRL-Formatted Reports to SEC
Today four mutual funds - the Allegiant Advantage Fund, American Funds' Europacific Growth Fund, the Muhlenkamp Fund and the Vanguard 500 Index Fund - submitted their first XBRL-formatted risk/return summaries to the SEC. This means they've converted these summaries of fund objectives, costs, and performance - the part of prospectuses investors are most interested in - from static data to interactive data that can be automatically read by software, by tagging data fields according to a
Financial Firms Ban Facebook
A growing number of companies are blocking their employees from using the popular social networking Web site Facebook on fears of proscrastination and security. But there are some things you can do - at least to make it safer.
According to a survey of 600 global companies carried out by security firm Sophos, 50 percent of companies ban their employees from accessing Facebook.
Most are concerned that employees are wasting company time. But many
Cherecwich has 20 years experience in custody, operations and investment services at State Street, including four years as head of the firm's Japan operations.
Deliso Joins DTCC’s Wealth Management Services
Nicholas A. Deliso has joined The Depository Trust & Clearing Corp. (DTCC) as a senior relationship manager in the wealth management services area, where he will provide support to customers of DTCC's Managed Accounts Service.
Wall St. Opens It's Arms to Electronic 144A Marketplaces
This week has seen a flurry of activity in the development of electronic platforms for trading equity offerings by private companies that fall under a href=" http://en.wikipedia.org/wiki/Rule_144A" target="_blank">Rule 144A of the U.S. Securities Act. The rule allows for the private resale of securities between institutional investors, which gives private companies a means for raising capital without listing publicly.
BIDS Hooks Up the Buy Side
BIDS Trading announced connections to Goldman Sach's REDIPlus, JP Morgan's Neovest and Morgan Stanley's Passport Connect electronic trading platforms.
Bear CDO Series: Valuation Crisis
Since the credit crisis erupted six weeks ago, hedge funds suffering heavy losses in CDOs related to sub-prime mortgages have had a difficult time pricing these complex instruments. Last week, French bank BNP Paribas shut down three funds with exposures to the U.S. sub-prime market because it said it could not value the funds. This in turn rattled other overseas banks that were exposed to U.S. sub-prime mortgages.
E*TRADE Gets Proactive About E-Mail Fraud
Welcome. My name is Mike Ellison and I am the EVP at Corporate Insight. We're a firm that looks at the retail experience at a number of brokerage, mutual fund, and banking firms. From time to time, I'm going to be blogging on subjects related to wealth management. Much of what I will be talking about will come from our experiences in maintaining live accounts at the firms we follow in our research. When we uncover something I feel would
Merrill Lynch Reports Computer Theft
Merrill Lynch has become the latest financial institution to hit the headlines because of a security lapse.
Last week, the brokerage announced it would offer free credit monitoring to an unspecified number of employees after a laptop containing staffing records and personal financial details was stolen from its corporate offices in New Jersey.
Goldman Sachs to Buy Stake In DirectEdge ECN
Goldman Sachs Group agreed to purchase a minority equity stake in DirectEdge ECN, its parent Knight Capital Group announced today. Goldman will join Citadel Derivatives Group LLC, an affiliate of Citadel Investment Group, LLC, which purchased a minority equity interest in DirectEdge ECN in a transaction that closed on July 23, 2007.
Voice Biometrics Now Viable Security Option, says CellMax
Financial institutions looking to protect themselves against identity theft and security lapses should be looking to voice biometrics, says Tel Aviv, Israel-based CellMax Systems.
Voice biometrics - the technology that authenticates the identity of a person based on their voice - is a good solution for any company doing business over a communications network that needs a person to be positively identified on the other end, Ziv Barzilay
Gold Book 2007: Alternative Investment Tech is Priority for John Galante, JP Morgan
John Galante, SVP and CTO for JPMorgan Worldwide Securities Services, says that as clients grow portfolios with derivatives and other alternative investments, JPMorgan is ready to meet their needs. Also, Galante says in this podcast he believes that having a steady flow of new recruits is vital for the company, as offerings and client needs expand.
Commentary: Project Turquoise Delay
Reports are swirling that Project Turquoise, the bank consortium-backed European equities trading platform, will now launch sometime in the second quarter of 2008.