News & Commentary
Content posted in August 2007
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Nicholas-Applegate Overhauls Trading Systems
News  |  8/31/2007  | 
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
News  |  8/31/2007  | 
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
News  |  8/29/2007  | 
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
News  |  8/28/2007  | 
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
News  |  8/27/2007  | 
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.
Skyrocketing Market Data Message Rates Leading Trading Firms to Consider Hardware Acceleration
News  |  8/24/2007  | 
With Reg NMS causing more quote message traffic in equities and options volume already exploding, vendors are pushing hardware acceleration to lower data latency.
Portware Opens Hong Kong Office
News  |  8/24/2007  | 
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.
Job Hunters and Recruiters Targeted by Data Thieves
News  |  8/22/2007  | 
Job hunters posting resumes online - and recruiters perusing them - are at risk. Symantec says a Trojan targeting popular job site Monster.com has recently stolen more than 1.6 million records.
Top CEOs Believe Globalization is Vital and Regulation Must Be Changed, NYSE Survey reveals
News  |  8/22/2007  | 
U.S. capital markets would stand to gain from government legal and regulatory changes, according to a new NYSE survey of 240 chief executive officers of the world''s top businesses.
A United E-trade/TD Ameritrade Would Challenge Full-Service Brokerages
News  |  8/22/2007  | 
It was reported in the Wall Street Journal today that discount brokerages TD Ameritrade and E-trade have been in merger discussions for the past few weeks. A merger between these two would create a powerful force for Charles Schwab and for full-service brokerage firms to reckon with, despite the fact that the era of discount brokerage is ending. How can that be? According to Adam Honoré,
Bear CDO Series: S&P Partners with Sky Road for Credit Ratings Data
News  |  8/22/2007  | 
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.
News  |  8/22/2007  | 
Until high-speed, low-latency technology becomes easier to acquire, install and integrate, there are going to be many disappointed vendors.
Symantec Releases New Storage Management Solution
News  |  8/22/2007  | 
The Veritas CommandCentral 5.0 family provides end-to-end visibility in both virtualized server and storage environments.
LogicManager Releases Updated Sarbanes-Oxley Solution
News  |  8/22/2007  | 
Enterprise risk management (ERM) software provider LogicManager launched a new solution to address the recent changes to Sarbanes-Oxley.
Dream Job: No Limits
News  |  8/22/2007  | 
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
News  |  8/22/2007  | 
A surge in data message traffic is leading the industry to examine hardware acceleration to reduce data latency.
Employee Fraud Not Being Properly Addressed By Financial Industry, Government, Survey Says
News  |  8/22/2007  | 
Actimize survey cites increased access to technology, poor hiring and organized crime as drivers for employee fraud. Majority of those surveyed say the financial industry and government are not doing enough to tackle the problem.
European Exchanges See Booming Revenues
News  |  8/22/2007  | 
European exchanges recorded a 34% profit last year, making them far more profitable than their U.S. counterparts.
BI Costs Erroneously Perceived As Prohibitive, Say Software Companies
News  |  8/22/2007  | 
Despite the overwhelming belief that business intelligence (BI) could benefit their companies, perceived high costs have prevented BI professionals worldwide from deploying BI systems, according to a recent survey.
USB Flash Drives Represent Top Threat To Corporate Security
News  |  8/22/2007  | 
Removable media devices have surpassed Web viruses as top corporate security headache.
Demand for New Trading Technology Rising Globally
News  |  8/22/2007  | 
In the New York Tri-State Area, spend on trading applications is rising 10 percent per year.
BNY ConvergEx Introduces Options Trading
News  |  8/22/2007  | 
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
News  |  8/21/2007  | 
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
News  |  8/21/2007  | 
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
ESP Names Joshua Levine CEO
News  |  8/20/2007  | 
Joshua S. Levine has been named CEO of DMA and algorithm provider Electronic Specialist (ESP).
Traditional Investigation Methods and New Tech Help Catch Insider Traders
News  |  8/20/2007  | 
As insider trading rises globally, regulators and banks are using complex event processing and remote-control software to catch rogue traders.
Savvis Exchange Express Launched
News  |  8/20/2007  | 
Savvis has released its Savvis Exchange Express solution for users to connect directly to exchanges for market data feeds and trade execution. The low latency connectivity offering provides Ethernet access to market data feeds.
Brokerage Firms Improve on Call Center Hold Times
News  |  8/20/2007  | 
We recently completed a review of the call centers at leading brokerage firms for our Broker Monitor report and, overall, things have improved in the past three years since the last time we looked at this issue.
Who Will Eventually Foot the Bill for Cleaning Up the CDO and Sub-Prime Mortgage Mess?
Commentary  |  8/17/2007  | 
Once the dust settles, investors should ultimately pay the price for taking risky bets on CDOs.
http://www.informationweek.com/
News  |  8/17/2007  | 
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
News  |  8/17/2007  | 
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.
Societe Generale Names John Shaw Managing Director, Program Trading And Electronic Trading Services
News  |  8/17/2007  | 
Shaw previously was head of portfolio and electronic trading at Jefferies.
Broker-Neutral OMS/EMS Solution Can Address Rapid Change In Investment Industry
News  |  8/17/2007  | 
An integrated, broker-neutral OMS/EMS solution is the answer to the rapid change in both asset classet under management and the way in which they are traded, according to Fidessa LatentZero CEO Richard Jones
E-Discovery Compliance Growing Increasingly Difficult
News  |  8/17/2007  | 
As electronic data proliferates, complying with e-discovery rules becomes more difficult -- and more costly.
Still Plenty of Job Opportunities in the Capital Markets
News  |  8/17/2007  | 
In spite of trading floor automation, free online trading, and automated research tools, there are still plenty of job opportunities in the capital markets.
Goldman Sachs and Other Brokers Develop Alternative Research Platforms to Advise Buy-Side
News  |  8/17/2007  | 
With the SEC's approval of soft dollar commission arrangements, brokers are courting independent research providers in a race to win buy-side execution dollars.
Wall St. Opens It's Arms to Electronic 144A Marketplaces
News  |  8/15/2007  | 
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. Nasdaq
BIDS Hooks Up the Buy Side
News  |  8/15/2007  | 
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
News  |  8/14/2007  | 
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
News  |  8/14/2007  | 
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
Win an iPhone: Enter the AT Photo Contest
News  |  8/14/2007  | 
Are you a Tech Savvy Trader? Then send us a photo of your desktop and you could win an iPhone!
Merrill Lynch Reports Computer Theft
News  |  8/13/2007  | 
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
News  |  8/13/2007  | 
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.
Fidessa Signs on as Morgan Stanley Preferred Supplier
News  |  8/13/2007  | 
Morgan Stanley and Fidessa announced an agreement to distribute Morgan Stanley's electronic trading services through the Fidessa LatentZero Execution Management System.
Eaton Vance's John Shea Advances in Real Time
News  |  8/10/2007  | 
To enable new decision-making opportunities, Eaton Vance is moving toward service-oriented architecture and real-time delivery of services, according to VP and CIO John L. Shea.

Voice Biometrics Now Viable Security Option, says CellMax
News  |  8/8/2007  | 
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
Bear CDO Series: Management Overhaul: Questions on Risk Management
News  |  8/8/2007  | 
The blame game is not over. This week, Bear Stearns ousted one of its senior executives, Warren Spector, under whose watch the firm brought out two leverage hedge funds exposed to the shady sub-prime market.
Gold Book 2007: Alternative Investment Tech is Priority for John Galante, JP Morgan
News  |  8/8/2007  | 
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
News  |  8/8/2007  | 
Reports are swirling that Project Turquoise, the bank consortium-backed European equities trading platform, will now launch sometime in the second quarter of 2008.
Calling All Listed Futures and Options Trading System Providers!
News  |  8/8/2007  | 
Don't miss your chance to be listed in Advanced Trading's next Directory featuring Listed Futures and Options Trading Systems.
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