News & Commentary
Content posted in September 2012
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Ex-Goldman Programmer Rejects Plea Deal
News  |  9/28/2012  | 
A former Goldman Sachs computer programmer indicted on charges of stealing trade secrets has rebuffed a plea offer that would keep him out of prison.
Yale Endowment Ekes Out 4.7 Percent Gain in Fiscal '12
News  |  9/28/2012  | 
Yale University said its endowment gained 4.7 percent in fiscal 2012, down from the previous year's 21.9 percent gain.
Investment Banking Fee Income Falls to Lowest Since 2009
News  |  9/28/2012  | 
Investment bankers are pinning their hopes on more confident companies and investors to help boost deal activity, after a slow year in which global investment banking fee income fell to its lowest since early 2009.
Another Ex-Goldman Employee (And His Lawyer) Take Aim At Goldman Sachs
News  |  9/28/2012  | 
"He left Russia for freedom, justice, and the American way and he got Franz Kafka and Goldman Sachs," the Russian computer programmer's lawyer said. But there are many more issues at stake.
Sheila Bair's Book Heaps Fresh Stains on John Thain's Reputation
Commentary  |  9/28/2012  | 
As Hank Paulson prepared to dole out bailout funds to stabilize the nation's financial system, John Thain's biggest concern was how taking government money would impact CEO pay, according to former FDIC head Sheila Bair's new book.
SS&C Acquires Gravity Financial
News  |  9/28/2012  | 
The Canton, Mass. fund administrator will add 40 clients to SS&C.
Ex-Goldman Programmer Rejects Plea Deal
News  |  9/28/2012  | 
A former Goldman Sachs Group computer programmer indicted on charges of stealing trade secrets has rebuffed a plea offer that would keep him out of prison, his lawyer said on Thursday.
Are HFT's Days Winding Down?
News  |  9/28/2012  | 
They just might be in Europe where lawmakers appear to be at their wits' end when it comes to high-speed trading.
Are Modular Data Centers the Answer To Better Efficiency?
Commentary  |  9/27/2012  | 
As technology organizations look to transform the service delivery model to be more agile, on-demand and cost-effective, modular data centers may provide the means to get there.
The Andean Region: Catching Up Fast
Commentary  |  9/27/2012  | 
With Brazil and Mexico stealing most of the headlines when it comes to Latin America, people could be forgiven for missing some of the recent developments to come out of other countries in the region. While Brazil and Mexico might be seen as the dominant players, the rise of financial centers in Peru, Colombia and Chile is seeing brokers increasingly demand a multi-location Latin American presence.
Buy Side Leans Towards Human-Driven, Alternative Trading Models
News  |  9/27/2012  | 
Although more buy-side firms than not want to boost their use of automated trading in the next year, a survey by MathWorks shows nearly a third have taken the opposing view.
Jury Out On Whether Global HFT Regulations Will Work
News  |  9/27/2012  | 
Unlike the U.S. marketplace, the push to rein in high-frequency traders through regulations is underway in Europe and Canada, but it remains to be seen whether the new rules will work or bring unintended consequences.
Wall St Regulator Questions Sales of Complex Securities
News  |  9/27/2012  | 
The Financial Industry Regulatory Authority is looking at potential conflicts of interest and financial incentives stemming from sales of complex securities by major brokerages, the head of the Wall Street regulator said on Thursday.

Ex-Credit Suisse Trader to Fight U.S. Extradition
News  |  9/27/2012  | 
A former Credit Suisse Group AG trader, accused by U.S. authorities over a $3 billion fraud involving subprime mortgage bonds, said he would fight a U.S. extradition request when he appeared in a British court on Thursday.

As Cotton Surged, China Trader Amassed $510M Bet
News  |  9/27/2012  | 
US regulators tag China trader in speculation crackdown, as ex-COFCO trader exceeded cotton limits as prices soared 34 percent.
Will The Next Era Data Center Be Hosted on the Cloud?
Commentary  |  9/27/2012  | 
Given the business need for flexible and agile compute resources, the data center of the future may not exist on a map, says Howard Rubin of Rubin Worldwide.
Innovative Risk Management: How To Really Leverage Legal Entity Data
Commentary  |  9/26/2012  | 
As the industry debates regulatory reform and the course toward greater transparency and stability, we are entering a new phase in the evolution of financial data and a potential renaissance in the approach to risk management, writes Tim Lind, global head of legal entity content at Thomson Reuters.
Non-Correlated Assets Are Best Way to Temper Volatility: Survey
News  |  9/26/2012  | 
Institutional investors say the old rules of investing no longer apply post-2008, and that global regulatory reform is a burdensome worry, according to a survey by Natixis Global Asset Management.
Scranton, San Jose Show How Mainstream Hedge Funds Have Become
Commentary  |  9/26/2012  | 
One city is looking for a loan and the other is looking to boost returns, but both cases indicate that hedge funds have moved from an alternative into the mainstream.
Widespread Use of Digital "Wallets" to Take Time
News  |  9/26/2012  | 
Canadian banks and telecom providers are scrambling to introduce smartphone digital "wallets," but the dream of completely abandoning cash in is likely several years away.
ICAP Chief: Positive Signs After Trading Downturn
News  |  9/26/2012  | 
But Michael Spencer does not see any uptick in trading being enough to sustain the already heavily concentrated inter-dealer broker market.
Roiled by Volatility, Sharp Peak Shutting Asia Hedge Fund
News  |  9/26/2012  | 
After suffering a 21 percent loss the Hong Kong hedge fund is shutting its doors.
GAIN Capital CIO Jumps to Scivantage
News  |  9/26/2012  | 
Andrew Haines, the former CIO of GAIN Capital Group, joins Scivantage as chief information officer.
Will New Regulation Mark the End of HFT in Europe?
Commentary  |  9/25/2012  | 
Germany and other EU countries are aiming to push through legislation that will rein in high-frequency trading. But are they looking at the right issue?
Nasdaq OMX and Amazon Web Services Launch Financial Services Cloud Offering
News  |  9/25/2012  | 
With financial firms facing increasing operational and data costs, AWS partners with Nasdaq OMX to provide a cloud offering aimed at handling regulatory reporting.
Enclave Capital Aims to Boost International Desk with New Trading Head
News  |  9/25/2012  | 
The brokerage, which provides algorithms to New York Stock Exchange floor traders, appointed Harold Warren head of trading and managing director.
Can Bank Dealers Win the Swaps Collateral Optimization Race?
Commentary  |  9/25/2012  | 
Bank dealers will lose 20 percent of their trading revenues when mandatory clearing of OTC derivatives begins, but they can recoup these lost revenues through "collateral optimization," contends Sungard's Daniel Parker.
Fidessa Expands Buy Side Connectivity Service
News  |  9/25/2012  | 
The platform now offers full infrastructure outsourcing —including FIX and non-FIX-based connectivity— to buy side customers as they grapple with the complexity of running technology infrastructure for multi-asset trading and the operational needs of new regulations.
US Institutions Choose Non-Stock Assets In Volatile Market
News  |  9/25/2012  | 
Pension funds, charitable groups, endowments and other large institutional investors are taking on more exposure in non-traditional "alternative" investments - such as private equity and hedge funds - to buffer against volatile stock markets, according to an investor survey.
Morgan Stanley Aims To Double Japan Assets to $50B
News  |  9/25/2012  | 
MSIM to benefit from Japan's AIJ loss cover-up scandal, eyes expansion in alternative business in Japan
Equities Trading Drought Spurs Layoffs at Liquidnet
News  |  9/24/2012  | 
Liquidne laid off more than 30 employees at its New York headquarters last week, just under 15 percent of its workforce.
Corporate Borrowers Question Libor's Accuracy, But Still Use It
News  |  9/24/2012  | 
Some major corporate borrowers in Europe and the United States think Libor, the interest rate at the center of an international rate-rigging inquiry, is not an accurate benchmark against which to price loans, but few are considering using an alternative.

Hedge Fund MST Capital Turns to TradingScreen's EMS, TCA
News  |  9/24/2012  | 
The firm will deploy the platforms to execute electronic trades across various asset classes.
Fixing the U.S. Equity Markets: Limit Exchange/ATS Licenses and Other Steps
News  |  9/24/2012  | 
In his Senate Hearing testimony last week, Larry Tabb, founder and CEO of Tabb Group, advised the SEC and Congress to stop granting exchange and ATS licenses, among other remedies.
Some Corporate Borrowers Question Libor Accuracy, Here to Stay
News  |  9/24/2012  | 
Some major corporate borrowers in Europe and the United States think Libor, the interest rate at the centre of an international rate-rigging inquiry, is not an accurate benchmark against which to price loans, but few are considering using an alternative.

MST Capital Signs Up for TradingScreen's Multi-Asset EMS and TCA
News  |  9/24/2012  | 
The Australian hedge fund manager will utilize TradingScreen's EMS, TradeSmart, to trade equities, derivatives and FX via the software-as-a-service model..
Fixing the U.S. Equity Markets: Limit Exchange/ATS Licenses and Other Steps
Commentary  |  9/21/2012  | 
In his Senate Hearing testimony on Thursday, Larry Tabb, founder and CEO of Tabb Group, advised the SEC and Congress to stop granting exchange and ATS licenses, among other remedies.
Two Months After Staggering Loss, Knight Capital Hunts for New CTO
News  |  9/21/2012  | 
In a series of moves aimed at preventing a repeat of its $440 million trading error, Knight Capital says Steven Sadoff is no longer overseeing its technology.
University of California Berkeley Joins Numerix Academic Partnership Program
News  |  9/21/2012  | 
One of the Advanced Trading Top Quant Schools will integrate Numerix software into its Undergraduate-Finance Program.
Financial Astrology For Traders: There Is Money in the Stars
News  |  9/21/2012  | 
Thousands of traders are subscribing to financial astrologers' newsletters. But of course, they're keeping it hush-hush.
Hong Kong Start-Ups Lift Asia Hedge Fund Industry
News  |  9/21/2012  | 
Hedge fund assets in HK grow by $6.5 bln to $47.1 bln, and Asian industry adds $3.5 bln, in line with portfolio gains while hedge fund industry in Singapore, Japan shrinks
Paul Volcker Fears Long-Term Damage in Fed Bashing
News  |  9/21/2012  | 
Former Federal Reserve Chairman Paul Volcker believes it is a "troublesome time" for the Fed as it becomes increasingly mired in political debates.
Senator Reed Wants Review of Markets in Wake of Glitches
News  |  9/21/2012  | 
An influential U.S. lawmaker pledged to take a closer look at the safety and soundness of the equity markets following a recent string of technology glitches on Wall Street.
Brazil May Fire Up Tax Artillery In 'Currency War'
News  |  9/21/2012  | 
Brazil threatened on Friday a further clampdown on speculative foreign capital, firing a warning shot in a "currency war" its finance minister blamed on money-printing by Western central banks.
Volcker: Unclear Why Fed Still Pays Banks To Park Cash
News  |  9/20/2012  | 
The Federal Reserve's policy of paying banks interest on money parked at the U.S. central bank is at odds with its latest efforts to stimulate economic growth, former Fed Chairman Paul Volcker said.
Tabb Senate Testimony: First, Do No Harm
Commentary  |  9/20/2012  | 
In his testimony before the US Senate on Thursday, the Advanced Trading and Wall Street & Technology columnist Larry Tabb answers the question: What, if any, policy changes should be considered by regulators or Congress in order to better protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation?
Derivatives Industry Urges Caution on Libor Reform
News  |  9/20/2012  | 
Libor, the interest rate at the center of an international rate-rigging investigation, must not be scrapped hastily and any shift to alternatives should be gradual to avoid market disruption, the derivatives industry's leading global body said.

Mutual Funds: How To Find The Right Compliance and Financial Officer
Commentary  |  9/20/2012  | 
Regulation has led fund boards to reconsider the traditional roles played by financial officers and compliance officers.
Tabb Testimony: The Regulators Need Better Tools
Commentary  |  9/20/2012  | 
In his testimony before the US Senate today, the Advanced Trading and Wall Street & Technology columnist Larry Tabb answers the question: Do regulators have adequate tools to identify and limit manipulative or abusive strategies?
Tabb Senate Testimony: Beware Over-Regulation
Commentary  |  9/20/2012  | 
In his testimony before the US Senate today, Advanced Trading and Wall Street & Technology columnist Larry Tabb recommends changes to strengthen the markets without killing future profits.
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