Broadridge, GoldenSource and IBM Partner to Offer Hosted, Integrated "Golden Copy"
For firms that have multiple security master files, or for some other reason realize that they need a better way to manage reference data across the board, but lack the time and resources to do the necessary data cleanups, data distribution and data integrations, Broadridge (formerly ADP Brokerage Services), GoldenSource and IBM teamed up today to announce a joint solution.
Wall Street and DTCC Bring Derivatives Processing into 21st Century
At the SIFMA show today, Frank De Maria, global head of derivative client services and operations at Merrill Lynch, offered an interesting quote from Alan Greenspan, made six weeks ago: "I was shocked to find credit derivatives settlement and clearing operated with 19th century technology." He was talking about trades being handled by phone, fax and paper. De Maria then Googled other 19th century inventions and found the stapler, barbed wire, dynamite and the zipper among them. Point being, it's
SIFMA Ops Show Opens With Merger Update
It's the first day of the SIFMA Operations Conference here in sunny, 90-degrees Orlando, FL, although as several of this morning's speakers noted, you wouldn't know it because of the sealed, artificial air-conditioned environment we're in. But don't pity us poor conference-goers -- many of the 700 attendees golfed all day yesterday and last night's outdoor cocktail reception on a patio of the Gaylord Palms Resort featured perfect, low-humidity weather, a steel drum band, a generous open bar, cra
Aqua, the new electronic equities trading platform that will be launched later this year by electronic dealing network eSpeed, named Brian Weston as its new chief technology officer.
Ameet Patel, Partner and CTO at Acartha Group, Shares Insights
IT leaders typically don't set out to be mavericks, but the career of Ameet Patel has taken him in that direction. In a conversation with Paula Klein, executive editor of WS&T sibling publication Optimize, Patel shares insights from years of experience at Chase and JPMorgan Investment Bank's technology-advisory group and the venture-capital (VC) world he now calls home. Currently, as partner and CTO at the Acartha Group, he deals with tech start-ups to devise strategies and deliver results. In t
Tidbits from Today's Linux on Wall Street Show
At the Linux on Wall Street show today at the Roosevelt Hotel, there was much discussion of the increasing use of the Linux open-source operating system and open source in general on the Street, which is being driven partly by the desire to cut costs and partly by the appeal of particular applications that happen to be open source. "Companies look at, does this solve my business problem, regardless of whether it's open source," says Monica Kumar, senior director of product marketing, Linux and o
IBM Wants to Cure Your Server Sprawl
When Scott Handy, IBM's vice president worldwide marketing and strategy for System p, says he likes to evangelize, he's kidding. But although his delivery is low-key, evangelize he does. In his core message, you and I are not going to hell, but Sun Microsystems' Solaris server sales might be. After assuring us that the "p" in System p stands for "performance," Handy told us what's new with System p, including IBM's announcement this morning that x86 Red Hat and Novell Linux [the open source
Agency Brokerage AXES Launches Global Execution Management System
AXES, a global agency brokerage, has launched a global execution management system to facilitate electronic trading to the over 100 countries it services. The system, called GEMS offers cross-border trading in developed, emerging and frontier markets, notes Peter Gaffney, AXES president.
NYSE Preps for Monday Launch of NYSE Bonds
The NYSE is preparing to launch NYSE Bonds, a trade-matching platform created to emulate trading on an equities exchange rather than the request-for-quote model familiar to the fixed-income market. John Holman, VP of Fixed Income, NYSE Group, notes that the initial focus is corporate bonds, but he is considering expanding the system to include Treasuries, munis, credit default swaps and convertible securities down the road.
IT Performance Strongly Affects the Bottom Line, Survey Finds
If you're an IT executive, stand tall - you're more important than you (and others) may give yourself credit for. According to the partial results of a survey of 220 senior executives and IT managers released today, IT performance is absolutely critical to overall revenue. The study, which was commissioned by business service management software vendor Managed Objects, found that 66% of senior executives think IT systems are so important
Fidessa's Acquisition of Latent Zero Means Synergies for Buy and Sell Side
With more multi-asset trading on the horizon and buy-side firms clamoring for streamlined integration of OMSs and EMSs, London-based royalblue group, the company behind Fidessa, has agreed to acquire LatentZero, a provider of buy-side order management systems, for $125 million.
According to Fidessa CEO Mark Ames, the reason for the acquisition is that " LatentZero offered us a unique opportu
Time for Fresh Thinking on Data Center Management
This morning, I dropped in on the thinktank: data center Expert Series Tour our sister publication Network Computing is running; today's event was at the posh St. Regis Hotel in New York City (my clothes are almost starting to dry). Art Wittmann, Network Computing's Editor in Chief, zeroed in on some of the key issues facing data managers and executives trying to efficiently run data centers today. Most of the attendees had
Citi Restructuring Focuses on Cutting IT Costs, Jobs
Citi laid out its plans for a major restructuring as anticipated this morning. The financial supermarket expects to realize an extraordinary $2.1 billion in savings this year, which it expects to grow further, reaching $4.6 billion in 2009. While this news is stellar for shareholders, it is a dispiriting announcement for the bank's
Aite Group's Bailey Weighs In on Nasdaq-PHLX
A potential merger between Nasdaq and the Philadelphia Stock Exchange could quickly make Nasdaq a substantial player in the options market. The Philadelphia Stock Exchange is the third-largest options market, after the CBOE and ISE, with 15 percent market share, notes Senior Analyst Brad Bailey of Aite Group. Nasdaq has been vocal about its desire to enter the options market with a goal of garnering 20 percent market share. A merger with Philadelphia would give it 15 percent market share right
ACTIV Financial Acclerates its Ticker Plant Technology
As the industry struggles with increasing data message rates with no end in sight, market data technology providers are searching for alternative solutions to the current method of throwing more boxes at the problem.
Two weeks ago, ACTIV Financial, an aggregator of data feeds and low-latency direct-exchange feed technology, announced that it's porting, its next generation market data ticker plant solution, directly onto silicon.
Hong Kong Hedge Fund Sets Up Shop with TradingScreen and Imagine
DragonBack Capital, a Hong Kong-based multi-strategy hedge fund, officially launched in March and is busy building up its assets and portfolio. Three partners are heading up the fund with combined experience in the Asia Pacific markets of more than 50 years, which CEO Robert Lance says gives his fund a distinct local advantage.