INDUSTRY SPLIT ON WHEN, NOT IF, OF T+1 MANDATE
Executives in the financial-services industry are still split on the benefits of imposing a trade-date-plus-one settlement cycle, according to a recent study conducted by Deloitte & Touche's STP practice.
* UNX will begin posting orders directly to SuperMontage.
* Nasdaq Deutschland sets March 21 as the launch date for its new trading venture.
* TradeStation Group reports total revenues of $13.4 million in 2002 fourth quarter.
* Fame Information Services releases ReferencePoint solution.
* Fame announces partnership with Tap Ventures, integrating database with TapMaster.
* Reuters and Factiva expand with three-year agreement for Factiva content to be embedded in Reuters 3000Xtra and Reuters BridgeStation.
* Oliver, Wyman & Company merges with Mercer Inc. to form Mercer Oliver Wyman.
* Sector Inc. launches e-mail archiving solution, enables broker/dealers to comply with SEC Rule 17a-4.
* Fitch Risk acquires IC2 First database from Zurich Financial Services Group
* U.S. Bancorp Asset Management's enlists Morningstar, Inc
* Author Damon Kovelsky from Financial Insights contends that TOMSs has a high level of value proposition for buy-side firms.
* Forefield combines with eMoney to offer the Web-based wealth-planning tool.
* Web-based front office may be next step towards automating trade-order management, according to TOM vendor Indata.
* PFPC Inc unveils IMPRESS Desktop-Generation Next.
* Depository Trust & Clearing Corporation announces strategy to prepare National Securities Clearing Corporation
* The Bank of New York announces being selected by The Chubb Corporation to provide global-custody services
* Royal Liver Assurance Limited appoints Northern Trust global custodian to 2.5billion pounds sterling.
Buy-Side Firm Ditches OMS Vendor
EBS Asset Management Replaces Advent with Indata in an attempt to gain greater trade-order-management customization and increased customer service.
FIX Takes On Fixed Income
After achieving total domination in the equities markets, FIX Protocol Limited sets its sights on conquering the untamed world of fixed income.
Brokerage America will begin to attach liquidity fees to specific Nasdaq securities;
Swapstream selects Xlaunch as supplier of managed technology and network services;
The New York Board of Trade's EOR system is deployed in all five soft commodities.
Reuters appoints Devin Wenig as executive director;
HSBC Asset Management deploys Thomson Financial's First Call Analyst in seven locations worldwide;
weComm's streaming market data wireless application, MarketWave 2.0 is now available on the Microsoft windows-based Smartphone.
Charles Schwab & Co. Inc. implements Checkfree Investment Service's M-Pact;
Oregon State Treasury goes live with Eagle PACE;
Headstrong partners with MacGregor and FIX network service.
Fitch Risk's OpVantage releases enhanced version of OpVar software;
SunGard Trading and Risk Systems releases new version of Credient credit-risk management system;
Wing Hang Bank signs on Reuters' Kondor+ and Reuters Trade Processing.
Netik announces all the relevant customers upgrade to the ISO15022 standard;
ABN AMRO implements Capitalia as the first CLS in the Italian market;
BoNY is selected by Torchmark Corporation to provide global-custody services.
Sun and B2Bits Offer FIX Utility at Monthly Rate
Sun Microsystems and B2BITS are testing a FIX appliance with buy and sell-side customers to drive down the cost of acquiring FIX-messaging technology. The concept is a single utility that charges a monthly rental fee.
TransactTools expands its certification services for the FIX protocol; ArcaEx begins to migrate the trading of Nasdaq-listed stocks from the Archipelago ECN to the ArcaEx trading platform; A proposal to halt municipal bond trading in times of emergency could do more harm than good.
Thomson Financial launches its Thomson One Banker desktop solution; Equitec Proprietary Markets replaces its traditional market-data vendor feeds with a ticker plant system from InfoDyne; HyperFeed partners with Telekurs USA to deliver global data to its customers.
The U.S. General Accounting Office to the Committee of Financial Services criticizes regulators and financial-services firms for falling short in disaster-recovery procedures; Kamakura releases a new version of its Kamakura Risk Manager application; Mark-It-Partners releases an integrated daily-pricing service for global credit derivatives and cash credit instruments.
Fidelity Investments enhances the trade-processing capabilities of Advisor CHANNEL; eMoney Advisor and Brinker Capital launch an online wealth-advisory and planning platform for the high-net-worth market; WS Griffith Advisors agrees to integrate StatementOne's consolidated portfolio-accounting and performance-reporting solution into its technology infrastructure.
Gartmore Investment Management and Dresdner Kleinwort Wasserstein Securities use the SwiftNet FIX service; Swift selects AT&T for the provision of managed IP-VPN services; BNP Paribas Brokerage Services commences operations on Wilco's Gloss STP Bureau outsourcing service.
FIXing Fixed Income
"If it ain't broke don't FIX it," is very apropos to the bond markets today. Many industry players resist its automation, but the the February launch of FIX 4.4, which heavily focuses on fixed income, will likely put an end to these naysayers.
Stubbs and Jaen Take On New Roles at Bear Stearns; Merrill Lynch CTO John McKinley Moves On
FIX Testing Facility for Fixed Income?; ADP & ATS Offer Real-time Risk Tool; Townsend Analytics Set to Expand RealTick's Reach.
Investment statements are the primary communication tools used to reach clients, so its important to make sure they're getting the right message.
Operational Risk: An Ongoing Operation
As the dust settles on high-profile fines and losses and the operational-risk revolution continues, firms such as JPMorgan Chase work towards a unified, enterprise-wide approach.
VMUs Watch Out!
TradeWeb is rolling out STP functionality to buy- and sell-side customers, while Omgeo looks the other way.
Expanding Your Options
The recent influx of new electronic-trading systems
for options is revolutionizing the marketplace - but are traders ready?
FIX Opens Up the Inner Circle
Here ye! Here ye! FIX Protocol Limited is wooing exchanges, alternative-trading systems and vendors to join the all-volunteer, buy- and sell-side standards organization. Yet, it must tackle the thorny issue of certification, while expanding the protocol into fixed income, derivatives and post-trade messaging.
The Art of Outsourcing
With billion-dollar deals in the pipeline, even large financial-services firms are now looking to outsourcing as a means to reduce costs, improve efficiencies and gain flexiblity. JPMorgan Chase, in particular, has tapped IBM to outsource large portions of its data-processing infrastructure.
The Beat on the Street
Tough Times See Analysts Teaming Up; Financial Insights Releases Top-10 List for 2003; Funds Must Re-evaluate Service Providers.
In "Game, Set, Match", Anthony Guerra most certainly captured the mood of the buy-side community when it comes to central matching.
Taking the Linux Leap
Touting better performance and lower costs, Reuters releases Linux version of its Reuters Market Data System.
BTEX will decrease the minimum tick size on the five-year Treasury note contract as of Friday, Feb. 13, 2003; RBS picks Calypso Technology to process its capital markets operations globally; TradeWeb launches AccountNet.
FinancialContent launches market information feed and instant-messaging system; Sector Inc. appoints Fred Del Gaudio as President and CEO; HyperFeed's Software Development Kits have been "Exchange Approved" by all North American stocks exchanges.
SunGard Futures Systems releases its Query Builder real-time reporting system; ANZ Investment Bank installs the MindAlign real-time messaging tool.
eMoney Advisor announces the availability of its new AdvisorPlatform; Macgregor announces the opening of a Hong Kong office; CSSL selects Sierra System to manage its fixed-income business.