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Buy-Side Traders Will Send Letter Urging Sell Side to Adopt Fixed Income Protocol In an effort to standardize communications, buy-side traders are pushing the sell side to use the FIX protocol.
TowerGroup Replaces Tabb as Head of Securities and Investment Practice TowerGroup's Larry Tabb is named senior strategy advisor for the company. Rob Hegarty has been chosen to replace him as vice president of the Securities and Investment Practice.
The Fat Lady Sings: GSTPA To Dissolve The GSTPA, an industry utility focused on the automation of post-trade/pre-settlement matching, announces that it will cease operations and begin to dissolve its business.
GSTPA Funding Discussions Underway The GSTPA has asked some of its members to pony up more cash but whether they will remains to be seen.
SuperMontage: Customer Expansion on Horizon? Nasdaq, engaged in a heated battle with Instinet/Island for liquidity and market share, is considering expanding the quoting capabilities of its SuperMontage network.
Industry Players Offer Practical Advice for Cleaning Up Reference Data Financial-services firms scramble to improve their reference data to achieve STP and in turn improve efficiency, reduce errors, lower risk and save money.
ELECTRONIC TRADING NeoNet brokers a deal with Macgregor; OneChicago plans to list 23 new contracts on Nov. 22; IntercontinentalExchange elects a new board of directors.
MARKET DATA FT Interactive Data adds a U.S. fixed-income data service to the evaluated bond-pricing module of its FTS desktop portfolio administration tool; Infonet Services Corp. is tapped to provide a redundant wide-area network for Sumitomo Trust & Banking Co; AlphaTrade implements new charting algorithms from Bollinger Capital Management into its real-time financial market data application.
RISK-MANAGEMENT TECHNOLOGY PWC reports that financial firms struggle with inadequate data gathering and measurement tools; Townsend Analytics introduces new features to its RealTick 7.6 platform.
INVESTMENT-MANAGEMENT TECHNOLOGY WealthTouch, Inc. introduces WealthTouch Portfolio Reporting; U.S. Bancorp prepares to go live on CheckFree APL to administer its separately managed accounts business; Barclays Capital announces two hires in Corporate Communications and Global Marketing.
OPERATIONS City Networks upgrades its CityNet Enterprise Reconciliation Module (Insight); The DTCC introduces the first in a series of new mutual-funds-processing capabilities to support fund companies, broker/dealers, banks and other distributors; Penson Worldwide, Inc., will use SunGard's STN.
Merrill Outsources Broker Workstations: Thomson Wins Big Merrill Lynch and Thomson Financial team up to build new Wealth Management Platform to combine market data, financial planning tools and CRM onto one platform.
Instinet CEO Ed Nicoll Provides Update on Island Integration and ETF Strategy Instinet's new CEO gives his thoughts on the Instinet/Island integration timetable, as well as the restructuring of the firms' combined ETF strategy.
Shanghai Surprise: Company To Place Outsourcing Center in China, Not India India may have the lead when it comes to outsourcing application development but some see China as the offshore destination of tomorrow.
ELECTRONIC TRADING Harris Associates selects a trade-order management and FIX connectivity package from MacGregor; Javelin Technologies launches a new version of its Appia; The Canadian Derivatives Clearing Corp.is assigned an "AA" rating by S&P.
MARKET DATA Abbey National Treasury Services deploys DataSynapse's LiveCluster distributed-computer infrastructure; Rolfe & Nolan Systems and DTN Market Access team up to offer a joint product; Evault releases its EVault InfoStage online backup and recovery software suite.
RISK-MANAGEMENT TECHNOLOGY Merrill Lynch implements Mantas' Money Laundering Monitor and Broker Surveillance Monitor applications to detect money-laundering; South Africa's Standard Banking Group licenses Algorithmics' Algo Collateral platform.
INVESTMENT-MANAGEMENT TECHNOLOGY Harris Associates selects the MFTP to automate its equity trading; Ontario Public Service Employees Union Pension Trust selects Eagle's Web-based portfolio-management system; U.S. Bancorp Piper Jaffray prepares to go live on CheckFree APL to administer its separately managed accounts business.
OPERATIONS The Dallas Police and Fire Pension System selects JPMorgan Investor Services for its $1.9 billion in assets; Genesis Securities, LLC switches from its long-time clearing firm to clear and settle all trades through CCS; SunGard eProcess Intelligence selects intelliMATCH for automation of reconciliation activities within FSBA's investment operations.
ROI Reigns Supreme The stock market is still faltering, budgets have been cut and colleagues continue to be laid off. The worst of it is tech execs are having trouble getting approval for technology projects that used to make their professional lives worth living.
NEWSMAKERS BrokerTec Appoints New Chairmen; Researchsummary Nabs Salomon Exec; MarketAxess Lands TowerGroup's Andy Nybo
Product Watch Patented Technique for Asset Allocation Expands to Advisers; Sun Beefs Up Solaris; Synthean Targets Financial-Adviser Market.
Broker Dealers - Are you ready for the Patriot Act? Financial-services firms are under the gun to create sophisticated monitoring and detection systems that call attention to suspicious trades. But where does a firm begin?
IT Challenge When it comes to implementing a wealth-management platform, is it better to buy, to build, or maybe a little of both?
Listening Post: Questions Around WLANs Linger Wireless-local-access networks promise benefits of convenience and flexibility, but questionable security is causing some firms to stay away.
Straight from SIBOS Sibos, one of the largest financial-technology conferences of the year, descended on Geneva with business-continuity planning at the center of everyone's agenda.
Wealth Management Takes Center Stage at WS&T Conference Wall Street & Technology's Wealth Management Technology Conference gave insiders a chance to address the challenges that come with entering this growing space.
Reference Data Gets Some Much-Needed Attention Reference data is in the spotlight as Retuers forms a user group to examine the problem and TowerGroup reports on the industry's progress.
Not What it Used To Be: Risk-Management-Technology Spending Overall, risk-management-technology spending is slowing, but credit-risk spending continues to grow.
Smaller Asset Managers Cry Foul at Some Basel II Requirements The Basel II debate heats up as smaller firms grumble about being left in the cold.
ADF Looks to Bypass ITS For Listed Equities The National Association of Securities Dealers' Alternative Display Facility hopes to offer ECNs a way around the Intermarket Trading System, but hurdles remain.
Running Out of Room: Data-Storage Needs Explode Newly proposed business-continuity-planning requirements make firms rethink their approach to information-storage technologies.
STP in the Bond Market? Not Yet, But Electronic Initiatives Are Gearing Up Looking to push the fixed-income community closer to straight-through processing, the Bond Market Association plans to build a standard-messaging hub and launch an advanced version of FIX.
No Proof, No Project In tough economic times, proving return on investment is essential to justify projects. Merrill Lynch and Citibank Global Securities have complex ROI strategies in place.
Letters Web Services Bootcamp; Bloomberg: Aware of Overtaxing But Can't Stop Collecting?
Scotiabank Taps Sanchez Line of Business Solution As one of the largest banks in Canada with almost C$300 billion in assets, Scotiabank does its fair share of mortgage business. However, the bank was experiencing difficulties creating new mortgage products.
IDC Acquires Meridien in Quest for International Financial-Services Research and Advisory Firm IDC expands its reach into the financial-services technology world with the acquisition of Meridien Research.
The Future of Wealth Management: Aggregation and Advice Combined The financial-services industry may be seeing the future of wealth management in the form of two vendors that are integrating wealth-management functionality and data aggregation.
ELECTRONIC TRADING The Chicago Board of Trade names Bernard Dan its new CEO; NQLX and OneChicago are set for launch on November 8th; Euronext plans to complete the conversion of its Amsterdam market to screen-based trading by December 9.
Financial Institutions To Spend More On Wealth Management Technology Financial institutions will see a 5 percent compound annual growth rate in IT spending for wealth management by 2005.
MARKET DATA Wall Street Source and Dow Jones Newswires team up to launch 1 Stop Pro; S&P's ComStock launches a high-speed satellite network for delivery of its XpressFeed real-time market data feed; CreditTrade will launch a Web-based data service early in 2003.
RISK-MANAGEMENT TECHNOLOGY * Kamakura launches a new information service with default probabilities for multiple models; Algorithmics and Commerzbank partner to develop Algo OpModel.
INVESTMENT-MANAGEMENT TECHNOLOGY IFDS selects FIX.NET Server 2002 FIX; GIS appoints Barry McConville to managing director of GIS Europe.
OPERATIONS DrKW chooses Calypso for its global-securities processing, with the first component of the new system going live for tri-party repo on Nov. 4, 2002; The DTCC provides financial representatives and planners with the ability to electronically transmit fund purchase, exchange and redemption orders through a real-time Web-based interface; TRPI goes live with One-Ten's Salerio e2e middleware solution.
SWIFT Preparation for Next Generation Standards November 16, 2002. That's the deadline for financial services, banking and securities institutions worldwide to migrate the first set of SWIFT message types from the ISO 7775 messaging standard to the new ISO 15022 standard.
Reducing Complexity and Cost Integrating market and credit risk tends to focus on the mathematics of the methodology. David Goucher, director of risk policy and development, SunGard, argues that this misses the point.