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Wall Street & Technology’s Top 5 Stories of 2012
Financial firms may have been laying off employees by the thousands, but it’s certainly not all gloom and doom for technologists. Specialized IT skills are still in high demand on Wall Street, and earlier this year, we gave you the low-down on how to get an elite IT education. If you’re a Wall Street manager, we also gave you some tips on how to manage Millennials to make sure you connect with them, retain them and make the most of their talent – while also ensuring you take a
A Look Ahead to the Capital Markets in 2013
The Eurozone crisis is far from over, the fiscal cliff is top of the headlines and industry revenues continue to decline. Adding to their collective headache, financial organizations are dealing with flat IT budgets while striving to innovate in today’s ultra-competitive market. But there are a host of bright spots in the financial technology world. Here is a look at Wall Street & Technology’s take on the key issues that will shape the industry in 2013.
Wall Street & Technology’s Top 5 Galleries of 2012
It’s been quite a year for the financial services industry, which was hit by multi-million dollar hack attacks as well as spectacularly disastrous technology failures. We took a look at the most costly industry mishaps in our top galleries of 2012, while also shining the spotlight on some of the biggest mistakes CIOs make. But there is light at the end of the tunnel for chief technology officers: our recent salary survey showed that IT skills remain in short supply on Wall Street. So for t
ICE's NYSE Swoop Creates Derivatives Giant
IntercontinentalExchange's $8.2 billion takeover of New York Stock Exchange owner NYSE Euronext allows it to tap into a dramatic expansion of demand for clearing financial derivatives expected next year.
In ICE-NYSE Deal, One CEO Steps Back, The Other Rises
Duncan Niederauer, the chief executive of
New York Stock Exchange operator NYSE Euronext, once
boldly proclaimed that his company could not be acquired.
Regulatory Black Hole Puts Banks Off Deals
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
IntercontinentalExchange Buys NYSE Euronext for $8 Bln
IntercontinentalExchange
agreed an $8 billion deal to buy New York Stock Exchange owner
NYSE Euronext on Thursday, propelling the commodities player
into European financial futures and helping it to take on arch
rival CME Group.
Factbox: ICE-NYSE Euronext Would Go Third in World Table
A look at the world's top
exchanges by market capitalization, as IntercontinentalExchange
agrees to pay $8 billion for NYSE Euronext.
Proven: Technology That Stuns Users Into Boosting Retirement Funds
Merrill Edge has launched an app called Face Retirement.
UBS Libor fixing fine puts brokers under scrutiny
The complex world of inter-dealer
broking took centre stage on Wednesday as UBS admitted
that its traders paid bribes to brokers in return for their help
rigging interest rates.
Getco to Buy Knight Capital in $1.4 Bln Deal
Knight Capital Group Inc, which
was nearly brought down by a trading error in August, said it
will be acquired by rival electronic trading firm Getco Holdings
Co in a cash-and-stock deal that the companies valued at $1.4
billion.
MF Global Judge Wary of Letting Customers Depose Corzine
A bankruptcy judge responded on
Wednesday with skepticism to a request by former MF Global
customers to depose the collapsed brokerage's former chief Jon
Corzine.
Getco to Buy Knight Capital in $1.4 Bln Deal
Knight Capital Group Inc, which
was nearly brought down by a trading error in August, said it
will be acquired by rival electronic trading firm Getco Holdings
Co in a cash-and-stock deal that the companies valued at $1.4
billion.
Extreme Makeover: Citi Consolidates 70 Data Centers to 20
The global bank has also virtualized 40,000 servers and improved server utilization by 45 percent.
Seatbelts, Air Bags Won't Solve Threat of Tech-Induced Market Crashes
Given the rapid growth of technology in all aspects of the market, the disastrous BATS and Facebook IPOs - and the Knight Capital episode - shouldn't have been a big surprise.
Massachusetts Fines Morgan Stanley over Facebook IPO
Morgan Stanley, the lead
underwriter for Facebook Inc's initial public offering,
will pay a $5 million fine to Massachusetts for violating
securities laws governing how investment research can be
distributed.
Two Former Fund Managers Guilty of Insider Trading
Two former hedge fund managers
were convicted on Monday of illegal trading in Dell Inc
stock based on secret information supplied by research analysts,
the latest in a string of Wall Street insider-trading
convictions.
BofA Ramps Up Mobile, Social Media User Experience
BofA aims to mirror how users and consumers share information outside the financial industry.
Asia Brokers In Balancing Act to Bypass Stalled HFT Debate
Brokers in Asia are
trying to balance traditional investors and the new force of
high-frequency traders to keep profits growing amid a pullback
in overall trading volumes, seeking to move past a stalled
debate on trading models.
U.S. Banks Add to Call For Easing Liquidity Rule
U.S. banks want regulators to ease a rule forcing them to hold large amounts of assets that can be tapped at short notice in a crisis, saying the buffers built up already should be enough.
2013 Electronic Trading Outlook: More Pressure on Tap for the Sell Side
Next year, the buy side is also likely to be impacted by intense pressure on management fees, an issue has been developing for some time but in 2012 seemed to reach a tipping point.
Microwave Technology for Low Latency Trading Networks
Microwave networking can deliver a significant speed advantage over fiber for high frequency trading applications between cities such as Chicago and New York, writes Travis Mitchell of Aviat Networks
Financial Stability Oversight Council Considers Money Fund Designation
The U.S. risk council discussed using its powers under Dodd-Frank to impose more regulatory oversight on money market funds.
Things You Should Know About HTML5
Leading front-end trading applications in FX, fixed income and OTC derivatives have moved quickly to adopt HTML5. But this is no technology fad, writes Mazy Dar, CEO of OpenFin.
Selling DDoS Flak Jackets in the Cyberwars
When hacker groups like Anonymous rise from the digital ether, or when WikiLeaks dumps a trove of classified documents, some see a lawless Internet.
Wall Street Nemesis Warren to Join Senate Banking Committee
Wall Street critic and Senator-elect Elizabeth Warren will join the Senate Banking Committee where she is likely to be a loud voice in favor of tight financial regulation.
The Case for Scenario Planning in Sandy’s Wake
After underestimating the strength of Hurricane Sandy, financial firms need to consider 'risk scenario planning' as a tool for forecasting what can go wrong in the future, writes author and risk analyst Andrew Waxman.
Europe Seeks to End Discord Over Banking Union
An impasse over plans for the European Central Bank to supervise banks takes centre stage at a finance ministers' meeting.
HSBC: How Simple Became Complicated, and Costly
HSBC takes its name from its roots as the Hongkong and Shanghai Banking Corporation, but there has long been a joke that the name stands for "How Simple Became Complicated."
Damage from Sandy Still Hampering Trading
Some 40-odd days after Sandy hit New York, some traders are still forced to use back-up facilities.
Nasdaq to Buy Stake in Dutch Derivatives Trading Venue
NASDAQ OMX Group is
buying a 25 percent of a Dutch cash equity and equity derivatives
trading venue, with an option to secure a
majority stake.
HSBC to Pay $1.9 Bln U.S. Fine in Money-Laundering Case
HSBC has agreed to pay a record $1.92
billion fine to settle a multi-year probe by U.S. prosecutors,
who accused Europe's biggest bank of failing to enforce rules
designed to prevent the laundering of criminal cash.
Three British Men Arrested in UK Libor Probe
Three British men were
detained in London on Tuesday in the first arrests stemming from
a global investigation into the manipulation of interbank
lending rates.
Fidelity Launches New Execution Venue For Block Trades
Fidelity has been selectively inviting buy-side clients to access BLOX in a bid to safeguard the venue’s integrity.
The Road to Big Data
As big data becomes inescapable in today's financial services industry, institutions can prepare by surveying the analytics landscape, targeting a specific problem to solve, studying relevant cases and expanding capabilities with the right technology solution for their environment.
US, UK Bank Seizure Plans Focus on Absorbing Losses - Regulators
Both the United States and
United Kingdom have developed viable approaches to seizing and
unwinding failing global financial institutions, but more work
is needed on the UK side to ensure that losses can be adequately
absorbed, American and UK regulators said on Sunday.
IMF Chief Says U.S. Needs Blend of Spending Cuts, Revenue Raising
The United States needs a
balanced, comprehensive approach to tackle its fiscal woes that
should include a mix of spending cuts and revenue increases, the
head of the International Monetary Fund said on Sunday.
HSBC Hires Financial Crime Fighter
The UK bank is currently embroiled in a money-laundering scandal that could cost it over $1 billion.
BofA Merrill Adds Electronic Options to Commission Management Platform
The firm say the move was made in response to growing demand from its institutional clients.
Progress Software Predicts PR Offensive By HFTs in 2013
The firm also predicts London will become a hot market for investors looking to escape tight regulations, and that algorithmic "hall monitors" will be a force.
RBS: The Biggest Turnaround In Corporate History
Royal Bank of Scotland
chief executive Stephen Hester has shrunk the bank by $1.1
trillion in four years, and can count on at least three years' work to finish the turnaround.
After MF Global, Insurance Weighed to Protect Futures Customers
Long-derided as unsuitable for
sophisticated futures markets, insurance is getting a surge of
attention heading into the new year as the industry works to
patch itself up after the stunning collapse of brokerage MF
Global in 2011.
Goldman Sachs Fined $1.5 million for Trading Glitch
Goldman Sachs Group Inc
was fined $1.5 million to settle charges it failed to supervise
its traders and allowing one futures dealer to hide billions in
dollars from sight and causing a $118 million loss.
Citi Internet Exec Peluso Departs for Gilt
Citi board member and Internet executive Michelle Peluso has been hired as chief executive at Gilt Groupe, as the e-commerce company prepares for a possible IPO.
Crowdfunding Websites Clamour for Clearer Securities Regulation
A new breed of internet-based financiers want to end regulatory uncertainty they say is preventing them from getting money to the small and medium-sized businesses that need it.
Deutsche Bank Directors Question Board Over Possible Financial Crisis Losses
Deutsche Bank's directors will question the management board over claims the lender failed to recognize billions of euros in unrealized losses during the financial crisis.
How FATCA Will Impact Asset Managers
FATCA becomes effective on January 1, 2014. Sitting back and waiting for further clarification of the requirements is not an option.
Securities Regulators Eying Websites Tied to Crowdfunding
A spike in website names related to crowdfunding suggests an upcoming wave of websites through which small businesses and entrepreneurs could raise investments using
the online strategy.
Black Box Hedge Funds Buy Exchange Seats to Dodge Brokers
Some of the world's top computer-driven hedge funds are buying exchange memberships to trade directly on the biggest commodities and financial futures markets.
HFT Critics Call CFTC Economist's Study “Groundbreaking”
"Something should strike you that this paper is unique when it comes to academic literature on HFT," Themis Trading's partners say.
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