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CDS Central Clearing Platforms Approved by Regulators NYSE Euronext Liffe and CME-Citadel's CMDX receive the green light from regulators to launch centralized clearing platforms for credit default swaps.
New Financial Products Need New Regulation The crash of the financial markets and the pile up of investment scams have some people asking -- Where were the regulatory agencies in all of this?
Where Did the Bailout Money Go? CNBC's Jim Cramer, host of Mad Money, discusses what happened to the bailout money on MSNBC and says that Hanl Paulson, Treasury Secretary, maybe didn't even have a plan in place when he handed checks to all of the major banks. Cramer is astonished that there isn't an investigation into what has happened to all of the money. And, surprise, Cramer is outraged.
Fidelity Names Former Schwab Executive To Lead New Institutional Brokerage Platform Business Schwab Institutional's Charles Goldman has jumped to Fidelity to run Institutional Platforms for Fidelity Institutional Product Group.
NYSE Euronext Manages Exponential Data Growth in U.S. with Greenplum Exchange group relies on Greenplum in the U.S. to support surveillance and other next generation analytic applications.
SIA-SSB: New Connectivity Services to Access the Markets of the London Stock Exchange In its capacity as accredited Network Service Provider, SIA-SSB can connect financial institutions throughout Europe directly to the London marketplace.
Duthu Leads Wealth Management At Whitney Mark Duthu, formerly of Wachovia Trust, has joined Whitney National Bank to oversee the expansion of Whitney's Trust, Brokerage and Investment Management resources.
FIX Flyer Releases 3.0 Build of FIX Engine Latest High Speed Transformation Engine also makes debut.
Low Latency Spending Moves Full Speed Ahead Trading firms still need to focus on reducing data latency to keep up with the competition. With spending cuts and reduced IT spending forecasts, CIOs will still find the funds to invest in technology that speeds up the trading process.
Wall Street & Technology’s 2009 Capital Markets Outlook WS&T's editors look at the year ahead and present visions for 11 areas where change may come in 2009.
Canadian Banking System Could Provide Insight Into Future Regulatory Planning Canada's banks have survived the worst of the global crisis; perhaps their model can provide a framework for a healthy world banking system.
DTCC Launches New Global Messaging Service for the Syndicated Loan Market Loan/SERV Messaging Service is rolled out.
Euroclear Sets New Messaging Standards Approval granted from the ISO 20022 registration bodies
Former SEC Official/Madoff Relative Eric Swanson Said to Be A 'Straight Arrow' Stephen Labaton of the New York Times, in a well-researched article about Eric Swanson, the former SEC official who married into the Madoff family last year, Unlikely Player Pulled Into Madoff Swirl, says that the work Swanson did in the SEC's Madoff investigations was "relatively minor, and no evidence has emerged that Mr. Swanson did anything involving the firm after he became close to Ms. Madoff in th
Is Mary Schapiro the Right Choice for SEC Chair? CNBC's Steve Liesman and Charlie Gasparino debated Barack Obama's choice of FINRA CEO Mary Schapiro as chairman of the Securities and Exchange Commission in a Call of the Wild segment yesterday. "She's a terrible choice," said Gasparino. "She's a career bureaucrat. We need change...He should pick someone who is not a part of the bureaucracy." Liesman thought Schapiro might be able to draft better regulations. You can view the video
TGIF: Introducing the Mactini, Dancing Startup Employees, Holiday Songs The rollout of an ultra-small laptop; a venture capital firm's holiday card. The New Mactini An ultra, ultra-small laptop.
Consolidation, Client Reporting to Lead 2009 Wealth Management Projects Amid the market turmoil, wealth management offers a ray of hope. Firms invested heavily in wealth management this past year, and in 2009 they'll be digesting those purchases, consolidating their many platforms and improving client reporting.
Risk Management Is Wall Street's Top Priority for 2009 Poor risk management is at the heart of the current financial crisis. Firms will have to implement new risk management practices and governance to shore up their performance, satisfy regulators and win back investors' trust.
Keeping Tabs: Industry Moves and Appointments GFI names Dobner; New board of governors members for Money Management Institute; Weber to become CEO of EMXCo; DST appoints Kassar
SEC Officially Mandates Interactive Data for Financial Reports Large firms must start filing financial reports in XBRL format in June 2009.
IT Spending to Focus on Middle-Office Functions in 2009 While technology spending will take a hit in 2009, capital markets firms will invest in middle-office functions, such as risk management and reporting.
Financial Firms Turn to Social Media to Attract New Gen X, Y Clients Retail brokerages and banks have increasingly been using social networking to attract and retain clients. But with social networking tools and sites proliferating, firms need to ensure that they connect with their target audience and provide content quality controls.
2009 CIO Challenges: Role of the CIO Industry experts outline the potentially shifting responsibilities and focuses of CIOs in 2009.
GlobeOp Integrates Auto-novation Processing with DTCC Deriv/SERV Supports December 31 OMG deadline
Credit Suisse to Pay Bonuses With $5B in Illiquid Assets A story just posted on Bloomberg says that Credit Suisse plans to pay bonuses to directors and managing directors using $5 billion in illiquid assets. The story says, "Credit Suisse Group AG's investment bank has found a new way to reduce the risk of losses from about $5 billion of its most illiquid loans and bonds: using them to pay employees' year-end bonuses."
Obama Taps Schapiro To Head SEC President-elect Barack Obama officially named Mary Schapiro as head of the Securities and Exchange Commission (SEC) today.
Corporate Fraud and Misconduct Risks Driven by Pressure to do ’Whatever It Takes’ Fewer episodes reported by companies with ethics and compliance programs
Holland & Knight Forms Madoff Advisory Group Assists clients in determining losses
Hedge Funds Could Be A Source of Recovery for Victims of Madoff's Swindle Fund-of-Funds Earned 20 Percent Commission on Madoff's Bogus Investments
2009 CIO Challenges: Low-Latency Technology Industry experts examine the focus on low-latency, and whether Wall Street CIOs will continue to go faster in 2009.
Hedge Funds Diversify Away from Single Prime After Financial Turmoil Leads to Collapse of Major Brokers The crisis in the financial markets that led to the collapse of two of the top brokers, Bear Stearns and Lehman Brothers, has caused hedge funds and long-only asset managers to reevaluate their prime brokerage relationships.
Collateral Automation to Be A Trend in 2009 Market turmoil placed a spotlight on counterparty risk, and collateral management is critical to mitigating counterparty credit exposure. Solutions that help value and manage collateral on a near-real-time basis will be one of the few areas of IT investment in 2009.
Agency Brokers Are Predicted to Gain Market Share Away From Bulge-Bracket Firms After witnessing two of the bulge-bracket brokers fail, the buy side is looking for more-financially-stable trading partners. Agency brokers are seizing the opportunity to lure institutional clients away from the troubled bulge-bracket firms.
Regulators Push Central Clearinghouse On Dealers to Eliminate Counterparty Risk In Credit Default Swaps In light of the current financial crisis, regulators are pressing top dealers in credit derivatives to develop a central clearinghouse that would eliminate counterparty risk and protect members in the event of a default.
Wall Street Recruiters and Employees Increasingly Use Social Networking for Career Management In today's economy, employees need to make sure they are ready for the next job, which means keeping up with contacts as well as with developments in their fields. Recruiters also need to make sure they use the latest tools available to find the best candidates.
Regulators Set to Tighten Grip, Focus on Accountability and Transparency in 2009 The current financial meltdown has been partially blamed on a lack of regulation. To correct the problems that contributed to the crisis, regulators should target specific problem areas while making sure they don't overregulate and asphyxiate the markets.
Be an IT Hero With a Focus on Cost-Conscious Technology Decisions Cutting costs will be a priority in 2009. Rationalization, modernization and vendor negotiation will be among the top cost-conscious IT strategies. IT managers who can cut costs without axing people will be golden in 2009.
Wealth Managers Focus on Reassuring Clients During Economic Downturn Amid the current economic crisis, firms are placing more emphasis on communicating with clients more frequently to review their financial situations, confirm the wisdom of their asset allocations and current holdings, and convince them to get back into the market.
U.S. to Have Competition in Clearing Business for First Time in 40 Years The potential competitors are a mix of horizontal and vertical models and ownership structures that includes existing utilities, exchanges, clearing entities or quite possibly a combination of two or all three, according to TABB Group partner Robert Iati.