The board of directors of the Chicago Mercantile Exchange is postponing the launch of Eagle, a project that will for the first time enable exchange participants to electronically trade calendar spreads. The CME was supposed to roll out Eagle this quarter, but the board -- citing connectivity problems tied to a significant rise in the exchange's electronic trading volume -- has decided to delay the project's implementation until October. Calendar spreads are a popular and complex trading strategy in Eurodollar futures that currently can be executed only through open outcry trading.
Thomson Financial has signed a licensing agreement with NeoVision Hypersystems, a supplier of visual intelligence software. The deal calls for Thomson to integrate NeoVision's Heatmaps and Brokeragemaps applications into the Thomson Workstation. The Thomson Workstation provides end-users with real-time market data from a variety of Thomson units, including ILX, AutEx and IFR.
IntercontinentalExchange, an all-electronic energy and metals market, has signed a deal to acquire the assets of CommodityLogic. ICE is purchasing the assets of CommodityLogic, which include a collection of back-office software and hardware, from Enron Net Works LLC, an affiliate of the failed energy giant Enron Corp. The purchase and sale agreement has been submitted to the bankruptcy court and is subject to final bankruptcy court approval.
Merck, Microsoft and Sun Microsystems have joined the customer advisory board of FXall, an electronic, multi-bank foreign exchange portal backed by a group of investment banks and brokerages. The customer advisory board advises FXall on a variety of important issues, including connectivity, integration and security.
Dresdner RCM Selects SmartStream ETC TechnologyIn a recent move to improve their trade-processing capabilities, Dresdner RCM Global Investors has selected SmartStream's ETC, an Electronic Trade Confirmations module, for use in its London office. The program will be used for Dresdner RCM's automated-equity-trade processing, assuring that at each stage of the trade, from order placement to cash and stock reconciliations, electronic confirmation will be provided. The new software will be the backbone of Dresdner RCM's STP architecture, adding efficiency to deal with Dresdner RCM's increased trade volume. The program also integrates with Dresdner's Landmark order system and OASYS feeds, providing broker's affirmation and custodian's confirmations as well as alerts for exceptions.
TD Securities Chooses NumeriX
TD Securities, the wholesale banking division of TD Bank Financial Group, recently announced its choice to use NumeriX as the architect and general contractor to its enhanced derivatives-trading and risk-management system. The global cross-asset trading platform system is meant to merge different areas of the firm to get a better overall picture of risks and is expected to be implemented in three years while being released in several phases. NumeriX will add its technological knowledge of pricing and cross-asset risk to the system. Credit derivatives, fixed-income derivatives and equity derivatives will be taken into consideration while developing the project.