June 2004

COVER STORY Return to Growth As the economy rebounds and cash flows return, CIOs hone in on areas where they see the potential for growth. Schwab's IT Mission: Quality CIO Geoffrey Penney supports key initiatives in retail investing and institutional trading. Growing Through a Major Merger Wachovia CIO Martyn Greene faces integration challenges with the firm's Prudential merger. A Penny Saved Is a Penny Earned Michael Goff prepares T. Rowe Price for the economic upturn with a long-term strategy. PHLX Pushes Capacity to Extremes CIO William Morgan leads effort to upgrade capacity and provide streaming quotes. An Alternative View Despite a level budget, Vanguard CIO Tim Buckley strives to provide more. SPECIAL REPORT The Analysts' View What's next? Algorithmic trading or old, faithful STP?Industry analysts make their predictions. Key Trends in U.S. Securities Key IT trends within the U.S. securities industry currently revolve around the broad concepts of cost reduction, operational efficiency, and compliance and risk management. The Next Wave: Innovation It's been a long time comin', but the Securities industry has reengaged, with some very innovative technologies, products and even services as its launching pad. 2004: The Year of the Monkey The SIA Technology Management Conference has become one of those annual rights of passage for our industry, similar to the cherry blossoms in D.C. or Opening Day for the Yankees. INTERVIEW A Q&A With CCorp's Top Execs On Feb. 8, The Clearing Corporation (CCorp) began processing trades for Eurex U.S., the all-new electronic futures exchange based in Chicago that was launched by Eurex, the world's largest derivatives exchange. INDUSTRY VOICE (mis)Alignment of IT Offshoring Outsourcing software projects offshore is one of the hottest topics in management consulting.

FROM THE EDITOR A New Look for WS&T BUSINESS LINES Rethinking Data Delivery Financial institutions are recognizing that data latency can increase the cost equation when relying on third-party data feeds. Reg NMS: Divided We Stand Unable to define fast versus slow markets, the industry is split over the SEC proposal to amend the trade-through rule. Credit-Index Trading Takes Off Buy-side interest in two rival credit-derivatives indices is forcing dealers to adopt electronic trading to keep pace. Masters of the Universe Unified managed accounts are helping financial advisers maintain control of their customers' assets. Mission: Business Continuity Since 9/11, the DTCC has taken extraordinary steps to keep the financial markets out of harm's way. Fund Fixes Mutual funds are taking action to prepare for potential regulations on market timing, but there aren't any easy answers. FOCUS ON: TRADING ROOMS Wall Street's Future Stars Simulated trading rooms are popping up on college campuses, and they're opening recruiting doors on the street. CIO CHALLENGE Blades The need to jam more computing power into less space has firms scrambling to manage their data centers. PRODUCT WATCH Innovative Technologies & Services Cleansing Historical Data; Scaling for Multi-Style Accounts; Voltage Eases Encryption; NexTrend Offers Mock Accounts; Permabit Addresses Integrity; Adding Clients? Flip the Switch SHIFTING GEARS People & Careers Henry Leaves CSFB for JPMorgan Chase; Flatley Moves to Banc Of America Securities; SunGard Hires Leman to Head BRASS; Keeping Tabs PERSPECTIVES The Bad Side of Good News The economy is humming, corporate profits are up, brokers' earnings are up and firms are increasing their technology spend - fantastic! But, where does that leave the industry's IT cost control and management accomplishments of the past four years?