September 2004
A Special Trading Supplement - Behind The Black Box

Direct Access Trading Directory [pdf]
Algorithmic Trading Directory [pdf]

COVER STORY Bracing for Disclosure of Soft Dollars The SEC's examination of soft dollars could require money managers to increase disclosure of costs and force the sell side to unbundle its commissions and separately price its research. BUSINESS LINES United, We Stand A consolidated view of clients' holdings may be the Holy Grail of investment management, but is Wall Street ready? Custodians Target Compliance Firms that lack the technology, data or manpower to monitor compliance are looking to their custodian services for relief. Building the Right Team With no sign of waning regulations, compliance officers remain essential to the architecture of the securities industry. INDUSTRY VOICE Taming Corporate Insecurity The IT department of Acme Corp. is currently in a state of chaos. Servers located throughout the corporate environment are either crashing, rebooting or at such a depleted level of performance that users cannot access them at all.

FROM THE EDITOR Bringing India to You UP FRONT --Fraudsters Go Phishing --Things Are Looking Up --SOX on the Brain Dear CIO... With sophisticated market data reporting systems, I can report on how often a user accesses any particular service. If an individual uses a service only once a year but still makes $50k on the deal, is it worth it to try to save the fees? Where is the balance? FOCUS ON Outsourcing The ABCs of ASPs The application-service-provider model is gaining momentum as firms seek ways to lower the cost of technology adoption. CIO CHALLENGE Project Management Ramping up for growth while keeping costs in check is a challenge for any manager. PRODUCT WATCH Innovative Technologies & Services --LSE Improves Real-Time Data --Portfolio Systems Upgrades --Capco Streamlines Research SHIFTING GEARS People & Careers --Cusick Named to Regulate PHLX --Arman Falsafi Manages CME Europe and Asia --Jaime Punishill Makes a Career Move --Keeping Tabs PERSPECTIVES Independent Aggregation: An Oxymoron Ah, to be an independent aggregator ... to develop ECN aggregation technology; provide quick and consistent order execution and blazing-fast market data; and get acquired by one of the world's largest brokerages for (I am guessing) gazillions of dollars - that's the life.