October 2005 COVER STORY BCP: Expect the Unexpected Boosting BCP At New York-based Lehman Brothers, BCP continues to be a top priority.

FOCUS ON: Service-Oriented Architecture Riding the SOA Wave Now that firms understand SOA, they are starting to build adaptable infrastructures that can meet today's changing business needs. CIO CHALLENGE IT/Business Alignment By: Leslie Kramer Despite the attention paid to aligning IT projects with business priorities, many CIOs still struggle to understand the business' needs. To truly achieve IT/business alignment, firms must integrate their management teams closely to build trust over time. BUSINESS LINES Securities Police Go High-Tech NYSE Regulation is arming its examiners with tools to identify risk at member firms, brokers and branches. Follow the Leader A soft dollar ruling by the United Kingdom's FSA has the attention of U.S.-based financial institutions. Will the SEC follow the FSA's lead? New ATSs Arise to Fill a Void New alternative trading systems are emerging in response to the consolidation of U.S. equity markets and the adoption of Reg NMS. Harnessing Data Financial services firms know that timely and accurate data leads to better business decisions (and also keeps regulators happy). INDUSTRY VOICE Data: A Sea Change Ahead By: Dr. Thomas C. Redman, President, Navesink Consulting Group If I'm reading the tea leaves correctly, we're on the verge of a sea change in the way organizations manage data. I'm referring specifically to data quality, which has been a thorn in management's side for some time.

FROM THE EDITOR BCP: Murphy's Law Applies Prior to the London bombings in July and the recent disaster along the Gulf Coast caused by Hurricane Katrina, studies and grumblings in the corporate world indicated that business continuity planning (BCP) was no longer a top priority. PRODUCT WATCH --Adobe Integrates Financial Documents Enterprisewide --Dynamic Hedge Fund Analysis --Business Continuity Messaging PEOPLE & CAREERS Ameritrade CIO Hirji Promoted to COO Galper Exits TABB Group, Launches Vodia Group Price Joins TowerGroup Keeping Tabs UP FRONT Basel II Falls Flat Outsourcing for Operational Efficiency Growth Spurt Financial IT Megatrends PERSPECTIVES To Have and to Hold The acquisition of Macgregor, the buy-side order management system (OMS), by ITG, the agency broker and transaction cost analysis provider, has stirred the market over the need for a front end. Should firms spend money either to build or acquire client-facing front ends?