April 2007
COVER STORY

The High-Speed Arms Race on Wall Street Is Leading Firms to Tap High-Performance Computing
Citigroup, Wachovia, Mellon and other major Wall Street firms seeking to take their high-performance computing grids to the next level are considering new products.

Sidebar: Citigroup Moves to a Large-Scale Grid for High-Performance Computing

Capital Markets Firms Can Run Spreadsheets on a Server With Microsoft's New Excel Services
Responding to compliance concerns overs spreadsheets, in Excel 2007 Microsoft is offering capital market firms the ability to run Excel Services on a server.

Wachovia Delivers High-Performance Computing Through a Services-Oriented 'Utility'
In a pioneering approach, Wachovia is becoming more and more discriminating about how and to whom it provides high-performance computing.


BUSINESS LINES
The Proxy Plan: The Future of Shareholder Material Delivery Is Paperless
The SEC has laid plans for proxy voting and shareholder materials to be delivered to investors electronically using a notice and access, but questions remain about voter adoption.

Many Firms Lack the Processing Infrastructure to Support Growth in Alternative Investments
The great demand for sources of alpha have fueled innovation in instrument development and front-office trading strategies, but automation challenges and data management problems must be addressed.

WestLB Securities Inc. Looks to Outsource Back-Office Functions Without Giving Up Self-Clearing Status
ADP will assume responsibility for WestLB Securities' back-office functions, such as clearing and custody, while allowing the firm to maintain self-clearing capability.

Sidebar: A Few Common Clearing Service Providers

SIFMA and NetCoalition Set Off Market Data Dispute
Lobbyists SIFMA and NetCoalition have convinced the SEC to conduct a rare review of market data fees, setting off a spirited debate between exchanges and broker-dealers, such as Charles Schwab.

FROM THE EDITOR
Evolving Technology Enables Firms to Save Milliseconds on Data Exchanges, But Reliance on this Technology Can Cost Wall Street Money
Take a few minutes to step back from your day-to-day tasks and think about some of the cutting-edge technology that Wall Street uses almost as routinely as you use the telephone.


UP FRONT
TowerGroup Predicts Growing Demand for Defined Contribution Plans

Finding Liquidity in Derivatives Instruments Is Traders' Biggest Challenge

Big Surge for Bank Offshore Outsourcing, Deloitte Study Predicts

Most Capital Markets Firms Are Not Ready to Deploy Microsoft's Vista Operating System

Celent Updates the Execution Quality Rankings of the NYSE and Nasdaq Exchanges

Excerpts From Last Month's Most-Viewed WS&T Blog Postings

Credit Suisse Learns From Past Outsourcing Deals to Fine-Tune Agreement With BT and Swisscom

Aite Recommends Improving Advisor Productivity in Wealth Management Market


INDUSTRY VOICE
How CRM Helps Merge Firms' Crucial Relationship and Intelligence Assets
The financial industry has undergone much change over the past decade. Among the most-notable trends has been the movement toward consolidation -- namely mergers and acquisitions.

Sidebar: Evaluating CRM Solutions When Companies Merge


PERSPECTIVES
U.S. Firms Have Had Few Options When it Came to Investing in Companies Overseas, Until Now
As E*Trade announces a pilot program that offers U.S. firms retail-based access to six foreign markets, the risks and difficulties must be carefully considered, but the rewards could be great.


PRODUCT WATCH
Echoworx Releases Platform for Web-Based Communication Encryption
Scivantage Releases Automated Tax Reporting System
Tripwire Announces Enterprise Configuration Audit and Control Solution


SHIFTING GEARS
Investment Technology Provider DST International Taps Tom Abraham as Its New CEO
TSX Group Hires Brenda Hoffman as CIO
BIDS Brings On Richard Levin as CCO
Keeping Tabs