June 2008
COVER STORY Deutsche, Merrill Reveal Recession-Proofing IT Strategies Top Wall Street IT executives share their strategies for keeping their IT organizations, their staffs and their careers moving forward even in economically challenging times. SidebarsHow to Recession-Proof Wall Street ITFormer Wachovia IT guru Tony Bishop offers a three-step process to recession-proofing Wall Street IT organizations. Wall Street Firms Face Delicate Balance Hard times mean IT cuts, but what's too much when your product is IT driven? BUSINESS LINESTRADINGA Freeze in Auction-Rate Securities Opens a Door for the Restricted Securities Trading Network In the wake of the credit crisis, Restricted Stock Partners' Restricted Securities Trading Network, which was designed to trade restricted stocks, is rescuing investors trapped in auction-rate securities. OPERATIONS How Merrill Lynch Plans to Virtualize Half Its Desktops Merrill Lynch's plans are a big bet on emerging technology that's driven by IT management cost savings. COMPLIANCE Financial Firms Still Coming to Grips With E-Discovery Despite the penalties for inadequate e-discovery capabilities, many firms still are challenged to establish effective programs. The Need for Holistic Fraud Management Recent incidents prove that firms must take a holistic approach to risk management in order to effectively detect and prevent fraud. SidebarWeb 2.0 and Legal DiscoveryPretty much all digital information is vulnerable when it comes to e-discovery requests. INDUSTRY VOICECase StudyMorgan Stanley Taps BladeLogic to Simplify Complex Application DeploymentOperations Manager solution allows Morgan Stanley's Global Wealth Management Group to increase change management capacity and improve execution quality in high change-velocity environment. PERSPECTIVESIn a Tumultuous Economy, Wall Street Must -- and Will -- Find a New ModelAs fixed-income markets falter and write-downs proliferate, investment banks need to discover new opportunities and new ways to manage risk. |
FROM THE EDITORLow-Latency Technology Outpacing Programmers' CapabilitiesAs Wall Street turns to multicore processors to handle growing data volumes and reduce latency, firms are having a hard time finding programmers with expertise in writing code for parallel processing applications. UP FRONTBusiness Analysts Are In DemandBusiness analysts with derivatives experience and knowledge of exotic products can expect a higher boost in salaries. Client Relationships Are Key for Wealth Managers Aite Group study finds that subject matter expertise and listening skills are most important to clients in building a strong financial planning relationship. Risk Management IT Spending Will Rise With Increased Commodities Markets Volatility Growth of global commodities trading volumes and prices will demand new compliance systems that enable the entire trading chain. Interdealer Brokers Should Be Feeling Good About Themselves The top interdealer brokers (IDBs) will see revenue growth as volume in over-the-counter (OTC) markets continues to increase. In addition, barriers to entry will keep the IDBs fairly safe from the threat of new competition. Optimizing the Web for Sales Fund companies should view the Web as a 24/7 wholesaler that can extend a broader reach to investment advisers than the distribution team of any single asset manager, says kasina. Latency Risk Exposure On the Rise In 2008, 16 percent of all U.S. institutional equity commissions are exposed to latency risk, totaling $2 billion, according to a new report from the TABB Group. Trading Positions Plunge Due to Subprime Crisis In North America and Western Europe, markets are expected to have 20,000 fewer trading positions in the next three years. PRODUCT WATCHRiskdata Offers New Version of FOFixFor version 3.1 of the risk management service for hedge funds, Riskdata partnered with hedge fund database vendors. Capgemini Partners With Teradata to Create Compliance and Operations Platform The new platform will enable holistic regulatory reporting and monitoring of trade status issues. Goldman Sachs Enhances REDIPlus EMS Version 8.0 of GSET's REDIPlus proprietary execution management system includes a revamped front end, additional foreign languages, and expanded algorithmic offerings. SHIFTING GEARSCitisoft Hires Christopher Connors as Business Development HeadThe investment management consultant's clients are looking to optimize their operational and IT spend as well as "improve process efficiency without the funding that has been available in prior years," Connors says. Magee Joins Information Mosaic as COO Magee, who will lead the company's expansion, says Information Mosaic needs to continue creating products that will satisfy the needs of a market heavily dependent on customization in order to run its business. StreamBase Hires Apama's Mark Palmer as President and COO Back-office applications are becoming more closely tied to front-office applications, says CEP expert. Keeping Tabs |