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"We need to provide portfolio managers with the tools to make better investments -- not just market data or research repositories, but actual technology, such as artificial intelligence," says Evergreen Investments CIO George Batejan. To learn more about Evergreen's technology plans, listen to WS&T's exclusive interview with Batejan.

Keeping up with all the advances on the trading end also is important, as is the greening of IT, says Gudrun Neumann in a Wall Street & Technology podcast. We expect questions from potential customers along the lines of how green our data centers are.

By the end of this year, State Street Global Advisors should have an end-to-end alternative investment platform that can handle OTC derivatives and swaps, says SSGA Chief Technology Officer Keith Dennelly.

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Vendors largely have replaced in-house development as the source for mission-critical tools, according to Nicholas-Applegate Capital Management SVP and CTO Steve Rapp. For example, the firm has partnered with Latent Zero to overhaul its trading systems. Learn more about Nicholas-Applegate’s technology transformation through Wall Street and Technology’s exclusive interview with Steve Rapp.

To enable new decision-making opportunities, Eaton Vance is moving toward service-oriented architecture and real-time delivery of services, according to VP and CIO John L. Shea.

John Galante, SVP and CTO for JPMorgan Worldwide Securities Services, says that as clients grow portfolios with derivatives and other alternative investments, JPMorgan is ready to meet their needs. Also, Galante says in this podcast he believes that having a steady flow of new recruits is vital for the company, as offerings and client needs expand.

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Jim Mazarakis, CTO at T Rowe Price, is confident that Web 2.0 will be an important way to engage with clients in the near future. Mazarakis also shares his top three projects, his views for the future of financial technology and other insights during this special Wall Street & Technology 2007 Gold Book podcast.

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Europe's MiFID legislation is expected to transform Pan European trading landscape, letting new competitors called multi-lateral trading systems to list the same securities already traded on the continent's 40 cash exchanges. HSBC implemented a global trading system, which can access vast amounts of data to evidence best execution under MiFID's post-trade transparency rules.

Regulatory pressure on the credit derivatives dealers is prompting the buy side to automate its own processing. Firms are spending money on OMSs but looking to free tools such as DTCC's DerivSERV for confirmation matching.

The SEC's pilot on penny options pricing is scheduled to begin on Jan. 27. 2007. Steve Sanders, managing director, Interactive Brokers, say the move from nickel to option penny pricing is inevitable and if exchanges can't handle the volume, then the business to switch to competitors.

Investment managers are considering the use of commission sharing arrangements (CSAs) to generate trading commissions for executions with one broker that are then used to pay for research at another broker. CSAs are catching on but the SEC is expected to clarify disclosure and transparency rules in 2007.

CapGemini predicts there's an increasing move toward service-oriented platforms in 2007. Whether CIOs re choosing an enterprise system, a trading system or an FX system, they will need flexible components to deliver technology to their client base.

The world's stock exchanges are undergoing a transformation as a result of going public. In order to stay relevant as a liquidity hub, exchanges need to diversify into more complex instruments, such as OTC derivatives and debt.

Instinet partnered with Northfield Solution Services to develop Wizard Arrival Price Algorithm. The complex model factors in price history and volatility to create a trading strategy for thousands of stocks to reduce market impact.

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By Beth Stackpole, Contributing Editor

Since being honored in the 2006 Gold Book, Tim Buckley has vacated the role of CIO to head Vanguard’s retail client group and high net worth client areas. But before he left the IT role he shared some of the top technology priorities at the trillion-dollar investment firm. Among the major initiatives are improving the interactive advice engine, enhancing information security with multifactor authentication, and several projects in CRM and Web-based client service.

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By Beth Stackpole, Contributing Editor

Joseph Antonellis, CIO of institutional investment manager State Street, is a true Bostonian –- having held positions at Bank of Boston and holding degrees from Harvard and Bentley College. He speaks to Wall Street & Technology Radio about his plans to build out State Street’s back office outsourcing services and to deliver the next generation of the client portal, Mystatestreet.com.

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By Jessica Pallay, Contributing Editor

Philippe Bibi’s position at the top of the technology ladder at Putnam Investments is no accident. Bibi, Putnam's CTO, and his managing director of investment systems, Eric Meltzer, worked long and hard to establish themselves in the financial services industry. Together they share their war stories with Wall Street & Technology Radio.

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By Ivy Schmerken, Wall Street & Technology

With options quote volume growing exponentially, Bill Morgan, CIO of the PHLX is preparing PHLX XL, the options trading platform, for penny quoting in options. Also, he discusses plans to roll out new electronic trading platforms for equities and futures.

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By Jessica Pallay, Contributing Editor

Mellon Financial's CIO Kevin Shearan discusses how new sales and portfolio management capabilities support his firm's private wealth management business. Shearan also addresses internal security standards, a data center recovery makeover and how Mellon is seizing new business opportunities.

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By Jessica Pallay, Contributing Editor

Nirup Krishnamurthy, who joined The Northern Trust Co. as CTO in November 2005, is in the midst of several major initiatives including the standardization of enterprise relationship management and revamping the desktop of his portfolio managers. He shares his insights on the importance of these projects and others with Wall Street and Technology Radio.

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By Ivy Schmerken, Wall Street & Technology

The Nasdaq Stock Market is preparing to launch an intraday crossing network for block trades in Q3, says Ana Ewing, CIO of Nasdaq. Ewing says the intraday crossing network for buy and sell-side firms will compete with alternative trading systems. She also discusses Nasdaq's plans for migrating to the INET platform and consolidating data centers.

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By Beth Stackpole, Contributing Editor

Lord, Abbett & Co. CIO Michael Radziemski returns to the Gold Book in 2006 and shares his top three projects. He is currently involved in custom development of fixed income modeling and trading systems, enhancing and adding capability to the firm’s Web site, and improving information security. He speaks about this and more with Wall Street & Technology Radio.

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By Cory Levine, Wall Street & Technology

Steve Rubinow, CTO of NYSE Group, worked his way up from having a hand in every aspect of multiple Silicon Valley technology firms to heading the construction of the Hybrid Market -- one of the most talked about changes to the New York Stock Exchange in its 200-plus year history. He talks to Wall Street & Technology Radio for the Digital Gold Book 2006 about his journey to NYSE Group and his current priorities at the exchange.

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By Beth Stackpole, Contributing Editor

Janus Capital Group CTO Andrea Young says a new management reporting solution and CRM upgrade are at the heart of Janus Capital Group's quest to streamline operations. In an effort to make it easier and to have more timely access to information that supports critical decision making across Janus Capital Group, Young and her team are also in the midst of building a financial metrics and reporting system.

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By Ivy Schmerken, Wall Street & Technology

CME CIO Jim Krause says the exchange is expanding its Globex electronic trading platform to handle energy futures, options and foreign exchange. Krause also discusses the CME's partnership with Reuters to trade foreign exchange cash instruments on Globex. He discusses how CME is keeping up with the growth of its transactions, and sustaining Globex's reputation as a reliable, fast system.

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By Jessica Pallay, Contributing Editor

Later in 2006, ISE’s SVP & CIO Daniel Friel says that the exchange will launch a Midpoint Match facility for stocks, to be followed in 2007 with a fully quoted equities market. Friel says the ISE is also upgrading its technology infrastructure as it prepares for the sweeping changes of Reg NMS, and is looking very carefully at international growth opportunities.

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By Cory Levine, Wall Street & Technology

ING Investment Management Chief Operating Officer Scott Fox lays out current and future technology hurdles for his business in this exclusive WS&T Radio Special Edition Podcast. Fox is out to improve risk management, enhance the trading system, and develop new product lines for the firm. He also intends to make a major push into the derivatives market in 2007. He speaks to Wall Street & Technology Associate Editor Cory Levine about the ways in which technology will support these efforts and others at the firm for the 2006 Gold Book.

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By Greg MacSweeney, Wall Street & Technology

In 2007, TD Ameritrade’s CIO Jerry Bartlett will also focus on increasing the advanced programmed trading capabilities for active traders as well as further developing analytics to predict customer behavior. Once the integration with TD Waterhouse is complete, Bartlett plans to continue to enhance the brokerage's business intelligence and analytics capabilities, while rolling out more functionality for both the active trader and the long term investor.

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By Beth Stackpole, Contributing Editor

CTO Derek Stein says that Barclays Global Investors is working to align business with technology to support growth, all while fostering innovation by implementing SOA applications to continually roll out new products. Stein also says there's an ongoing push at Barclays Global Investors to step up recruiting for technology positions in order to get the right domain knowledge and breadth into the organization.

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By Ivy Schmerken, Wall Street & Technology

The AMEX will be introducing AEMI, it's new hybrid trading system for equities and ETFs later this year to be fully operational and compliant with Reg NMS, says AMEX CIO Antoine Shagoury. Also, Shagoury discusses his plans to consolidate multiple asset classes on a single trading platform. While tapping offshore development, Shagoury explains why he's embarking on a strategy of selective insourcing to bring transaction processing inhouse.

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By Greg MacSweeney, Wall Street & Technology

Mike Bundy’s experiences earlier in his career have instilled an entrepreneurial spirit in his IT development philosophy and are helping to change the shape of the IT department of Instinet, where Bundy is CTO. Since joining the execution-only broker in August 2005, Bundy has small teams of specialized and highly capable developers working on Instinet’s core technology platform, a system that will carry the broker ahead over the next decade. Bundy also discusses his top challenges and goals at Instinet and what he plans to do during the next year for the 2006 Digital Gold Book.

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By Cory Levine, Wall Street & Technology

In last year’s Gold Book AXA Equitable CIO Kevin Murray spoke about his initiative to Web-enable AXA's business applications and replace the administration of product, service and distribution rules. Wall Street & Technology's Cory Levine spoke with Kevin who continues to work toward these goals and maintains that these technology strategies are essential to the future success of his business. He also shares his experience entering and rising to the top the technology field. Murray speaks to Wall Street & Technology about this corporate initiative and other projects for the 2006 Digital Gold Book.

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By Ivy Schmerken, Wall Street & Technology

After working extensively on its options match engine, CBOE is venturing into electronic stock trading, says the exchange's CIO, Gerry O'Connell. Also, O'Connell discusses how his exchange is planning to tap overseas labor markets like India to staff consulting projects in off-hours, while preparing for the expansion of algorithmic trading to move from stocks into options and futures. O'Connell speaks to Wall Street & Technology about this corporate initiative and other projects for the 2006 Digital Gold Book.

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By Beth Stackpole, Contributing Editor

While AIM Management Group is a global company that’s organized individually, the firm wants to install the same system and processes company-wide. It’s an exercise in standardization while giving the businesses flexibility that’s pertinent to their markets and functions, according to John H. Deane, senior vice president and chief technology officer of AIM Management Group. Deane speaks to Wall Street & Technology about this corporate initiative and other projects for the 2006 Digital Gold Book.

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By Cory Levine, Wall Street & Technology

Tom Sanzone, corporate CIO for Credit Suisse, is in the midst of the three year OneBank integration program, which will bring together the firm’s investment banking, private banking and asset management divisions to tap into cross-business opportunities. He speaks to Wall Street & Technology about this corporate initiative and other projects for the 2006 Digital Gold Book.

By Greg MacSweeney, Wall Street & Technology

Each August, Wall Street & Technology releases the Gold Book, a compilation of profiles from many of the industry's most influential and innovative technology leaders from firms of all sizes: buy-side firms, sell-side firms and even the exchanges. The 2006 Digital Gold Book has podcasts with 11 buy-side technology heads, including Janus Capital's Andrea Young and Mellon Financial's Kevin Shearan, and podcasts with 7 Exchange technology leaders, including Anna Ewing from NASDAQ and Steve Rubinow of the NYSE Group. Each podcast will give you a unique look into the technology priorities and strategies that these organizations are relying on to provide a competitive advantage. Each day, from July 21 through August 22, subscribers to WS&T Radio will receive a free Podcast with one of this year's Gold Book honorees. Happy listening.

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By Cory Levine, Associate Editor

The functions that lie between business, operations and IT, while oft overlooked, are key areas where attention and optimization can yield tangible returns. Listen to Jonathan Cohn, senior manager at consultancy Mercer Oliver Wyman discuss these "seam functions" and how financial services organizations can best utilize them to streamline business processes.

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By Greg MacSweeney, Editor

Following a near decade-long transformation, the IT Controls group in JP Morgan’s Investment Bank is rapidly automating many of the traditionally manual controls that surround application development and maintenance, says Brian Mitchell, vice president of technology controls. By automating many of the control processes, executives have found greater efficiencies and have been better able to accurately monitor all of the technology in the investment bank, says Mitchell.

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By Cory Levine, Associate Editor

Instant messaging is increasingly being used as a means for traders to increase the efficiency of their communications. Listen to Steve Rubinow, CTO of Archipelago Holdings discuss the use of IM in his business. Steve explicates the ways in which his business controls the regulatory and security risks associated with IM and the how he believes the technology may impact the securities industry in the future.

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As part of their effort to enhance the service offering to high-net worth clients, Citigroup Private Bank developed a Wed-based platform called "The Relationship Report." Ileana van der Linde, global director of Internet strategy for Citigroup speaks on the development of this platform and how it is giving the bank an edge by improving the client/advisor relationship. Using the product, Citigroup Private Bank is blazing the trail towards real-time account information aggregation and next generation client reporting.

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TowerGroups 2005 Reference Data Survey reveals that financial firms are spending more on reference data and that the reference data market has matured considerably since 2002. Also, firms are cautiously playing a wait-and-see game when it comes to outsourcing reference data management.

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At the new TD Ameritrade's kick off event at the NASDAQ market site in Times Square on January 25, WS&T editor Greg MacSweeney catches up with Jerry Bartlett, CIO of TD Ameritrade, who discusses the challenges of integrating systems from two previously separate companies -- Ameritrade and TD Waterhouse -- while also preparing the on-line brokerage for Reg NMS.

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Listen to Alois Pirker now

Addressing the audience at the Wall Street & Technology executive forum, Transforming Client/Advisor Interaction With Real-Time Information, Alois Pirker, analyst at Celent's securities and investments practice, covers enterprise strategies for meeting the demands of advisors and their clients. He discusses the information management initiatives necessary in order to balance personalized service and automation in the advising industry. Pirker formerly worked for UBS as associate director of investment solutions. The event took place on January 26, 2006 at the Reuters building in Times Square, New York and was sponsored by Microsoft.

Listen to Philippe Bibi now

Philippe Bibi, senior managing director and CTO at Boston-based Putnam Investments, plans to focus on adding business value in 2006 (instead of spending a lot of time focused solely on regulatory compliance) by developing technology that can automate derivatives transactions and replacing parts of Putnam's legacy systems with off-the-shelf solutions. In fact, Bibi plans to add the similar levels of automation to derivatives transactions as Putnam has for securities trades. At the same time, Putnam is pushing forward aggressively with its move to a company-wide 64-bit architecture.

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Listen to Joe Gawronski now

Currently, financial services companies are scrambling to ready systems and processes for Reg NMS and the NYSE's planned hybrid exchange structure. However, Joe Gawronski, COO at Rosenblatt Securities, says that while it's important to be prepared, don't be surprised if implementation of both Reg NMS and the NYSE's hybrid model are delayed. In addition, Gawronski also discusses the role that algorithms and transaction cost analysis (TCA) will play in Rosenblatt's operations and how the specialty boutique firm will grow and change in 2006.

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Listen to Richard Rzasa now

According to Richard Rzasa, CIO at TD Waterhouse, in 2006, executives in the financial services industry have a decision to make: either tighten their own security, work closely with lawmakers and educate the public to increase online security, or risk having consumers move away from using the Internet for financial transactions and self-service. For firms looking to make quick security adjustments, Rzasa suggests such low-hanging fruit as removing links from e-mails, multi-factor authentication and educating customers about online security. In addition, Rzasa discusses the need for robust backup IT architectures to deal with increased electronic trading and the maturation of ASP/Web services as a viable strategy for financial firms.

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Listen to Robert Hegarty now

Bolstered by record profits in 2005, the securities industry may see an increase in consolidation activity in 2006, according to Robert Hegarty, managing director in TowerGroup's securities and investments practice. Both smaller financial firms and innovative industry-specific technology providers will be on the menu for many bulge-bracket firms in the coming year. In addition, Hegarty says firms may need to rapidly bolster trading infrastructure as trading volumes are set to explode and as new alternative investments increase the stress on the back office.

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Listen to Peter Horowitz now

Peter Horowitz, managing director, BearingPoint, says that in 2006 forward thinking firms that tackled regulation and compliance challenges in 2005 will be executing initiatives that improve profit margins and marketshare, including platform rationalization to reduce operating costs, globalization and reference data upgrades. IN addition, Horowitz says that the NYSE is actually "catching up" with the rest of the industry with its Hybrid model and that the NYSE will have challenges when it comes to giving equal access to liquidity to all participants (specialists on the floor and electronic order flow). Meanwhile, firms will focus on alternative investment products to improve profit margins, but will be hampered by older legacy systems that are not flexible enough to handle the newer products types.

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While Wall Street lives by the quarterly earnings call, executives are starving for a long-term vision, according to the soon-to-be-released "Financial Markets 2015" report (available April 1) from the IBM Institute for Business Value. Daniel Latimore, executive director, and Suzanne Dence, a senior consultant at the institute, share some of the report's findings with WS&T. In addition, during the next few years, financial firms will re-evaluate their definition of risk and how it is treated, transparency and speed will be the two main drivers for business, and transaction cost analysis (TCA) will increase the buy side's move to do more of their own trading.

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