Consulting Giants Take a Walk on the Cyber Side
At a time when the dot-com consulting firms are enjoying inflated stock prices, professional service consulting giants like Andersen, PricewaterhouseCoopers, KPMG, Deloitte Touche Tohmatsu and Ernst & Young have been equally busy transforming their own consulting practices into e-business firms.
Investec Brings Applications to the Web
Investec Ernst & Company, the North American arm of the Investec Group, an international banking group based in Johannesburg, South Africa, is rolling out its new DeskTec system.
MatchbookFX Signs Back-Office Deal with Shadow Financial; IPO on Horizon
In an effort to cut its overhead and provide electronic straight-through processing (STP) for its clients, MatchbookFXan Internet-driven foreign exchange (FX) matching system covering spot currencieshas incorporated Shadow Financial Services clearance and settlement software into its system.
NYMEX Eyes Acquisition of BrentBroker.com
The New York Mercantile Exchange (NYMEX) is evaluating whether it should purchase a stake in BrentBroker.com, a soon-to-be-launched over-the-counter electronic communications network (ECN) covering the energy market.
ILX and TheStreet.com Sign News Distribution Pact
In a deal that marks its first foray into the world of major market data vendors, TheStreet.com has signed a distribution agreement with ILX Systems to make its financial news and commentary available over the ILX Workstation.
PointBase Packs Small Java DBMS into Handhelds
When Oracle co-founder Bruce Scott left the worlds leading supplier of large database management systems (DBMSs) in 1984, he knew that lightweight databases would be the next great hit.
Dain Rauscher Retools Brokers to Manage Data
Leveraging its existing back office, in January, Minneapolis-based Dain Rauscher Corporation said it would provide the firms more than 2,000 brokers with a central portal to access enterprise customer information by signing an agreement with Toronto-based Janna Systems.
Will the Brokerage Firm Become the Financial Nerve Center?
As brokerage firms are swiftly taking advantage of the Web and have done so more quickly than their banking and insurance company brethren, the question arises: will brokerage firms become the pulse of the marketelectronically combining insurance, banking and brokerage in one central hub?
A Conversation With Harley Lippman
This month, WS&T senior editor Robert Sales picked the brain of Harley Lippman, president and chief executive officer of Genesis 10, a software development and technology consulting firm specializing in e-commerce solutions.
GFInet Targets Professional Traders With New Electronic Platform
New York-based inter-dealer broker GFI Group has launched a new electronic trading platform for the professional trading community. GFInet is currently in use at GFI Groups international equity business and is in the process of being installed at 15 client sites.
CreditEx Poised to Redefine Credit Derivatives Trading
The CreditEx site is set to be the first online trading system for credit derivatives. CreditEx seeks to provide a single destination for information and execution capabilities, increasing transparency and, as always, liquidity.
Crystal Box Offers Clear View of Risk Management at CDC
CDC Investment Management, a subsidiary of Caisse des Depots et Consignations, has joined forces with NetRisk, an enterprise risk management company, to develop Crystal Box, an Internet-based reporting and analysis tool.
CX Gets Green Light For Block Trading: Empowers Buy-Side Firms
In a decision that could heat up the battle for U.S. Treasury futures market share, the Cantor Exchange (CX) last week received permission from the Commodity Futures Trading Commission (CFTC) to perform block trades of its long bond and 10-year note futures products. The CFTCs approval will enable participants in CXs market to execute trades of 100 or more contractsfor the designated productsdirectly between each other, providing institutional investment managers with in
Schwab Enters Beta with Wireless Trading
Charles Schwab & Co. has taken its first steps into the largely uncharted waters of wireless trading, beginning the beta test of its wireless trading product on February 14th. This Valentines Day gift represents the beginning of a soft launch in only a few areas, says Bob Taylor, who is heading up the wireless initiative. The beta testing will be followed up by a nationwide release by the end of this quarter.
Dresdner Gestion Installing IDEE
Dresdner RCM Gestion, the French division of Dresdner RCM Global Investors, has just completed installing the core portfolio management component of Décalogs IDÉE, and is beginning installation of the application suites various modules, including IDÉE Trader, IDÉE Compliance and IDÉE Performance. The firm, which spent over 10 months of 1999 installing IDÉEs core functionality, is beginning to port its client portfolios from the propriet
MarketXT Hopes to Expand Following Acquisition by Tradescape
In a stock deal valued at $100 million, online trading firm Tradescape.com last week acquired the after-hours trading system MarketXT. Under the arrangement, which is expected to be completed within a few weeks, Tradescape is expected to integrate the MarketXT trading system with its own and route orders through the recently SEC-approved ECN. While exact terms of the deal have not been revealed, the companies have outlined their plans to go after the institutional arena.
Gateway Financial Set to Go Live with FIXChange.net
Gateway Financial Solutions is planning to go live on Wednesday with FIXChange.net, a network for connecting buy- and sell-side traders directly to independent floor brokers on the floor of the New York Stock Exchange.
W-Trade Releases 401k Application for Handhelds
W-Trade, known for enabling brokers and their clients with wireless trading, has extended its wireless application suite to include w-401k, a portfolio management and trading application suited for investors and fund managers. The product, released with a host of others last week, can also be set up to deliver alerts on position changes dependent on predefined rules.
CSFB Rolls PrimeTrade FX Module
Targeting institutional investors who trade foreign exchange (FX) instruments, Credit Suisse First Boston (CSFB) has rolled out a FX module of PrimeTradeits Java-enabled front-end workstation application. Separately, CSFB has developed a PrimeTrade interface to the Austrian derivatives exchange, and is evaluating whether it should expand the front - end to cover options and emerging markets.
Arkansas Teachers Retirement Signs with Princeton Financial and JD Edwards
Looking to better accommodate the needs of a pension fund which has grown from $2 billion to $8 billion in only five years, the Arkansas Teachers Retirement System (ATRS) has licensed Princeton Financial Systems portfolio accounting system, PAM, and JD Edwards general ledger system, General Accounting. The decision to automate its accounting and recordkeeping comes only a year and a half after the Arkansas state legislature charged the pension fund with hiring a CPA-level CFO, a posi
Longview Focusing on LandMark 3.0; ASP and Browser in Mind
The Longview Group, a provider of trade order management systems, is spending a lot of time and money on LandMark 3.0, the next generation of its trading system expected to be released in the fourth quarter of 2000. LandMark 3.0 will differ greatly from the current iteration, LandMark 2000, as it is being developed atop TenFold Corp.s Universal Application, a layered application architecture written in C and C++ that allows systems to be built in a matter of months rather than years. TenFo
NexTrade Anticipates Exchange Status, Strikes Deal with Dreyfus
The NexTrade ECN has completed its formal application to become a for-profit stock exchange and is now awaiting final approval from the SEC. The proposed NexTrade Exchange is expecting to be operational by October of 2000, says Mark Yegge, CEO of NexTrade Holdings. In anticipation of gaining exchange status, NexTrade is teaming with BEA systems to build a high-volume stock trading system. NexTrade has also entered into an agreement with Dreyfus Brokerage Services to provide Dreyfus customers wit
Heartline Investments Takes On Moxy
Heartline Investment Corp., a Chicago-based portfolio manager, has just installed Moxy, Advent Softwares trading and modeling system. As a longtime user of Advents portfolio accounting system, Axys, and its reconciliation module, Rex, Heartline did not consider any other trading systems. The firm is a low turnover shop, says Tim Greive, portfolio manager, and after speaking with other Moxy users, he decided the system was functional enough to meet the firms needs.
NYMEX Considering ECN Alternatives; Joint Venture is Leading Candidate
Cognizant of the threat posed by the growing number of all-electronic electricity systems, the New York Mercantile Exchange (NYMEX) is leaning toward forming a joint venture with a yet-to-be-selected technology partner. The exchangewhich wants to stem the tide of competition by quickly catapulting itself into the over-the-counter (OTC) electronic communications network (ECN) energy marketis also considering its buy and build options.