FX Electronic Trading to Reach 60% by 2010
Electronic trading in FX will exceed 60% by 2010, says Tom Price, TowerGroup senior analyst, at the research firm's annual Financial Services Conference and Exhibition in Boston. In Price's seminar "Foreign Exchange: Old World and New World Market Growth", he described how FX trading has evolved and how it will continue to evolve into a highly automated marketplace similar to the equities market. He notes that FX average daily volume will exceed $3 trillion in 2007, with more than 45% of tradin
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Towergroup: US Exchange IT Spending Is Slowing
Although many US exchanges are enjoying increased valuations after much publicized IPOs, most exchanges will spend less on technology over the next few years as they answer to shareholder pressure, work to reduce IT expenses and focus on consolidating data centers, said Dushyant Shahrawat, research director for Towergroup's Security & Capital Markets service, at the Towergroup Financial Services and Business Technology
Towergroup Coverage: Let's Meet for Dinner on the Floor of the NYSE
It was only four short years ago when Robert Hegarty, the managing director for Towergroup's Securities & Investments practice, made the statement that the NYSE trading floor will never go away. How quickly things change. In his presentation today at this year's Towergroup Financial Services and Business Technology conference, Hegarty joked, "Oops, I'm eating crow on that one, but soon we will all be eating
A.G. Edwards Purchase Will Strengthen Wachovia
This morning, Wachovia announced that it will buy A.G. Edwards for $6.8 billion in cash and stock. The deal is expected to form the second largest retail brokerage in the U.S. after Merrill Lynch. The combined firm will have almost 14,800 financial advisors and 3,300 brokerage locations.
Industry observers give the merger a thumbs-up. "Post-acquisition, Wachovia's business model will be unique as it will be one of a few firms that are top three in retail banking as well as retail brokerage,"
Goldman's SIGMA X Breaks Volume Record
The race among the dark pools to top each other's volume figures is heating up.
Last Friday, Goldman Sachs disclosed via email that its alternative trading system SIGMA X executed over 100 million shares on a single data, Thursday, May 25th.
According to Goldman, 103 million shares were crossed and the notional value traded was $3.7 billion in 2,837 unique symbols. Average daily volume in the ATS has grown 47 percent month-to-month.
Messaging Delays A Major Worry For Traders, Brokerages
Most brokers have stated that exchanges — large and small, new and established — have had problems at various times either processing the number of orders received or handling the various messages that are sent back and forth between market participants.
Tata Spins Off Financial Software Unit
Having witnessed a surge in demand for its financial software offerings - from 150 financial services customers in fiscal year 2006 to 214 financial customers in FY 2007 - Tata Consultancy Services tomorrow will set its financial software group loose as a new entity called TCS Financial Solutions.
The group will be headed by N. Ganapathy Subramaniam and have 2,560 employees, 1,800 of them developers. The existing product suite, called BANCS, includes software for CRM, core banking, global custo
Update on BondDesk Story
Since posting the story "BondDesk Gives Odd-Lot Fixed Income Marketplace an Institutional Makeover", I received a few comments disputing that BondDesk was the first ATS to focus on odd-lot executions. I am not qualified to make this judgment on my own so I'd like to share with you what folks had to say.
One reader who posted a comment, said: "This is incorrect. BondExpress, BondTrac and
Barclays Capital Enhances FX Algo Offering
Barclays Capital, the investment banking arm of Barclays Bank, has enhanced its recently launched algorithmic trading tool for FX trading. The tool is called PowerFill Orders, and is available on the firm's BARX execution and post-trade platform.
BondDesk Gives Odd-Lot Fixed Income Marketplace an Institutional Makeover
BondDesk Group is expanding its electronic fixed-income marketplace for odd-lot securities into the institutional investment community, the company will announce on Friday.
"We've been driving hard to get this platform out to the buy-side marketplace," says Peter Harker managing director at BondDesk Group, which has been quietly evolving BondDesk Institutional (BDI) into a product. BondDesk currently aggregates inventory from over 110 brok
DTCC Hires Citigroup Risk Veteran Douglas George
Douglas George, who has risk management experience with such companies as JPMorgan and Citigroup, will lead The Depository Trust & Clearing Corp.'s (DTCC) enterprise risk management (ERM) efforts.
How Will the Thomson-Reuters Marriage Affect Customers?
Now that Thomson and Reuters have officially agreed to merge, pending regulatory approval (which may take a long time), the question is, how will this combination affect the two companies' market data customers? How will pricing and customer service change?
"For most of us, it's tough to fathom these two firms coming together because they've been competing with each other for so long," says Sang Lee, managing partner, Aite Group. "But overall it's a good fit and the combined companies will pro
NASD Issues Guidance for Reg NMS Trade Reporting
As brokers prepare to comply with the Pilot Stocks Phase of Regulation NMS scheduled for July 9th, the NASD issued guidance last week clarifying how member firms should report their trades to the tape. The notice provides guidance on how to use the NASD's new transaction reporting modifiers when brokers are reporting trades that are exceptions or exemptions to Rule 611 of Reg N
Maxim Group Steps into Algorithmic Space via Fidessa BlueBox
Moving into the algorithmic trading space while retaining control over its order flow, New York-based Maxim Group LLC, has gone live with Fidessa BlueBox, a suite of algorithmic trading strategies from Fidessa Group.
Maxim Group has been a sell-side client of Fidessa's order management system since March of 2006 in offering OTC and listed trading to their clients, according to Martin Hakker, EVP