SEC Announces 17-Member Financial Reporting Committee
The SEC has revealed that Morgan Stanley CFO David Sidwell, Microsoft Corp CFO Christopher Liddell and Jeffrey J. Diermeier, former global chief investment officer at UBS Global Asset Management, will be among the 17 financial industry experts charged with making the U.S. financial reporting system more useful for investors and less complex for U.S. companies.
Merrill Lynch, Lehman Brothers, Morgan Stanley Invest in IT Recruits
"In 1971, I was a high school graduate with no aspirations of college and no money for college, in fact I couldn't afford to buy a piece of clothing at a store until I was 17," related Diane Schueneman, senior vice president and head of the global infrastructure solutions group at Merrill Lynch at an unusual commencement ceremony today. Instead of pursuing higher education, Schueneman got a jo
Direct Edge CEO Launches Bill's Emails
Today is William (Bill) O'Brien's first day on the job as CEO of Direct Edge ECN. He began this new role by reaching out to the trading community of current and potenital customers with an email that explains why he is returning to the ECN world.
Ameriprise Financial Replaces Advisor Technology
Completing separation from American Express in 2007 a priorityWebification of all things will translate into financial servicesFirm will provide institutional-level portfolio management to retail clients
Anna Ewing Innovates Trading at Nasdaq
Web-based portal market for qualified institutional buyers launched, Equities platform leveraged to grade both equities and options, Handling volumes and latency demands for customers continues to drive initiatives
Edwin Marcial Makes Improvements at ICE
New clearinghouses in Euopre and U.S. will share technology platform, Platform improvements cut response time from 600 ms to 28 ms, Production data center moving to Chicago; disaster recovery to Atlanta
Jim Krause Improves Performance at CME
Preparations for merger with Chicago Board of Trade under way, Capability in options and over-the-counter trading arena expanding, New compression approaches minimize bandwidth utilization and storage growth
Susan Certoma Takes Wachovia to the Next Level
DMA and algorithmic trading open door to high-performance computing, Providing a single infrastructure with multiple services key to SOA strategy, Amnet acquisition demands consolidation of wholesale vertical in the mortgage business
Diane Schueneman Plans for Merrill Lynch's Future
Completion of infrastructure build-out creates "gobal support model", 70 percent of technology investments channeled into new development, Straight-through processing platforms for high-volume a priority
John Galante Applies Strong Work Ethic at JPMorgan
Best-in-class reporting system deployed globally to more than 1.000 clients. With $15.2 trillion in assets under custody demands superior processing engines. Relationships/intern programs with key universities guarantees a wealth of future talent.
Christopher Rogers Helps Instinet Expand Globally
Instinet ramps up technology efficiency with a rewrite of its "Core". Overhaul of Newport portfolio trading system offers significant upgrades. Chi-X launched for trading European equities; additional systems in the works
Tom Sanzone Moves IT Ahead at Credit Suisse
Capabilities and presence extending in Asia, the Middle East and Latin America, Streamlined processes, structures and systems deliver better results to clients, Virtualization technologies employed to improve efficiency, quality and online capability
What's Wrong With CDO Models?
Watching the gruesome, global train wreck that is hedge funds heavily invested in collateralized debt obligations (pools of bonds, loans or other assets, the subprime mortgage pools being the ones in the most trouble today), we wonder, is something wrong with the models investment firms use to price and gauge the risk of these derivatives?
The End of Labor Arbitrage
The age of outsourcing to India for the cheaper labor costs is over, according to S. Premkumar, corporate officer and global head-financial services at Indian outsourcing firm HCL Technologies. Where once a function performed by 100 U.S. employees could be handed over to 100 Indian employees who could do it for significantly less, the diminishing value of the dollar combined with the strengthening of the rupee and increasing salary levels in India have wiped out the benefits of such labor arbitr
NYSE Euronext Develops Dark Pool for Crossing Portfolios
By the end of this summer, NYSE Euronext is expected to launch NYSE MatchPoint - a point-in-time benchmark crossing-network geared to large index funds and mutual funds looking to matching portfolios of stocks. The move follows the rapid proliferation of dark pools accounting for as much as 12 percent of U.S. stock trading volume according to research by the TABB Group.
BIDS Trading Exceeds 20 Million Shares in Block Volume
Even though the nascent block-crossing venue has plenty of competitors in the ATS space including Liquidnet, ITG POSIT, NYFIX Millennium and Pipeline Trading, BIDS appears to be building momentum right out of the gate because of the liquidity pools and customer bases of its strategic partners.
Donnelley Introduces Service That Turns Mutual Fund Reports Into XBRL
In a move that could eventually make life easier for the SEC, research analysts and mutual fund investors, printing company RR Donnelley announced today a service that converts ordinary mutual fund financial statements into XBRL (Extensible Business Reporting Language)-formatted files. These files, in which each data element is tagged with a standard identifier, can then be analyz
On Point Executions Launches Options Smart Order Router
On Point developed the options smart order router in response to clients that were experiencing latency in routing orders to options exchanges and also having problems with the options industry linkage program or being held hostage to liquidity at a single venue.
Themarkets.com Receives $30 Million and Plans Future
This week, Themarkets.com, the investment bank-owned platform that packages and delivers the banks' analyst research to their institutional investor clients, announced that it's just completed a $30 million Series S Rights Offering to its 11 existing investment bank owners (Merrill Lynch, Goldman Sachs, JPMorgan Chase, Morgan Stanley, BofA Securities, Credit Suisse, Citi, Deutsche Bank, Dresdner Kleinwort, UBS, and Leh
XBRL - Breaking Into the Equity Analysis Bastion
By Raghuvir Mukherji
Senior Consultant, Financial Securities
Domain Competency Group
Infosys Technologies Ltd.
After giving traders and order routers a bad scare in the form of algorithmic trading, technology is now in a position to threaten equity analysts, or make their job simpler, depending on where one is in the equity analysis 'value chain'. The advent of the internet and the use of