Retail Traders Apply Algorithms to FX
"We're seeing retail traders now come in building their own models and who are involved in high-frequency trading," says Thomas Plaut, CEO of online foreign exchange broker FX Solutions.
Banks' inability to price and measure risk on complex financial products is alarming and needs to be improved to avoid another market meltdown.
Fully Equipped NYC Offices to Be Offered to Startup Hedge Funds
For startup hedge funds and existing hedge funds that would like to have an office in New York City, Eze Castle Integration announced today it's going to start offering "managed suites" at 529 Fifth Avenue and 44th Street (near Grand Central Station) early next year. The company will provide office space, computers loaded with basic office software, market data feeds, Blackberry services, a telecom infrastructure, conference rooms, a receptionist, a 24x7 help desk, a shared data center, disaster
New Model Attempts to Price CDO Options
In the aftermath of the CDO (collateralized debt obligation) crisis, for firms that are ready to dive into securitized credit products again, a new pricing model came out today for valuing exotic credit products such as options on tranches and forward starting CDOs (a forward starting CDO is a single tranche CDO with a specified premium starting at a specified future time).
GAIN Hires Andrew Haines as CIO
As CIO, Haines will be responsible for overseeing trading and business application development, infrastructure applications and business continuity planning.
Streamlining Global Compliance
Globalization continues to be a trend, and companies are finding they can't manage current global compliance requirements efficiently.
Wall Street Firms To Globalize IT in 2008
Markets in Asia and Latin America are growing more lucrative, and investment banks and asset managers are setting up shop overseas. But firms must globalize their IT to support international business.
Unified Communications for Capital Markets
The rationalization, certification and integration of communications tools with legacy desktop systems and proprietary applications will create competitive advantages for capital markets end users.
Asia Tops World for Money Laundering Risk
A global survey of senior anti-money laundering (AML) compliance officers identified Asia as the region currently experiencing the greatest increase in money laundering risk.
Knight to Acquire Agency Brokerage EdgeTrade for FAN
FAN, the Find And Nail algorithm, created by agency brokerage EdgeTrade, has found a fan in Knight Capital Group.
EdgeTrade's development of FAN, which simultaneously sprays aggregated dark pools and public markets and continuously moves an order in line with shifting liquidity, has led to a lucrative courtship by Knight, a full service broker-dealer, which announced its intentions to acquire EdgeTrade this morning for $59.5 million.
Iraq Stock Exchange To Begin Electronic Trading Early Next Year
Amidst some modestly hopeful signs that Iraqis' quality of life is improving (civillian deaths are down, portions of infrastructure have been restored) and that we're planting the seeds of capitalism in Iraq, the executive director of the Iraq Stock Exchange, Taha Ahmed Abdul-Salam, said today that the exchange will start electronic trading early next year. It will also be open five days a week instead of the current three days.
StreamBase Rolls Out Reuters-Centric Complex Event Processing
StreamBase is announcing today that it's built a Reuters Market Data System-centric edition of its StreamBase Studio complex event processing software. StreamBase Studio itself is both an Eclipse-based graphical development environment and a CEP runtime engine that connects to all the major data feeds and can analyze those data streams in real time. Developers at about 50 Wall Street firms already use StreamBase Studio to build applications that rely on market data streams, such as automated tr
IBM Upgrades Direct, Low-Latency Delivery of Exchange Data
In their ongoing quest to reduce data latency in the delivery of market data to algorithmic trading programs, Wall Street firms are starting to take data feeds directly from the exchanges, cutting out middlemen like Reuters, Thomson and Bloomberg. IBM's recently-released WebSphere Front Office for Financial Markets 2.0 is one of the few products (Wombat offers another) that can accommodate this. "Customers have told us they're interested in having a platform that can handle data that isn't neces
EzeCastle Follows Its Hedge Fund Clients Across the Pond
In a sign of the rapid globalization of hedge funds, EzeCastle Integration, a provider of outsourced IT services and consulting for more than 450 hedge funds, announced today that it has set up a London operation. "Many of our clients are looking for one provider who can provide consistent service, policies and procedures in all the territories they're located, so they can easily do business across geographies," says Bob Guilbert, managing director. "It's natural for companies that are internati
Intel's Newest Transistors Are 20% Faster, Use 30% Less Energy
Intel this morning introduced a series of dual-core and quad-core server processors that run faster and consume less energy than previous versions. The new Intel Xeon 5400 server chipset can achieve front side bus speeds up to 1600MHz yet consumes only 80 watts of power.
Wealth Management Software Upgrade Helps Coconut Grove Compete in the Big Leagues
To combine big-city investment management services with small-town personal service to its affluent clients, Coconut Grove Bank, Miami, announced this week that it has deployed Sungard's WealthStation and Overlay platforms. WealthStation lets investment advisers provide financial planning and investment products through one system, and Overlay provides access to well-known money managers at large institutions. Together, they "help an organization like ours compete with the Citibanks of the worl
Most Financial Institutions Will Be Green By 2012, Gartner Says
In a research note released today, Richard J. De Lotto, principal analyst, banking industry advisory services at Gartner, declared that financial firms will step up their focus on green IT through 2012. "Environmental issues will rise up on political, media, enterprise, investor and consumer agendas through 2012," he stated in the note. "The financial services industries will not escape this profound change in stakeholder focus, and their IT departments will bear the brunt of the impact.
Carnegie Mellon, General Motors Roll Out Best Practices Model for Buying Software
Although they don't like to be considered "CMMI zealots," most major Wall Street firms use CMMI methods for software development and require outsourcers to do the same. Today, Carnegie Mellon's Software Engineering Institute, with help from top IT executives at General Motors, the Department of Defense and the Government Accountability Office, rolled out an extension to CMMI, called CMMI for Acquisition, that provides a framework, a standard and a common language for buying (rather than developi
Financial Execs Preview Next-Generation Mobile Technology
Whether or not to deploy mobile applications is no longer a valid question for the 214 executives attending today's Financial Mobility Summit in Boston. These execs, from firms such as MFS, Evergreen Investments, American Funds, Eaton Vance and Alliance Bernstein, are all old hands at delivering applications via Blackberry to at least one group of constituents, be they portfolio managers, wholesalers or institutional investment managers.
Colombia Stock Exchange Builds A Scalable SOA Platform
Although its climate is hotter, its industries more diverse and its market smaller, in some respects the Colombia Stock Exchange looks like any U.S. or European exchange. It grapples with the same technology issues -- such as how to get data latency below a few milliseconds and how to build an IT infrastructure that can easily scale and withstand market volatility and surges - that plague any exchange or firm with a large trading floor.