Wall Street Firms Weather Massive Internet Outage
Although damaged cables under the Mediterranean Sea shut down or severely slowed down internet service today across India, Egypt and the Middle East, Wall Street firms with IT staff and outsourcing projects in India seem to have been been well served by their network backups.
130/30 Fund Managers Face Stiff Competition, Many Need Infrastructure Upgrades
In the past few weeks, State Street, Legg Mason, TD Asset Management, Bear Stearns and other asset management firms have introduced new 130/30 funds; all told, about 140 of these funds exist today. But Colin Bugler, director of prime brokerage for RBC Capital Markets, says these asset managers will face intense competition and will need to ramp up their technology infrastructure, particularly those who are new to the business of shorting stock. (To short a stock is to borrow shares from a broker
Societe Generale: Could it Have Prevented $7.2 billion fraud?
Jerome Kerviel, the Societe Generale trader who allegedly carried out a $7.2 billion fraud, confessed to police that he hid his activities from his superiors, and claimed both he and other employees had been carrying out risky trades since 2005. So how could Soc Gen have prevented the fraud?
Updating Record Volumes
With volatility back in the stock market, institutional investors are routing orders with a vengeance and boosting the volumes at some of the newer equity trading venues. Here's an update on the volume records that occurred this week.
6 Reasons to Adopt an Enterprise Architecture
A Cutter Associates study of enterprise architectures in buy-side asset-management firms cites six reasons why these firms should adopt a framework and structure for enterprise architecture.
How Did the Societe Generale Fraud Happen?
France's second biggest bank, Societe Generale, is reeling under the discovery of a $7.14 fraud committed by Jerome Kerviel, a trader working on the futures desk at the bank's headquarters in Paris. So how did such massive fraud happen and lie undetected for so long?
Rogue Trader Rocks SocGen
Societe Generale announced today that a rogue trader had undertaken "exceptional fraud" resulting in losses of $7.14 billion.
ITG Releases Triton in Asia Pac
Investment Technology Group (ITG) has launched its Triton execution management system (EMS) for the Asia Pacific region. Buy side traders will have access to more then 30,000 equities across the Asia Pacific markets.
Rosenblatt Securities is a New York-based agency brokerage that was founded by Richard (Dick) Rosenblatt in 1979 as an NYSE floor brokerage. As trading has become more electronic, Rosenblatt has evolved into a boutique that helps its buy-side clients achieve best execution while navigating the new market structure.
How Intel Plans to Save $1 Billion on Its Data Centers
Who doesn't want to make their data centers more cost-effective? When we asked sell-side firms recently where in IT they would most increase spending in 2008, 82.4 percent said "data center infrastructure" -- this ranked far above any other item on our list. That's why we thought we share with you some highlights of a report Intel released this week that details how it avoided spending $30 million on its data centers in 2007 and how it pla
Brokerage Employee Pleads Guilty to Insider Trading Conspiracy
As one of Wall Street's most far-reaching cases of insider trading continues to unravel, a former employee of Hoboken, NJ-based brokerage firm Assent has pleaded guilty to conspiracy, after admitting he accepted bribes to conceal illegal trades based on inside information provided by a former employee at UBS...
Columbus Avenue Chooses SuperDerivatives As Independent Platform for Valuing Credit Derivatives
Hedge fund administrator Columbus Avenue Consulting, LLC, selected the Super Derivatives Credit derivatives platform, SD-CD, to price its hedge fund clients' portfolios of credit default swaps.
The decision points to a growing demand for independent valuation sources, as hedge fund portfolios are hedging or placing bets on the fixed-income market using credit default swaps or indexes.
Despite recent delays to its planned launch, Project Turquoise, the multilateral Pan European trading facility established by a consortium of banks, is on its way to a 2008 launch with its CEO and CTO in place and two new partners.
BGC Partners, a fixed-income, inter-dealer broker, spent the end of the year gearing up for two important technology upgrades.
Market Tumult Lifts Volume at Liquidnet and Pipeline
The jittery behavior of institutional investors and hedge funds could be good for alternative trading systems (ATSs) judging from the recent highs in dark pools. Two of the dark pools, Liquidnet and Pipeline, announced record high volumes last week.
Trade Reporting, Surveillance Key To Compliance
With increased regulatory focus on protecting securities market participants, trade reporting and trade surveillance are key to providing transparency, efficiency and oversight for today's trading environment.
All Trading Desks Are Not Equal
With all of the resources spent on giving traders an edge, asset managers are benchmarking their trading capabilities to learn how they stack up.
The Term Web 2.0 Is Fading Away
Web 2.0 is rapidly becoming the Internet as we know it. Soon, people will refer to Web 2.0 applications as, simply, the Web.
Lehman, NYSE, CME, Forex Capital Pursue New Latency Killers
Data compression, network redesigns and distributed memory are some of the new approaches that organizations such as Lehman Brothers, the New York Stock Exchange, the Chicago Mercantile Exchange and Forex Capital Markets are exploring to eliminating data latency.
Citisoft Hires Christopher Russo as Managing Director
Russo will develop business opportunities, key client relationships and performing executive level project management duties across the front, middle and back-office within the buy-side technology and operations space.
Enhanced Shared Assessments Program Can Make Audits Speedier
The Collaborative Software Initiative (CSI) recently joined the Shared Assessments Program, automating the questionnaire by providing a web services front-end application for collection and editing shared assessment submissions and an XML schema for validating and accepting those submissions as XML documents.
Brokerages Still Fail to Offer Full Web-Based Banking Services
New Corporate Insight report suggests only 40 percent of brokerages can truly be considered a full 'bankerage,' defined as a brokerage that offers traditional banking products, including FDIC-insured savings and checking accounts, with all accounts accessible via a single Web login.