Morgan Stanley to pay $12.5 million fine to settle 9/11 e-mail charges
Morgan Stanley has agreed to pay $12.5 million to settle a case brought by the Financial Industry Regulatory Authority (formerly NASD) for failing to produce pre-9/11 e-mails to regulators and investor plaintiffs, while claiming that the destruction of the firm's email servers in the Sept. 11, 2001 terrorist attacks on New York's World Trade Center resulted in the loss of all pre-9/11 email.
TradeTech West: Dark Pools Rising
Dark pools were the order of business for an intriguing panel discussion at TradeTech West today. The discussion, moderated by Douglas Engmann, senior executive vice president and managing director of equities at Fimat USA, touched on dark pool strategies, trends and one panelist even took it so far as to say that displayed markets are not necessary for buy side traders.
TradeTech West: Algos Inside Out
How exactly are buy side traders using algorithms? That was the question posed to a panel at the TradeTech West conference taking place in San Francisco this week.
Tips For Safely Navigating Facebook
There are ways employees can use social networking sites such as Facebook more safely, says Graham Cluley, senior technology consultant at security firm Sophos.
Financial Services Firms Ban Facebook
According to a survey of 600 global companies carried out by security firm Sophos, 50 percent of companies ban their employees from accessing Facebook.
TradeTech West Coverage: Best Execution
The TradeTech West 2007 Conference, hosted by Worldwide Business Research, got underway this morning in San Francisco and I will on hand reporting for the next two days on the panels and discussions taking place at the trading event.
More Speculation on Nasdaq-Dubai Alliance
There is more intrigue behind Nasdaq's three-way transaction with the Borse Dubai to control OMX and dispose of its stake in the London Stock Exchange. One leading UK newspaper reported that Nasdaq has plotted an alliance with Dubai to ultimately bring the LSE into a global exchange network.
CAPIS Shifts OMS to Fidessa Trading Platform
Capital Institutional Services (CAPIS), the global agency brokerage firm based in Dallas, said it's moving to the Fidessa trading platform as a replacement for its proprietary order management system.
"Technology wise it's probably the most important decision we made in our 30-year old firm," says Jim Morrow, COO at CAPIS in an interview on Friday.
Rosenblatt Securities Taps Jay Indovino
As a managing director at Rosenblatt Securities, Indovino will focus on helping Rosenblatt grow its client base, as well as tapping into business development opportunities and connecting the firm with new technology platforms.
Omgeo Board Adds Michael Bodson
Michael C. Bodson, executive managing director for business management, strategy and marketing for The Depository Trust & Clearing Corp. (DTCC) has replaced Jill M. Considine on Omgeo's board of managers.
How Soon Will Wall Street Adopt Quad-Core?
How quickly will capital markets firms deploy Intel's and AMD's new quad-core processors? We asked a few industry experts and got varied answers. Gartner analyst John Enck believes most firms will follow their usual server replacement schedule (typically three years after purchase). "The change in performance, even for those optimized applications, just isn't dramatic enough for them to go through the pain and the manpower it takes to swap out an existing on-the-floor server that's still under w
The Danger of Revealing Too Much on Facebook...
At Wall Street and Technology's Executive Peer Roundtable on Security Risk this week, delegates pressed financial firms to consider the security threat posed by employees -- or potential employees -- using social networking sites, such as Facebook and MySpace.
It is critical to secure applications and data inside a company, they said. But it is equally important to keep a careful eye on communications between employees and the outside world.
BofA SafePass: One Name, Two Implementations
Bank of America recently launched a couple of security initiatives for both its banking and brokerage clients. To us, one of them seems pretty innovative, the other a potential nuisance.
SEC Scrutinizes Hedge Funds for Insider Trading
The U.S. Securities and Exchange Commission (SEC) is scrutinizing hedge funds for signs of insider trading.
The regulator has been sending out a 27-page letter to registered advisers, asking them for information about relationships between managers, employees, family members and public companies.
BIDS Trading Passes A Billion Shares with Utility Model
As the battle for liquidity heats up among the major U.S. equity block trading platforms, BIDS Trading appears to be making rapid inroads with its open access, utility pricing model. In a sign that its model is catching on, yesterday, the BIDS alternative trading system, announced it has traded one billion shares since its formal launch this past April, only six months ago.
FX Bridge Taps FIX Flyer for High Speed Integration
As the adoption of the FIX fuels electronic trading in foreign exchange and expands into new areas such as FX options, banks are demanding integration with back office and risk management technology. Today, FX Bridge, an Atlanta-based FX dealing system, which specializes in FX options, announced that it's partnering with New York-based FIX Flyer to integrate the FIX messaging standard into its solution.
Why TD Ameritrade's Data Breach Is So Worrisome...
Last week, TD Ameritrade became the latest financial firm to hit the headlines after suffering a data breach, with over 6.3m customer records stolen. Other financial institutions have also reported data breaches recently: these include JPMorgan, Fidelity Investments and Ameriprise Financial. These incidents generally stemmed from stolen laptops or careless employees (who, in the case of JPMor
News from the High Performance on Wall Street Show
The ongoing slugfest between providers of high-performance computing solutions was evident at the High Performance on Wall Street show today at the Roosevelt Hotel. All the major vendors of CPUs, GPUs, FPGAs, server grid software, data grid software and other high performance hardware and software are here, providing updates on their solutions and gently dissing the competition. As slugfests go, this is an amiable one and many of these companies are actually working together in pairs and groups
Oracle Delivers Coherence 3.3
Solution enables firms to push data closer to applications for faster access and greater resource utilization, Oracle claims.
Cisco Eases the Upgrade to Infiniband for Market Data Feeds
There's no question switching from a one gigabit Ethernet network to Infiniband can dramatically improve the speed of multicasting -- sending market data from feed handlers to multiple trading desks. Several tests conducted over the past year by the Securities Technology Analysis Center have proven this. Faster multicasting leads to improved ability to conduct algorithmic trading and better compliance with Reg NMS and MiFID. The question is, how do you m
New Security Alert: TD Ameritrade suffers Data Breach, Over 6.3m Records Stolen
TD Ameritrade Holding Corp said contact information for more than 6.3 million customers was stolen after one of its databases was hacked into.
The online broker apologized to its clients and said the breach stemmed from unauthorized code in its systems that allowed hackers to access an internal database. The discovery - and elimination of the unauthorized code - was made by the brokerage following an internal investigation of stock-related SPAM.
Options Dark Pool Readies for Launch
While dark pools have popped up like crazy on the equities side, bringing the total somewhere close to 40, there will soon be a new dark pool dimension. U.S equity options.