Securities Industry News articles from August 2005

Securities Industry News archives from August 2005

For Best Execution, Future Is Spelled TCR: Nyfix poised to capitalize on cost research boom.
August 8, 2005... Rising to ever-higher levels of sophistication, transaction cost analysis (TCA) has helped to bring about a sea change in relationships between brokerage firms and their institutional buy-side clients. The latter are increasingly reliant on TCA...

Bloomberg Opens Up: Market data giant allows feed to go "outside the box".(introduction of PhatPipe real-time data delivery system)(Bloomberg L.P.)
August 8, 2005... Bloomberg, which has long clung to the proprietary approach of maintaining control over its market data within its own tightly managed network, is loosening the reins. The company has begun allowing independent technology providers to integrate...

OTC Derivatives Go STP.(over-the-counter derivatives bring straight-through processing )
August 8, 2005... Amid mounting volumes of over-the-counter derivatives, market participants under the aegis of the Asset Managers Forum (AMF) are drawing parallels with the equities and fixed-income markets in an effort to institute straight-through processing...

Unfinished Business.
August 8, 2005... There was a good reason why former Securities and Exchange Chairman William Donaldson chose as his last official act a vote to reapprove controversial mutual fund governance reforms. Faced with a narrow 3-2 voting margin on some of his biggest...

Sharing Extranets in a Post-Reg NMS World.
August 8, 2005... The electronification of the U.S. securities industry is in full swing. Decimalization, direct market access (DMA) and algorithmic trading have significantly amplified electronic traffic over the last few years. Mixing Regulation NMS into the...

Lava, BNY Brokerage Strike Deals With Pipeline.
August 8, 2005... Racing along with other trading technology providers to add liquidity sources through strategic alliances, Lava Trading and BNY Brokerage have struck deals to give their respective customers access to Pipeline Trading Systems. "We want to...

Order-Routing Service Accelerates French Funds Automation.
August 8, 2005... The EUR1.1 trillion ($1.35 trillion) French investment funds market--one of Europe's largest--will take a giant step toward automation for local distributors next year when national securities depository Euroclear France adds a new...

Forex Working Group Gets FPL's Blessing: FpML, Twist standards bodies to collaborate on new XML schema.
August 8, 2005... In another example of the expanding use of FIX in the securities industry, FIX Protocol Ltd. (FPL) has upgraded its foreign exchange working group to global product committee status. It will be known as the global foreign exchange committee...

IFX: Rate Raise Supports Global Outreach.(Interactive Financial eXchange Forum)
August 8, 2005... Standards organizations don't live on good intentions and donated labor alone. Case in point: the Interactive Financial eXchange (IFX) Forum is raising its membership bills. Under a new structure to take effect Sept. 1, annual dues will...

Carlyle To Pay Nearly $1 Billion for SS&C.(Carlyle Group L.P. bought SS and C Technologies Inc. (Windsor, Connecticut))
August 8, 2005... The latest in a string of transactions involving capital markets technology providers and processors, SS&C Technologies is selling itself for $941 million to Sunshine Acquisition Corp., an affiliate of private equity powerhouse Carlyle Group....

Kestrel Brings Qwik' Connectivity to Bond Trading.
August 8, 2005... Kestrel Technologies has unveiled what it claims is a low-cost, shrink-wrapped middleware tool geared to solving connectivity problems in the fixed-income market. Qwik KonneKT links buy- and sell-side firms to several major electronic...

Convergence Emerges: Cross-border conversation grows, uniform oversight tops the topic list.
August 22, 2005... Amid globalization of business operations and electronic connectivity among financial markets, top corporate executives and government officials broadly agree on the need for more cross-border consistency in regulations. Yet at an accounting...

E-Trade Scales Up, Seeks Synergies.(E*TRADE Financial Corp. merged with Harrisdirect)
August 22, 2005... Taking the post-1990s shakeout in online brokerage into its latter stages, E-Trade Financial Corp. is stressing the oft-repeated mantra of scale in its pending $700 million merger with Harrisdirect. On the heels of rival Ameritrade...

China Brokers Move Offshore.
August 22, 2005... Until last month, Chinese brokerages were forbidden to do business outside the mainland, even as World Trade Organization commitments by the Chinese government allowed foreign brokerages to set up shop inside of China through joint ventures and...

Swift's Partner Dance.
August 22, 2005... Swift holds its annual Sibos shindig in Copenhagen in early September. It's by far the big event of the year for the 7,000-member financial messaging cooperative, likely to feature the perennial discussions over how Swift can and must adapt to...

In Memoriam.(Michael Walther)(Brief Article)(Obituary)
August 22, 2005... A familiar face will be sorely missed at Sibos: Michael Walther, director of Swift's Zurich office, died of a heart attack on March 25 at 46. Walther, formerly of Deutsche Bank's securities and custody services division, and Dresdner Bank...

The SEC Chairman's Top Priority.(Securities and Exchange Commission's Christopher Cox)
August 22, 2005... Investor trust and confidence in U.S. capital markets is returning as equity indices reach four-year highs, the accounting reforms further enhance financial transparency to shareholders' benefit, and corporate governance practices strengthen...

The Hedge Fund and the Welcome Wagon: Relocating from the Bahamas to Park Avenue tests hospitality of onshore service providers.
August 22, 2005... When Joe Bucci joined hedge fund Lyford Group as chief operating officer a year ago, his first task wasn't to set trading strategy or bring in new clients. It was to find enough office space in New York City to comfortably fit a staff of five...

ISO Developers Answer Critics.(International Organization for Standardization)
August 22, 2005... The ISO 20022 standard, a modeling methodology for the creation of standardized messaging formats for the securities industry, will be enhanced to include two groups of messages by the end of the year: a set of global fund messages for the...

Clearing Firm Penson Files for $100 Million IPO.(Penson Worldwide Inc., initial public offerings)
August 22, 2005... Clearing and execution firm Penson Worldwide, having filed a registration statement with the Securities and Exchange Commission to issue $100 million in common stock, has revealed considerable success in its technology-oriented businesses,...

EU To Seek Added Bona Fides for Wire Transfers.(European Union)
August 22, 2005... In a bid to bolster its efforts against terrorist financing, the European Union wants to tighten its requirements on information contained in wire transfers and to demand more transparency from member and prospective member nations. A...

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New Blood for Swift's Securities Division.
August 22, 2005... The Swift global financial messaging network is tilting more and more toward the securities industry: Totaling 737 million, securities messages accounted for one-third of Swift's total volume last year. Although securities growth has in recent...

Swift CIO: Expect Continual Evolution'.(chief information officer Joseph Eng )
August 22, 2005... Joseph Eng has lived an eventful six years as Swift's chief information officer. Since he joined the cooperative from Chicago-based Baby Bell Ameritech--where he was head of IT for customer sales/service and network operations--Eng has shored...

OMX's Bcker: Beyond Copenhagen.(Magnus Bcker, Copenhagen Stock Exchange A/S merged with OMX Inc.)
August 22, 2005... Swedish exchange operator and technology vendor OMX Group may be busy integrating the Copenhagen Stock Exchange, its most recent acquisition, but that doesn't mean it's completely preoccupied with its regional consolidation efforts. President...

Swift Mulls New Grading System for Partners.
August 22, 2005... Building on discussions that came out of the Swift partners meeting in Brussels in March, the global financial communications consortium is contemplating a new relationship with its vendors. The new shape of the relationship has yet to be...

Dutch Bank Is Transformation Poster Child.
August 22, 2005... With only EUR260 billion ($316.5 billion) in assets under custody, Kas Bank is a minnow in a big pond of European securities services players. But it doesn't want to be taken lightly. "The goal of Kas Bank's European strategy is to transform...

The Future of The Classics: Venerable higher-math shop calls on the Valley to breathe new life into old algorithms.
August 22, 2005... If machine-readable algorithms were books, the Numerical Algorithms Group (NAG) might well be the Library of Congress. "I don't think we've ever thrown away a single procedure, module, executable or DLL [dynamic link library] file since we...