Securities Industry News articles from December 2004

Securities Industry News archives from December 2004

Balancing the Load.(Securities and Exchange Commission)
December 6, 2004... The debate over the Securities and Exchange Commission's proposed hard 4 p.m. close and the 2-percent early redemption fee rules continues, but the terms of the debate may be masking a deeper issue that the SEC is only just beginning to grapple...

The Cost To Comply.
December 6, 2004... The ink on the Securities and Exchange Commission's final rule on hedge fund managers was barely dry as market players gathered at a Securities Industry Association (SIA) event to swap interpretations and discuss the implications of greater...

Fund Probe Ups Ante.(Securities and Exchange Commission's investigations)
December 6, 2004... Market timing and late trading allegations may now seem like old news, given subsequent regulatory investigations into annuity and insurance sales. But the Securities and Exchange Commission, continuing to pursue the issue, has cast its...

The Talk of the Smocks.(New York Stock Exchange Inc. filed a plan with Securities and Exchange Commission)
December 6, 2004... In the last two issues of Securities Industry News we have used this space to focus on industry regulation: on the effect the president's reelection may have on the makeup of the Securities and Exchange Commission; on the SEC's concept release...

Speed Is of the Essence.(Securities and Exchange Commission; security industry competition)
December 6, 2004... Wall Street always sings the praises of competition that fosters innovation and lowers prices: Never has trading been more accessible in more markets to more people at a lower cost. But even as competition serves the greater good, it opens...

FPL Certifiers Are Guarded on Eve of Delivery.(FIX Protocol Ltd)
December 6, 2004... When representatives from all four FIX certification vendors sat down at the same table at the FIX Americas conference held by FIX Protocol Ltd. (FPL) in New York late last month, the standards body's quest for automated certification of FIX...

NASD's Late-Game Business Continuity Drive.
December 6, 2004... As self-regulatory organizations (SROs) and regulators press the industry to develop business continuity plans (BCPs) that will enable next-day recovery from a widespread disruption-and to complete these plans by the end of the year-industry...

E-Trade Pursuing Institutional Ambitions.
December 6, 2004... Retail-oriented brokerage E-Trade Financial is moving ahead with plans to strengthen its capital markets presence in the U.S., grow its institutional trading business and possibly even expand into correspondent clearing. It faces stiff...

Decisive Movement on Proxy Miscounts.(New York Stock Exchange Inc.; Securities Industry Association)
December 6, 2004... After years of neglecting the problem and repeated calls from the transfer agency community, the New York Stock Exchange and Securities Industry Association (SIA) are now moving quickly to prevent, or at least to mitigate, "systemic...

Chat: Profiting from Presence.
December 6, 2004... The essential thing about a trading floor is that you can see and hear what everyone else is doing. It's an environment you engage with your whole being. At your desk, you have the phone, and you have e-mail-but it's not quite the same...

Compliance Officer Is Key for Hedge Funds.
December 6, 2004... The role of the chief compliance officer is emerging as a key source of concern for the hedge fund industry as it gears up to meet new registration requirements. And as hedge funds look to mutual funds for precedents and guidance, they are...

On The Record.
December 6, 2004... "Most casual gamblers... go to Vegas expecting to lose money. It's part of the entertainment experience. People put money in mutual funds and brokerage accounts and pick stocks expecting to make money. They don't find value in losing money on...

Reproposing' Regulation NMS: Depth of book' proposal rankles some as SEC revisits trade-throughs, market data fees.(Securities and Exchange Commission)
December 20, 2004... The Securities and Exchange Commission's "reproposed" plan for national market structure reform, or Regulation NMS, has been drawing a mixed reaction since its Dec. 15 release. And the process by which the commission decided to put it out for...

Credit Derivatives: Making a Market.
December 20, 2004... Explosive growth in the use of credit derivatives (CDS)-spearheaded by new entrants-is pushing traders to adopt, and adapt to, electronic trading platforms and other straight-through processing moves. The nuts and bolts of automating the...

Keeping IT Closer to Home.
December 20, 2004... Wary of overseas initiatives but still wanting to cut costs by off-loading aspects of their systems development, support and maintenance, some U.S. financial firms are turning to low-cost outsourcing providers in Canada and Mexico. While...

Holiday Surprises.
December 20, 2004... This issue of Securities Industry News is our last for 2004-and, unexpectedly, our last under executive editor Randall Devere. Randy, an editor at SIN for seven years and top editor for the last three, departs for new challenges in the dynamic...

Going Dark in the Sarbanes-Oxley Era.(Interview)
December 20, 2004... In a recently completed study titled "Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Registration," three economists-Christian Leuz of the Wharton School, and Alexander Triantis and Tracy Wang of the University of...

Brokers Get Hands on NYSE's Future.(New York Stock Exchange Inc.)
December 20, 2004... The New York Stock Exchange announced last week that it has completed the first phase of a transition to a new technology platform. The exchange described the platform, developed by IBM, as an essential step in implementing a hybrid model that...

Trading Technologies Shows Its Hand.
December 20, 2004... Trading Technologies' CEO Harris Brumfield has raised the stakes in the company's bid to claim a stake in trading volumes, laying his cards on the table in a public letter and an interview with Securities Industry News. In an open letter to the...

SMAs Acquire a Shadow.(separately managed accounts )
December 20, 2004... Proposed new guidelines requiring managers of separately managed accounts (SMAs) to more diligently prove their track record could pile extra record-keeping burdens on fund managers and drive an increase in outsourcing to custodian banks, say...

FDIC Guidelines Target AML Software Vendors.(anti-money laundering, Federal Deposit Insurance Corp. )
December 20, 2004... The Federal Deposit Insurance Corp. (FDIC) has determined that certain software products used by financial institutions do not comply with applicable anti-money laundering (AML) laws and regulations, and has devised guidelines that will help...

Powering Up the Grid: Transatlantic traders swap tales from their transition to adaptable computing models.
December 20, 2004... Credit Suisse First Boston (CSFB) in New York and Sal. Oppenheim in Cologne, Germany are two of a growing number of firms gearing up for grid technology to make the most of their processing power in an increasingly demanding business, economic...

On The Record.
December 20, 2004... He asked if I would sell my Christmas trees; My woods-the young fir balsams like a place Where houses all are churches and have spires. I hadn't thought of them as Christmas Trees. I doubt if I was tempted for a moment To sell them off their...