Securities Industry News articles from February 2009

Securities Industry News archives from February 2009

Fixing Finra: SRO's Incoming CEO Will Have Work Cut Out.(Comment)
February 2, 2009... Byline: Carol E. Curtis Regulators at the Financial Industry Regulatory Authority (Finra) are clearly worried that the alleged fraud at Bernard L. Madoff Investment Securities has exposed major gaps in the system of broker-dealer...

EuroCCP Enters Spain.(News Desk)
February 2, 2009... Byline: Editorial Staff Depository Trust & Clearing Corp. (DTCC) subsidiary EuroCCP will begin clearing about 100 Spanish stocks later this month in conjunction with the expansion of the Turquoise multilateral trading facility (MTF) into...

People in the News.(News Desk)
February 2, 2009... Byline: Editorial Staff Stockholm-based trading systems supplier Orc Software has named Marty Leamy president of its North American operations. Most recently VP of field operations in the Americas at security specialist Check Point...

Funds, Investors Assess Operations In Madoff Wake.(News)
February 2, 2009... Byline: Chris Kentouris Tuckerbrook Alternative Investments said last week that it will provide investors with the daily market values of their hedge fund accounts from administrator Citigroup. In December, Union Bancaire PrivA[c]e, a...

Eyeing Options, Listings, BATS Looks To Expand; Exchange status opens doors, says CEO Ratterman.(News)
February 2, 2009... Byline: Alexa Jaworski Since transitioning from an electronic communications network in November amid record volatility, BATS Exchange has set its sights on increasing its market share and expanding its global presence, as well as some of...

Stock-Loan Platforms Race To Offer CCPs; Counterparty risk a focus on both sides of Atlantic.(News)
February 2, 2009... Byline: John Hintze Although the securities lending market is one of the world's largest, transactions have long been conducted over the counter and bilaterally between beneficial owners, agent banks and self-clearing broker-dealers. The...

Options Industry Presses for Time As Deadline for New Symbology Draws Closer; New nomenclature not a priority, say financial institutions.(News)
February 2, 2009... Byline: Chris Kentouris In the face of mounting pressure from Wall Street, the Options Clearing Corp. (OCC) is holding to its February 2010 deadline for implementation of a new nomenclature for listed options. In separate letters sent...

London Exchange Taps Volante for Swift Messaging.(Data Management)
February 2, 2009... Byline: Chris Kentouris The London Stock Exchange (LSE) is planning to use software from Volante Technologies to integrate Swift messaging into its global matching, reconciliation, data integration and validation service. The...

Canada Making Preparations for Same-Day Matching.(Trading)
February 2, 2009... Byline: Chris Kentouris As the deadline for Canada's same-day matching mandate draws nearer, front- and back-office systems providers are capitalizing on the opportunity. For example, CanDeal, a trading platform for Canadian debt...

CFTC, FinCEN To Coordinate AML Efforts.(Trading)
February 2, 2009... Byline: John Sandman The Financial Crimes Enforcement Network (FinCEN) and Commodity Futures Trading Commission (CFTC) have reached an agreement to "maximize resources" by sharing information and coordinating their anti-money-laundering...

The New Risk Management Tool Kit; Investors, not regulators, are driving risk technology spending.(Buy-Side Techonology)
February 2, 2009... Byline: Carol E. Curtis Struggling with brokerage failures, massive losses and widespread layoffs stemming from the financial crisis, buy-side firms are taking a renewed interest in counterparty and operational risk. In the current...

BidRoute Placing Bet on Program Trading Automation.(Buy-Side Techonology)
February 2, 2009... Byline: Tom Groenfeldt Program trading, also known as portfolio or list trading, is messy, time consuming and difficult, says Barry Marshall, co-founder and CEO of BidRoute, a London-based company that has been working to change that. ...

European Buy Side Wrestles with Best Execution.(Buy-Side Techonology)(Conference notes)
February 2, 2009... Byline: Tom Groenfeldt Hedge fund managers in the European Union who think the Markets in Financial Instruments Directive (MiFID) guarantees they get best execution on their trades should think again, according to Richard Balarkas, CEO of...

Where to Spend in a Time of Crisis; Analysts, execs offer up ten key technology areas for smaller buy-side budgets.(Buy-Side Techonology)
February 2, 2009... Byline: Maria Trombly Technology providers that cater to buy-side firms are knocking on doors in an industry that has seen widespread losses and sharp reductions in assets under management, as well as mergers, bankruptcies and outright...

Standard Chartered: CEP for FX.(News Desk)
February 2, 2009... Byline: Editorial Staff Standard Chartered has bolstered its foreign exchange trading desks with complex event processing (CEP) technology supplied by Progress Software Corp.'s Apama division. On Jan. 21, the London-based bank...

Swift Lends Hand in Vietnam.(News Desk)(Society for Worldwide Interbank Financial Telecommunication)(Brief article)
February 2, 2009... Byline: Editorial Staff Messaging consortium Swift, under a memorandum of understanding signed last month, will connect the Vietnam Securities Depository (VSD) to its members. Though no timetable has been announced, Swift has begun...

Swift Is Thinking Small; Securities head Church says cost-efficiencies and localization are priorities.(News)(Society for Worldwide Interbank Financial Telecommunication's Chris Church)
February 16, 2009... Byline: John Sandman In a chilly economic climate, the 8,300-member Swift messaging cooperative has been extending its reach, says Chris Church, global head of the organization's securities division and CEO in the Americas. Swift, which is...

AML Compliance in Challenging Times.(Guest Comment)
February 16, 2009... Byline: Michael Zeldin Today, many compliance officers charged with safe-guarding their financial institutions against money laundering and terrorist financing report in private meetings and at industry conferences that they are facing...

SEC Must Prove It Can Be Watchdog.(Original Sources)
February 16, 2009... Byline: Editorial Staff Between the Madoff scandal and the financial crisis, the Securities and Exchange Commission has become a favorite target of legislators and the media. "Recently," said commissioner Luis Aguilar, "it has been nearly...

Exposure Management Is Key, Says Risk Expert.(Viewpoints)
February 16, 2009... Byline: Editorial Staff When securities firms fail, it's often due not to a single problem, but a series of interrelated risk events. Because risk management has traditionally been divided, or "siloed," among business lines, the big...

Thomson Reuters Unites Enterprise IM Systems.(Technology)
February 16, 2009... Byline: Alexa Jaworski Instant messaging (IM) took another step in the direction of e-mail and the telephone earlier this month, with Thomson Reuters' launch of a hub that lets enterprise IM users connect through a single link. Noting...

New Partnerships for Options Technology Providers.(Technology)
February 16, 2009... Byline: Alexa Jaworski Technology providers Derivix Corp. and Activ Financial unveiled new partnerships last week that signal growing competition in the options market. Derivix, a New York-based supplier of options pricing, risk...

EU Depositories, Clearinghouses Take Interoperability Steps.(Clearing & Settlement)
February 16, 2009... Byline: Chris Kentouris Momentum is building with announcements by clearinghouses and depositories earlier this month that further the European Union's efforts to reduce post-trade processing costs by improving interoperability. On...

Buy Side Cuts Back on E-bond Trading in Europe.(Clearing & Settlement)
February 16, 2009... Byline: Tom Groenfeldt European market participants did less of their fixed-income trading electronically last year than in 2007, according to a survey by the Securities Industry & Financial Markets Association (Sifma). Fifty percent...

Legislators and Industry Players Struggle to Find Common Ground On Credit Swaps.(News)
February 16, 2009... Byline: Shane Kite "You can't eat credit derivatives," said Rep. Collin Peterson, chairman of the House Agriculture Committee. It was one of several memorable utterances at two tense hearings earlier this month, as key industry players and...

Bank Shakeups Recast Correspondent Clearing; Crisis shines spotlight on widening services.(News)
February 16, 2009... Byline: John Hintze Over the last several years, correspondent clearing firms have broadened the services they offer-an expansion that has been welcomed by today's cash-strapped broker-dealers. But last year's bank implosions and...

Regulation on the Horizon, Funds Automate Compliance.(News)
February 16, 2009... Byline: Chris Kentouris With hedge fund regulation viewed by many as a near certainty, fund managers are turning to an array of technology offerings and consulting services to cope with the anticipated rules. Charles Grassley, R-Iowa,...

ITG Globalizes EMS.(News Desk)
February 16, 2009... Byline: Editorial Staff Investment Technology Group (ITG) has bolstered its Triton execution management system (EMS) with global capabilities, enabling all its clients to send orders to venues in North America, Europe and the Asia-Pacific...

Pershing Enters Nordic Region.(News Desk)
February 16, 2009... Byline: Editorial Staff Bank of New York Mellon Corp. subsidiary Pershing will provide Nordnet, a Stockholm-based online brokerage, with clearing and trading services. It is the first Scandinavian customer for Pershing, the largest...

Tibco's First Hardware.(News Desk)
February 16, 2009... Byline: Editorial Staff Tibco Software has rolled out a hardware solution designed to reduce messaging latency and bring down the number of servers firms use for their messaging infrastructure. The appliance, which Tibco describes as its...

Brazilian Broker Taps Apama.(News Desk)
February 16, 2009... Byline: Editorial Staff Progress Software Corp. said last week that Banco Bradesco's brokerage arm is using its Apama complex event processing (CEP) technology for algorithmic equities and futures trading. The proprietary trading desk of...

People in the News.(News Desk)
February 16, 2009... Byline: Editoria l Staff International Derivatives Clearing Group (IDCG) has named long-time Goldman Sachs executive Laurie Ferber as its general counsel and chief regulatory officer. New York-based IDCG began accepting U.S. dollar...