Securities Industry News articles from July 2005

Securities Industry News archives from July 2005

Warming to Globex: Tech compatibility may tip scales toward CME-CBOT union.(Chicago Mercantile Exchange, Chicago Board of Trade)
July 11, 2005... Amid published reports that the Chicago Mercantile Exchange recently approached the Chicago Board of Trade about a merger that would create the world's largest futures exchange, industry observers are betting that the CME's Globex electronic...

JP Morgan Chase in Hedge Tech Gambit.(Neovest Holdings Inc.)
July 11, 2005... Many top banks have leapt headlong into hedge fund servicing businesses, most notably prime brokerage and fund administration. JP Morgan Chase & Co. may be pushing even further. JP Morgan, which last December entered the hedge fund business...

Sun Rises to the Challenge.(Sun Microsystems Inc., SeeBeyond Technology Corp.)
July 11, 2005... It may be a bit soon to conclude that Sun Microsystems has "taken back Wall Street," the goal that the Silicon Valley giant set last September when it declared its awakening from a three-year slump. But with more than 40 financial industry...

No Time for Charm.
July 11, 2005... Before explosions in London's City mooted such innocent pursuits as international sport, the International Olympic Committee (IOC) had just awarded the 2012 Summer Olympics to London--a mild surprise, given that the oddsmakers favored Paris....

MFG's Schafer: Thinking Nationally.(David Schafer, McDonald Financial Group)(Interview)
July 11, 2005... From his Cleveland outpost, David Schafer has to stay wired to a business--and, by extension, an industry--of national and even global proportions. Schafer is senior managing director of investment operations for KeyCorp. His responsibilities...

Nymex Mulls eCops for Deliveries.(New York Mercantile Exchange, New York Board of Trade signed for electronic commodity operations system )
July 11, 2005... The New York Mercantile Exchange and the New York Board of Trade recently signed a memorandum of understanding (MOU) to explore the possible use of the Nybot's electronic commodity operations system (eCops) for Nymex commodities. ECops is an...

HSBC Cuts Slice of Italian Hedge Fund Pie.(Banca d'Italia)
July 11, 2005... HSBC distinguished itself late last month by becoming the first non-Italian bank to receive approval from Banca d'Italia, Italy's central bank, to offer a full range of custody and fund administration services to the country's fledgling...

FICC Opens Up to Buy-Side Members.(Fixed Income Clearing Corp., Depository Trust & Clearing Corp.)
July 11, 2005... Having received final approval from the Securities and Exchange Commission last month, the Fixed Income Clearing Corp. (FICC) will now permit buy-side firms, including mutual funds and other registered investment institutions, to join as...

Three-way Pact To Ease Forex Gridlock.(Twist Process Innovations Ltd.)
July 11, 2005... FIX Protocol Ltd. (FPL), the International Swaps & Derivatives Association (ISDA) and Twist Process Innovations Ltd. have signed a statement of understanding (SOU) that paves the way for an industrywide protocol that would streamline the...

Tradebot Founder To Launch New ECN.(Tradebot Systems )
July 11, 2005... Tradebot Systems founder and CEO David Cummings, whose North Kansas City, Mo. firm produces the technology used by broker-dealer subsidiary Northtown Trading to deal in over-the-counter markets and index products and to make markets on...

FISD's Got a Brand New Bag.(Financial Information Services Division)
July 11, 2005... The original name of the game for the Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA) was market data and nothing but market data. But since releasing its market data definition language...

Bank Secrecy Exam Manual Published: Firms now have a bible of compliance; regulators, a heavy book to throw at scofflaws.(released by Federal Financial Institutions Examination Council)
July 11, 2005... The long-awaited manual for Bank Secrecy Act (BSA) examinations was released by the Federal Financial Institutions Examination Council last week. If it provides workable standards that are followed consistently, the 331-page tome could...

Rule 445 Amendment: Clearer Than the BSA?(Bank Secrecy Act)(Brief Article)
July 11, 2005... As the Federal Reserve was issuing its guide to Bank Secrecy Act examinations, the New York Stock Exchange was pointing out three areas the BSA fails to adequately address. The NYSE filed a request with the Securities and Exchange Commission to...

Schrank Starts Thinking Legacy: Swift CEO to depart in 2007, foretells expansion into transaction management.(Society for Worldwide Interbank Financial Telecommunication)(Leonard Schrank )
July 25, 2005... When Swift announced on July 14 that Leonard Schrank will stand down as CEO when his contract expires in 2007, the curtain rose on the final act of what will have been an eventful 15-year tenure. Under Schrank, the global banking cooperative...

Cradle to Grave: ITG Buys Macgregor.(Investment Technology Group )
July 25, 2005... In the nearly two weeks since Investment Technology Group (ITG) announced its agreement to acquire the order management system (OMS) provider Macgregor, the securities industry has been buzzing with speculation over ITG's next steps, as well as...

Corporate Actions, Simplified.
July 25, 2005... Last month, JP Morgan Worldwide Securities Services boasted of being the first custodian bank to market with a lightweight "smart document" solution for corporate actions announcements, using a Web-based "push" technology developed and deployed...

Danger or Opportunity?
July 25, 2005... It's a long way from the innocence of ping-pong diplomacy to the game of geopolitical one-upmanship that the U.S.-China relationship has become. In the 33 years since a table tennis competition in Beijing thawed the Cold War and helped open...

Procuring Capital.
July 25, 2005... A CEO lecturing on hidden value once quipped that his kids would scrounge for change under the cushions of the family sofa. It was something they found profitable on more than one occasion. In the same way, financial services companies can be...

Ellen Neely: Building a New Model in Chicago.(Interview)
July 25, 2005... The Chicago Stock Exchange (CHX) has added "president of the exchange" to the job title of general counsel Ellen Neely, who will continue in her role of six years even as she assumes new responsibilities. Most recently, Neely played a leading...

SEC Advances NYSE E-Bond Trading Plan.
July 25, 2005... The Securities and Exchange Commission has released a proposed rule to allow New York Stock Exchange members and member organizations to trade certain unregistered debt securities on the NYSE's Automated Bond System (ABS). The NYSE sought...

Swat Team' CTO Ups the Ante at Amex.
July 25, 2005... Since taking over operations at the American Stock Exchange a year ago, executive vice president and CTO Antoine Shagoury has made a number of strides toward revamping the exchange's infrastructure, taking what he calls a "Swat team" approach...

Asian Rivals Grow Their Hedges.
July 25, 2005... Three years after Hong Kong laid claim to being the first jurisdiction to allow retail investment in single hedge funds, its Securities and Futures Commission (SFC) plans to ease some of the requirements on hedge fund managers in order to grow...

Eurex: Bulls and Bears.
July 25, 2005... Deutsche Borse and SWX Swiss Exchange, joint owners of the Eurex derivatives exchange, are reportedly under pressure from shareholders to prepare a potential exit strategy from the U.S. market. Some observers are taking it as a concession that...

Store and Deliver: Why Broker-Dealers Can't Archive.
July 25, 2005... In the latest case of e-mail archiving noncompliance, UBS Securities LLC, part of global investment banking giant UBS AG, was called on the carpet July 13 by New York Stock Exchange regulators for failing to preserve electronic communications...