Securities Industry News articles from June 2003

Securities Industry News archives from June 2003

MSRB Wants Bonds in Real Time.(Municipal Securities Rulemaking Board )
June 2, 2003... The Municipal Securities Rulemaking Board (MSRB) is set to release this week a concept paper on real-time price dissemination for secondary municipal bonds and a detailed message specification paper regarding real-time dealer trade reporting...

GSTPA's Legacy: Battle erupts over intellectual property rights to TFM.(Global Straight-Through-Processing Association; Transaction Flow Manager)
June 2, 2003... About seven months after the Global Straight-Through-Processing Association's (GSTPA) demise, a battle has erupted over the ownership of the intellectual property rights (IPR) to its central matching utility, the Transaction Flow Manager (TFM),...

Custodians Could Play Greater Matching Role.
June 2, 2003... Spurred by a budding buy-side demand, the large custodian banks, including State Street and Mellon Financial, could emerge as potential rivals to Omgeo and others offering central matching services in the industry's push to straight-through...

Spear Leeds & Kellogg Shifts Focus.(Spear Leeds & Kellogg LP )
June 2, 2003... Spear Leeds & Kellogg LP is trying to get the word out: "We've changed our focus completely," said Duncan Niederauer, managing director of electronic transaction services at the Goldman Sachs unit. SLK LP's flagship RediPlus trading...

ArcaEx Profitable as Rivals Challenged.(Archipelago Holdings )
June 2, 2003... ArcaEx, which completed its transformation from the Archipelago ECN into the equity-trading arm of the Pacific Exchange in mid-April, is already turning a profit, according to its executives. "We are in a great position today. As our...

Risk management comes in many shapes and sizes.(Commodity Futures Trading Commission Chairman James E. Newsome discusses commission's initiatives)
June 2, 2003... Speaking at a conference in New York City late last month, Commodity Futures Trading Commission Chairman James E. Newsome discussed the many initiatives the commission is currently pursuing. In the following excerpts from his speech, Newsome...

MUG Closed But Is Migration Complete?(Closing of Swift's 7775 message users group (MUG))
June 2, 2003... The closing of Swift's 7775 message users group (MUG) last week marked the official termination of the old, text-centric messages from the Swift network in what should be the end of a four-year long migration. But is it? Some sources are...

UNX Upgrades Trading Platform.(UNX provides direct-access institutional trading platform)(Brief Article)
June 2, 2003... UNX has more tightly integrated its depth-of-book market data system and intelligent order routing engine, integrating the fragmented Nasdaq marketplace, according to CEO Randy Abernethy. Burbank, Calif.-based UNX provides a direct-access...

FTSE Rolls Out Real-Time Data Distribution Service.(FTSE Group )(Brief Article)
June 2, 2003... The FTSE Group is rolling out its own global real-time data distribution service, replacing services provided by the London Stock Exchange and Reuters. Currently, the LSE distributes the calculated indexes during European and U.S. business...

Source: GECC Wanted LPA.(General Electric Capital Corp wanted to buy London Pacific Advisory Services and London Pacific Securities )(Brief Article)
June 2, 2003... GE Capital Corp. wanted to acquire London Pacific Advisory Services and London Pacific Securities (known collectively as LPA) to gain entry into the separately managed accounts (SMA) sector, but was beaten to the punch, according to a source...

Sources: Amex Members Unsure About Sale.(Sales of the exchange to GTCR Golden Rauner)
June 2, 2003... Some longtime members of the American Stock Exchange have voiced concern about a proposed sale of the exchange to Chicago venture capital group GTCR Golder Rauner, reported as imminent for weeks. Industry sources said Amex members' main...

Reuters Revamps Sales in Americas.
June 2, 2003... Reuters has reorganized its sales and account management efforts in the Americas and tapped an IBM executive to run them. Mike Steinharter, a 22-year IBM veteran, will join the company June 16 as EVP of sales and account management at...

CBOT Launches Web-Based Market Data Service.(Chicago Board of Trade )(Brief Article)
June 2, 2003... The Chicago Board of Trade has rolled out CBOT Advantage, a Web-based real-time market data service geared to individual traders. The product, a private-labeled version of Lombard, Ill.-based FutureSource's FS Xtra, replaces another Web-based...

FISD Releases MDDL 2.1 Beta.(Financial Information Services Division of Software & Information Industry Association )(Brief Article)
June 2, 2003... The Financial Information Services Division of the Software & Information Industry Association last week announced the release of the beta version of MDDL 2.1, which will cover the basic setup requirements for equities, mutual funds, fixed...

Alliance Challenges Iress With Market Data Solution.(Iress Market Technologies; alliance is for Global Banking and Securities Transactions' (GBST) client management product, Advisor, and Molten Financial Solutions' market data system, Siren)
June 2, 2003... The deal to integrate Global Banking and Securities Transactions' (GBST) client management product, Advisor, and Molten Financial Solutions' market data system, Siren, to provide a low-cost retail desktop solution, is putting pressure on market...

Sum2 Offers CD-ROM for AML.(Anti-money laundering)
June 2, 2003... Sum2 Llc announced the release last week of "Paco," the Patriot Act Compliance Officer, described by the company as a multimedia, browser-based CD ROM application that can enable broker-dealers, hedge funds, commodity trading advisers and...

Thomas Murray, Watson Wyatt Pursue Marketing Alliance.
June 2, 2003... Thomas Murray, the custody rating and research firm, and buy-side consultancy Watson Wyatt have inked a marketing alliance allowing Watson Wyatt to distribute Thomas Murray's custody ratings and operational performance reports to several...

Cargill Unit Clearing Trades On Italian Derivatives Market.(Cargill Investor Services Ltd.)(Brief Article)
June 2, 2003... Cargill Investor Services Ltd. (CIS), a major independent global broker for futures, options, over-the-counter products and foreign exchange, has joined the Italian Derivatives Market (IDEM) as a general clearing member. "The decision to...

Box Taps Radianz As Extranet Option.(Boston Options Exchange)(Brief Article)
June 2, 2003... The Boston Options Exchange (BOX), an all-electronic equity derivatives market expected to go live late this summer, will use Radianz's financial extranet as one of the alternatives giving institutions network access to the new exchange. ...

VSR, IAC Choose StatementOne For Portfolio Accounting.(VSR Financial Services and Investment Advisors and Consultants sign separate deals to integrate StatementOne's consolidated portfolio accounting and performance reporting solution)(Brief Article)
June 2, 2003... VSR Financial Services (VSR) and Investment Advisors and Consultants (IAC) have signed separate agreements to integrate StatementOne's consolidated portfolio accounting and performance reporting solution into their technology infrastructures....

Charles Stanley Chooses KTS For Web-Based QuoteTerminal.(Knowledge Technology Solutions)(Brief Article)
June 2, 2003... U.K. stockbroker Charles Stanley & Co. has selected Knowledge Technology Solutions' Web-based, U.K. equities-oriented QuoteTerminal to support "a number of positions," according to Richard Burtsal, sales and marketing director for KTS. ...

SwapsWire Connects to Summit For Trade Capture Functionality.(Brief Article)
June 2, 2003... SwapsWire has extended the trade capture functionality of its over-the-counter derivatives settlement platform by supporting version 3.5 of Summit Systems' STP transaction platform, which is now integrated with SwapsWire. Derivatives...

NY's OEM to Issue Crisis Access Cards for Street Firms.(New York City Office of Emergency Management )
June 2, 2003... The New York City Office of Emergency Management (OEM) has two projects under way to facilitate the securities industry's ability to continue operating during times of crisis. One is finalizing by summer a Corporate Emergency Access System...

DTCC's Universal Hub Targets Liability Messages.(Depository Trust and Clearing Corp. )
June 2, 2003... Responding to industry concern that the delivery of corporate actions liability messages has mushroomed in recent years, the Depository Trust and Clearing Corp. (DTCC) will create a separate Universal Hub, in addition to its Global Corporate...

BOTCC-Eurex Link Cuts Down Cross-Border Barriers.(Board of Trade Clearing Corp)
June 2, 2003... The clearing agreement with Eurex that Chicago's Board of Trade Clearing Corp. signed last week has rescued it from the financial disaster it faced as a result of losing its largest client-the Chicago Board of Trade (CBOT), effective January,...

Euronext Amsterdam Glitches Put Dutch Mart in Play.
June 2, 2003... Systems failures that have resulted in 10 or more trading suspensions on Euronext Amsterdam since January 2002 appear to be prompting the kind of direct competition among European exchanges not seen since the failed iX merger and the attempted...

SegaIntersettle Targets E-Voting, Corporate Actions.
June 2, 2003... Switzerland's depository SIS SegaIntersettle (SIS) will enter the electronic proxy voting and corporate actions arena next month through a new two-phase Web-based service. SIS' corporate actions service will be limited to the 72,000...

U.K. Fund Group, ISS Join Forces.(Joint venture between National Association of Pension Funds (NAPF) and Institutional Shareholder Services; aim to create RREV (Research, Recommendations and Electronic Voting), )
June 2, 2003... U.K. investors will soon be able to access corporate governance analysis and electronic voting capability on about 22,000 U.K. and overseas companies in 80 countries through a new joint venture between the National Association of Pension Funds...

Bond Clearinghouse Offers Institutional Settlement.(Fixed-Income Clearing Corp)
June 2, 2003... The Fixed-Income Clearing Corp. (FICC), the U.S. clearinghouse for government and mortgage-backed debt, has proposed a model for settlement of trades between broker-dealers and their institutional clients, which falls short of the widely-touted...

EasyJet, Easybroker in Easy' Trademark Dispute.
June 2, 2003... Two Greek Cypriots-one the founder of budget airline EasyJet, and the other, the co-founder of Easybroker, an institutional network provider and brokerage firm-are proving that staking out a trademark with the word "easy" in it is anything but...

ASX Puts Brakes on FundConnect.(Australian Stock Exchange)(Brief Article)
June 2, 2003... The Australian Stock Exchange (ASX) last week announced that it has halted work on its planned electronic fund processing hub, FundConnect. "Having completed detailed specification work by early 2003, ASX undertook further industry...

SEC OKs Boston's Nasdaq Trading.(SEC approves Boston Stock Exchange's (BSE) revised plan to trade Nasdaq securities)
June 2, 2003... The Securities and Exchange Commission has approved the Boston Stock Exchange's (BSE) revised plan to trade Nasdaq securities, which it had halted in April. "A proposed rule change filed by the Boston Stock Exchange making certain...

Corporates Battle Brews.(TradeWeb will offer "complete corporate bond solution" this fall)
June 9, 2003... TradeWeb plans to roll out a "complete corporate bond solution" this fall that will include the entire universe of corporate bonds vs. the 40 or so benchmark corporates in beta testing currently on the system. The goal is to become a "one-stop"...

OCC Clearing Data To Be Sent in FIXML.(Options Clearing Corp.)
June 9, 2003... In a significant endorsement of standardized messages, the Chicago-based Options Clearing Corp. (OCC) has embraced FIXML, the extensible markup language (XML)-based version of the FIX protocol. Initially, OCC plans to deploy FIXML in the...

ESF's Practicality: Takes nuts and bolts approach to European harmonization.(European Securities Forum )
June 9, 2003... When the European Securities Forum was first launched in 1999 as the European Industry Users Group, the organization of about two dozen of the world's largest financial firms set out to broker a merger of international depositories Euroclear...

Groups Back LSE Codes.(Reference Data User Group and Reference Data Coalition jointly back proposal by London Stock Exchange to extend UK's proprietary Sedol codes with Swift-created MICs )
June 9, 2003... The Reference Data User Group and Reference Data Coalition, trade groups representing some of the world's largest financial firms, have jointly backed a proposal by the London Stock Exchange to extend the U.K.'s proprietary Sedol codes with...

Exemption Keeps NMS Status Quo.(SEC is extending "de minimis" exemption, keeping National Market System status quo)
June 9, 2003... The Securities and Exchange Commission said last week that it is extending its temporary "de minimis" exemption from the trade-through rule for three top exchange-traded funds (ETFs), quelling Instinet's hope for a broader relaxation of the...

As transformation hits market data business, components will be key.
June 9, 2003... In a white paper released last month, Tee Williams, a principal at R. Shriver Associates, examined the challenges that the market data industry is currently facing, and how the information industry may look in the future. Following are excerpts...

Fast Forward Event Hits Resistance.(Reuters has internal resistance to planning day of special events worldwide on June 11 to generate new ideas related to Fast Forward restructuring program)
June 9, 2003... Sometimes good intentions and morale- boosting plans can go awry, especially when times are tough. That seems to be the situation at Reuters as the vendor encounters some internal resistance to planning a day of special events worldwide on June...

Euroclear Continues Price Cuts.
June 9, 2003... International depository Euroclear last week continued its wave of cost cuts by announcing a further EUR7 million reduction in European debt and triparty collateral management fees, bringing to EUR22 million the total value of price cuts for...

Forex Banks Agree on Twist Payment Messages.(Twist standard is being developed by the Treasury Workstation Integration Standards Team for foreign exchange trading; will be XML-based messaging spec)
June 9, 2003... The Twist standard being developed by the Treasury Workstation Integration Standards Team for foreign exchange trading has been adopted by seven banks as the XML-based messaging spec for processing commercial payments, which is being designed...

Market Structure, Hedge Funds on SEC Agenda.
June 9, 2003... Taking a comprehensive look at market structure, studying the current proxy rules for nominating and electing directors, examining the hedge fund industry, as well as reviewing disclosure of fees, expenses and sales practices at mutual funds,...

AIM Consolidates Ops to Focus on High-Net SMAs.(Amvescap's merging of mutual fund operations of AIM Private Asset Management and Invesco subsidiaries will boost its efforts into separately managed account business for high-net worth individuals)
June 9, 2003... Part of buy-side giant Amvescap's strategy in merging the mutual fund operations of its AIM and Invesco subsidiaries is to boost its foray into the separately managed account (SMA) business for high-net worth individuals, said Mark McMeans,...

SunGard Adds Trading, Planning Tools to Workstation.
June 9, 2003... SunGard Market Data Services has enhanced its PowerPartner broker workstation by adding trading capability and financial planning tools, among other things. The vendor also is readying a new version of its PowerData feed that combines broadcast...

Consulting Firm Targets Canada.(Financial Insights is expanding its financial services research and advisory services into Canada)(Brief Article)
June 9, 2003... Financial Insights, launched earlier this year under the ownership of IDC, is expanding its financial services research and advisory services into Canada. The Framingham, Mass.-based firm, which is aiming to provide global but regionalized...

Reuters and Moneyline Settle Details of Agreement.(Reuters and Moneyline Telerate settle details of deal that spells out two vendors' rights and responsibilities in wake of their acquisition of various Bridge assets)
June 9, 2003... After 18 months, Reuters and Moneyline Telerate last week ironed out the details of a comprehensive, definitive agreement that spells out the two vendors' rights and responsibilities in the wake of their acquisition of various Bridge assets....

EuroMTS Expands into U.S. Dollar Market.(EuroMTS expands into U.S. dollar-denominated agency, supranational and European sovereign debt arena via clearing deal with Fortis Investment Services)
June 9, 2003... EuroMTS, the largest eurodebt trading platform, has finally expanded into the U.S. dollar-denominated agency, supranational and European sovereign debt arena through a clearing deal with Fortis Investment Services, exchange officials said last...

Beyond Linux: Focusing on the future of open source.
June 9, 2003... It's every technology vendor's nightmare: a proprietary moneymaking technology is replaced by a free alternative built by a global army of volunteers working in their spare time, destroying the business model overnight. Of course, this is also...

GETTING AROUND IN AN ALTERNATIVE WORLD.(Terms and definitions of source code, open source, kernel and others)
June 9, 2003... Terms and Definitions Source code-When a typical application is written, in a language, such as C++ or Java, it can be read and modified by human beings. This is the source code. After it is compiled, it can be executed by a computer-but...

SunGard Targets Risk With Reech Buyout.(SunGard Trading and Risk Systems buys Reech Capital)
June 9, 2003... SunGard Trading and Risk Systems, a subsidiary of SunGard Data Systems, has expanded its risk management offerings into the hedge fund community through the acquisition of Reech Capital, a U.K.- based supplier of risk management, pricing,...

CBOE HyTS Hybrid Slated To Go Live This Month.(Chicago Board Options Exchange)
June 9, 2003... The Chicago Board Options Exchange (CBOE) is ready to launch its Hybrid Trading System or "CBOEdirect HyTS," which would help the largest floor-based options exchange better compete against the electronic International Securities Exchange...

Citigroup Clients Garner QFII Status in China.(Citigroup Global Transaction Services clients, Nomura Securities Ltd. and UBS Ltd., get Qualified Foreign Institutional Investors (QFII) status in China)(Brief Article)
June 9, 2003... Citigroup Global Transaction Services said its clients, Nomura Securities Ltd. and UBS Ltd., have become granted Qualified Foreign Institutional Investors (QFII) status by the China Securities Regulatory Commission (CSRC). "Having obtained...

Interest Grows in DTCC Swaps Matching Service.(Depository Trust & Clearing Corp.)
June 9, 2003... Goldman Sachs, BNP Paribas, Credit Suisse First Boston and Bear Stearns have joined Depository Trust & Clearing Corp.'s (DTCC) new automated, real-time credit default swaps matching service. The addition of the four firms brings the number...

Kelmoore Taps CheckFree APL To Expand SMA Business.(Kelmoore Investment went live on CheckFree APL after tapping CheckFree Investment Services to automate performance reporting function)(Brief Article)
June 9, 2003... Kelmoore Investment Co. went live on CheckFree APL after tapping CheckFree Investment Services to automate its performance reporting function and expand its separately managed account (SMA) business to the larger sponsor programs, CheckFree...

Britannic Picks LatentZero Sentinel for Compliance.(Brief Article)
June 9, 2003... Glasgow, U.K.-based Britannic Asset Management has installed LatentZero's Sentinel compliance software package, LatentZero officials confirmed last week. The win is a significant one for LatentZero, which has been promoting its pre- and...

JPMIS Nabs $3.6 Billion Custody Mandate for CREF.(J.P. Morgan Investor Services will provide ancillary custody services, including direct lending and income collection, on $3.6 billion of Japanese equities for College Retirement Equities Fund )(Brief Article)
June 9, 2003... J.P. Morgan Investor Services (JPMIS) will provide ancillary custody services, including direct lending and income collection, on $3.6 billion of Japanese equities for the College Retirement Equities Fund (CREF)-one of the group companies of...

Muir In, Weinthrop Out At SunGard Division.(Andrew Muir leaves Reuters for new position at SunGard Business Integration)(Brief Article)
June 9, 2003... Andrew Muir has left Reuters for a new position at SunGard Business Integration, an operating unit of SunGard. Muir will fill a newly created position as London-based VP of marketing communications. In an event that SunGard said was...

Bank of England: Processing Issues Remain a Hurdle.(Attempts to achieve single market in financial services)
June 9, 2003... In a speech at a BrokerTec-sponsored conference in London last week, William A. Allen, the Bank of England's directory for Europe and the deputy directory of financial stability, discussed the importance of clearance and settlement in Europe's...

Soft-Dollar Debate Involves Hard Questions.(In soft dollars-arrangements, an investment manager receives research services and related products in exchange for directing trades to particular broker)
June 9, 2003... Although the debate over soft dollars-arrangements whereby an investment manager receives research services and related products in exchange for directing trades to a particular broker-is still in its infancy, the stakes are high. A significant...

Zantaz Spins Off Persist Tech.(Persist Technologies is spun off from e-mail archiving and compliance service provider Zantaz )(Brief Article)
June 9, 2003... Persist Technologies has been spun off from e-mail archiving and compliance service provider Zantaz to provide an in-house version of the Zantaz service. Pleasanton, Calif.-based Persist is selling AppStor, the software that powers the Zantaz...

Equal Opportunity: CFTC wants level playing field for foreign futures market players.
June 16, 2003... The Commodity Futures Trading Commission will treat U.S. and foreign futures exchanges on equal footing and allow foreigners to fully own a U.S. market, said CFTC Chairman James Newsome. Newsome was referring to Eurex, the German-Swiss...

Numbers Crunch: European banks question CUSIP's pricing policy.
June 16, 2003... The CUSIP Service Bureau, North America's numbering agency, is coming under fire from some of its European bank clients for its pricing policies requiring financial firms to pay extra for redistributing the local and international...

Euronext: Mulling Move To U.S. Options Market?
June 16, 2003... While Swiss-German derivatives giant Eurex readies its U.S. strategy, rival Euronext may have plans of its own to build up its presence across the Atlantic. According to some attendees at a Federation of European Securities Exchanges...

LCH Expects Clearnet Merger Soon.(London Clearing House )
June 16, 2003... The London Clearing House said its merger talks with Euronext's Clearnet are moving along and it expects a deal to be sealed within a few months. A tie-up between the two clearinghouses, which has long been supported by a number of market...

Ameritrade CIO Hirji: Refereeing Integration.(Interview)
June 16, 2003... In March, Ameritrade tapped Asiff Hirji, formerly a VP and leader in consultancy Bain & Co.'s IT strategy practice, to be its CIO. Ameritrade, which acquired Datek last September, had brought in Bain when it began planning the integration, to...

Meeting demands Now and getting ready for the next round.(Securities industry issues)
June 16, 2003... Last year at this time, the securities industry was already coping with the regulatory fallout from 9/11 and the big corporate accounting scandals. We were struggling with shrinking margins, low volumes and ongoing layoffs, while facing a...

Technology Advances But Nothing's Perfect.(Goldman Sachs was forced to evacuate a trading facility in London )
June 16, 2003... On the morning of June 7, just as the markets were about to open, Goldman Sachs was forced to evacuate a trading facility in London as an internal fire alarm rang out. Rather than plying their trade as usual at high-tech workstations, hundreds...

SIA Tech Chair on Virus Alert.(Securities Industry Association)
June 16, 2003... On the eve of the Securities Industry Association's Technology Management Conference, the chairwoman of the group's technology management committee is warning securities firms to respond to the first wave of viruses such as BugBear, because the...

BMA: Lack of NSCC-Trace Link Burdens Firms.(Bond Market Association, National Securities Clearing Corp)
June 16, 2003... The National Securities Clearing Corp.'s decision to no longer support participants' reporting of corporate bond trades into the NASD's Trace price reporting and dissemination engine after Trace reporting times are narrowed as planned to within...

Nybot, Nymex to Use onExchange Clearing Platform.(New York Board of Trade and New York Mercantile Exchange licensed onExchange's ECS clearing system)
June 16, 2003... The New York Board of Trade (Nybot) and the New York Mercantile Exchange (Nymex) have both licensed onExchange's ECS clearing system, Nybot and onExchange officials confirmed last Friday, but it is unclear whether this move means both exchanges...

Random Walk Slates Year-End for Completion of MSRB System.(Municipal Securities Rulemaking Board's Real-Time Transaction Reporting System )
June 16, 2003... Random Walk Computing will finish building by year-end the Municipal Securities Rulemaking Board's (MSRB's) Real-Time Transaction Reporting System (RTRS), which will enable the Board to receive real-time trade prices and other data and ensure...

Big Board Rolls Out LiquidityQuote After SEC Ruling.(New York Stock Exchange, services)
June 16, 2003... The New York Stock Exchange was scheduled to roll out LiquidityQuote last Friday as Securities Industry News was going to press, following a decision by the Securities and Exchange Commission to deny a request for a stay by Bloomberg. ...

BMA to Pursue Debt Prime Brokerage Standard.(Bond Market Association, message standard)
June 16, 2003... The Bond Market Association has formed a working group to explore the feasibility of a message standard for fixed-income prime brokerage that will be based on the FIX protocol. The goal is to enhance the automation of trade data between...

Ex-Bloomberg Execs Helping Thomson Target Rival.(Thomson Financial, new Thomson One Yield product)
June 16, 2003... Thomson Financial's new institutional fixed-income Thomson One Yield offering is slated to have a base price of about $700-half the cost of a Bloomberg, according to Thomson officials. Set to be unveiled at the SIA Technology Management...

FIX Protocol Ltd. Names Randall Executive Director.(Peter Randall)
June 16, 2003... Capping the reorganization that began last year, FIX Protocol Ltd. (FPL) has chosen consultant Peter Randall to serve as the organization's first executive director. Randall currently heads London-based financial services consultancy...

Mercator Software Offers Link to Omgeo's CTM.(securities, trading service)(Brief Article)
June 16, 2003... Middleware vendor Mercator Software has completed beta testing with a new platform, Mercator InsideOmgeo CTM, that connects to Omgeo's Central Trade Manager (CTM) matching service, and will release the new package later this month, Mercator...

Altio Nabs Swapstream As Client for Data Offering.(Brief Article)
June 16, 2003... Swapstream, the fledgling e-trading platform for European interest-rate derivatives, has tapped software house Altio for its AltioLive product. Swapstream is now in final beta testing with Gottex, a Swiss voice broker and its main...

Bank of Bermuda, UOB Form Joint Asian Transfer Agency.(Brief Article)
June 16, 2003... Bermuda Trust, a wholly owned subsidiary of Bank of Bermuda, and Singapore's United Overseas Bank have formed a joint venture, with $3.5 million of paid-in capital, to tackle transfer agency services for fund managers in Singapore, said Bank...

Liquidnet Signs on Leone As VP of Biz Development.(Brief Article)
June 16, 2003... Liquidnet, the automated trading system for block trades, has hired David Leone as VP of business development. Leone was previously VP of sales and marketing at Liquidnet competitor Harborside+. Leone's other positions include VP of sales,...

DST Aims HiPortfolio/3 At U.S. Market, Rivals.(DST International)(Brief Article)
June 16, 2003... DST International launched its upgraded portfolio management and accounting system, HiPortfolio/3, in New York last week in an effort to better target the U.S. market with the Europe-focused product, said Fred Cohen, DST's VP of business...

KX systems Upgrades Kdb Database Platform.(Brief Article)
June 16, 2003... Kx Systems, a Palo Alto, Calif.-based database software house, has unveiled kdb+, an upgrade of its flagship kdb database, which allows for expanded capacity and faster processing, company officials said. The addition of kdb+ is a direct...

Neovest Rolls Out Upgraded Version of IdeaLink System.(Brief Article)
June 16, 2003... Neovest has rolled out version 3.0 of its IdeaLink pretrade analytics and direct-access platform. The updated version of the product has a new user interface that makes the product easier to use, and allows users to monitor options data...

Netik, Advent Combine Front and Back Office.(Advent Software's accounting platform, Geneva, is integrated with Netik's InterView 7.0 software)
June 16, 2003... Netik and Advent Software have teamed up to integrate Advent's accounting platform, Geneva, with Netik's new InterView 7.0 software to provide fund administrators, prime brokers and global asset managers a full data management, reporting and...

DataSynapse Debuts Grid Computing for Web Services.(Brief Article)
June 16, 2003... DataSynapse will be unveiling its upgraded and rebranded LiveCluster grid computing software, now known as GridServer 3.2, at the Securities Industry Association's technology show this week. The new GridServer 3.2 will host Web services and...