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December 20, 2012
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News for operations and technology executives in financial services

  Top Story 
  • ICE announces acquisition of NYSE Euronext
    IntercontinentalExchange announced early Thursday that it is acquiring NYSE Euronext for $33.12 per share. The joined company will operate dual headquarters in Atlanta and New York, and maintain the iconic NYSE building in Manhattan. "The acquisition combines two leading exchange groups to create a premier global exchange operator diversified across markets including agricultural and energy commodities, credit derivatives, equities and equity derivatives, foreign exchange and interest rates. With leading clearing capabilities, the combined company will be well positioned to deliver efficiencies while serving customer demand for clearing and risk management globally," ICE said in a news release. Register for SIFMA events, including SIFMA Tech 2013 and the 40th Annual Operations Conference & Exhibit, to access subject matter experts and learn how the latest developments in the industry will affect your firm. CNNMoney (12/20), The Wall Street Journal (12/20) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  • Citi consolidates global data center footprint
    Five years ago, Citigroup launched a global data center consolidation effort. It has since gone from having 70 data centers to operating 20 today, says Jagdish Rao, head of enterprise operations and technology. "We are near to the end of a five-year data center consolidation strategy," Rao said. "This is a massive consolidation that follows our global operational model." Wall Street & Technology (12/19) LinkedInFacebookTwitterEmail this Story
  • DTCC relocates most of its workforce to N.J.
    Most of the people who used to work at the Depository Trust & Clearing facility in lower Manhattan have been move to Jersey City, N.J. The move to the Newport Office Center was planned before superstorm Sandy flooded DTCC's headquarters at 55 Water St. in New York. The storm merely accelerated the move. Securities Technology Monitor (12/14) LinkedInFacebookTwitterEmail this Story
  Technology Update 
  Regulatory and Legislative Update 
  • Exchanges, SEC close to agreeing how to work "kill switch"
    U.S. exchanges, brokers and the Securities and Exchange Commission are closing in on a "kill switch," a mechanism by which software glitches can be neutralized by halting trading before chaos ensues. "I think we are hopeful to have something to report in the first quarter of next year," the New York Stock Exchange's Joe Mecane told the Senate banking committee Tuesday. Mecane also said retail investors were essentially being abused by more-skilled traders because of how the market infrastructure has evolved. Reuters (12/18), Securities Technology Monitor (12/18), Financial Times (tiered subscription model) (12/18) LinkedInFacebookTwitterEmail this Story
  • CFTC will require audio recordings of commodity trades
    The Commodity Futures Trading Commission voted Monday to have derivatives traders record audio of commodity transactions. "The rule will make enforcement investigations more efficient by preserving critical evidence that otherwise may be lost to memory lapses and inconsistent recollections," CFTC Chairman Gary Gensler said. Some groups protested the breadth of the rule, prompting the CFTC to offer a reprieve to some dealers. "In consideration of comments, the Commission adopted modifications that preserve the rule's purpose without adversely affecting the agricultural community," Gensler said. Bloomberg (12/17), Reuters (12/17) LinkedInFacebookTwitterEmail this Story
  • BoE puts clearinghouses on notice about risk management
    Risk management by clearinghouses involved in the derivatives markets will be the subject of scrutiny, the Bank of England says. The central bank, which will begin supervising clearinghouses in April, noted the danger that "if financial market infrastructures are operated only in the private interests of their managers, owners, or even their members, they may underinvest in the mitigation of risks to the wider system." Reuters (12/18), Bloomberg (12/18), Financial Times (tiered subscription model) (12/18) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • REGISTRATION NOW OPEN: SIFMA C&L Society Annual Seminar -- March 17-20 -- Phoenix, Ariz.
    SIFMA's Compliance & Legal Society Annual Seminar 2012 was attended by 1,500 financial industry legal and compliance professionals and featured more than 60 panels and sessions, creating the premier forum to discuss the issues and share expertise and insights into critical topics for varied interests. The 2013 program in Phoenix, Ariz. on March 17-20 will be no different. Registration is now open for this industry tradition. Be sure to attend and give yourself the opportunity to engage leading industry experts on the latest regulatory developments and industry trends. LinkedInFacebookTwitterEmail this Story
  • Check out Highlights from SIFMA's Legal-Entity Identifier Seminar
    Be sure to take time to see highlights from the joint GFMA/SIFMA seminar, "Implementing a Global LEI Framework -- Ready. Set. Go." This unique event brought together IOSCO Secretary General David Wright, U.S. Treasury representatives, and financial services leaders as they address preparation for the December LEI deadline in the U.S. and the future of the global LEI standard. The highlights will also demonstrate how all SIFMA-sponsored events are the best venue to get educated or stay informed about issues critical to the financial services industry. LinkedInFacebookTwitterEmail this Story
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Is life not a hundred times too short for us to stifle ourselves?"
--Friedrich Nietzsche,
German philosopher

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