| News for operations and technology executives in financial services |  |
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| Operations Update | | |
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- Wall Street job-trimming touches former untouchables
New regulation, shrinking profits and a slump in mergers and acquisitions have led several banks to trim their investment banking units. Wall Street's layoffs have mainly hit trading desks, shedding thousands of positions. But the cost-cutting has spread to deal makers and corporate advisers, roles that traditionally have been among the Street's most high-profile even as their effect on the bottom line has been eclipsed by traders. The Wall Street Journal
(4/23)     
- Questions remain about OTC derivatives clearing
The debate continues over who should decide which over-the-counter derivatives can be cleared. Regulators are striving to ensure that market participants don't make the contracts overly complex to allow them to be exempt from central clearing. However, some have raised concerns that regulators shouldn't be allowed to force clearinghouses to process products without being partly responsible for the clearinghouses' viability. FOW magazine online
(4/23)
- The 411 on being a stellar CIO
Being a successful chief information officer requires six essential skills, including having flexible technology know-how and possessing the ability to build relationships. "The average person who joins an IT department certainly does not have the makeup to be a CIO, just as the average person in finance does not have the makeup to be a CFO," says Peter High, president of Metis Strategy. InformationWeek/Global CIO
(4/23)
- Niederauer leads NYSE Euronext beyond the Big Board
Duncan Niederauer became chief executive of NYSE Euronext in late 2007 and has since been on a mission to diversify the company, moving it beyond traditional stock trading and into options, futures and other fast-growing activities. "The company I walked into five years ago almost to the day was a company whose business to date had been large-cap U.S. equities," Niederauer said. The Euronext deal "was its first attempt to go global. Since then, we've done technology acquisitions. We've gotten more heavily into the options business. We've expanded geographically." Barron's (free content)
(4/21)
| Technology Update | | |
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- Electronic inter-dealer bond trades surge
Regulatory changes and pending rules have prompted major banks to do more of their bond trading via electronic platforms. MarketAxess recently reported a surge in electronic bond trading. Financial Times (tiered subscription model)
(4/25)
- LCH.Clearnet strikes deal to buy IDCG from Nasdaq OMX
LCH.Clearnet says it has reached a deal to acquire International Derivatives Clearing Group. The move comes as regulators complete rules to require most over-the-counter derivatives to be processed through clearinghouses. London-based LCH.Clearnet is expanding its U.S. operations in clearing interest-rate swaps through SwapClear. "This is all about making SwapClear a more attractive clearing venue in the U.S. for end users," said Richard Perrott of Berenberg Bank. "This will make it easier to organize cross-margining and capital offsets." Financial Times (tiered subscription model)
(4/24), Bloomberg
(4/24), Financial News Online (U.K.) (subscription required)
(4/24), Reuters
(4/24)
| Regulatory and Legislative Update | | |
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| SIFMA News | | |
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- SIFMA's 39th Operations Conference & Exhibit -- Scottsdale, AZ, May 1-4
SIFMA's 39th Annual Operations Conference + Exhibit is the premier event dedicated to operations in the financial services industry. Key speakers include Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury; Stephen Daffron, Global Head of Operations, Technology and Data, Morgan Stanley; and Grace Vogel, Executive Vice President, FINRA. They lead an all-star lineup of industry and regulatory thought leaders who will discuss important topics such as: Infrastructure, Risk Management, Regulatory Issues, Trade Processing Changes, Protecting Customer Assets, Volcker Rule, Corporate Actions and Proxy, Cost Basis Reporting, and many more! It is a must-attend event. Register today.
- AFME's 5th Annual European Post-Trade Conference -- May 16, London
The European Post-Trade Conference will cover all the crucial developments in the post-trade space and their impact on the industry including CSD regulation and T2S, Legal Entity Identifier, interoperability and extraterritoriality. The event is hosted by AFME, SIFMA's European affiliate, and is an essential, annual gathering for post-trade professionals to receive updated information from leading European speakers and to network with senior operations executives, market infrastructure executives, senior regulators, policymakers and providers. We are looking forward to welcoming Verena Ross, Executive Director of ESMA, and Dr. Kay Swinburne MEP, Economic and Monetary Affairs Committee, European Parliament, who will both give keynote speeches at the conference. Click here to register today.
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