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October 11, 2012
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News for operations and technology executives in financial services

  Top Story 
 
  • Wall Street embraces cloud computing to control costs
    Many Wall Street firms are locating a wide range of applications in third-party data centers to take advantage of the cost-cutting opportunities of cloud computing. Some financial firms are even using the cheap processing power of Amazon's public cloud to handle large and complex data sets. Wall Street & Technology (10/9) LinkedInFacebookTwitterEmail this Story
Omgeo TradeSuite IDSM A cornerstone of the U.S. Market infrastructure for over 35 years, Omgeo TradeSuite ID streamlines the confirmation/affirmation process, promoting regulatory compliance and reducing operational and counterparty risk. Please click here to learn more about TradeSuite ID.
  Operations Update 
  • Exchanges' privileges raise objections from banks
    Banks and brokerages are beginning to challenge the semi-governing status and legal protections granted to U.S. exchanges and are trying to persuade the Securities and Exchange Commission to take another look at exchanges' regulations and privileges. For his part, SEC Commissioner Daniel Gallagher said on the sidelines of an industry conference that the system as it stands "doesn't make much sense to me." The Wall Street Journal (10/5) LinkedInFacebookTwitterEmail this Story
  • Buy side faces deadline for negotiating OTC clearing docs
    Dealers warned buy-side firms to move forward with negotiations on documentation for over-the-counter derivatives clearing, or they might have to accept standardized contracts. ISDA and the Futures Industry Association released the Cleared Derivatives Addendum for the U.S. in August, and its European equivalent has yet to be released. The addenda will be tacked on to existing clearing documentation to speed up the process, an effort that market participants say is vital. However, some experts are concerned that standardized documentation will not eliminate negotiations. Risk.net (subscription required) (10/9) LinkedInFacebookTwitterEmail this Story
  • Other News
How Much Do You Really Need to Make? The Answer May Shock You
Rather than focus on what you can afford to pull out of the business to cover your living expenses, you need to focus on how much you need to earn at your business in order to afford the lifestyle you want to have. This is where the Personal Earnings Goal, or PEG, comes into play. Learn how to calculate your PEG and find out how much you really need to make.

  Technology Update 
 
  • The mainframe is still Wall Street's favorite computer
    The rising use of Big Data is driving demand for mainframe computers but financial firms have always favored them over the alternatives, says Aite Group senior analyst David O'Connell. "Mainframes are integrated with so many business processes that no one really wants to touch them," he said. "You never know if it might switch off a trading desk -- no one knows exactly how integrated they are," he adds Wall Street & Technology (10/10) LinkedInFacebookTwitterEmail this Story
  • Study finds high-frequency trading is vital to market makers
    Research from the Stockholm University School of Business indicates that reining in high-frequency trading, as the Markets in Financial Instruments Directive II would do, would harm market makers. High-frequency trading provides liquidity and stabilizes markets, the report says. MiFID II is on track to be implemented beginning in 2014. The Trade News (U.K.) (10/8) LinkedInFacebookTwitterEmail this Story
  • Some HFT firms acknowledge new controls might be needed
    Most high-frequency trading firms have been resistant to tougher supervision, but some companies are starting to change their stance amid a string of technology glitches. Some firms have started to publicly acknowledge that new controls may be necessary to avert catastrophe. The Securities and Exchange Commission is reaching out to companies to develop a system for handling such a situation. The Wall Street Journal (10/1) LinkedInFacebookTwitterEmail this Story
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  Regulatory and Legislative Update 
 
  • HFT company Tradeworx lends a hand to SEC
    The Securities and Exchange Commission acknowledged that it has struggled to keep up with high-frequency-trading strategies and has sought the help of Tradeworx, a New Jersey trading firm. This month, Tradeworx will send experts to Washington, D.C., to help the SEC with a computer program that offers a real-time window into markets. The program is part of an effort to monitor trading and rein in certain practices. The New York Times (tiered subscription model) (10/7) LinkedInFacebookTwitterEmail this Story
How to Achieve IT Agility: A Survival Guide for IT Decision Makers
When business teams add new apps and services to already-strained networks, IT departments are accountable for making everything work. Is your team ready for this challenge? Read this eGuide to learn how IT teams are automating their networks, why they're utilizing Ethernet fabrics and SDN, and what success looks like as they regain network control and business relevance.

  SIFMA News 
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2 p.m. Eastern on FRIDAY to discuss a Sept. 28 ruling by U.S. District Judge Robert Wilkins in SIFMA's favor in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalized by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact inquiry@sifma.org or (212) 313-1152. LinkedInFacebookTwitterEmail this Story
  • SIFMA Market Structure event highlights are now available
    SIFMA held its 13th annual Market Structure Conference on Oct. 4 in New York City. The event brought together leading industry professionals and regulators to address the changing landscape of the U.S. securities markets and the many regulatory and legislative proposals recently issued by, or anticipated from, the SEC, exchanges, FINRA and Congress. These proposals addressed all aspects of our market structure, including market-wide and single stock circuit breakers; algorithmic trading; high-frequency trading, hidden liquidity/dark pools; and market making. Keynote speakers and panelists offered their views on these and other proposals, including their insights into the proposals' impact for years to come. Discussions focused on the shifting universe of trading platforms and on firms' innovative business strategies (encompassing those from the buy-side, sell-side, and the exchanges) in the face of this changing landscape. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Everyone who's ever taken a shower has an idea. It's the person who gets out of the shower, dries off and does something about it who makes a difference."
--Nolan Bushnell,
American engineer and entrepreneur


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