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January 31, 2013
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News for operations and technology executives in financial services

  Top Story 
  • U.S. official to lead development of LEI program
    Matthew Reed, the U.S. Office of Financial Research's chief counsel, is expected to take on the role of leading the Regulatory Oversight Committee, which the Group of 20 nations has ordered to get the legal-entity identifier initiative up and running. "The LEI should provide financial companies and global financial regulators a better view of true exposures and counterparty risks across the world's financial system," according to the U.S. Treasury. Learn more at SIFMA's Legal Entity Identifier Resource Center. Reuters (1/29) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Organizations must take a new approach to IT supply chains
    Organizations need to develop new principles to guide the way they manage their supply chains. The contracts that govern relationships with suppliers probably made sense when they were written but may no longer allow changes to adapt to the new normal for financial services. Adapting to change may require breaking old contracts. Wall Street & Technology (1/30) LinkedInFacebookTwitterEmail this Story
  • Buy-side firms must find CCPs quickly, consultancy says
    The migration of swaps to electronic exchanges mandated by the Dodd-Frank Act means buy-side firms must obtain a central counterparty. The paperwork involved in reaching such arrangements may make it difficult to accomplish before a March 11 deadline for swap clearing to begin, Woodbine Associates says. The Trade News (U.K.) (1/29) LinkedInFacebookTwitterEmail this Story
  • Consolidated-tape movement struggles to attract buy side
    The COBA Project, formed in response to institutional investors' demand for a European consolidated tape, is struggling to get buy-side firms to support its mission. High data fees traditionally have thwarted industry-led attempts to establish a consolidated tape, leaving many buy-side firms sceptical of this effort. The Trade News (U.K.) (1/29) LinkedInFacebookTwitterEmail this Story
  • Other News
  Technology Update 
  • SEC approves Nasdaq wireless market data feeds
    The Nasdaq Stock Market will soon use wireless connections to broadcast market data to customers at its Carteret, N.J., data center, under a proposal approved by the Securities and Exchange Commission. The service will include data from exchanges operated by Direct Edge, BATS Global Markets and NYSE Euronext, including the New York Stock Exchange and the NYSE Arca platform. Securities Technology Monitor (1/29) LinkedInFacebookTwitterEmail this Story
  • Testing starts for volatility curbs
    Testing of a price-band method of limiting the amount an individual stock can increase or decrease began over the weekend despite an announcement that full implementation will be delayed beyond the initially planned Feb. 4 date. SIFMA and exchanges requested a delay in implementing the volatility curbs. Read SIFMA's comments to the Securities and Exchange Commission. Securities Technology Monitor (1/28) LinkedInFacebookTwitterEmail this Story
  • Electronic trading once again depends on people
    Slower trading volume means floor traders have been seeing their importance rise as their ability to execute trades in thinner markets adds value to computer programs. With less automatic matching, electronic traders are sending orders they once handled themselves to their counterparts on the trading floor to trade otherwise unmovable shares. The Wall Street Journal (1/29) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory and Legislative Update 
  • SEC targets weak trading controls, Khuzami says
    The Securities and Exchange Commission is "very focused" on ensuring that exchanges and traders that experience system or programming failure suffer consequences, Enforcement Director Robert Khuzami says. "You are going to see a variety of cases in this area," said Khuzami, who is poised to leave the agency soon. "It may not be an intent-based violation, but the consequences are real and harmful in terms of investor losses and market impact." Bloomberg Businessweek (1/25) LinkedInFacebookTwitterEmail this Story
  • CFTC's O'Malia would like to see improved surveillance technology
    Scott O'Malia of the Commodity Futures Trading Commission said his agency needs to develop better surveillance methods to keep an eye on the options and futures markets as well as on the swaps markets. "We need to develop solutions that are more thoughtful and more cognizant of existing developments in the market," O'Malia said. He noted that high-frequency traders needed to be better understood. (1/30) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Announcing SIFMA Tech 2013 in NYC -- early-bird rates available
    For 30 years, SIFMA Tech has brought together several thousand financial service firms, industry leaders, regulators and solution providers for critical updates and expert outlooks on every issue that faces the financial services technologist today. Harness technological solutions to achieve an infrastructure that keeps you and your firm on the cutting-edge and see how products from solution providers stack up against your in-house expertise. Check out the new, official SIFMA Tech website for details on this year's offering and take advantage of early-bird rates! LinkedInFacebookTwitterEmail this Story
  • SIFMA 40th Annual Operations Conference & Exhibit to Feature Fox Business Network's Gasparino
    SIFMA's 40th Annual Operations Conference + Exhibit in Boca Raton, Fla., from April 28 to May 1, offers senior professionals the opportunity to hear industry speakers along with Fox Business Network Senior Correspondent Charles Gasparino. Take advantage of early-bird rates so you can engage expert thought leaders to examine the most critical operational, risk management and regulatory issues affecting your firm. In addition, you will gain unique insights and actionable solutions from service providers. LinkedInFacebookTwitterEmail this Story
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--John Gunther,
American author and journalist

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