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February 28, 2013
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News for operations and technology executives in financial services

  Top Story 
  • Request for consolidated audit trail proposals is released
    A request for proposals for a national market system was formally published Tuesday. The NMS is intended to create a consolidated audit trail of all market activity -- about 50 billion records. U.S. options and equities exchanges helped shape the proposal request. The hope is that an NMS will help the Securities and Exchange Commission oversee U.S. markets on a next-day basis. Register for SIFMA's 40th Operations Conference & Exhibit to hear the latest on the creation of an NMS plan for a CAT and a comprehensive program, tailored specifically for financial services operations professionals. Securities Technology Monitor (2/26) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  • Automation of institutional trades hits resistance
    The major asset managers, big brokerages and small asset management companies, are slow to automate institutional trades because they are worried about the consequences of picking the wrong technology. "The main issue that all three parties are facing is related to cost," said Virginie O'Shea, an analyst with Aite, which has released a report on the issue. "The investment required to move from manual trade matching methods to electronic trade confirmation is fairly high, hence firms are wary of going down a route that their clients or counterparts choose not to follow them down." Securities Technology Monitor (2/21) LinkedInFacebookTwitterEmail this Story
  • How industry helps the government manage "tsunami of data"
    Cybersecurity may be a hot topic, but few understand the role the private sector plays in helping the U.S. government develop best practices around information sharing and safeguarding. Kshemendra Paul, head of the government's Information Sharing Environment, weighs in from the sidelines of Esri's FedGIS conference and details how the geospatial community is helping tackle the "tsunami of data" that must be collected, shared and protected. SmartBrief/SmartBlog on Leadership (2/26) LinkedInFacebookTwitterEmail this Story
  • JPMorgan looks to shed almost 7% of staff by 2015
    JPMorgan Chase is prepared to cut 17,000 jobs by the end of 2014 as it rebalances its workforce by dropping employees responsible for home loans gone bad. While the company plans to add workers in banking departments, the hiring will not offset jobs shed. As regulatory changes encourage banks to build equity, many lenders are accumulating significant amounts of capital, CEO Jamie Dimon says. "I don't think it's just JPMorgan," he said. "I think all banks will have too much capital in 2½ years. And they're not going to know what to do with it." Reuters (2/27), Bloomberg Businessweek (2/27), The Wall Street Journal (2/26) LinkedInFacebookTwitterEmail this Story
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  Technology Update 
  • Financial firms shift to mobile first strategy
    The conventional approach on Wall Street of taking functionality designed for a desktop browser and modifying it for mobile applications is being turned on its head. Increasingly, financial firms are designing applications for tablets and smartphones first. Join your peers at SIFMA Tech 2013 for critical updates and expert outlooks that will help your firm achieve an efficient technological infrastructure that promotes sound risk management. Wall Street & Technology (2/27) LinkedInFacebookTwitterEmail this Story
  • Cloud-based voice recording launched by Bloomberg Vault
    Bloomberg Vault, in partnership with Orange Business Services - Trading Solutions, is offering financial firms a new cloud-based voice recording service. Howard Collet, global business manager for Bloomberg Vault, said the system offers users the ability to simultaneously search for all forms of communication, including voice, e-mail and and instant messaging. Wall Street & Technology (2/27) LinkedInFacebookTwitterEmail this Story
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  Regulatory and Legislative Update 
  • SEC tackles concerns about high-frequency trading
    The Securities and Exchange Commission plans to convert voluntary guidelines for high-frequency trading into mandatory regulations in an effort to maintain market stability and prevent disruptions like the 2010 flash crash. "Rather than just trying to reduce the impact of these disruptions, we're trying to eliminate the causes by focusing on systems compliance and integrity," SEC Chairman Elisse Walter said. The Hill/RegWatch blog (2/25) LinkedInFacebookTwitterEmail this Story
  • SEC's Aguilar wants faster technology-rules adoption
    Regulators should accelerate adoption of rules intended to avert technological glitches from disrupting markets, says Securities and Exchange Commission member Luis Aguilar. "The commission needs to do much more to update our regulatory framework and ensure that our capital markets develop and maintain systems with sufficient capacity, integrity, resiliency, availability, and security," Aguilar says. Reuters (2/22) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Program Available -- SIFMA Ops: Marking 40 Years of Progress -- Apr 28-May 1 - Boca Raton, Fla.
    Ops 2013 offers a comprehensive and substantive program, tailored specifically for financial services operations professionals in a unique, three day forum to explore pressing industry developments and build important relationships. For 40 years, SIFMA Ops has been the go-to resource for trusted, expert, up-to-date information about the financial services operations industry. At SIFMA Ops, operations professionals identify and streamline redundant and manual processes in a quest to continually enhance firm efficiency and performance. LinkedInFacebookTwitterEmail this Story
  • SIFMA SOS and DMS Seminar: Key Option Initiatives -- New York City/Online -- April 9
    Join the SIFMA Operations & Technology Society Securities Operations and Data Management Sections as they hold a joint seminar: Key Option Initiatives on April 9th at SIFMA's Conference Center in New York City. Hear from Options Clearing Corporation's David Harrison, UBS Securities' John Scott, and Interactive Brokers Group/Timber Hill's Brian Sussman as they discuss the timely topics of Friday Expiration, Option Allocations and Trade Data Reconciliation. This session will also be available to regional participants outside of the New York area via interactive webinar. Not a member of SIFMA professional societies? Learn how you can become a member today. LinkedInFacebookTwitterEmail this Story
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He that will not apply new remedies must expect new evils; for time is the greatest innovator."
--Francis Bacon,
British author and statesman

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