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October 25, 2012
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News for operations and technology executives in financial services

  Top Story 
  • CFTC prepares HFT rules for feedback
    Source: CNBC
    Commodity Futures Trading Commission Chairman Gary Gensler said Tuesday that proposals are in the works for reining in high-frequency trading. Gensler said at the SIFMA Annual Meeting that he hopes the concept release will go before the whole commission soon, and that it will fuel public discussion. Read Gensler's full remarks. View all the highlights from the SIFMA Annual Meeting. Reuters (10/23), CNBC (10/23) LinkedInFacebookTwitterEmail this Story

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  Operations Update 
  • "Open-outcry" commodities trading ends at ICE
    Last Friday was the final day for "open-outcry" commodities trading on pits owned by IntercontinentalExchange in Manhattan. ICE executives say the move is a response to investor interest in electronic trading, which has taken over futures and options trading in the past few years. The Wall Street Journal (10/18) LinkedInFacebookTwitterEmail this Story
Why Warmth Is Critical to Your Career
If people think you have low interpersonal warmth, "you have something like a 1-in-2000 chance to make the top quartile of effectiveness as a leader," according to Kellogg School of Management Professor Loran Nordgren. Read more.
  Technology Update 
  • Plans for automatic order shutoffs have brokerages leery
    Plans to automatically shut down a firm's incoming orders to avert a surge of erroneous orders or a disruption in the market have brokerage executives quite anxious. While stock exchanges favor a "layered" method, which would warn brokerages before a complete shutoff, the Securities and Exchange Commission seems to be leaning toward a more abrupt cutoff, along the lines of two minutes. Traders Magazine Online (10/18) LinkedInFacebookTwitterEmail this Story
  • Nasdaq chief says he isn't worried about a slowing of HFT
    Nasdaq OMX Group CEO Robert Greifeld says a drop in the volume of high-frequency trading won't affect the exchange, noting that HFT brings in about $50 million in annual revenue, while Nasdaq had $1.69 billion in revenue last year. New regulations in Europe or the U.S. are expected to trim HFT by up to 20%. Nasdaq OMX reported Wednesday that its third-quarter profit was down 19% because of a 30% decline in stock trading. The Wall Street Journal (10/24), Reuters (10/25), Financial Times (tiered subscription model) (10/24) LinkedInFacebookTwitterEmail this Story
  • FX market embraces algorithms as competition increases
    The foreign exchange market is increasingly embracing complex algorithms to ensure trades are executed at the best price. "We're moving away from the old opaque world of FX trading," said Pete Eggleston of Morgan Stanley. "Regulatory change and responsibility to investors are leading us into this world of best execution and transparency. Algos are part of the solution in helping clients adjust to these changes." Reuters (10/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory and Legislative Update 
  • Knight Capital glitch won't lead SEC to change rules, Schapiro says
    Mary Schapiro, chairman of the Securities and Exchange Commission, said that although the agency looks into trade rules after incidents such as the Knight Capital Group glitch Aug. 1, it is not considering changing the rules at this time. "We will always be revisiting rules after particular experiences," Schapiro said. "But I wouldn't say there is anything concrete planned" after the Knight trading issue. Traders Magazine Online (10/23) LinkedInFacebookTwitterEmail this Story
  • New SEC rules target clearing agencies' risk management
    The Securities and Exchange Commission is moving forward with measures mandated by the Dodd-Frank Act by adopting rules intended to improve clearing agencies' risk management practices. "These new rules are designed to ensure that clearing agencies will be able to fulfill their responsibilities in the multitrillion-dollar derivatives market as well as more traditional securities markets," said SEC Chairman Mary Schapiro. "They're part of a broader effort to put in place an entirely new regulatory regime intended to mitigate systemic risks that emerged during the financial crisis." Reuters (10/22), Securities Technology Monitor (10/23) LinkedInFacebookTwitterEmail this Story
  • Other News
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  SIFMA News 
  • Latest SIFMA Research Resource: 2012 Fact Book
    SIFMA Research reports include regular outlooks and forecasts, research quarterlies and essential industry factbooks and yearbooks. SIFMA recently released its 2012 Fact Book. This annual resource contains comprehensive data on the securities industry, capital markets, market activity, investor participation, global markets, savings and investment, and much more. The SIFMA 2012 Fact Book is now available and has more than 120 pages of tables and charts with decades of historical data (through 2011), plus website locations of key industry data sources. Purchase the SIFMA 2012 Fact Book and have the latest data at your fingertips. LinkedInFacebookTwitterEmail this Story
  • SIFMA/Grant Thornton to host Broker-Dealer Hot Topics Symposium -- Nov. 1 -- Dallas
    You are invited to join hosts Grant Thornton LLP and SIFMA on Nov. 1 at the Tower Club in Dallas, Texas as they discuss trends and hot topics in regulation and compliance currently affecting broker-dealers. The morning event will cover a wide array of topics including pricing of illiquid, hard-to-value securities, expense-sharing agreements, statement of supplement income, outsourcing, clearing agreements, complex products, due diligence and much more. Senior-level speakers from FINRA, Grant Thornton and SIFMA will provide their unique insight on these topics and other key issues. Registration is complimentary and open to all on a first-come basis, so please register today. LinkedInFacebookTwitterEmail this Story
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A fellow who is always declaring he's no fool usually has his suspicions."
--Wilson Mizner,
American playwright, raconteur and entrepreneur

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