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February 7, 2013
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News for operations and technology executives in financial services

  Top Story 
  • FINRA delays start of price bands and circuit breakers
    The Financial Industry Regulatory Authority has postponed the implementation of volatility controls, including circuit breakers, to April 8. In addition, the introduction of limit up/limit down on individual equities is scheduled to be completed by Sept. 30. The controls are part of a response to the May 2010 "flash crash." Register today for SIFMA Tech 2013, which will have the latest in trading systems and more. Traders Magazine Online (2/5) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  • Traders fret that ICE-Liffe merger would be costly for them
    A proposed takeover of NYSE Liffe by IntercontinentalExchange has some Liffe commodities brokers and traders concerned, especially about higher trading fees and a near monopoly. Liffe and ICE handle the majority of derivatives trading in sugar, coffee and cocoa. Reuters (2/1) LinkedInFacebookTwitterEmail this Story
  Technology Update 
  • Complex trading orders get help from electronic tools
    The International Securities Exchange was picked to support MEB Options' Spread Crawler, which scans data from six U.S. options exchanges and notifies users when their particular order can be fulfilled. Such complex orders now make up 40% of ISE's volume, officials say. Futures Industry (1/2013) LinkedInFacebookTwitterEmail this Story
  • Report predicts a jump in HFT revenue
    A report on U.S. equity markets predicts that higher volume will lead to a better year for high-frequency trading, which has been in a three-year decline since its peak in 2009. Investors' return to the market and the possibility of short periods of volatility create a strong environment for such trading, the report says. Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • SEC needs to look at tech-driven problems plaguing equities markets
    High-profile, insider-trading cases make headlines for the Securities and Exchange Commission, but the more pressing problem that concerns the industry is the fragility and quirkiness of the tech-driven structure of U.S. equities markets, writes Greg MacSweeney. Whether it's "algo-fueled conspiracies that flood specific stocks with orders, or other high-tech market shenanigans," the SEC under its new leadership "should play a role when it comes to investigating the market abnormalities," MacSweeney writes. Wall Street & Technology (2/5) LinkedInFacebookTwitterEmail this Story
  • FINRA chief says "kill switches" aren't ready yet
    Financial Industry Regulatory Authority CEO Richard Ketchum says better risk controls are still needed in automated trading. "I would hope that we are in a much better position on that issue in the next six months," he said. He expects companies to institute "kill switches" that can automatically stop trading if something goes wrong. Reuters (2/6) LinkedInFacebookTwitterEmail this Story
  • CFTC holds customer-protection discussion
    The Commodity Futures Trading Commission held a discussion this week on auditing standards, oversight of self-regulatory entities and futures brokers. It was the third such event in the past 12 months. Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA Ops: Marking 40 Years of Progress -- April 28-May 1 -- Boca Raton, Fla.
    For 40 years, SIFMA Ops has been the go-to resource for trusted, expert, up-to-date information about the financial services operations industry. The program convenes leading operations professionals in a unique, three-day forum to explore pressing industry developments and build important relationships. 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 -- Feb. 12
    Join the SIFMA Operations & Technology Society Securities Operations and Data Management Sections as they hold a joint seminar, Key Option Initiatives, on Feb. 12 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 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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Boredom is the feeling that everything is a waste of time; serenity, that nothing is."
--Thomas Szasz,
Hungarian psychiatrist and academic

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