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November 15, 2012
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News for operations and technology executives in financial services

  Top Story 
  Operations Update 
  • CFTC's Chilton urges disaster preparedness
    Bart Chilton of the Commodity Futures Trading Commission called for creation of a private-public task force to improve market preparation in the event of another natural catastrophe. "Now that we have this stark and frankly frightening example to work from, we'd be negligent not to move quickly to make sure that our emergency systems are comprehensive and fully tested," Chilton said, citing superstorm Sandy. The New York Times (tiered subscription model)/DealBook blog (11/13), CNBC (11/13) LinkedInFacebookTwitterEmail this Story
  • NYSE trade interruption might bring scrutiny
    A New York Stock Exchange server problem temporarily halted trading in more than 200 companies Monday morning, a hiccup expected to heighten scrutiny over self-regulation. It was the latest of many such glitches during the past few months. "Reliance on technology has enabled the markets to achieve extraordinary levels of speed and efficiency," Securities and Exchange Commission Chairman Mary Schapiro said. "But with technology comes a responsibility for getting it right, minimizing errors and protecting the interests of investors." The Trade News (U.K.) (11/14) LinkedInFacebookTwitterEmail this Story
  Technology Update 
  • Firms seek to develop pre-trade credit-checking utilities
    Traiana and MarkitServ are working to develop pre-trade utilities that will offer execution and clearing certainty under regulations governing the over-the-counter derivatives market. The post-trade-technology providers are trying to come up with a solution to market participants' concerns, but their efforts could run into other obstacles, such as risks associated with entrusting sensitive information to third-party firms. FX Week (U.K.) (subscription required) (11/12) LinkedInFacebookTwitterEmail this Story
  • Market experts talk HFT and swaps "futurization"
    Source: OpenMarkets
    High-frequency trading and the "futurization" of swaps were discussed by a panel during CME Group's Global Financial Leadership Conference. Market experts, including representatives from GETCO, Credit Suisse and BlackRock, discussed what is and isn't high-frequency trading, how the strategy can be improved and whether it threatens market stability. They also discussed futures' role as the market evolves and proposals for a financial-transaction tax. (11/12), SmartBrief/SmartBlog on Finance (11/13) LinkedInFacebookTwitterEmail this Story

  • HFT not used to manipulate markets, report finds
    An Australian academic market research organization, the Capital Markets Cooperative Research Centre, used a variety of mathematical models to look for signs of market manipulation in high-frequency trading. The research found no link between high-speed trading and any form of market abuse. Securities Technology Monitor (11/12) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • Cyberattack concerns emerge at SEC
    Some staffers in the Securities and Exchange Commission's Trading and Markets Division left their computers open to cyberattacks, sources say. The computers contain highly sensitive stock exchange information, and the staffers failed to encrypt the devices. The SEC's Interim Inspector General is poised to release a report about the security lapses. Learn more at SIFMA's Cybersecurity Resource Center. Reuters (11/8) LinkedInFacebookTwitterEmail this Story
  • CFTC's Chilton expresses concerns about SEFs
    The swap-execution facilities created under the Dodd-Frank Act for trading over-the-counter swaps could suffer if attempts to convert OTC derivatives into listed products are too successful, said Bart Chilton, a member of the Commodity Futures Trading Commission. "It does concern me somewhat in that I want to ensure SEFs are vibrant -- we need to get that rule done soon," Chilton said, adding that final rules on SEFs should allow voice trading. (subscription required) (11/14), (subscription required) (11/14) LinkedInFacebookTwitterEmail this Story
  • CFTC plan calls for futures-style position data for swaps
    The Commodity Futures Trading Commission is seeking feedback on a proposal to introduce "swaps reports," which would offer information about off-exchange interest-rate, credit, commodity and equity derivatives. "For years, the public has benefited from the futures market data we have published in our commitment of traders reports. Our goal is to provide similar transparency to the public for the swaps market," CFTC Chairman Gary Gensler said. Financial Times (tiered subscription model) (11/15), Compliance Week/The Filing Cabinet blog (11/14) LinkedInFacebookTwitterEmail this Story
  • Other News
  SIFMA News 
  • SIFMA's LEI Seminar: Implementing a Global LEI Framework -- Dec. 11 -- NYC
    In partnership with our global affiliate GFMA, SIFMA is pleased to present the "Implementing a Global LEI Framework -- Ready. Set. Go." The symposium will address current global policy as well as regulation and business implementation issues facing the financial services industry, as we prepare to stand up the Financial Stability Board's LEI infrastructure and use of CICI legal-entity identifiers for regulatory reporting to the CFTC. We will also examine the impact of these changes on your business. Prepare your firm by attending this important event. LinkedInFacebookTwitterEmail this Story
  • SIFMA IAS Annual Conference -- RESCHEDULED to Dec. 11-12 -- New York City
    The full program for the 2012 Internal Auditors Society Annual Conference includes keynote speakers former SEC Chairman Arthur Levitt and SIFMA President and CEO Tim Ryan. The program also includes breakouts and panels on a variety of audit-related topics including unauthorized trading, dynamic risk assessment, vendor risk management and more. The conference will take place at the Hilton New York on Dec. 11 and 12. Register now and don't miss this opportunity to keep up to date with the latest industry trends, network with fellow audit professionals, and earn CPE credits. LinkedInFacebookTwitterEmail this Story
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  Editor's Note 
  • SmartBrief will not publish on Thanksgiving
    In observance of Thanksgiving in the U.S., SmartBrief will not be published Thursday, Nov. 22. Please expect next week's edition of SIFMA Operations & Technology SmartBrief on Wednesday, Nov. 21. LinkedInFacebookTwitterEmail this Story
Nothing in life is to be feared. It is only to be understood."
--Marie Curie,
Polish-French physicist and chemist

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