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October 18, 2012
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News for operations and technology executives in financial services

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  Operations Update 
  • Experts discuss mandating use of "drop copies"
    Experts involved in the recent regulatory roundtable and industry events have largely focused on the idea of kill switches, but at least one major broker-dealer is calling on regulators to mandate the use of "drop copies." The Securities and Exchange Commission has taken note. "[Drop copies] seem like a terrific idea," the SEC's James Burns said at SIFMA's recent market structure conference. "They do seem like a promising safeguard." Traders Magazine (10/2012) LinkedInFacebookTwitterEmail this Story
  Technology Update 
  • Professor warns that kill switches are not a panacea
    Bart Chilton, a member of the Commodity Futures Trading Commission, has called for kill switches that would suspend trading in the event of a technology glitch, erroneous order or other issues. However, Bernard Donefer, a professor at Baruch College and New York University's Stern School of Business, cautions that there are inherent problems with kill switches as they require someone to make a decision to shut down trading. "These kill switches, while they sound good, the implementation becomes very problematic in terms of when there is a problem, no one wants to pull the trigger," Donefer said. Reuters/Financial Regulatory Forum blog/Compliance Complete (10/17) LinkedInFacebookTwitterEmail this Story
  • Minimizing proprietary technologies can reduce IT costs
    Moving from proprietary technologies to open-source offers some opportunities for financial institutions to cut IT costs without compromising efficiency, said Yobie Benjamin, the global chief technology officer for Citigroup, interviewed on the set of Information Week’s ValleyView. "Proprietary equals expensive," he said. Wall Street & Technology (10/12) LinkedInFacebookTwitterEmail this Story
  • Buy-side institutions are not putting enough resources into IT
    Despite customers and regulators' escalating demands for information, institutional investors, including fund and asset managers, are allocating only 20% of their IT budgets to the development of technology and software, according to the research firm Celent. "The buy side has a situation of underinvestment which is unsustainable," the company said in a report. Wall Street & Technology (10/12) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
 
  • CFTC's Chilton proposes rules for high-frequency traders
    Bart Chilton, a member of the Commodity Futures Trading Commission, proposed that high-frequency traders register with the government, be penalized for every second they violate the law and be required to more rigorously test their systems. Chilton said that after a series of software glitches, regulators "need to get a grip on what is going on in markets with technology." Reuters (10/16) LinkedInFacebookTwitterEmail this Story
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  Emerging Trends 
  SIFMA News 
  • SIFMA’s Annual Meeting presents: Alan Greenspan on the U.S. economy, election, job creation, "fiscal cliff" and more
    Register today for the SIFMA Annual Meeting where former Federal Reserve Chairman Alan Greenspan will offer his outlook on the U.S. economy on the eve of the presidential election. Dr. Greenspan attributes the tepid recovery of the U.S. economy to extra heavy discounting of long-lived assets, and he will discuss policies to address that problem. Join SIFMA on Oct. 23 in New York City to be provided with other insightful information on the issues facing U.S. economic competitiveness. 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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  SmartQuote 
Wit is a weapon. Jokes are a masculine way of inflicting superiority. But humor is the pursuit of a gentle grin, usually in solitude."
--Frank Muir,
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