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November 13, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • Computer failure halts some NYSE trading
    A computer failure forced the New York Stock Exchange to suspend trading of 216 securities and cancel their closing auctions. Trading of the affected stocks, which included JPMorgan Chase, U.S. Steel and Travelers, continued on other exchanges. An NYSE Euronext spokesman said trading appeared to be disrupted by a "software programming issue related to the individual server for these 216 symbols." Bloomberg (11/12), Forbes (11/12) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Market experts talk HFT and swaps "futurization"
    High-frequency trading and the "futurization" of swaps were discussed by a panel at CME Group's Global Financial Leadership Conference. Representatives from GETCO, Credit Suisse and BlackRock discussed the definition of high-frequency trading, possible improvements, market stability and futures' role in the markets. SmartBrief/SmartBlog on Finance (11/13) LinkedInFacebookTwitterEmail this Story
  • Groups challenge SEC over market data fees
    The NetCoalition technology trade group and a financial industry association claim the Securities and Exchange Commission has failed to ensure "fair and reasonable" market data fees. Oral arguments in the case are scheduled to start today. However, NYSE Euronext and Nasdaq OMX have argued the court doesn't have jurisdiction under their fee filings. Reuters (11/12) LinkedInFacebookTwitterEmail this Story
  • Rules prompt more electronic bond trading
    Financial-services companies in Europe and the U.S. are jostling for position as more bond trading is pushed to electronic venues. Firms are trying to capitalize on structural changes in bond markets driven by regulatory changes, including the Volcker rule, a revised Markets in Financial Instruments Directive and Basel III capital requirements for banks. Financial News Online (U.K.) (subscription required) (11/12) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  Career Development 
  • Cannibalism and creativity don't mix
    Technological breakthroughs sometimes lead to "innovation cannibalism," making it harder for people to sustain creative models, argues jazz drummer and market analyst Mark Lambert. An example: The long-form, repeatable experience of records led music fans to listen carefully to whole albums, allowing innovative artists to gain a following, but modern digital downloads reward artists who serve up predicable hit singles to listeners with much shorter attention spans. "Eventually, it no longer becomes financially viable to release genuinely new music," Lambert says. (11/10) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Calvert mutual fund focuses on emerging-market stocks
    Calvert Investments launched a mutual fund giving individual investors exposure to emerging-market equities. The Calvert Emerging Markets Equity Fund uses criteria of corporate responsibility and sustainability to select equities. AdvisorOne (11/12) LinkedInFacebookTwitterEmail this Story
  Thought Leadership 
  • Encourage growth to ease world tension, Rice says
    Source: OpenMarkets
    Geopolitical decisions are driven largely by rapid change in developing countries and aftershocks from the global economic downturn and the terrorist attacks of Sept. 11, 2001, former U.S. Secretary of State Condoleezza Rice said. The best way to address growing tension in the world is to ease it by facilitating economic growth, Rice said. She also urged the U.S. to take a proactive role in establishing trade agreements. (11/12), Naples Daily News (Fla.) (11/12), RealClearPolitics (11/13) LinkedInFacebookTwitterEmail this Story

For the happiest life, rigorously plan your days, leave your nights open to chance."
--Mignon McLaughlin,
American author and journalist

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