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| SIFMA SmartBrief: Operations and Technology Edition |
| April 5, 2012 |
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Experts discuss the intersection of technology and trading
Andy Bechtolsheim, co-founder of Arista Networks, said at the 2012 High Performance Computing Linux for Wall Street conference that firms will need to work "faster, smarter and dirtier." Meanwhile, Larry Tabb, CEO of Tabb Group, argued that the Big Data challenge must be dealt with. Securities Technology Monitor (4/2)
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Banks beef up IT staffs to cope with regulations
As banks prepare for regulatory changes, they are ramping up their spending on technology as well as top IT talent. Nicoll Curtin, a recruitment firm based in London, has noted an increased demand for banking IT staff as risk management projects, capital adequacy rules and other regulations are implemented. The firm said demand for banking IT contractors has almost doubled over the past three months. Register for SIFMA's Financial Services Technology Leaders Forum and Expo, June 19-21 in NYC. Financial News Online (U.K.) (subscription required) (4/2)
Balance is key to financial data security
Protecting financial data depends on achieving a practical balance between ease of access and the strength of the security measures. The threat of security breaches by insiders presents the biggest challenge for most companies. Strong human resources practices and technological innovation are necessary to secure sensitive data. Learn more from SIFMA's Cybersecurity Resource Center. Wall Street & Technology (4/4)
Zero-latency race prompts changes in data management
Andy Bechtolsheim, founder and chairman of Arista Networks, explains how firms are changing the way they manage data as they strive to reduce latency. Bechtolsheim said switches are no longer a major hurdle in the zero-latency race, and instead "end-to-end latency is largely dominated by apps." Securities Technology Monitor (4/2)
Trade repositories should collaborate, experts say
Trade repositories for foreign exchange and other asset classes are emerging, and experts say the repositories should collaborate to ensure data consistency. James Kemp, managing director of the global foreign exchange division at GFMA, offered three possible scenarios for such a collaboration. Risk.net (subscription required) (4/2)
Other News
Nasdaq OMX expects number of messages it can handle to surge
Nasdaq OMX expects to be able to double the amount of messages it can handle through the work of its Performance Engineering Lab, executive Thomas Fay says. "What we have in our lab currently will allow us to double our throughput while maintaining our level of performance," Fay said. "This is what you will see coming out of Nasdaq in the coming months." Securities Technology Monitor (4/4)
MarketAxess launches fixed-income trading cost-analysis tool
The electronic trading platform operator MarketAxess Holdings rolled out a proprietary process for analyzing fixed-income trading costs. The company said it is the first system for analyzing trading costs in limited-liquidity corporate-bond markets. Securities Technology Monitor (4/3)
Commentary: HFT boosts IT-infrastructure development
Felix Salmon writes that the development of IT infrastructure is getting help from high-frequency trading. Fiber-optic cables are being put on the Arctic sea floor in an effort to reduce the travel time for data between London and Tokyo. The infrastructure probably would not be built if high-frequency traders weren't willing to pay for it, Salmon writes. Reuters/Felix Salmon blog (4/4)
Analysis: New rules will concentrate risk among CCPs
Regulators are pushing clearinghouses to become central counterparties for derivatives transactions, prompting increased interest in the clearing sector. The situation likely will result in a few issues, including new concentrations of risk, particularly if CCPs consolidate, according to this blog post. If a CCP faces a crisis, responsibility for rescuing it likely would be questioned. The quality of collateral accepted by CCPs could also become an issue as government bonds no longer have the "risk-free" status they once enjoyed, the unidentified blogger writes. The Economist (free content)/Schumpeter blog (4/3)
SEC looks into relationships between HFT and exchanges
The Securities and Exchange Commission is investigating the relationship between exchanges and high-frequency traders, according to Daniel Hawke, head of the agency's market-abuse enforcement unit. "We're interested in understanding the ownership structure and history [of the firms]. ... How the firm got started, who was behind it and who wrote the [computer] code that might be at issue," Hawke said. The Wall Street Journal (4/3)
CME will require brokers to report daily customer-fund levels
CME Group announced that starting May 1 it will require brokers to file daily reports on customer-fund levels signed by the chief executive officer, chief financial officer or a designated representative of the broker. The move comes following the collapse of MF Global, in which $1.6 billion of client money remains missing. CME is acting with the Futures Industry Association and the National Futures Association. Bloomberg (4/3)
Disclosure is among 20 areas of interest in SEC investigation
The Securities and Exchange Commission is examining 20 issues connected to electronic exchanges. Of particular interest is whether exchanges disclosed material changes to their businesses. Disclosure issues are part of the SEC's investigation into the glitch surrounding BATS Global Markets' canceled IPO last month. Reuters (4/4)
Credit Suisse exec: "Big data" is sometimes just a sales pitch
Ed Dabagian-Paul, a Credit Suisse vice president, says the term "big data" is getting a lot of attention these days, but it's nothing more than a marketing term. "We're not analyzing twitter feeds or websites," he said. "We are looking at financial transactions." Securities Technology Monitor (4/3)
SIFMA's Financial Services Technology Leaders Forum and Expo, June 19-21 in NYC
SIFMA's Financial Services Technology Leaders Forum and Expo, "Managing Today's Realities," is the industry's premier financial services event. Join Scott O'Malia, Commissioner, CFTC, Stanley Young, Chief Executive Officer, NYSE Technologies; Peter Sondergaard, Senior Vice President and Global Head of Research, Gartner; and Robert Steel, Deputy Mayor for Economic Development, New York City, as they discuss top industry trends and the importance of driving revenue growth, responding to regulatory demands while simultaneously managing costs. This is a must-attend event for senior-level technology and operations, legal and regulatory, compliance, risk, trading and strategic development professionals. Register today. Blank (3/12)
SIFMA's 39th Operations Conference & Exhibit -- Scottsdale, AZ, May 1-4
SIFMA's 39th Annual Operations Conference + Exhibit, May 1-4, will feature Key Speaker Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury. Joining Mr. Amir-Mokri in a top-notch speakers lineup will be Stephen C. Daffron, Global Head of Operations, Technology and Data, Morgan Stanley; William Rutledge, former EVP for Bank Supervision, Federal Reserve Bank of N.Y.; and Tucker Carlson, respected political commentator and Senior Fellow at the Cato Institute. The event will also be filled with valuable thought-leader panel discussions on central themes in the industry: Infrastructure, Risk Management and Regulatory Changes. Register today. Blank (4/2)
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