Societe Generale Corporate & Investment Banking has launched a new Structured Investment Products website dedicated to U.S. markets.
The website's address is: www.sg-structuredproducts.com
With a focus on education, this website has been created to serve as a reference center providing illustrative information about structured investment products and as a source of information for both distributors, institutional and qualified individual investors who wish to remain informed of new developments in this rapidly evolving area of investing.
Site highlights include dynamic payoff illustrations, secondary market metrics, and dedicated New Issue pages to highlight current products and underlying innovations.
Tuesday 30 September 2008
Monday 29 September 2008
Shock Defeat for Bailout In House of Representatives
House Votes Down $700bn Bailout
The US House of Representatives has voted by 228 to 205 down the $700bn bailout agreed over the weekend. Two-thirds of Republicans and 95 Democrats rejected the deal.
A massive drop in the Dow Jones ensued with a 778 point decline. After the close the percentage was 7.7%. The S&P 500 suffered its biggest percentage drop since Black Monday in 1987.
The FTSE dropped 270 points or 5.3%.
Other Market Moves
Three governments, the Dutch, Belgian and Luxembourg pumped €11bn into Fortis bank. Fortis for its part will have to sell its stake in the ABN Ambro bank.
French bank Dexis has become the latest target of speculators. Dexia handles a lot of the finance for local government. The French government made the now obligatory statement tha the bank would not be allowed to fail.
Wachovia, another bank under attack has been swallowed by Citigroup in a government backed deal..
The UK government is nationalising the Bradford and Bingley bank. Spanish banking giant Santander is to take the savings business and branch network.
The US House of Representatives has voted by 228 to 205 down the $700bn bailout agreed over the weekend. Two-thirds of Republicans and 95 Democrats rejected the deal.
A massive drop in the Dow Jones ensued with a 778 point decline. After the close the percentage was 7.7%. The S&P 500 suffered its biggest percentage drop since Black Monday in 1987.
The FTSE dropped 270 points or 5.3%.
Other Market Moves
Three governments, the Dutch, Belgian and Luxembourg pumped €11bn into Fortis bank. Fortis for its part will have to sell its stake in the ABN Ambro bank.
French bank Dexis has become the latest target of speculators. Dexia handles a lot of the finance for local government. The French government made the now obligatory statement tha the bank would not be allowed to fail.
Wachovia, another bank under attack has been swallowed by Citigroup in a government backed deal..
The UK government is nationalising the Bradford and Bingley bank. Spanish banking giant Santander is to take the savings business and branch network.
Nomura Vice-Chairman and CEO Appointed
Nomura has appointed Sadeq Sayeed to the new position of Executive Vice Chairman, Nomura International plc with immediate effect. In addition, Mr. Sayeed will take on the role of Chief Executive of the newly acquired businesses on completion of the European Nomura/Lehman Brothers transaction.
Mr. Sayeed will oversee the activities of all Nomura's newly acquired businesses and will continue to act as the Senior Advisor to Nomura's senior management with responsibility for international strategy.
"My first priority is to get the teams we have acquired back up and running under the Nomura badge as swiftly as possible," said Mr. Sayeed. "The key is to drive our business forward while achieving maximum value for Nomura's shareholders. I am excited about the future and confident that we can achieve extraordinary results."
Mr. Sayeed will oversee the activities of all Nomura's newly acquired businesses and will continue to act as the Senior Advisor to Nomura's senior management with responsibility for international strategy.
"My first priority is to get the teams we have acquired back up and running under the Nomura badge as swiftly as possible," said Mr. Sayeed. "The key is to drive our business forward while achieving maximum value for Nomura's shareholders. I am excited about the future and confident that we can achieve extraordinary results."
Greenwich Associates Awards
Turmoil in global credit markets and the economic slowdown are prompting many U.S. businesses to establish additional relationships with a wide variety of banks as a means of securing access to credit. As they do so, middle-market businesses are turning to a host of large national, regional banks and smaller institutions "perceived" as survivors. One reason: Regional banks are improving the quality of service they deliver to business clients -- an achievement that helped this banking group to dominate the 2008 Greenwich Excellence Awards for Middle Market Banking.
"In recent years, smaller regional and community banks emerged as a serious competitive threat to big banks by delivering commercial banking clients service quality that was truly superior and distinctive," says Greenwich Associates consultant Chris McDonnell. "But the nation's larger regional providers have responded to that threat by devoting the resources required to significantly improve their own customer experience."
The results of Greenwich Associates' 2008 Middle Market Banking Study reveal that mid-size businesses give strong service quality ratings to banks like Wachovia, M&I, Bank of the West, BB&T, and Zions Bancorp including their affiliate banks. Improvements in service quality seem to be paying off in today's difficult market environment. "As middle-market businesses add new banking relationships in an effort to ensure an uninterrupted flow of reasonably priced credit, they are seeking out institutions that they see as offering more stability," says Greenwich Associates consultant Pete Garrison.
As Greenwich Associates consultant Don Raftery explains, "In the past, businesses might have shied away from some of the large banks based on past negative experiences. But now that many of these larger banks have raised their service quality and offer a sense of security, they have once again become an attractive option."
"In recent years, smaller regional and community banks emerged as a serious competitive threat to big banks by delivering commercial banking clients service quality that was truly superior and distinctive," says Greenwich Associates consultant Chris McDonnell. "But the nation's larger regional providers have responded to that threat by devoting the resources required to significantly improve their own customer experience."
The results of Greenwich Associates' 2008 Middle Market Banking Study reveal that mid-size businesses give strong service quality ratings to banks like Wachovia, M&I, Bank of the West, BB&T, and Zions Bancorp including their affiliate banks. Improvements in service quality seem to be paying off in today's difficult market environment. "As middle-market businesses add new banking relationships in an effort to ensure an uninterrupted flow of reasonably priced credit, they are seeking out institutions that they see as offering more stability," says Greenwich Associates consultant Pete Garrison.
As Greenwich Associates consultant Don Raftery explains, "In the past, businesses might have shied away from some of the large banks based on past negative experiences. But now that many of these larger banks have raised their service quality and offer a sense of security, they have once again become an attractive option."
Banking Crisis Good For ACM
When asked how the current financial crisis impacted ACM's Business, Managing Director, Nick Bang said: "The current turmoil in the financial, and mostly banking sector, generated huge volatility in the market. Most of our customers consider these moves as more profit opportunities. As a matter of fact ACM traded volume soared consistently in recent weeks."
ACM claims to be a leader in Online Currency Trading and as such is not exposed to any of the risky products which are the focus point of the crisis at the moment.
"Our clients are able to take advantage of the most effective tools and services to successfully handle the foreign exchange market, the volatile conditions give them more opportunities of trading," says Bang.
With a recent rise of its share capital to 20 millions Swiss Francs, ACM is the largest capitalised Swiss online currency broker. "For some banking actors the interdependency of capitals turned to domino's theory disaster." says Bang, "ACM's financing strategy is based on independent capital. We are simply not concerned with this crisis. Moreover, we are working with a wide panel of providers granting us almost endless liquidity," he added.
ACM claims to be a leader in Online Currency Trading and as such is not exposed to any of the risky products which are the focus point of the crisis at the moment.
"Our clients are able to take advantage of the most effective tools and services to successfully handle the foreign exchange market, the volatile conditions give them more opportunities of trading," says Bang.
With a recent rise of its share capital to 20 millions Swiss Francs, ACM is the largest capitalised Swiss online currency broker. "For some banking actors the interdependency of capitals turned to domino's theory disaster." says Bang, "ACM's financing strategy is based on independent capital. We are simply not concerned with this crisis. Moreover, we are working with a wide panel of providers granting us almost endless liquidity," he added.
Sunday 28 September 2008
$700bn Bailout Deal Hammered Out
A bill is likely to be bought to the House floor on Monday on the proposed $700bn bailout of the financial markets by the US Federal Reserve. Congressional leaders and the Bush administration have reached a tentative agreement.
Staff members from Congress are working through the night to finalize the details and language of the bill. Headline items that have become attached are executive pay limits for executives whose firms seek aid and help to prevent home foreclosures by the government as owner of the distressed mortgage-backed securities.
Firms may have to surrender an equity stake to the government, so the taxpayer can profit if it actually works in the years ahead.
A Congressional panel is to have strict oversight of the deal. Firms hired by the US Treasury are to abide by conflict of interest rules. The White House conceded these restrictions on its requested unfettered authority to run the bailout programme. Democrats for their part removed a demand for judges to be allowed to amend first mortgages. A fee on securities transactions, essentially a tax, to pay for the rescue was also dropped.
“All of this was done in a way to insulate Main Street and everyday Americans from the crisis on Wall Street,” Nancy. Pelosi said at the news conference. “We have to commit it to paper so we can formally agree, but I want to congratulate all of the negotiators for the great work they have done.”
In a statement, Tony Fratto, the deputy White House press secretary, said: “We’re pleased with the progress tonight and appreciate the bipartisan effort to stabilize our financial markets and protect our economy.”
Staff members from Congress are working through the night to finalize the details and language of the bill. Headline items that have become attached are executive pay limits for executives whose firms seek aid and help to prevent home foreclosures by the government as owner of the distressed mortgage-backed securities.
Firms may have to surrender an equity stake to the government, so the taxpayer can profit if it actually works in the years ahead.
A Congressional panel is to have strict oversight of the deal. Firms hired by the US Treasury are to abide by conflict of interest rules. The White House conceded these restrictions on its requested unfettered authority to run the bailout programme. Democrats for their part removed a demand for judges to be allowed to amend first mortgages. A fee on securities transactions, essentially a tax, to pay for the rescue was also dropped.
“All of this was done in a way to insulate Main Street and everyday Americans from the crisis on Wall Street,” Nancy. Pelosi said at the news conference. “We have to commit it to paper so we can formally agree, but I want to congratulate all of the negotiators for the great work they have done.”
In a statement, Tony Fratto, the deputy White House press secretary, said: “We’re pleased with the progress tonight and appreciate the bipartisan effort to stabilize our financial markets and protect our economy.”
Washington Mutual Disappears from S P 500
Standard & Poor's will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices:
-- Washington Mutual Inc. (NYSE:WM) will be removed from the S&P 500 index after the close of trading on Monday, September 29. Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. S&P 100 and 500 constituent JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a transaction facilitated by the FDIC.
Washington Mutual's place in the S&P 500 will be taken by S&P MidCap 400 constituent Flowserve Corp. (NYSE:FLS) , Flowserve will be replaced by S&P SmallCap 600 constituent UGI Corp. (NYSE:UGI) , and UGI Corp. will be replaced by Taleo Corp. (NASDAQ:TLEO) , all after the close of trading on Wednesday, October 1.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Flowserve is a manufacturer and aftermarket service provider of flow control systems. Headquartered in Irving, TX, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Industrial Machinery Sub-Industry index.
-- Washington Mutual Inc. (NYSE:WM) will be removed from the S&P 500 index after the close of trading on Monday, September 29. Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. S&P 100 and 500 constituent JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a transaction facilitated by the FDIC.
Washington Mutual's place in the S&P 500 will be taken by S&P MidCap 400 constituent Flowserve Corp. (NYSE:FLS) , Flowserve will be replaced by S&P SmallCap 600 constituent UGI Corp. (NYSE:UGI) , and UGI Corp. will be replaced by Taleo Corp. (NASDAQ:TLEO) , all after the close of trading on Wednesday, October 1.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Flowserve is a manufacturer and aftermarket service provider of flow control systems. Headquartered in Irving, TX, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Industrial Machinery Sub-Industry index.
Friday 26 September 2008
Barclays Makes Entrance on NYSE
Barclays Capital announced today that following its acquisition of various assets of Lehman Brothers, it has opened as a market maker on the floor of the New York Stock Exchange (NYSE).
Barclays Capital will now act as a market maker for more than 400 NYSE-listed issues including 300 operating companies. In addition, it has employed the staff and taken over the technology of Lehman Brothers MarketMakers.
"Barclays Capital is a recognized leader in global finance, and we are extremely pleased to welcome them as NYSE Specialists," said Larry Leibowitz, Group Executive Vice President, Head of U.S. Markets and Global Technology, NYSE Euronext.
"We are delighted to have opened as a market maker on the NYSE so quickly after Lehman Brothers' bankruptcy," said Bill White, Head of Barclays Capital market maker business. "I would like to thank the NYSE and other regulators who have worked with us tirelessly to allow us to open today. We look forward to working with our clients and other market makers to provide clear, orderly and transparent pricing."
Specialists differentiate the NYSE market and contribute to the exchange's superior market quality and liquidity, and are integral in times of unusual market stress and volatility. In addition to Barclays, NYSE Designated Market Makers include: Banc of America Specialist; Bear Wagner Specialists LLC; LaBranche & Co. LLC; Spear, Leeds & Kellogg Specialists LLC; and Kellogg Specialist Group.
Barclays Capital will now act as a market maker for more than 400 NYSE-listed issues including 300 operating companies. In addition, it has employed the staff and taken over the technology of Lehman Brothers MarketMakers.
"Barclays Capital is a recognized leader in global finance, and we are extremely pleased to welcome them as NYSE Specialists," said Larry Leibowitz, Group Executive Vice President, Head of U.S. Markets and Global Technology, NYSE Euronext.
"We are delighted to have opened as a market maker on the NYSE so quickly after Lehman Brothers' bankruptcy," said Bill White, Head of Barclays Capital market maker business. "I would like to thank the NYSE and other regulators who have worked with us tirelessly to allow us to open today. We look forward to working with our clients and other market makers to provide clear, orderly and transparent pricing."
Specialists differentiate the NYSE market and contribute to the exchange's superior market quality and liquidity, and are integral in times of unusual market stress and volatility. In addition to Barclays, NYSE Designated Market Makers include: Banc of America Specialist; Bear Wagner Specialists LLC; LaBranche & Co. LLC; Spear, Leeds & Kellogg Specialists LLC; and Kellogg Specialist Group.
Washington Mutual Seized and Sold Simultaneously
Washington Mutual, in the space of 24 hours has become America's largest ever bank failure, seized by regulators and sold to JPMorgan for $!.9bn. The rescue is the second by JPMorgan to help the US taxpayer avoid shelling out for assuming $31bn in losses.
The Federal Deposit Insurance Corporation protected WaMu' account holders to a $100,000 limit. Additional deposits are guaranteed by JPMorgan. Shareholders and bondholders are not likely to feel so well. Branches in New York and Chicago are likely to feel the cold as an expected 10% of WaMu's branches are closed.
This institution was a big question mark about the health of the deposit fund,” Sheila C. Bair, the chairwoman of the F.D.I.C., said on a conference call Thursday. “It was unique in its size and exposure to higher risk mortgages and the distressed housing market. This is the big one that everybody was worried about.”
Bank seizures by regulators usually occur on Fridays. WaMu's took place on Thursday due to the rapidly deteriorating state of the company's finances.
Not even hiring Goldman Sachs to help look for a bidder saved the bank. Massive exposure to the subprime debacle meant that none of the four rumoured bidders could make the figures add up.
The Federal Deposit Insurance Corporation protected WaMu' account holders to a $100,000 limit. Additional deposits are guaranteed by JPMorgan. Shareholders and bondholders are not likely to feel so well. Branches in New York and Chicago are likely to feel the cold as an expected 10% of WaMu's branches are closed.
This institution was a big question mark about the health of the deposit fund,” Sheila C. Bair, the chairwoman of the F.D.I.C., said on a conference call Thursday. “It was unique in its size and exposure to higher risk mortgages and the distressed housing market. This is the big one that everybody was worried about.”
Bank seizures by regulators usually occur on Fridays. WaMu's took place on Thursday due to the rapidly deteriorating state of the company's finances.
Not even hiring Goldman Sachs to help look for a bidder saved the bank. Massive exposure to the subprime debacle meant that none of the four rumoured bidders could make the figures add up.
Top 25 Women in US Banking
In a year when writedowns, bankruptcies and uncertainties have plagued financial markets, U.S. Banker, published by SourceMedia, has showcased a collection of underreported success stories in its sixth annual ranking of The 25 Most Powerful Women in Banking (The 25 MPWIB). This year's ranking details how the most influential female executives in the financial services industry have kept their business units' revenue increasing and their profit goals on course in the face of significant financial and economic headwinds.
The ranking, featured in U.S. Banker's October issue and online at www.US-Banker.com, recognizes the professional achievements, personal tenacity and influence of top-performing financial services executives.
"With the pillars of Wall Street crumbling around them, these remarkable women steadily delivered outstanding results for their institutions while making meaningful contributions to their communities," said Holly Sraeel, editorial director of U.S. Banker at SourceMedia and president of The 25 MPWIB. "They navigated a complex economic environment and took on increasing responsibilities to drive results and implement best practices within their respective organizations."
Heidi Miller, JPMorgan Chase's CEO of Treasury and Securities Services, again topped The 25 MPWIB ranking for posting extraordinary financial results in 2008.
Barbara Desoer, Bank of America's president of Mortgage, Home Equity and Insurance Services, ranks second in this year's list. She is followed by Wells Fargo's Carrie Tolstedt, senior EVP of Community Banking; U.S. Bancorp's Pamela Joseph, vice chair of Payment Services; and Citigroup's Sallie Krawcheck, CEO, Citi Global Wealth Management, respectively.
U.S. Banker's October issue also profiles The 25 Women to Watch, a ranking that honors women whose leadership continues to shape the financial services industry. This year's top five, in order, include TD Bank Financial Group's Colleen Johnston, group head of Finance and CFO; Cascade Financial's Carol Nelson, president and CEO; Wells Fargo's Avid Modjtabai, EVP and CIO; Citigroup's Elyse Weiner, managing director, global head of Liquidity and Investments, GTS; and Citigroup's Maura Markus, EVP and head of International Consumer Banking.
For the second year, U.S. Banker ranked The Top 25 Nonbank Women in Finance, recognizing the top performers in the securities, asset management, insurance, private equity and exchange businesses. Topping this year's ranking is Nicole S. Arnaboldi, vice chairman of Alternative Investments, Credit Suisse; Clara Furse, CEO, London Stock Exchange; Stacy Bash-Polley, partner and managing director and co-head of Fixed Income Sales in the Americas, Goldman Sachs; Abigail Johnson, president of Personal and Workplace Investing, Fidelity; and Clare R. Scherrer, partner and managing director, Goldman Sachs.
Finally, the magazine also recognized the "Top 3 Banking Teams," naming U.S. Bancorp, Zions National Bank and Citigroup as the top three, respectively. U.S. Bancorp, headquartered in Minneapolis, has landed the top spot for three years since the designation debuted in 2005.
In addition to recognizing the accomplishments of these distinguished women, it also is important to note that this has been a year of firsts for The 25 MPWIB. This is the first time an honoree, Heidi Miller, has topped the list twice, and in consecutive years. This year is the first time a sibling of a former honoree has made the ranking, as this year's number eight on The 25 MPWIB, Diane D'Erasmo, is the sister of 2005 honoree Maryann Bruce, a Wachovia alumnus. Finally, this year's list features an unprecedented number of foreign honorees and new faces. Nine out of the 25 honorees on The 25 MPWIB rankings are new to the list, as are 10 honorees on The 25 Women to Watch and 11 honorees on The Top 25 Nonbank Women in Finance.
The ranking, featured in U.S. Banker's October issue and online at www.US-Banker.com, recognizes the professional achievements, personal tenacity and influence of top-performing financial services executives.
"With the pillars of Wall Street crumbling around them, these remarkable women steadily delivered outstanding results for their institutions while making meaningful contributions to their communities," said Holly Sraeel, editorial director of U.S. Banker at SourceMedia and president of The 25 MPWIB. "They navigated a complex economic environment and took on increasing responsibilities to drive results and implement best practices within their respective organizations."
Heidi Miller, JPMorgan Chase's CEO of Treasury and Securities Services, again topped The 25 MPWIB ranking for posting extraordinary financial results in 2008.
Barbara Desoer, Bank of America's president of Mortgage, Home Equity and Insurance Services, ranks second in this year's list. She is followed by Wells Fargo's Carrie Tolstedt, senior EVP of Community Banking; U.S. Bancorp's Pamela Joseph, vice chair of Payment Services; and Citigroup's Sallie Krawcheck, CEO, Citi Global Wealth Management, respectively.
U.S. Banker's October issue also profiles The 25 Women to Watch, a ranking that honors women whose leadership continues to shape the financial services industry. This year's top five, in order, include TD Bank Financial Group's Colleen Johnston, group head of Finance and CFO; Cascade Financial's Carol Nelson, president and CEO; Wells Fargo's Avid Modjtabai, EVP and CIO; Citigroup's Elyse Weiner, managing director, global head of Liquidity and Investments, GTS; and Citigroup's Maura Markus, EVP and head of International Consumer Banking.
For the second year, U.S. Banker ranked The Top 25 Nonbank Women in Finance, recognizing the top performers in the securities, asset management, insurance, private equity and exchange businesses. Topping this year's ranking is Nicole S. Arnaboldi, vice chairman of Alternative Investments, Credit Suisse; Clara Furse, CEO, London Stock Exchange; Stacy Bash-Polley, partner and managing director and co-head of Fixed Income Sales in the Americas, Goldman Sachs; Abigail Johnson, president of Personal and Workplace Investing, Fidelity; and Clare R. Scherrer, partner and managing director, Goldman Sachs.
Finally, the magazine also recognized the "Top 3 Banking Teams," naming U.S. Bancorp, Zions National Bank and Citigroup as the top three, respectively. U.S. Bancorp, headquartered in Minneapolis, has landed the top spot for three years since the designation debuted in 2005.
In addition to recognizing the accomplishments of these distinguished women, it also is important to note that this has been a year of firsts for The 25 MPWIB. This is the first time an honoree, Heidi Miller, has topped the list twice, and in consecutive years. This year is the first time a sibling of a former honoree has made the ranking, as this year's number eight on The 25 MPWIB, Diane D'Erasmo, is the sister of 2005 honoree Maryann Bruce, a Wachovia alumnus. Finally, this year's list features an unprecedented number of foreign honorees and new faces. Nine out of the 25 honorees on The 25 MPWIB rankings are new to the list, as are 10 honorees on The 25 Women to Watch and 11 honorees on The Top 25 Nonbank Women in Finance.
Unites View on HSBC Job Cuts
"We are now seeing the human cost of the credit crunch. We need action to end this crisis. This situation should never happen again and that's why the financial services need to be regulated more effectively. We welcome Gordon Brown's efforts to secure an international regulatory regime. This is a global crisis and it requires an international solution." Derek Simpson on the 500 jobs cut at HSBC's Investment Banking division.http://www.blogger.com/post-create.g?blogID=1300286647260194939#
U.S. Banking Women
The top women in U.S. banking according to U.S. Banker magazine.
APPENDIX A: The 25 Most Powerful Women in Banking
Heidi Miller
CEO, Treasury and Securities Services
JPMorgan Chase
Barbara Desoer
President, Mortgage, Home Equity and Insurance Services
(ranked based on prior role as Chief Technology and Operations Officer)
Bank of America
Carrie Tolstedt
Senior EVP, Community Banking
Wells Fargo
Pamela Joseph
Vice Chair, Payment Services, U.S. Bancorp
Chairman, Elavon
U.S. Bancorp
Sallie Krawcheck
Chairman and CEO
Citi Global Wealth Management
Citigroup
Karen Peetz
CEO of Issuer, Treasury, Broker-Dealer and Hedge Fund Services
(ranked based on prior role as CEO of Global Corporate Trust)
The Bank of New York Mellon
Mollie Hale Carter
President and CEO
Sunflower Bank
Diane D'Erasmo
EVP and Regional President, Commercial Banking
HSBC Bank USA
Sheila Schauer
President and CEO
Four Corners Community Bank
Charlotte McLaughlin
President and CEO, PNC Capital Markets
The PNC Financial Services Group
Catherine Keating
CEO, U.S. Private Bank
JPMorgan Chase
Diane Reyes
Global Treasury and Trade Sales Head
Global Transaction Services
Citi
Amy Woods Brinkley
Global Risk Executive
Bank of America
Diane Thormodsgard
Vice Chairman and Head of Wealth Management
and Securities Services
U.S. Bancorp
Kathleen Murphy
CEO, ING US Wealth Management
ING Group
Iris Chan
EVP, Head of Commercial Banking
Wells Fargo
Barbara Stymiest
COO
Royal Bank of Canada
Deanna Oppenheimer
CEO, UK Retail Banking
Barclays Bank PLC
Beth Mooney
Vice Chair, Community Banking
KeyCorp
Cynthia Smith
SVP and Director of BankCard Products and Services
Zions Bancorporation
Ellen Alemany
CEO
RBS Americas
Ranjana Clark
Senior EVP and CMO
Wachovia
Alberta Cefis
EVP and Group Head, Global Transaction Banking
Scotiabank
Jacque Fiegel
EVP and COO
Coppermark Bank
Lisa Binder
President and COO
Associated Banc-Corp
APPENDIX B: The 25 Women to Watch
Colleen Johnston
Group Head, Finance and CFO
TD Bank Financial Group
Carol Nelson
President and CEO
Cascade Financial Corp.
Avid Modjtabai
CIO
Wells Fargo
Elyse Weiner
Managing Director, Global Head of Liquidity and Investments
Global Transaction Services
Citi
Maura Markus
EVP, Head - International Consumer Banking
Citi
Lynn Pike
President
Capital One Bank
Mary McDowell
President and CEO
CitiFinancial North America
Leslie Godridge
EVP, Head of National Corporate and Institutional Banking
U.S. Bank
Lisa Banner
SVP, Executive Private Banking Manager
Zions First National Bank
Carmen Jordan
SVP, Corporate Energy Services Division Manager
Amegy Bank of Texas
Diana Starcher
Group EVP and Director, Customer Service, Sales and Operations
Wells Fargo
Ellen Costello
CEO
Harris Bankcorp
Catherine Smith
CEO, US Insurance
ING Group
Julie Monaco
Head of Global Transaction Services, North America
Citi
Katrina King
SVP, Treasury Management Sales Manager
Amegy Bank of Texas
Lisa Lane White
SVP and Senior Director of Innovative Solutions
Synovus
Anne Finucane
Chief Marketing Officer
Bank of America
Cece Sutton
EVP, Head of Retail and Small Business Banking
Wachovia
Karen Lee Hail
Senior EVP and COO
MidSouth Bancorp
Cara Heiden
Co-President, Wells Fargo Home Mortgage
Wells Fargo
Susan Horton
Chairman, CEO and president
Wheatland Bank
Donna DeMaio
President and CEO
MetLife Bank
Lori Chillingworth
SVP and Business Banking Director
Zions First National Bank
Mary Tuuk
EVP and Chief Risk Officer
Fifth Third Bancorp
Deloris Sims
President and CEO
Legacy Bank
APPENDIX C: The Top 3 Banking Teams
U.S. Bancorp
Zions National Bank
Citigroup
APPENDIX D: The Top 25 Nonbank Women in Finance
Nicole S. Arnaboldi
Vice Chairman, Alternative Investments
Credit Suisse
Clara Furse
CEO
London Stock Exchange
Stacy Bash-Polley
Partner and Managing Director
Co-Head of Fixed Income Sales in the Americas
Goldman Sachs
Abigail Johnson
President, Personal and Workplace Investing
Fidelity
Clare R. Scherrer
Partner and Managing Director
Goldman Sachs
Maliz Beams
President and CEO TIAA-CREF Individual and Institutional Services
EVP, Institutional and Individual Client Services
TIAA-Cref
Anne Stausboll
Interim Chief Investment Officer
CalPERS
Wei Christianson
Managing Director and China Chief Executive
Morgan Stanley
Joyce A. Phillips
President and Chief Operating Officer
American Life Insurance Company (ALICO)
Renu Sud Karnad
Joint Managing Director
Housing Development Finance Corporation Limited, India
Marjorie Magner
Managing Director
Brysam Global Partners
Candace Browning
President, Global Research
Merrill Lynch
Carla J. Brooks
Managing Director/Deputy Portfolio Manager
Commerce Street Capital LLC
Renuka Ramnath
Managing Director and CEO
ICICI Venture Funds Management Company Limited
Margaret Keane
President and CEO, Retail Consumer Finance Unit
GE Money-Americas
Barbara Goodstein
EVP Marketing, Chief Innovation Officer and CMO
AXA Equitable
M. Elaine Crocker
President
Moore Capital Management
Lisa M. Weber
President, Individual Business
MetLife, Inc.
Anne Dias Griffin
Founder and Managing Director
Aragon Global Management LLC
Karen Finerman
Founder
Metropolitan Capital
Christine L. Reilly
President
CIT Small Business Lending Corporation
Susan Shaffer Solovay
CEO
Pomegranate Capital
Eileen Murray
President
Duff Capital Advisors
Joan Kelly
Group Executive, Systems Delivery,
MasterCard Global Technology and Operations
MasterCard Worldwide
Diane Offereins
Executive Vice President and Chief Technology Officer
Discover Financial Services
APPENDIX A: The 25 Most Powerful Women in Banking
Heidi Miller
CEO, Treasury and Securities Services
JPMorgan Chase
Barbara Desoer
President, Mortgage, Home Equity and Insurance Services
(ranked based on prior role as Chief Technology and Operations Officer)
Bank of America
Carrie Tolstedt
Senior EVP, Community Banking
Wells Fargo
Pamela Joseph
Vice Chair, Payment Services, U.S. Bancorp
Chairman, Elavon
U.S. Bancorp
Sallie Krawcheck
Chairman and CEO
Citi Global Wealth Management
Citigroup
Karen Peetz
CEO of Issuer, Treasury, Broker-Dealer and Hedge Fund Services
(ranked based on prior role as CEO of Global Corporate Trust)
The Bank of New York Mellon
Mollie Hale Carter
President and CEO
Sunflower Bank
Diane D'Erasmo
EVP and Regional President, Commercial Banking
HSBC Bank USA
Sheila Schauer
President and CEO
Four Corners Community Bank
Charlotte McLaughlin
President and CEO, PNC Capital Markets
The PNC Financial Services Group
Catherine Keating
CEO, U.S. Private Bank
JPMorgan Chase
Diane Reyes
Global Treasury and Trade Sales Head
Global Transaction Services
Citi
Amy Woods Brinkley
Global Risk Executive
Bank of America
Diane Thormodsgard
Vice Chairman and Head of Wealth Management
and Securities Services
U.S. Bancorp
Kathleen Murphy
CEO, ING US Wealth Management
ING Group
Iris Chan
EVP, Head of Commercial Banking
Wells Fargo
Barbara Stymiest
COO
Royal Bank of Canada
Deanna Oppenheimer
CEO, UK Retail Banking
Barclays Bank PLC
Beth Mooney
Vice Chair, Community Banking
KeyCorp
Cynthia Smith
SVP and Director of BankCard Products and Services
Zions Bancorporation
Ellen Alemany
CEO
RBS Americas
Ranjana Clark
Senior EVP and CMO
Wachovia
Alberta Cefis
EVP and Group Head, Global Transaction Banking
Scotiabank
Jacque Fiegel
EVP and COO
Coppermark Bank
Lisa Binder
President and COO
Associated Banc-Corp
APPENDIX B: The 25 Women to Watch
Colleen Johnston
Group Head, Finance and CFO
TD Bank Financial Group
Carol Nelson
President and CEO
Cascade Financial Corp.
Avid Modjtabai
CIO
Wells Fargo
Elyse Weiner
Managing Director, Global Head of Liquidity and Investments
Global Transaction Services
Citi
Maura Markus
EVP, Head - International Consumer Banking
Citi
Lynn Pike
President
Capital One Bank
Mary McDowell
President and CEO
CitiFinancial North America
Leslie Godridge
EVP, Head of National Corporate and Institutional Banking
U.S. Bank
Lisa Banner
SVP, Executive Private Banking Manager
Zions First National Bank
Carmen Jordan
SVP, Corporate Energy Services Division Manager
Amegy Bank of Texas
Diana Starcher
Group EVP and Director, Customer Service, Sales and Operations
Wells Fargo
Ellen Costello
CEO
Harris Bankcorp
Catherine Smith
CEO, US Insurance
ING Group
Julie Monaco
Head of Global Transaction Services, North America
Citi
Katrina King
SVP, Treasury Management Sales Manager
Amegy Bank of Texas
Lisa Lane White
SVP and Senior Director of Innovative Solutions
Synovus
Anne Finucane
Chief Marketing Officer
Bank of America
Cece Sutton
EVP, Head of Retail and Small Business Banking
Wachovia
Karen Lee Hail
Senior EVP and COO
MidSouth Bancorp
Cara Heiden
Co-President, Wells Fargo Home Mortgage
Wells Fargo
Susan Horton
Chairman, CEO and president
Wheatland Bank
Donna DeMaio
President and CEO
MetLife Bank
Lori Chillingworth
SVP and Business Banking Director
Zions First National Bank
Mary Tuuk
EVP and Chief Risk Officer
Fifth Third Bancorp
Deloris Sims
President and CEO
Legacy Bank
APPENDIX C: The Top 3 Banking Teams
U.S. Bancorp
Zions National Bank
Citigroup
APPENDIX D: The Top 25 Nonbank Women in Finance
Nicole S. Arnaboldi
Vice Chairman, Alternative Investments
Credit Suisse
Clara Furse
CEO
London Stock Exchange
Stacy Bash-Polley
Partner and Managing Director
Co-Head of Fixed Income Sales in the Americas
Goldman Sachs
Abigail Johnson
President, Personal and Workplace Investing
Fidelity
Clare R. Scherrer
Partner and Managing Director
Goldman Sachs
Maliz Beams
President and CEO TIAA-CREF Individual and Institutional Services
EVP, Institutional and Individual Client Services
TIAA-Cref
Anne Stausboll
Interim Chief Investment Officer
CalPERS
Wei Christianson
Managing Director and China Chief Executive
Morgan Stanley
Joyce A. Phillips
President and Chief Operating Officer
American Life Insurance Company (ALICO)
Renu Sud Karnad
Joint Managing Director
Housing Development Finance Corporation Limited, India
Marjorie Magner
Managing Director
Brysam Global Partners
Candace Browning
President, Global Research
Merrill Lynch
Carla J. Brooks
Managing Director/Deputy Portfolio Manager
Commerce Street Capital LLC
Renuka Ramnath
Managing Director and CEO
ICICI Venture Funds Management Company Limited
Margaret Keane
President and CEO, Retail Consumer Finance Unit
GE Money-Americas
Barbara Goodstein
EVP Marketing, Chief Innovation Officer and CMO
AXA Equitable
M. Elaine Crocker
President
Moore Capital Management
Lisa M. Weber
President, Individual Business
MetLife, Inc.
Anne Dias Griffin
Founder and Managing Director
Aragon Global Management LLC
Karen Finerman
Founder
Metropolitan Capital
Christine L. Reilly
President
CIT Small Business Lending Corporation
Susan Shaffer Solovay
CEO
Pomegranate Capital
Eileen Murray
President
Duff Capital Advisors
Joan Kelly
Group Executive, Systems Delivery,
MasterCard Global Technology and Operations
MasterCard Worldwide
Diane Offereins
Executive Vice President and Chief Technology Officer
Discover Financial Services
IDX Comment on Derivative Reform
IDX Capital, an interdealer broker of credit default swaps, issued the following statement on the current debate to institute certain reforms to the credit default swap (CDS) market.
Jamie Cawley, CEO of IDX Capital, stated, "IDX stands ready to fully embrace any market led effort that would result in greater liquidity, enhanced stability and increased trading transparency in the credit derivative marketplace. To achieve this goal, IDX supports live screens, centralized clearing and thoroughly crafted regulatory policies.
Live screens and real-time pricing would bring immediate benefits to the New York CDS marketplace. They deliver unparalleled transparency as prices and trades can be disseminated instantly and equally to all market participants. In addition, they ensure client confidentiality, fair dealing and optimal execution as 'one size fits all.'
By eradicating trade 'double entry,' live screens also streamline and automate the settlement of trades, an issue that has until recently plagued our market and hampered its evolution."
In a Greenwich Associates study conducted in August, over 75% of institutional respondents agreed that the counterparty risk issue in the credit default swap market is the single largest threat to the stability of global financial markets. Recent events and the current financial crisis would certainly support this belief.
In response, IDX Capital stands ready to embrace and work with any inclusive and properly capitalized CDS central clearing initiative that mitigates counterparty risk and better facilitates market liquidity.
Mr. Cawley concluded, "Our market must accept regulation. Well thought out and mitered regulation can only further legitimize our market, ensure fair dealing and help us to deliver greater transparency. IDX Capital stands ready to proactively work with regulatory entities in this country and others, trade associations, and market participants to ensure that any such regulatory proposal both properly balances the market need with the public good."
Jamie Cawley, CEO of IDX Capital, stated, "IDX stands ready to fully embrace any market led effort that would result in greater liquidity, enhanced stability and increased trading transparency in the credit derivative marketplace. To achieve this goal, IDX supports live screens, centralized clearing and thoroughly crafted regulatory policies.
Live screens and real-time pricing would bring immediate benefits to the New York CDS marketplace. They deliver unparalleled transparency as prices and trades can be disseminated instantly and equally to all market participants. In addition, they ensure client confidentiality, fair dealing and optimal execution as 'one size fits all.'
By eradicating trade 'double entry,' live screens also streamline and automate the settlement of trades, an issue that has until recently plagued our market and hampered its evolution."
In a Greenwich Associates study conducted in August, over 75% of institutional respondents agreed that the counterparty risk issue in the credit default swap market is the single largest threat to the stability of global financial markets. Recent events and the current financial crisis would certainly support this belief.
In response, IDX Capital stands ready to embrace and work with any inclusive and properly capitalized CDS central clearing initiative that mitigates counterparty risk and better facilitates market liquidity.
Mr. Cawley concluded, "Our market must accept regulation. Well thought out and mitered regulation can only further legitimize our market, ensure fair dealing and help us to deliver greater transparency. IDX Capital stands ready to proactively work with regulatory entities in this country and others, trade associations, and market participants to ensure that any such regulatory proposal both properly balances the market need with the public good."
Thursday 25 September 2008
Turquoise Completes Testing
AppLabs today announces the completion of a major Functional and Performance Testing phase for Turquoise, the multi-lateral trading facility established by nine leading European investment banks.AppLabs was chosen as the sole independent testing partner. AppLabs was responsible for the design, development, implementation and verification of Turquoise’s testing strategy.
Numis Securities Live on Chi-X and Turquoise
GL TRADE, a provider of multi-asset and multi-market solutions for financial institutions, today announced that NUMIS Securities is now live on the Chi-X and Turquoise markets using the GL RIMS middle and back office solution for all the post trade processing. NUMIS Securities is a leading independent investment banking and broking group focusing on high quality London-quoted mid and small cap companies.NUMIS has now been using GL RIMS for over two years, to manage their clearing
Secure Elements Acquired by Fortinet
Secure Elements, today announced that they have been acquired by and are now operating as a division of Fortinet, Inc. The Secure Elements solutions, in combination with existing Fortinet products, now provide an end-to-end VA solution to give federal agencies and enterprise customers a better view of the soft spots in their networks, and help them implement better security controls.
PerTrac Financial Solutions today announced the addition of John Ferguson, Chief Operating Officer of fund of hedge funds manager K2 Advisors, to the PerTrac advisory board. Mr. Ferguson will serve for two years on the board, advising PerTrac on product development and overall strategic direction. PerTrac offers a suite of software solutions for investment professionals, including the PerTrac Analytical Platform, the world’s leading desktop application for investment analysis
Cinnober Selected by Burgundy
Cinnober today announced that it has been selected as technology provider for Burgundy, the new trading facility for listed Nordic securities, targeted for launch in the first half of 2009.Burgundy is backed by a large group of leading Nordic banks and securities brokers. The goal is to offer more cost-effective securities trading to members and investors, and to strengthen the Nordic region as a financial hub.
Tradar to Thomson Reuters Connectivity
Tradar, a software provider to the hedge fund industry, today announced it has created an interface to link its portfolio management and accounting platform to Thomson Reuters’ reference and historical pricing systems. This move follows increased demand for Thomson Reuters’ data from Tradar’s hedge fund customer base. Using the newly created interface, Tradar customers will be able to utilise Reuters Datascope Realtime pricing data via Tradar Insight’s live P&L Monitoring.
LIM Advisors and LatentZero
LIM Advisors Limited, the Asian-based multi-strategy investment group with approximately US$1.5 billion in assets under management, has selected Fidessa LatentZero’s front office suite, Capstone™, to provide support to front office analytics, order management, trading and compliance. The solution will cover equities, listed and OTC derivatives, fixed income and FX.More than twenty users in LIM Advisors’ offices in Hong Kong, Tokyo, Beijing and Connecticut, will eventually use Capstone.
IDC Adds Credit Rating From Global Rating
Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced that its Pricing and Reference Data business has added credit ratings from the GlobalRating Group to its Credit Ratings - Emerging Markets service. Interactive Data’s credit ratings services offer a comprehensive and integrated resource of credit ratings from a variety of sources that can assist customers in calculating capital adequacy under Basel II
Former FDIC Chairmans Worthy Opinion on Credit Crunch
As the U.S. faces major reform of its financial industry, the question on the minds of many consumers is "how will this affect me?" It's also a question that is very commonly on the minds of most board members who are seeing unprecedented drops in their company's stock value in the financial markets. TK Kerstetter, president & CEO of Board Member Inc., which publishes Corporate Board Member magazine and its sister publication, Bank Director magazine, sat down with former FDIC chairman, L. William Seidman to discuss the current market crisis and how it will affect the entire banking industry. Corporate Board Member's web editor, Laura Finn, also interviewed James C. Woolery, partner with Cravath, Swaine & Moore LLP, to discuss what in his opinion caused the crisis, the impact of the government bailouts, bankruptcies and mergers on the board and its global ramifications.
According to Seidman, who states that as much as one year ago he warned about the dangers of Fannie Mae and Freddie Mac and the risk of a "major disaster," the nation has for a long time been running at a weakened state where credit is concerned. He said the biggest question now that has not yet been addressed is "what do we do about changing the system so it doesn't happen again?" Seidman also states that since the U.S. is part of a global financial system, the Wall Street crisis directly affects the financial institutions of the developed countries around the world.
Woolery believes liquidity issues and a failure of financing in the housing industry ultimately caused the financial crisis and that the recent Lehman Brothers' bankruptcy played a major role in the breakdown in the financial industry. He also warns that one of the side effects from the crisis will be that funds will be less available for borrowers which will affect the general economy and corporate strategy since the banking industry will not have extra funds to help support new businesses. According to Woolery, one lesson that boards should learn from this experience is that they need to push management teams to address risk head on instead of hoping and waiting until things get better. If they decide not to take action, they should be well informed, as it is their job to push management to make the type of difficult decisions that are in the best interest of the company.
"One of the benefits of our websites and online communications are their ability to respond immediately to critical issues affecting board members between both Corporate Board Member and Bank Director," said Kerstetter. "Our interview with Bill Seidman, who is arguably one of the most knowledgeable experts in the banking and financial markets, will help boards and management react immediately to issues that affect their companies."
According to Seidman, who states that as much as one year ago he warned about the dangers of Fannie Mae and Freddie Mac and the risk of a "major disaster," the nation has for a long time been running at a weakened state where credit is concerned. He said the biggest question now that has not yet been addressed is "what do we do about changing the system so it doesn't happen again?" Seidman also states that since the U.S. is part of a global financial system, the Wall Street crisis directly affects the financial institutions of the developed countries around the world.
Woolery believes liquidity issues and a failure of financing in the housing industry ultimately caused the financial crisis and that the recent Lehman Brothers' bankruptcy played a major role in the breakdown in the financial industry. He also warns that one of the side effects from the crisis will be that funds will be less available for borrowers which will affect the general economy and corporate strategy since the banking industry will not have extra funds to help support new businesses. According to Woolery, one lesson that boards should learn from this experience is that they need to push management teams to address risk head on instead of hoping and waiting until things get better. If they decide not to take action, they should be well informed, as it is their job to push management to make the type of difficult decisions that are in the best interest of the company.
"One of the benefits of our websites and online communications are their ability to respond immediately to critical issues affecting board members between both Corporate Board Member and Bank Director," said Kerstetter. "Our interview with Bill Seidman, who is arguably one of the most knowledgeable experts in the banking and financial markets, will help boards and management react immediately to issues that affect their companies."
ClairMail Selected by City Bank for Mobile Banking
City Bank, a locally owned and operated community bank in Texas, selected ClairMail to power its new mobile banking offering.
ClairMail is the first and only mobile banking and payments solution that delivers 2-way mobile banking and payments functionality on all mobile phones with consistency across all three user interface types -- messaging, mobile web and client applications -- known as the "2-way triple play." On one platform with a single implementation, the ClairMail System seamlessly and securely integrates with a bank's systems of record and provides bank customers with a comprehensive suite of 2-way mobile banking and payment services.
The ClairMail System is certified to interface with City Banks' banking systems and numerous other third party core processing and online banking systems. Having successfully integrated with a wide variety of financial institution service providers across numerous customer deployments, third party integration is a ClairMail core competency.
The ClairMail System's modular design and complete 2-way mobile banking and payments services will enable City Bank customers to access account information and conduct transactions by leveraging any mobile phone's existing messaging (SMS) software and mobile web capabilities -- regardless of the device's manufacturer, model, operating system or wireless carrier.
ClairMail is the first and only mobile banking and payments solution that delivers 2-way mobile banking and payments functionality on all mobile phones with consistency across all three user interface types -- messaging, mobile web and client applications -- known as the "2-way triple play." On one platform with a single implementation, the ClairMail System seamlessly and securely integrates with a bank's systems of record and provides bank customers with a comprehensive suite of 2-way mobile banking and payment services.
The ClairMail System is certified to interface with City Banks' banking systems and numerous other third party core processing and online banking systems. Having successfully integrated with a wide variety of financial institution service providers across numerous customer deployments, third party integration is a ClairMail core competency.
The ClairMail System's modular design and complete 2-way mobile banking and payments services will enable City Bank customers to access account information and conduct transactions by leveraging any mobile phone's existing messaging (SMS) software and mobile web capabilities -- regardless of the device's manufacturer, model, operating system or wireless carrier.
Appleton Adhesion WealthADV Platform
Appleton Group Wealth Management LLC, a Wisconsin based investment firm, has made two strategies, Appleton Group Plus and Tax Managed Growth, available to investment advisors through Adhesion’s WealthADV platform. The Appleton Group strategiesoffer investors the opportunity to participate in equity markets while simultaneously managing investment risk. The firm was recently named to the list of Top 20 Rising Stars of Wealth Management
Silver Creek Capital Management Goes Live
Kurtosys Systems Inc. today announced that Silver Creek Capital Management LLC’s white labelled web portal has gone live on Kurtosys’s Managed Service Platform.The Kurtosys Managed Service Platform provides a fully hosted and secured environment which automates data aggregation, report calculation, report generation and report distribution through a white labelled web portal.
Surecomp Implemeted by China Minsheng Banking
Surecomp, a provider of global trade solutions for the financial services community recently announced that China Minsheng Banking Corporation has selected Surecomp’s fully comprehensive STP end-to-end trade finance solution to automate their trade service operations.Established in January 1996, Beijing-based CMBC ranks in the country’s top five banks and is amongst the leading 200 global banks.
Wednesday 24 September 2008
BIDS Trading and Charles River Development Connectivity
BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Charles River Development, an award-winning provider of technology systems and services for the global investment management community, today announced that connectivity has been established between their electronic trading platforms.
Through this partnership, current users of the Charles River Investment Management System (Charles River IMS) can now easily and anonymously route orders to BIDS Trading’s block trading platform; executing blocks of U.S. equities with little to no market impact. The partnership reaffirms both companies’ commitment to offer open and comprehensive electronic trading solutions, focused on helping traders reduce costs and risk, as well as increase operational efficiency in a secure environment.
“This integration is a major initiative in our continual support to help traders streamline workflow and facilitate best execution,” said Tom Driscoll, Vice President, Sales and Marketing, Charles River Development. “Charles River IMS offers clients a central conduit to all liquidity pools across all asset classes. Our clients can connect with a host of international destinations – and their choices now include the BIDS ATS.”
“This connection furthers our efforts to create an open, efficient marketplace to anonymously trade blocks of U.S. equities,” said Tim Mahoney. “Connecting Charles River IMS’s global client base to the BIDS ATS allows users to anonymously access additional liquidity and helps us continue to deliver on our promise to offer the broadest participation and deepest liquidity pool possible.”
The BIDS ATS is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. Use of the BIDS ATS as a block trading service is not exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.
Through this partnership, current users of the Charles River Investment Management System (Charles River IMS) can now easily and anonymously route orders to BIDS Trading’s block trading platform; executing blocks of U.S. equities with little to no market impact. The partnership reaffirms both companies’ commitment to offer open and comprehensive electronic trading solutions, focused on helping traders reduce costs and risk, as well as increase operational efficiency in a secure environment.
“This integration is a major initiative in our continual support to help traders streamline workflow and facilitate best execution,” said Tom Driscoll, Vice President, Sales and Marketing, Charles River Development. “Charles River IMS offers clients a central conduit to all liquidity pools across all asset classes. Our clients can connect with a host of international destinations – and their choices now include the BIDS ATS.”
“This connection furthers our efforts to create an open, efficient marketplace to anonymously trade blocks of U.S. equities,” said Tim Mahoney. “Connecting Charles River IMS’s global client base to the BIDS ATS allows users to anonymously access additional liquidity and helps us continue to deliver on our promise to offer the broadest participation and deepest liquidity pool possible.”
The BIDS ATS is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. Use of the BIDS ATS as a block trading service is not exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.
Tamarac Trade Reconciliation Enhancements
Tamarac Inc., announced three new portfolio management features to broaden its offering and continue its charter of delivering process efficiency and profitability to investment professionals.
The process of reconciling the previous day's trade orders with the trades that were actually executed is a labor intensive and time consuming task when done manually. Tamarac's new Reconciler(TM) functionality automates this, allowing advisors to fulfill their SEC mandated obligation in minutes, rather than hours.
"Tamarac has been focused on building out the most robust online rebalancing software solution available," says Stuart DePina, CEO of Tamarac. "No one has more experience in automating the rebalancing process for RIAs than we do. Now we are working to broaden our offering by looking at additional aspects of the portfolio management process that makes sense for our rebalancing and trading platform to address."
Tamarac has also added trade approvals to its software, enabling various user types on its system to conduct specific tasks -- such as submitting trades or approving them. Additionally, Tamarac has added the ability to enter custom notes in accounts to maintain a history of account requirements and trading activity. These enhancements improve the efficiency of an advisors back-office while automating aspects of SEC compliance.
"Tamarac automates key areas of the trading process that the majority of firms are still addressing manually, which lead to large resource drains," says Matt Springer, President and founder of Tamarac. "Tamarac's system recommends trades based on advisor specified account settings, model portfolios and Tamarac's own logic engine. Trade recommendations are reviewed, edited and now approved by the advisor within Tamarac. The system outputs preformatted trade files and completes the process by reconciling the trades and generating an SEC compliance report."
The process of reconciling the previous day's trade orders with the trades that were actually executed is a labor intensive and time consuming task when done manually. Tamarac's new Reconciler(TM) functionality automates this, allowing advisors to fulfill their SEC mandated obligation in minutes, rather than hours.
"Tamarac has been focused on building out the most robust online rebalancing software solution available," says Stuart DePina, CEO of Tamarac. "No one has more experience in automating the rebalancing process for RIAs than we do. Now we are working to broaden our offering by looking at additional aspects of the portfolio management process that makes sense for our rebalancing and trading platform to address."
Tamarac has also added trade approvals to its software, enabling various user types on its system to conduct specific tasks -- such as submitting trades or approving them. Additionally, Tamarac has added the ability to enter custom notes in accounts to maintain a history of account requirements and trading activity. These enhancements improve the efficiency of an advisors back-office while automating aspects of SEC compliance.
"Tamarac automates key areas of the trading process that the majority of firms are still addressing manually, which lead to large resource drains," says Matt Springer, President and founder of Tamarac. "Tamarac's system recommends trades based on advisor specified account settings, model portfolios and Tamarac's own logic engine. Trade recommendations are reviewed, edited and now approved by the advisor within Tamarac. The system outputs preformatted trade files and completes the process by reconciling the trades and generating an SEC compliance report."
City Bank
With its start as a small West Texas bank in 1941, City Bank today is a $1.8 billion dollar company that has grown and expanded its operations and sphere of influence from one location to a multitude of locations across the state of Texas. City Bank has also diversified its operations into other financial service businesses, sectors and related industries. With its main headquarters in Lubbock, Texas, City Bank has grown in market share and is now a leading financial institution in the highly-competitive Texas market. In addition to becoming a strong presence in West Texas, City Bank has also branched out to larger markets such as Dallas-Fort Worth, El Paso and Houston. With over 600 employees and growing City Bank continues to cultivate and diversify to position itself as a leader in the ever changing financial services industry.
RBC CEO and Chairman Appointed
Royal Bank of Canada (RY on the TSX and NYSE) today announced leadership changes at RBC Capital Markets.
Doug McGregor has been appointed chairman & co-CEO of RBC Capital Markets; and Mark Standish has been appointed president & co-CEO of RBC Capital Markets. McGregor and Standish will join RBC's Group Executive as co-group heads, Capital Markets.
These appointments are effective November 1, 2008, in conjunction with the retirement of Charles (Chuck) Winograd as chairman and CEO of RBC Capital Markets. Chuck will remain with the bank to facilitate transition into January 2009.
As chairman & co-CEO, McGregor will assume specific responsibility for driving client relationships, and managing the firm's investment banking, equity agency trading and credit businesses. He will continue to be based in Toronto. As president & co-CEO, Standish will have responsibility for the firm's sales and trading activities, financing, as well as oversight and management of the firm's balance sheet. He will continue to be based in New York.
"These appointments are recognition of Doug and Mark's success in driving our steady growth as a global wholesale bank," said Gordon M. Nixon, president and chief executive officer of RBC. "Under their joint leadership, RBC Capital Markets will continue to execute its long-term strategy and further strengthen its position as a premier investment bank around the world."
McGregor and Standish were appointed co-presidents of RBC Capital Markets in February 2007. McGregor, as co-president, led the firm's global investment banking business and was responsible for RBC Capital Markets' global activities in corporate finance, mergers and acquisitions, and equity sales and trading. He also headed the North American real estate brokerage, financing, capital markets and advisory business. McGregor began his investment banking career in 1979 and joined RBC DS as a managing director in 1990 through the acquisition of Marcil Trust.
Doug McGregor has been appointed chairman & co-CEO of RBC Capital Markets; and Mark Standish has been appointed president & co-CEO of RBC Capital Markets. McGregor and Standish will join RBC's Group Executive as co-group heads, Capital Markets.
These appointments are effective November 1, 2008, in conjunction with the retirement of Charles (Chuck) Winograd as chairman and CEO of RBC Capital Markets. Chuck will remain with the bank to facilitate transition into January 2009.
As chairman & co-CEO, McGregor will assume specific responsibility for driving client relationships, and managing the firm's investment banking, equity agency trading and credit businesses. He will continue to be based in Toronto. As president & co-CEO, Standish will have responsibility for the firm's sales and trading activities, financing, as well as oversight and management of the firm's balance sheet. He will continue to be based in New York.
"These appointments are recognition of Doug and Mark's success in driving our steady growth as a global wholesale bank," said Gordon M. Nixon, president and chief executive officer of RBC. "Under their joint leadership, RBC Capital Markets will continue to execute its long-term strategy and further strengthen its position as a premier investment bank around the world."
McGregor and Standish were appointed co-presidents of RBC Capital Markets in February 2007. McGregor, as co-president, led the firm's global investment banking business and was responsible for RBC Capital Markets' global activities in corporate finance, mergers and acquisitions, and equity sales and trading. He also headed the North American real estate brokerage, financing, capital markets and advisory business. McGregor began his investment banking career in 1979 and joined RBC DS as a managing director in 1990 through the acquisition of Marcil Trust.
Bit Systems and TAS
BIt Systems (IT Company of Borsa Italiana – London Stock Exchange Group) and TAS signed an agreement that allows TAS to provide the banks and financial intermediaries with a new service of trading, clearing and settlement for equities, derivatives and funds. The new service, named Plug & Go, consents to customers to outsource the management of TAS software, hardware and networking infrastructures.
TIS Selected by Leica for Invoice Processing
Top Image Systems, Ltd. (TIS) (NASDAQ: TISA, TASE: TISA), the leading innovator of intelligent document recognition, today announced that Leica Microsystems has selected TIS to automate its invoice processing operation for twelve European countries at a shared service center in Wetzlar, Germany.
Richard Fleischman
Richard Fleischman & Associates (RFA), a provider of outsourced technology and IT services and the trusted technology advisor to more than 400 firms in the alternative asset space, today announced the expansion into Boston with its new regional headquarters at 125 Summer Street. This class A office space will be fully staffed and includes RFA's dedicated Boston sales, technical and project teams to support and deliver complete outsourced IT solutions to Boston's key financial firms.
AP4 Selects TradeseC
The Fourth Swedish National Pension Fund, AP4, one of five buffer funds in the national pension system, has chosen TradeseC as the strategic platform for communication with external managers. The system will help AP4 in managing these relationships efficiently and securely on a day-to-day basis. “TradeseC will make possible for us to monitor the activities of the external managers in a detailed and timely manner in our portfolio system, SimCorp Dimension
Misys Midas Plus Selected by Mizuho
Mizuho Corporate Bank, headquartered in Tokyo, has selected Misys Midas Plus with Global Processing to support its ambitious international growth strategy. The implementation of the first site in Europe has been completed with all other operations to move onto the central hub individually. The integrated core banking solution will help Mizuho to deliver improved efficiencies and more informed decision-making within its commercial and investment banking operations and ensure a consistent level of customer service across the bank's global network.
Building on its strong client base, Mizuho's business strategy has two elements. First, the bank is combining its commercial banking and investment banking capabilities to offer its corporate customers a complete portfolio of services, including syndicated loans, M&A deals, leveraged finance, project finance, cash management and securities. Secondly, the bank is applying this business model on a global scale by extending the geographic coverage of its international network. Mizuho opened six international branches in 2006 and a further three branches in 2007.
Midas Plus with Global Processing will be used to centralise IT systems servicing branches throughout Europe. This will enable the bank to standardise business processes across its network, yet deliver the flexibility required to meet local regulatory environments and regional variations in business practice. Having a single system to support multiple branches will allow a single update to reflect changes into all the offices using Midas Plus with Global Processing.
By consolidating the IT infrastructure, the bank will streamline operations, deliver a consistent level of service to customers and improve the speed at which it can roll out additional branches. Midas Plus will reduce complexity and simplifying the bank's IT infrastructure, resulting in cost reduction, better access to information from across the business and a faster response to changes in the industry. Ultimately, it will substantially enhance how the bank delivers services to its corporate customers around the world.
Importantly, Mizuho executives will have an enterprise-wide view of the bank's management information and a much clearer picture of risk across the organisation. The ability to make more informed decisions based on a global perspective was a key requirement from the bank.
Graeme Beardsell, Head of Sales for Misys in Asia, adds, "We have built an excellent track record of providing a solution that enables banks to run their international operations with maximum efficiency and control. Our Global Processing facility within Misys Midas Plus will enable Mizuho to reduce the cost of operations considerably and provide the flexibility to explore new markets with minimal additional investment. We look forward to working with Mizuho in the future as we roll out the project."
Building on its strong client base, Mizuho's business strategy has two elements. First, the bank is combining its commercial banking and investment banking capabilities to offer its corporate customers a complete portfolio of services, including syndicated loans, M&A deals, leveraged finance, project finance, cash management and securities. Secondly, the bank is applying this business model on a global scale by extending the geographic coverage of its international network. Mizuho opened six international branches in 2006 and a further three branches in 2007.
Midas Plus with Global Processing will be used to centralise IT systems servicing branches throughout Europe. This will enable the bank to standardise business processes across its network, yet deliver the flexibility required to meet local regulatory environments and regional variations in business practice. Having a single system to support multiple branches will allow a single update to reflect changes into all the offices using Midas Plus with Global Processing.
By consolidating the IT infrastructure, the bank will streamline operations, deliver a consistent level of service to customers and improve the speed at which it can roll out additional branches. Midas Plus will reduce complexity and simplifying the bank's IT infrastructure, resulting in cost reduction, better access to information from across the business and a faster response to changes in the industry. Ultimately, it will substantially enhance how the bank delivers services to its corporate customers around the world.
Importantly, Mizuho executives will have an enterprise-wide view of the bank's management information and a much clearer picture of risk across the organisation. The ability to make more informed decisions based on a global perspective was a key requirement from the bank.
Graeme Beardsell, Head of Sales for Misys in Asia, adds, "We have built an excellent track record of providing a solution that enables banks to run their international operations with maximum efficiency and control. Our Global Processing facility within Misys Midas Plus will enable Mizuho to reduce the cost of operations considerably and provide the flexibility to explore new markets with minimal additional investment. We look forward to working with Mizuho in the future as we roll out the project."
Winograd Leaves RBC Capital Markets
Today RBC announced that Charles (Chuck) Winograd, the chairman and CEO of RBC Capital Markets, is retiring from this position effective October 31, 2008 after a distinguished career with the firm and predecessor organizations that has spanned four decades. Chuck will remain with the bank to facilitate transition into January 2009.
"Chuck has led the transformation of our capital markets business to a significant and growing global concern," said Gordon Nixon, president and chief executive officer of RBC. "While Chuck will always credit this success story to the people in RBC Capital Markets, he played a strong and effective leadership role in our decisions to pursue new markets and enter new businesses, and the execution of these initiatives. He has also overseen our premier domestic Canadian capital markets franchise that is stronger than it has ever been."
"Chuck has led the transformation of our capital markets business to a significant and growing global concern," said Gordon Nixon, president and chief executive officer of RBC. "While Chuck will always credit this success story to the people in RBC Capital Markets, he played a strong and effective leadership role in our decisions to pursue new markets and enter new businesses, and the execution of these initiatives. He has also overseen our premier domestic Canadian capital markets franchise that is stronger than it has ever been."
Tuesday 23 September 2008
Trading Shorts
Credit Suisse Eggers in Farsight Award
The Farsight Award is a project between the Universities Superannuation Scheme, Gresham College and the Enhanced Analytics Initiative, with support from Z/Yen Group Limited. The objective of the Farsight Award is to honour the best individual piece of analysis by an investment research institution that integrates traditional financial analysis with longer-term issues such as climate change, scarcity, corporate governance and human capital.
Waddell & Reed Selects Charles River
Charles River Development (Charles River), an award-winning provider of financial software and services to the global investment management community, today announced that Waddell & Reed Investment Management Company and its affiliates, which have $70 billion in assets under management, have selected the Charles River Investment Management System (Charles River IMS) to provide a new portfolio management system, including for its equity, fixed income and foreign exchange operations.
QuantOffice Integrated with Vhayu Velocity Tick by Deltix
Deltix, Inc. has entered into a partnership agreement with Vhayu Technologies, Inc. to provide the Vhayu Velocity™ tick database with Deltix QuantOffice™, enabling users to process, manage and store year’s worth of market data for optimized quant research analysis.“Vhayu’s enterprise class tick database increases the amount of data and intricate analytics available within Deltix QuantOffice/QuantServer product suite
RadarLite from SoftCapital
SoftCapital (SC), a leading independent software vendor, today announced the introduction of the company’s newest trading tool, RadarLite. Designed to run completely in a browser, behaving exactly like an installed application, as well as running on all operation systems aka. Windows, Linux and Apple.
Fair Value By Benchmark Indices
Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced the results of recent quantitative research conducted by its Pricing and Reference Data business which compared international mutual funds with relevant benchmark indices. Through statistical analysis, the research revealed that comparing the performance of international mutual funds that use fair value adjustments .
Macalla Powers TSB Text Banking Service
Macalla, leader and innovator in mobile payment solutions, has announced the launch of permanent tsb's mobile banking solution powered by the Macalla Platform."We choose Macalla because of its combined mobile and banking experience. Our decision was a wise one as at each phase of the project their expertise was invaluable," said Tim Bicknell, Head of Current Accounts and Online Development, permanent tsb.
Cordys and CSC Alliance
Cordys, a global leader in next generation Business Process Management (BPM), has formed a strategic alliance with CSC (NYSE: CSC), a global leader in providing technology-enabled solutions and services, bringing together two of the major players within the BPM sector.The alliance will enable organisations around the globe to benefit from a new breed of innovative business process driven solutions, deployed on the Cordys Business Operations Platform (BOP), and
EmployBridge Selects Sungards AvantGard
EmployBridge, a leading US provider of branded, industry-specific staffing solutions, has selected SunGard’s AvantGard to help automate and improve the efficiency of its order-to-cash cycle. The company will use the AvantGard receivables management solution to help improve cash flow, mitigate bad debt expense and minimize operational costs.Effective management of trade receivables is a critical area to target for liquidity management and process improvements
EMVCo Annual User Meeting Announced
EMVCo, the EMV standards body owned by JCB International, MasterCard Worldwide and Visa Inc., has today announced plans to broaden industry participation in the development work of the organisation and establish a regular, formal dialogue between EMVCo and the global payments industry, through the launch of a new website subscription programme and annual user meeting. To be launched during the first quarter of 2009, a new subscription programme delivered through the EMVCo website
TTT Moneycorp Real-time Messaging
SMA Financial, SWIFT Regional partner for UK, Eire and Channel Islands today announced that TTT Moneycorp (Moneycorp), the leading international foreign exchange and payments specialist, has moved to real-time message processing over the SWIFT network using MQ Series.To cope with rapidly expanding business volumes and to automate its payment, banking and treasury services, Moneycorp initially implemented the SMA Bureau Service to send payment messages over the secure SWIFT network.
The Farsight Award is a project between the Universities Superannuation Scheme, Gresham College and the Enhanced Analytics Initiative, with support from Z/Yen Group Limited. The objective of the Farsight Award is to honour the best individual piece of analysis by an investment research institution that integrates traditional financial analysis with longer-term issues such as climate change, scarcity, corporate governance and human capital.
Waddell & Reed Selects Charles River
Charles River Development (Charles River), an award-winning provider of financial software and services to the global investment management community, today announced that Waddell & Reed Investment Management Company and its affiliates, which have $70 billion in assets under management, have selected the Charles River Investment Management System (Charles River IMS) to provide a new portfolio management system, including for its equity, fixed income and foreign exchange operations.
QuantOffice Integrated with Vhayu Velocity Tick by Deltix
Deltix, Inc. has entered into a partnership agreement with Vhayu Technologies, Inc. to provide the Vhayu Velocity™ tick database with Deltix QuantOffice™, enabling users to process, manage and store year’s worth of market data for optimized quant research analysis.“Vhayu’s enterprise class tick database increases the amount of data and intricate analytics available within Deltix QuantOffice/QuantServer product suite
RadarLite from SoftCapital
SoftCapital (SC), a leading independent software vendor, today announced the introduction of the company’s newest trading tool, RadarLite. Designed to run completely in a browser, behaving exactly like an installed application, as well as running on all operation systems aka. Windows, Linux and Apple.
Fair Value By Benchmark Indices
Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced the results of recent quantitative research conducted by its Pricing and Reference Data business which compared international mutual funds with relevant benchmark indices. Through statistical analysis, the research revealed that comparing the performance of international mutual funds that use fair value adjustments .
Macalla Powers TSB Text Banking Service
Macalla, leader and innovator in mobile payment solutions, has announced the launch of permanent tsb's mobile banking solution powered by the Macalla Platform."We choose Macalla because of its combined mobile and banking experience. Our decision was a wise one as at each phase of the project their expertise was invaluable," said Tim Bicknell, Head of Current Accounts and Online Development, permanent tsb.
Cordys and CSC Alliance
Cordys, a global leader in next generation Business Process Management (BPM), has formed a strategic alliance with CSC (NYSE: CSC), a global leader in providing technology-enabled solutions and services, bringing together two of the major players within the BPM sector.The alliance will enable organisations around the globe to benefit from a new breed of innovative business process driven solutions, deployed on the Cordys Business Operations Platform (BOP), and
EmployBridge Selects Sungards AvantGard
EmployBridge, a leading US provider of branded, industry-specific staffing solutions, has selected SunGard’s AvantGard to help automate and improve the efficiency of its order-to-cash cycle. The company will use the AvantGard receivables management solution to help improve cash flow, mitigate bad debt expense and minimize operational costs.Effective management of trade receivables is a critical area to target for liquidity management and process improvements
EMVCo Annual User Meeting Announced
EMVCo, the EMV standards body owned by JCB International, MasterCard Worldwide and Visa Inc., has today announced plans to broaden industry participation in the development work of the organisation and establish a regular, formal dialogue between EMVCo and the global payments industry, through the launch of a new website subscription programme and annual user meeting. To be launched during the first quarter of 2009, a new subscription programme delivered through the EMVCo website
TTT Moneycorp Real-time Messaging
SMA Financial, SWIFT Regional partner for UK, Eire and Channel Islands today announced that TTT Moneycorp (Moneycorp), the leading international foreign exchange and payments specialist, has moved to real-time message processing over the SWIFT network using MQ Series.To cope with rapidly expanding business volumes and to automate its payment, banking and treasury services, Moneycorp initially implemented the SMA Bureau Service to send payment messages over the secure SWIFT network.
IDX Capital
IDX Capital, LLC is an inter dealer broker of credit default swaps matching wholesale market buyers and seller for a fee. IDX Capital has been a long time market pioneer of electronic trading initiatives in credit default swap space.
Nomura Acquires European Arm of Lehman Brothers
Nomura, has reached an agreement to acquire the European and Middle Eastern equities and investment banking operations of Lehman Brothers.
The acquisition will provide Nomura with a market leading equities and investment banking platform in the region and further enhance Nomura's strategy of connecting Asia and Europe. The deal follows Nomura's agreement yesterday to acquire Lehman Brothers' entire franchise in the Asia Pacific region including Japan and Australia.
Lehman's equities and investment banking businesses in Europe and the Middle East employed around 2500 staff, of whom a significant proportion are expected to be retained.
The deal does not include any trading assets or trading liabilities and Nomura will pay an undisclosed sum for the businesses.
Kenichi Watanabe, Nomura's CEO, said: "In the past 24 hours Nomura has executed two transformational deals. This transaction will significantly extend our European footprint and international reach, enabling us to realise our strategy of delivering Asia to the world. Our immediate priority is to get the equity and investment banking divisions back in business operating under the Nomura name."
The acquisition will provide Nomura with a market leading equities and investment banking platform in the region and further enhance Nomura's strategy of connecting Asia and Europe. The deal follows Nomura's agreement yesterday to acquire Lehman Brothers' entire franchise in the Asia Pacific region including Japan and Australia.
Lehman's equities and investment banking businesses in Europe and the Middle East employed around 2500 staff, of whom a significant proportion are expected to be retained.
The deal does not include any trading assets or trading liabilities and Nomura will pay an undisclosed sum for the businesses.
Kenichi Watanabe, Nomura's CEO, said: "In the past 24 hours Nomura has executed two transformational deals. This transaction will significantly extend our European footprint and international reach, enabling us to realise our strategy of delivering Asia to the world. Our immediate priority is to get the equity and investment banking divisions back in business operating under the Nomura name."
Advent Software and Exchange Data International
Advent Software, Inc. (NASDAQ: ADVS), has signed an agreement with Exchange Data International (EDI), for, EDI tol provide comprehensive Worldwide Equities and Fixed Income Corporate Actions data to Advent clients using Advent Corporate Actions® (ACA), Advent's straight-through-processing service. This is Advent's third international data vendor available through ACA.
ACA delivers customized, position-level corporate action reports for a broad range of action and security types, along with market effective transactions for mandatory U.S. equity and ADR events, including tax compliant details. Using ACA, firms can: track actions from announcement through effective date; receive alerts containing revisions and processing tips; and gain access to a dedicated team of corporate action specialists who assist advisory staff with processing details and the interpretation and confirmation of complex tax opinions.
Advent added both EDI's Worldwide and Fixed Income Corporate Actions Service to its ACA offering. With data sourced directly from all of the world's major stock exchanges, the Worldwide Corporate Actions service provides up-to-date and accurate equity-based corporate actions information, and provides coverage on over 150 International Exchanges, with detailed announcements on 54 corporate actions event types. EDI's Fixed Income Corporate Actions Service follows corporate actions events on nearly 400,000 bonds from 100 countries and Supranationals. In addition to interest payments (both fixed and floating), the fixed income service covers another 40 event types. The data is sourced from stock exchanges, central banks, ministries of finance, paying and transfer agents.
"We are very excited about our new relationship with Advent, as it brings EDI's data to a new audience," said Kevin Brady, Executive Director for Exchange Data International. "Advent is a leader in their space, and this relationship demonstrates EDI's commitment to building strong relationships with market leaders to provide the industry with high standard services."
"We are delighted to be working with EDI in order to expand our international data offering," said Alison Swabowicz, Senior Straight-Through-Processing Product Manager at Advent. "Recently we have seen increased interest in international corporate action data; and as we've seen more clients diversify into international markets, it has become apparent the importance for Advent to maximize coverage across a wide range of countries and corporate action types."
ACA delivers customized, position-level corporate action reports for a broad range of action and security types, along with market effective transactions for mandatory U.S. equity and ADR events, including tax compliant details. Using ACA, firms can: track actions from announcement through effective date; receive alerts containing revisions and processing tips; and gain access to a dedicated team of corporate action specialists who assist advisory staff with processing details and the interpretation and confirmation of complex tax opinions.
Advent added both EDI's Worldwide and Fixed Income Corporate Actions Service to its ACA offering. With data sourced directly from all of the world's major stock exchanges, the Worldwide Corporate Actions service provides up-to-date and accurate equity-based corporate actions information, and provides coverage on over 150 International Exchanges, with detailed announcements on 54 corporate actions event types. EDI's Fixed Income Corporate Actions Service follows corporate actions events on nearly 400,000 bonds from 100 countries and Supranationals. In addition to interest payments (both fixed and floating), the fixed income service covers another 40 event types. The data is sourced from stock exchanges, central banks, ministries of finance, paying and transfer agents.
"We are very excited about our new relationship with Advent, as it brings EDI's data to a new audience," said Kevin Brady, Executive Director for Exchange Data International. "Advent is a leader in their space, and this relationship demonstrates EDI's commitment to building strong relationships with market leaders to provide the industry with high standard services."
"We are delighted to be working with EDI in order to expand our international data offering," said Alison Swabowicz, Senior Straight-Through-Processing Product Manager at Advent. "Recently we have seen increased interest in international corporate action data; and as we've seen more clients diversify into international markets, it has become apparent the importance for Advent to maximize coverage across a wide range of countries and corporate action types."
Avadhi CEO Appointed
The former Chief Information Officer of The Clearing Corporation (previously The Board of Trade Clearing Corporation) in Chicago, Brett F. Paulson, has joined Avadhi Finance and Technology, Inc., a vendor of multi-asset trading platforms.
Avadhi founder, Paresh Malde, announced Monday, September 22, 2008, that Paulson was appointed CEO and a member of the Board of Directors. Malde remains company President, Board Chairman and will assume the role of Chief Operating Officer.
Paulson, a 30-year veteran in financial and technology service industries, led The Clearing Corporation to a historic restructuring of the capital and shareholder base. As President and Chief Operating Officer, Paulson helped orchestrate the convening of some of the world's largest members of the investment banking community in order to create innovative solutions aimed at the OTC clearing space as well as the exchange-traded derivatives marketplaces. Previously, Paulson held senior management roles at CS First Boston, IBM, Bank of America, Harris Bank and International Harvester. He holds an M.B.A. in Finance from DePaul University.
"Brett's industry leadership brings to Avadhi a significant moment in our rapid growth and expansion," said Malde of the privately held company, based in Okemos, Michigan. "His involvement and vision for the company is going to solidify Avadhi's position in the industry as a leading provider of trading solutions."
Avadhi founder, Paresh Malde, announced Monday, September 22, 2008, that Paulson was appointed CEO and a member of the Board of Directors. Malde remains company President, Board Chairman and will assume the role of Chief Operating Officer.
Paulson, a 30-year veteran in financial and technology service industries, led The Clearing Corporation to a historic restructuring of the capital and shareholder base. As President and Chief Operating Officer, Paulson helped orchestrate the convening of some of the world's largest members of the investment banking community in order to create innovative solutions aimed at the OTC clearing space as well as the exchange-traded derivatives marketplaces. Previously, Paulson held senior management roles at CS First Boston, IBM, Bank of America, Harris Bank and International Harvester. He holds an M.B.A. in Finance from DePaul University.
"Brett's industry leadership brings to Avadhi a significant moment in our rapid growth and expansion," said Malde of the privately held company, based in Okemos, Michigan. "His involvement and vision for the company is going to solidify Avadhi's position in the industry as a leading provider of trading solutions."
Pireaeus Upgrades Misys Equation
Piraeus Bank ("Piraeus"), an Athens-based universal bank, has successfully upgraded to the latest version Misys Equation 3.9 and is live with the core banking system in Greece and branches in their Albanian operations.
Piraeus has upgraded to benefit from the enhancements in Misys Equation 3.9 in less than five months. The latest retail banking solution from Misys will augment the service Piraeus provides to its customers as it expands its operations. The implementation is an important part of the bank's growth strategy and will help Piraeus to continue to achieve its business ambitions.
Misys Equation has underpinned Piraeus Bank's operations for many years across its domestic and selected international branches and now runs the bank's operations across its 343 branches in Greece and 220 branches in three subsidiaries. The bank has implemented a strategy for expansion in South-Eastern Europe and Eastern Mediterranean markets and saw value in the latest version of Equation to help it to achieve its growth objectives while strengthening its competitive edge, particularly in the bank's lending business.
"The reason for implementing the new version is primarily for new functionality, specifically within lending", comments Janis Delis Piraeus Bank. "With the improved upgrade and release strategy that Misys has, we have succeeded in going live within 5 months. This was quite an achievement as it included all interfaces to external systems as well as implementing the lending module from scratch. We have worked very closely with Misys and they have proven to be a true partner in the project. We are now looking to use the same model for the rest of the countries where Misys is present."
Piraeus Bank is looking to enhance its market share further in Greece and abroad. Customer satisfaction is absolutely key to the bank and it was pleased that this latest version from Misys will enable it to improve service quality even further, keep customer loyalty high and also attract new customers.
Another cornerstone of the bank's strategy is being at the leading edge of innovation, as John Gilbert, Regional Manager for Southern Europe, Misys states, "Piraeus has bought into the Equation strategy and roadmap and our latest solution gives the bank the flexibility to create innovative products quickly, further strengthening its position in retail banking and enterprise financing. Misys Equation 3.9 will enable Piraeus to enhance its reputation in the marketplace by being able to provide market-ready products more quickly than its competition. It shows real commitment to our product strategy and we look forward to providing more enhancements in the future.".
Piraeus has upgraded to benefit from the enhancements in Misys Equation 3.9 in less than five months. The latest retail banking solution from Misys will augment the service Piraeus provides to its customers as it expands its operations. The implementation is an important part of the bank's growth strategy and will help Piraeus to continue to achieve its business ambitions.
Misys Equation has underpinned Piraeus Bank's operations for many years across its domestic and selected international branches and now runs the bank's operations across its 343 branches in Greece and 220 branches in three subsidiaries. The bank has implemented a strategy for expansion in South-Eastern Europe and Eastern Mediterranean markets and saw value in the latest version of Equation to help it to achieve its growth objectives while strengthening its competitive edge, particularly in the bank's lending business.
"The reason for implementing the new version is primarily for new functionality, specifically within lending", comments Janis Delis Piraeus Bank. "With the improved upgrade and release strategy that Misys has, we have succeeded in going live within 5 months. This was quite an achievement as it included all interfaces to external systems as well as implementing the lending module from scratch. We have worked very closely with Misys and they have proven to be a true partner in the project. We are now looking to use the same model for the rest of the countries where Misys is present."
Piraeus Bank is looking to enhance its market share further in Greece and abroad. Customer satisfaction is absolutely key to the bank and it was pleased that this latest version from Misys will enable it to improve service quality even further, keep customer loyalty high and also attract new customers.
Another cornerstone of the bank's strategy is being at the leading edge of innovation, as John Gilbert, Regional Manager for Southern Europe, Misys states, "Piraeus has bought into the Equation strategy and roadmap and our latest solution gives the bank the flexibility to create innovative products quickly, further strengthening its position in retail banking and enterprise financing. Misys Equation 3.9 will enable Piraeus to enhance its reputation in the marketplace by being able to provide market-ready products more quickly than its competition. It shows real commitment to our product strategy and we look forward to providing more enhancements in the future.".
Monday 22 September 2008
Turquoise Launched Formally
Turquoise, the pan-European equity trading platform backed by nine of Europe's leading investment banks, was officially launched at an 'Opening Bell' ceremony by Peter Gibbs, Chairman and Eli Lederman, Chief Executive in the Turquoise offices at 8am this morning.
The ringing of the Turquoise Bell, cast nearby at the Whitechapel Bell Foundry - Britain's oldest continuously operated manufacturing company - heralds Turquoise's formal opening. The bell symbolises the traditional values of reliability and integrity that have characterised successful exchanges through history, and informs the market that while Turquoise operates the most sophisticated modern technology it recognises its role at the centre of capital markets.
Over the last five weeks, Turquoise has added stocks and countries in a planned, deliberate process to ensure its orderly adoption by members and its integration with other components of market infrastructure. The formal opening today represents the end of this rollout, and the start of a new phase in the development of the Turquoise market. Turquoise's unique market model offers valuable liquidity to traders of small orders at high frequency and dark orders in institutional size.
The ringing of the Turquoise Bell, cast nearby at the Whitechapel Bell Foundry - Britain's oldest continuously operated manufacturing company - heralds Turquoise's formal opening. The bell symbolises the traditional values of reliability and integrity that have characterised successful exchanges through history, and informs the market that while Turquoise operates the most sophisticated modern technology it recognises its role at the centre of capital markets.
Over the last five weeks, Turquoise has added stocks and countries in a planned, deliberate process to ensure its orderly adoption by members and its integration with other components of market infrastructure. The formal opening today represents the end of this rollout, and the start of a new phase in the development of the Turquoise market. Turquoise's unique market model offers valuable liquidity to traders of small orders at high frequency and dark orders in institutional size.
Bailout Euphoria Fades
Euphoria in the financial markets about Hank Paulson's plan to buy toxic debts faded today with the Dow Jones falling 372 points or 3.27%. The S&P 500 dropped 3.8%.
The bailout has to be ratified by Congress where it has been met with incredulity and a desire to load up the legislation with additional items. Help for subprime mortgage holders and regulation on executive bonus are seen as hot items by many Democrats.
In other markets the oil price spiked to close $16 up at more than $!30.
Bank of America, Citigroup, Merrill Lynch and Wachovia all traded lower as investors continued to shun financials. Morgan Stanley kept above water following Mitsubishi UFJ taking a stake.
Goldman Sachs and Morgan Stanley both made the historic decision to become bank holding companies. This enables the banks to take deposits and have access to Federal funds.
The bailout has to be ratified by Congress where it has been met with incredulity and a desire to load up the legislation with additional items. Help for subprime mortgage holders and regulation on executive bonus are seen as hot items by many Democrats.
In other markets the oil price spiked to close $16 up at more than $!30.
Bank of America, Citigroup, Merrill Lynch and Wachovia all traded lower as investors continued to shun financials. Morgan Stanley kept above water following Mitsubishi UFJ taking a stake.
Goldman Sachs and Morgan Stanley both made the historic decision to become bank holding companies. This enables the banks to take deposits and have access to Federal funds.
Trading Technology Shorts
Xasax Joins Exegy Ticker Plant
Exegy, Inc., the innovator behind the Exegy Ticker Plant, announced today that Xasax Corporation has become the newest Exegy Ticker Plant customer. Xasax Joins Exegy Ticker Plant- -Exegy, Inc., the innovator behind the Exegy Ticker Plant, announced today that Xasax Corporation has become the newest Exegy Ticker Plant customer.
Rimes Adds the Yield Book
RIMES Technologies has added The Yield Book analytics to its data portfolio. The Yield Book models calculate yield, risk, and return measures consistently for a broad spectrum of bonds, enabling users to perform analysis on portfolios comprising a wide range of fixed income security types, such as government, agency, corporate, international and emerging market bonds, mortgages and fixed income derivatives. Rimes Adds the Yield Book- -RIMES Technologies has added The Yield Book analytics to its data portfolio. The Yield Book models calculate yield, risk, and return measures consistently for a broad spectrum of bonds, enabling users to perform analysis on portfolios comprising a wide range of fixed income security types, such as government, agency, corporate, international and emerging market bonds, mortgages and fixed income derivatives.
Cognotec and MNI Forex for RealStream Margin
Cognotec, vendor of the world’s leading e-forex trading solutions, has announced a partnership with Market News International (MNI) to enable traders to access breaking forex market news from around the world. Users of Cognotec RealStream Margin trading solution can now enjoy MNI’s ‘FX Bullet Points’ newsfeed on their desktops from within the RealStream Margin trading platform. Cognotec and MNI Forex for RealStream Margin- -Cognotec, vendor of the world’s leading e-forex trading solutions, has announced a partnership with Market News International (MNI) to enable traders to access breaking forex market news from around the world. Users of Cognotec RealStream Margin trading solution can now enjoy MNI’s ‘FX Bullet Points’ newsfeed on their desktops from within the RealStream Margin trading platform.
Paulson Bad Bank Goes to Congress
The government plan to stabilise the US financial system has been submitted to Congress in revised form.Treasury secretary Henry Paulson has shifted the terms of the $700 billion scheme to incorporate other "bad" assets, apart from complex financial products relating to the mortgage market.The government wants to use the fund to form a "bad bank", in which banks would be allowed to put the toxic derivatives which are currently clogging up their balance sheets. Paulson Bad Bank Goes to Congress- -The government plan to stabilise the US financial system has been submitted to Congress in revised form.Treasury secretary Henry Paulson has shifted the terms of the $700 billion scheme to incorporate other "bad" assets, apart from complex financial products relating to the mortgage market.The government wants to use the fund to form a "bad bank", in which banks would be allowed to put the toxic derivatives which are currently clogging up their balance sheets.
Morgan Stanley and Goldman Sachs Convert to Retail Banks
The last two Wall Street securitisation firms standing are to cease trading as investment banks.Morgan Stanley and Goldman Sachs are to become bank holding companies, which potentially means that they will soon accept customer deposits.Both banks will also now be more directly regulated by the Federal Reserve. Morgan Stanley and Goldman Sachs Convert to Retail Banks- -The last two Wall Street securitisation firms standing are to cease trading as investment banks.Morgan Stanley and Goldman Sachs are to become bank holding companies, which potentially means that they will soon accept customer deposits.Both banks will also now be more directly regulated by the Federal Reserve.
NYSE Euronext Advanced Trading Equities in a Box
NYSE Euronext Advanced Trading Solutions, a world leader in low latency trading technology and division of NYSE Euronext (NYX), today announced an innovative software based solution that has the capability to comfortably handle 10 major US equities feeds on a single server with potential headroom of 3x current market peak capacity. NYSE Euronext Advanced Trading Equities in a Box- -NYSE Euronext Advanced Trading Solutions, a world leader in low latency trading technology and division of NYSE Euronext (NYX), today announced an innovative software based solution that has the capability to comfortably handle 10 major US equities feeds on a single server with potential headroom of 3x current market peak capacity.
Shinhan Bank Selects Everlink
Everlink, a leading provider of electronic payments services in the Canadian marketplace, has announced that Shinhan Bank Canada, a wholly owned subsidiary of Shinhan Financial Group Co. Ltd., has entered into an agreement with Everlink for issuing and acquiring services. Shinhan Bank Selects Everlink- -Everlink, a leading provider of electronic payments services in the Canadian marketplace, has announced that Shinhan Bank Canada, a wholly owned subsidiary of Shinhan Financial Group Co. Ltd., has entered into an agreement with Everlink for issuing and acquiring services.
OTP Bank 1st USD/RUB Deal
OTP Bank (Russia) made its first USD/RUB spot deal as a market-maker on LavaFX trading platform with Dresdner Kleinwort, through legal entity Dresdner Bank AG, as prime broker."We consider this a very important event for the financial markets, - says Igor Suzdaltsev, head of financial institutions at OTP Bank (Russia). Ruble deals started at LavaFX on August 22nd, 2007 but it was hard to increase ruble trades due to small limits on Russian banks. OTP Bank 1st USD/RUB Deal- -OTP Bank (Russia) made its first USD/RUB spot deal as a market-maker on LavaFX trading platform with Dresdner Kleinwort, through legal entity Dresdner Bank AG, as prime broker."We consider this a very important event for the financial markets, - says Igor Suzdaltsev, head of financial institutions at OTP Bank (Russia). Ruble deals started at LavaFX on August 22nd, 2007 but it was hard to increase ruble trades due to small limits on Russian banks.
Dow Jones Alliance with EFE
Dow Jones, a leading provider of global business news and information services, has signed a strategic alliance with Agencia EFE, the world’s fourth-largest news agency. Together they will develop an exclusive joint Spanish-language news service – EFE Dow Jones News - to serve financial professionals, corporations, media, institutions and private investors in Spain. Dow Jones Alliance with EFE- -Dow Jones, a leading provider of global business news and information services, has signed a strategic alliance with Agencia EFE, the world’s fourth-largest news agency. Together they will develop an exclusive joint Spanish-language news service – EFE Dow Jones News - to serve financial professionals, corporations, media, institutions and private investors in Spain.
Impulse Software and Syndicate Asset Management
Paul Mepham, Sales Director at Pulse explains; Syndicate Asset Management is an AIM listed specialist investor in the global asset management industry with approaching £6 billion funds under management. Syndicate Asset Management has built a strong fund management group by consolidating a diverse, yet complementary, group of growing asset management companies based predominantly in the UK but also in the EU and other “offshore” centres. Impulse Software and Syndicate Asset Management- -Paul Mepham, Sales Director at Pulse explains; Syndicate Asset Management is an AIM listed specialist investor in the global asset management industry with approaching £6 billion funds under management. Syndicate Asset Management has built a strong fund management group by consolidating a diverse, yet complementary, group of growing asset management companies based predominantly in the UK but also in the EU and other “offshore” centres.
Orc Software Selected by Liquidez
Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity, today announced that Liquidez, one of Brazil’s largest futures brokers, has selected Orc’s trading and connectivity solutions to connect customers to local markets. This deal was booked Q2 2008.Liquidez will use Orc Trader and Orc CameronFIX to directly trade the BM&F, Brazil’s derivatives exchange. Orc Software Selected by Liquidez- -Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity, today announced that Liquidez, one of Brazil’s largest futures brokers, has selected Orc’s trading and connectivity solutions to connect customers to local markets. This deal was booked Q2 2008.Liquidez will use Orc Trader and Orc CameronFIX to directly trade the BM&F, Brazil’s derivatives exchange.
TietoEnator Impelemted by Nordic Banks
TietoEnator, one of the largest IT services providers in Europe, announces that SEPA Credit Transfer Solutions (SEPA Bulker) have been implemented for three of the largest Nordic Banks, Swedbank, Handelsbanken and Nordea, as well as for two Danish bureaus, BEC and SDC. The Nordic banks have implemented TietoEnator’s SEPA Credit Transfer solution, group-wide enabling offices in different countries to connect to one single infrastructure. TietoEnator Impelemted by Nordic Banks- -TietoEnator, one of the largest IT services providers in Europe, announces that SEPA Credit Transfer Solutions (SEPA Bulker) have been implemented for three of the largest Nordic Banks, Swedbank, Handelsbanken and Nordea, as well as for two Danish bureaus, BEC and SDC. The Nordic banks have implemented TietoEnator’s SEPA Credit Transfer solution, group-wide enabling offices in different countries to connect to one single infrastructure.
TietoEnator and SEB Enskilda
SEB Enskilda has selected TietoEnator’s capital market solution ProBroker to manage the company’s trading operation at the Oslo Stock Exchange. SEB Enskilda is the largest broker dealer at the Oslo Stock Exchange in terms of number of transactions as well as volumes. The implementation project has been running since vinter 2008 and 1st September SEB Enskilda went sucessfully into production with their new trading clearing and settlement solution. TietoEnator and SEB Enskilda- -SEB Enskilda has selected TietoEnator’s capital market solution ProBroker to manage the company’s trading operation at the Oslo Stock Exchange. SEB Enskilda is the largest broker dealer at the Oslo Stock Exchange in terms of number of transactions as well as volumes. The implementation project has been running since vinter 2008 and 1st September SEB Enskilda went sucessfully into production with their new trading clearing and settlement solution.
Mark Mobius Claims Recession Fears Exaggerated.
Mark Mobius, managing director, Templeton Asset Management, today claimed that widespread and ongoing fears of a European-wide recession have been exaggerated. Mr Mobius suggests the crisis is being led by repetitive and deepening pessimistic sentiment.The reality, he believes, is that excellent buying opportunities, increased liquidity and a new US administration will create favourable conditions for a rapid recovery in late 2009. Mark Mobius Claims Recession Fears Exaggerated.- -Mark Mobius, managing director, Templeton Asset Management, today claimed that widespread and ongoing fears of a European-wide recession have been exaggerated. Mr Mobius suggests the crisis is being led by repetitive and deepening pessimistic sentiment.The reality, he believes, is that excellent buying opportunities, increased liquidity and a new US administration will create favourable conditions for a rapid recovery in late 2009.
LME SMART Connectivity by Brady
Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, has today announced the forthcoming launch of a new interface to LME SMART (the System for Matching and Registering Trades from the London Metal Exchange). LME member firms will be able to interface directly to the LME’s matching system which will forward trades to the London Clearing House (LCH) for clearing. LME SMART Connectivity by Brady- -Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, has today announced the forthcoming launch of a new interface to LME SMART (the System for Matching and Registering Trades from the London Metal Exchange). LME member firms will be able to interface directly to the LME’s matching system which will forward trades to the London Clearing House (LCH) for clearing.
Optial Compliance Management
Optial announced today that the Bank of England has selected Optial’s Compliance Management module from the Optial Operational Risk Management platform, to support its internal control processes. Chris O’Brien, CEO of Optial, said “Every financial institution needs a strong internal control framework and we are delighted that the Bank of England has selected our flexible, workflow-enabled platform to further streamline the Bank’s already very strong monitoring and tracking procedures Optial Compliance Management- -Optial announced today that the Bank of England has selected Optial’s Compliance Management module from the Optial Operational Risk Management platform, to support its internal control processes. Chris O’Brien, CEO of Optial, said “Every financial institution needs a strong internal control framework and we are delighted that the Bank of England has selected our flexible, workflow-enabled platform to further streamline the Bank’s already very strong monitoring and tracking procedures
Temenos Appointments
Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced the following appointments:Keith Stonell has been appointed as Regional Director for Northern Europe (NEU) and Commonwealth of Independent States (CIS), which is one of Temenos' largest and fastest growing regions. Stonell will also be responsible for the integration of the majority of the Financial Objects business, which falls into his regional portfolio. Temenos Appointments- -Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced the following appointments:Keith Stonell has been appointed as Regional Director for Northern Europe (NEU) and Commonwealth of Independent States (CIS), which is one of Temenos' largest and fastest growing regions. Stonell will also be responsible for the integration of the majority of the Financial Objects business, which falls into his regional portfolio.
Fidessa Next Phase of European Multi-Asset Strategy
Fidessa group plc (LSE:FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, has added an enhanced multi-asset, pre-trade risk module for account-based trading across equities, futures and contracts for difference (CFDs) to its European sell-side trading platform. The move marks the latest phase in Fidessa’s comprehensive multi-asset strategy, and is a direct response to increasing asset convergence seen in both the US and Europe. Fidessa Next Phase of European Multi-Asset Strategy- -Fidessa group plc (LSE:FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, has added an enhanced multi-asset, pre-trade risk module for account-based trading across equities, futures and contracts for difference (CFDs) to its European sell-side trading platform. The move marks the latest phase in Fidessa’s comprehensive multi-asset strategy, and is a direct response to increasing asset convergence seen in both the US and Europe.
DBFS Acquires Tradermade International
DBFS, the IT Consultancy and Project Delivery specialist, has announced that it has recently acquired Tradermade International Ltd, a premier provider of real-time technical analysis solutions to the financial markets.‘The acquisition of TraderMade is the first of several steps in our growth plans, and a welcome addition to our business’ says David Upton, Managing Director DBFS. DBFS Acquires Tradermade International- -DBFS, the IT Consultancy and Project Delivery specialist, has announced that it has recently acquired Tradermade International Ltd, a premier provider of real-time technical analysis solutions to the financial markets.‘The acquisition of TraderMade is the first of several steps in our growth plans, and a welcome addition to our business’ says David Upton, Managing Director DBFS.
Standard and Poor's Risk Solutions
Greek data and information provider Hellastat and Standard & Poor’s Risk Solutions have announced a new alliance to combine Standard & Poor’s probabilities of default (PD) and Hellastat data and information in a new service for the domestic Greek market.Standard & Poor’s already uses Hellastat financial statement data, along with default information from 3 leading Greek banks, to produce 1 through 5 year PDs on over 35,000 Greek SMEs. Standard and Poor's Risk Solutions- -Greek data and information provider Hellastat and Standard & Poor’s Risk Solutions have announced a new alliance to combine Standard & Poor’s probabilities of default (PD) and Hellastat data and information in a new service for the domestic Greek market.Standard & Poor’s already uses Hellastat financial statement data, along with default information from 3 leading Greek banks, to produce 1 through 5 year PDs on over 35,000 Greek SMEs.
Celoxica PCI Express
Celoxica Holdings plc (AIM: CXA) a leading provider of low latency trading solutions, announces today that as a result of customer demand for Celoxica's hardware-accelerated market data products on the latest server platforms it is working with Intel to produce a PCI Express® implementation of its Accelerator Series. Celoxica PCI Express- -Celoxica Holdings plc (AIM: CXA) a leading provider of low latency trading solutions, announces today that as a result of customer demand for Celoxica's hardware-accelerated market data products on the latest server platforms it is working with Intel to produce a PCI Express® implementation of its Accelerator Series.
Trintech AssureNET GL Selected by Chrysler Financial
Trintech Group Plc (Nasdaq: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today announced that Chrysler Financial has selected AssureNET GL to automate the review, approval, and status tracking of account reconciliations and manage the accounting close process and ReconNET for high volume transaction matching. Trintech AssureNET GL Selected by Chrysler Financial- -Trintech Group Plc (Nasdaq: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today announced that Chrysler Financial has selected AssureNET GL to automate the review, approval, and status tracking of account reconciliations and manage the accounting close process and ReconNET for high volume transaction matching.
First STAC-M1 Benchmark
The Securities Technology Analysis Center (STAC®) today announced that the STAC Benchmark Council has approved the STAC-M1 Benchmark™ specifications. This marks the first industry-standard benchmark for trading technology.The STAC Benchmark Council is a group of 40 leading trading firms and technology vendors that was formed one year ago to develop standard ways of measuring the performance of trading technologies (see www.STACresarch.com/council). First STAC-M1 Benchmark- -The Securities Technology Analysis Center (STAC®) today announced that the STAC Benchmark Council has approved the STAC-M1 Benchmark™ specifications. This marks the first industry-standard benchmark for trading technology.The STAC Benchmark Council is a group of 40 leading trading firms and technology vendors that was formed one year ago to develop standard ways of measuring the performance of trading technologies (see www.STACresarch.com/council).
Advent Software Record Attendance
Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, today announced record-setting attendance at its 2008 Annual Client Conference held in Las Vegas. The event, which took place September 8 – 10, was Advent’s largest and most successful conference to date with nearly 1,400 attendees. The conference also included Advent’s Annual Analyst and Investor Event.“As Advent celebrates its 25th anniversary. Advent Software Record Attendance- -Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, today announced record-setting attendance at its 2008 Annual Client Conference held in Las Vegas. The event, which took place September 8 – 10, was Advent’s largest and most successful conference to date with nearly 1,400 attendees. The conference also included Advent’s Annual Analyst and Investor Event.“As Advent celebrates its 25th anniversary.
SoftModule Grid Computing for Tervela
Tervela, the leading provider of high-performance, low-latency messaging systems, today announced that SoftModule, an innovative provider of enterprise-class grid computing solutions, has joined the Tervela Advantage Partner Program (TAPP). The companies will be working together to provide a high-performance GridSwitch computing solution that leverages the Tervela Message Network™ to effectively meet the demanding requirements for large-scale grid computing platforms. SoftModule Grid Computing for Tervela- -Tervela, the leading provider of high-performance, low-latency messaging systems, today announced that SoftModule, an innovative provider of enterprise-class grid computing solutions, has joined the Tervela Advantage Partner Program (TAPP). The companies will be working together to provide a high-performance GridSwitch computing solution that leverages the Tervela Message Network™ to effectively meet the demanding requirements for large-scale grid computing platforms.
Advent Portfolio Exchange
Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that River Road Asset Management, LLC and Knightsbridge Asset Management, LLC are enjoying the benefits of Advent Portfolio Exchange® (APX), its award-winning, fully integrated portfolio and client relationship management solution. Advent Portfolio Exchange- -Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that River Road Asset Management, LLC and Knightsbridge Asset Management, LLC are enjoying the benefits of Advent Portfolio Exchange® (APX), its award-winning, fully integrated portfolio and client relationship management solution.
Linedata Services Award
Linedata Services (LIN:FP), the leader in award-winning investment software, solutions and services, today announced that its Hedge Fund Solution has been recognized as the "Best Provider of Portfolio Management Systems," at the 2008 U.S. Hedge Fund Journal Awards.This award reflects the growing dominance of Linedata Services in the North American hedge fund space during what has been an incredibly productive year across its entire asset management division. Linedata Services Award- -Linedata Services (LIN:FP), the leader in award-winning investment software, solutions and services, today announced that its Hedge Fund Solution has been recognized as the "Best Provider of Portfolio Management Systems," at the 2008 U.S. Hedge Fund Journal Awards.This award reflects the growing dominance of Linedata Services in the North American hedge fund space during what has been an incredibly productive year across its entire asset management division.
DST Opens Jakarta Office
ST International (DSTi) has today confirmed the opening of its new office in Jakarta. The office is located in Menara Prima, in the heart of Jakarta’s thriving central business district, bringing it closer to DSTi’s many local clients in Jakarta. DSTi Indonesia Director Liz East talked about DSTi’s commitment to the Indonesian market: “DST International has been operational in Jakarta for 3 years and in that time we have built a very good reputation here. DST Opens Jakarta Office- -ST International (DSTi) has today confirmed the opening of its new office in Jakarta. The office is located in Menara Prima, in the heart of Jakarta’s thriving central business district, bringing it closer to DSTi’s many local clients in Jakarta. DSTi Indonesia Director Liz East talked about DSTi’s commitment to the Indonesian market: “DST International has been operational in Jakarta for 3 years and in that time we have built a very good reputation here.
IDOM Alliance with Acclaim Resources
IDOM, Inc. today announced that they have formed a preferred vendor relationship with Acclaim Resources, LCC, a leading provider of cost effective solutions to support regulatory and business objectives. IDOM and Acclaim Resources have formed a strategic partnership under which Acclaim Resources is a certified reseller of both IDOM’s industry leading regulatory reporting software - REG-Reporter, and its document and compliance management software application – DOC-Tracker. IDOM Alliance with Acclaim Resources- -IDOM, Inc. today announced that they have formed a preferred vendor relationship with Acclaim Resources, LCC, a leading provider of cost effective solutions to support regulatory and business objectives. IDOM and Acclaim Resources have formed a strategic partnership under which Acclaim Resources is a certified reseller of both IDOM’s industry leading regulatory reporting software - REG-Reporter, and its document and compliance management software application – DOC-Tracker.
Manam Infotech Bahrain Subsidiary
Manam Infotech Pvt. Ltd., a leading provider of Mobile, Speech, Contact Center and Origination solutions to Banks, Financial Institutes and Government Agencies has announced the opening of Manam Infotech W.L.L., a Middle East subsidiary based in Bahrain. The company hired Mr. Amarnath Choudhary, Director, will be responsible for the Middle East Sales and Operations Manam Infotech Bahrain Subsidiary- -Manam Infotech Pvt. Ltd., a leading provider of Mobile, Speech, Contact Center and Origination solutions to Banks, Financial Institutes and Government Agencies has announced the opening of Manam Infotech W.L.L., a Middle East subsidiary based in Bahrain. The company hired Mr. Amarnath Choudhary, Director, will be responsible for the Middle East Sales and Operations
Exegy, Inc., the innovator behind the Exegy Ticker Plant, announced today that Xasax Corporation has become the newest Exegy Ticker Plant customer. Xasax Joins Exegy Ticker Plant- -Exegy, Inc., the innovator behind the Exegy Ticker Plant, announced today that Xasax Corporation has become the newest Exegy Ticker Plant customer.
Rimes Adds the Yield Book
RIMES Technologies has added The Yield Book analytics to its data portfolio. The Yield Book models calculate yield, risk, and return measures consistently for a broad spectrum of bonds, enabling users to perform analysis on portfolios comprising a wide range of fixed income security types, such as government, agency, corporate, international and emerging market bonds, mortgages and fixed income derivatives. Rimes Adds the Yield Book- -RIMES Technologies has added The Yield Book analytics to its data portfolio. The Yield Book models calculate yield, risk, and return measures consistently for a broad spectrum of bonds, enabling users to perform analysis on portfolios comprising a wide range of fixed income security types, such as government, agency, corporate, international and emerging market bonds, mortgages and fixed income derivatives.
Cognotec and MNI Forex for RealStream Margin
Cognotec, vendor of the world’s leading e-forex trading solutions, has announced a partnership with Market News International (MNI) to enable traders to access breaking forex market news from around the world. Users of Cognotec RealStream Margin trading solution can now enjoy MNI’s ‘FX Bullet Points’ newsfeed on their desktops from within the RealStream Margin trading platform. Cognotec and MNI Forex for RealStream Margin- -Cognotec, vendor of the world’s leading e-forex trading solutions, has announced a partnership with Market News International (MNI) to enable traders to access breaking forex market news from around the world. Users of Cognotec RealStream Margin trading solution can now enjoy MNI’s ‘FX Bullet Points’ newsfeed on their desktops from within the RealStream Margin trading platform.
Paulson Bad Bank Goes to Congress
The government plan to stabilise the US financial system has been submitted to Congress in revised form.Treasury secretary Henry Paulson has shifted the terms of the $700 billion scheme to incorporate other "bad" assets, apart from complex financial products relating to the mortgage market.The government wants to use the fund to form a "bad bank", in which banks would be allowed to put the toxic derivatives which are currently clogging up their balance sheets. Paulson Bad Bank Goes to Congress- -The government plan to stabilise the US financial system has been submitted to Congress in revised form.Treasury secretary Henry Paulson has shifted the terms of the $700 billion scheme to incorporate other "bad" assets, apart from complex financial products relating to the mortgage market.The government wants to use the fund to form a "bad bank", in which banks would be allowed to put the toxic derivatives which are currently clogging up their balance sheets.
Morgan Stanley and Goldman Sachs Convert to Retail Banks
The last two Wall Street securitisation firms standing are to cease trading as investment banks.Morgan Stanley and Goldman Sachs are to become bank holding companies, which potentially means that they will soon accept customer deposits.Both banks will also now be more directly regulated by the Federal Reserve. Morgan Stanley and Goldman Sachs Convert to Retail Banks- -The last two Wall Street securitisation firms standing are to cease trading as investment banks.Morgan Stanley and Goldman Sachs are to become bank holding companies, which potentially means that they will soon accept customer deposits.Both banks will also now be more directly regulated by the Federal Reserve.
NYSE Euronext Advanced Trading Equities in a Box
NYSE Euronext Advanced Trading Solutions, a world leader in low latency trading technology and division of NYSE Euronext (NYX), today announced an innovative software based solution that has the capability to comfortably handle 10 major US equities feeds on a single server with potential headroom of 3x current market peak capacity. NYSE Euronext Advanced Trading Equities in a Box- -NYSE Euronext Advanced Trading Solutions, a world leader in low latency trading technology and division of NYSE Euronext (NYX), today announced an innovative software based solution that has the capability to comfortably handle 10 major US equities feeds on a single server with potential headroom of 3x current market peak capacity.
Shinhan Bank Selects Everlink
Everlink, a leading provider of electronic payments services in the Canadian marketplace, has announced that Shinhan Bank Canada, a wholly owned subsidiary of Shinhan Financial Group Co. Ltd., has entered into an agreement with Everlink for issuing and acquiring services. Shinhan Bank Selects Everlink- -Everlink, a leading provider of electronic payments services in the Canadian marketplace, has announced that Shinhan Bank Canada, a wholly owned subsidiary of Shinhan Financial Group Co. Ltd., has entered into an agreement with Everlink for issuing and acquiring services.
OTP Bank 1st USD/RUB Deal
OTP Bank (Russia) made its first USD/RUB spot deal as a market-maker on LavaFX trading platform with Dresdner Kleinwort, through legal entity Dresdner Bank AG, as prime broker."We consider this a very important event for the financial markets, - says Igor Suzdaltsev, head of financial institutions at OTP Bank (Russia). Ruble deals started at LavaFX on August 22nd, 2007 but it was hard to increase ruble trades due to small limits on Russian banks. OTP Bank 1st USD/RUB Deal- -OTP Bank (Russia) made its first USD/RUB spot deal as a market-maker on LavaFX trading platform with Dresdner Kleinwort, through legal entity Dresdner Bank AG, as prime broker."We consider this a very important event for the financial markets, - says Igor Suzdaltsev, head of financial institutions at OTP Bank (Russia). Ruble deals started at LavaFX on August 22nd, 2007 but it was hard to increase ruble trades due to small limits on Russian banks.
Dow Jones Alliance with EFE
Dow Jones, a leading provider of global business news and information services, has signed a strategic alliance with Agencia EFE, the world’s fourth-largest news agency. Together they will develop an exclusive joint Spanish-language news service – EFE Dow Jones News - to serve financial professionals, corporations, media, institutions and private investors in Spain. Dow Jones Alliance with EFE- -Dow Jones, a leading provider of global business news and information services, has signed a strategic alliance with Agencia EFE, the world’s fourth-largest news agency. Together they will develop an exclusive joint Spanish-language news service – EFE Dow Jones News - to serve financial professionals, corporations, media, institutions and private investors in Spain.
Impulse Software and Syndicate Asset Management
Paul Mepham, Sales Director at Pulse explains; Syndicate Asset Management is an AIM listed specialist investor in the global asset management industry with approaching £6 billion funds under management. Syndicate Asset Management has built a strong fund management group by consolidating a diverse, yet complementary, group of growing asset management companies based predominantly in the UK but also in the EU and other “offshore” centres. Impulse Software and Syndicate Asset Management- -Paul Mepham, Sales Director at Pulse explains; Syndicate Asset Management is an AIM listed specialist investor in the global asset management industry with approaching £6 billion funds under management. Syndicate Asset Management has built a strong fund management group by consolidating a diverse, yet complementary, group of growing asset management companies based predominantly in the UK but also in the EU and other “offshore” centres.
Orc Software Selected by Liquidez
Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity, today announced that Liquidez, one of Brazil’s largest futures brokers, has selected Orc’s trading and connectivity solutions to connect customers to local markets. This deal was booked Q2 2008.Liquidez will use Orc Trader and Orc CameronFIX to directly trade the BM&F, Brazil’s derivatives exchange. Orc Software Selected by Liquidez- -Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity, today announced that Liquidez, one of Brazil’s largest futures brokers, has selected Orc’s trading and connectivity solutions to connect customers to local markets. This deal was booked Q2 2008.Liquidez will use Orc Trader and Orc CameronFIX to directly trade the BM&F, Brazil’s derivatives exchange.
TietoEnator Impelemted by Nordic Banks
TietoEnator, one of the largest IT services providers in Europe, announces that SEPA Credit Transfer Solutions (SEPA Bulker) have been implemented for three of the largest Nordic Banks, Swedbank, Handelsbanken and Nordea, as well as for two Danish bureaus, BEC and SDC. The Nordic banks have implemented TietoEnator’s SEPA Credit Transfer solution, group-wide enabling offices in different countries to connect to one single infrastructure. TietoEnator Impelemted by Nordic Banks- -TietoEnator, one of the largest IT services providers in Europe, announces that SEPA Credit Transfer Solutions (SEPA Bulker) have been implemented for three of the largest Nordic Banks, Swedbank, Handelsbanken and Nordea, as well as for two Danish bureaus, BEC and SDC. The Nordic banks have implemented TietoEnator’s SEPA Credit Transfer solution, group-wide enabling offices in different countries to connect to one single infrastructure.
TietoEnator and SEB Enskilda
SEB Enskilda has selected TietoEnator’s capital market solution ProBroker to manage the company’s trading operation at the Oslo Stock Exchange. SEB Enskilda is the largest broker dealer at the Oslo Stock Exchange in terms of number of transactions as well as volumes. The implementation project has been running since vinter 2008 and 1st September SEB Enskilda went sucessfully into production with their new trading clearing and settlement solution. TietoEnator and SEB Enskilda- -SEB Enskilda has selected TietoEnator’s capital market solution ProBroker to manage the company’s trading operation at the Oslo Stock Exchange. SEB Enskilda is the largest broker dealer at the Oslo Stock Exchange in terms of number of transactions as well as volumes. The implementation project has been running since vinter 2008 and 1st September SEB Enskilda went sucessfully into production with their new trading clearing and settlement solution.
Mark Mobius Claims Recession Fears Exaggerated.
Mark Mobius, managing director, Templeton Asset Management, today claimed that widespread and ongoing fears of a European-wide recession have been exaggerated. Mr Mobius suggests the crisis is being led by repetitive and deepening pessimistic sentiment.The reality, he believes, is that excellent buying opportunities, increased liquidity and a new US administration will create favourable conditions for a rapid recovery in late 2009. Mark Mobius Claims Recession Fears Exaggerated.- -Mark Mobius, managing director, Templeton Asset Management, today claimed that widespread and ongoing fears of a European-wide recession have been exaggerated. Mr Mobius suggests the crisis is being led by repetitive and deepening pessimistic sentiment.The reality, he believes, is that excellent buying opportunities, increased liquidity and a new US administration will create favourable conditions for a rapid recovery in late 2009.
LME SMART Connectivity by Brady
Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, has today announced the forthcoming launch of a new interface to LME SMART (the System for Matching and Registering Trades from the London Metal Exchange). LME member firms will be able to interface directly to the LME’s matching system which will forward trades to the London Clearing House (LCH) for clearing. LME SMART Connectivity by Brady- -Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, has today announced the forthcoming launch of a new interface to LME SMART (the System for Matching and Registering Trades from the London Metal Exchange). LME member firms will be able to interface directly to the LME’s matching system which will forward trades to the London Clearing House (LCH) for clearing.
Optial Compliance Management
Optial announced today that the Bank of England has selected Optial’s Compliance Management module from the Optial Operational Risk Management platform, to support its internal control processes. Chris O’Brien, CEO of Optial, said “Every financial institution needs a strong internal control framework and we are delighted that the Bank of England has selected our flexible, workflow-enabled platform to further streamline the Bank’s already very strong monitoring and tracking procedures Optial Compliance Management- -Optial announced today that the Bank of England has selected Optial’s Compliance Management module from the Optial Operational Risk Management platform, to support its internal control processes. Chris O’Brien, CEO of Optial, said “Every financial institution needs a strong internal control framework and we are delighted that the Bank of England has selected our flexible, workflow-enabled platform to further streamline the Bank’s already very strong monitoring and tracking procedures
Temenos Appointments
Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced the following appointments:Keith Stonell has been appointed as Regional Director for Northern Europe (NEU) and Commonwealth of Independent States (CIS), which is one of Temenos' largest and fastest growing regions. Stonell will also be responsible for the integration of the majority of the Financial Objects business, which falls into his regional portfolio. Temenos Appointments- -Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced the following appointments:Keith Stonell has been appointed as Regional Director for Northern Europe (NEU) and Commonwealth of Independent States (CIS), which is one of Temenos' largest and fastest growing regions. Stonell will also be responsible for the integration of the majority of the Financial Objects business, which falls into his regional portfolio.
Fidessa Next Phase of European Multi-Asset Strategy
Fidessa group plc (LSE:FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, has added an enhanced multi-asset, pre-trade risk module for account-based trading across equities, futures and contracts for difference (CFDs) to its European sell-side trading platform. The move marks the latest phase in Fidessa’s comprehensive multi-asset strategy, and is a direct response to increasing asset convergence seen in both the US and Europe. Fidessa Next Phase of European Multi-Asset Strategy- -Fidessa group plc (LSE:FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, has added an enhanced multi-asset, pre-trade risk module for account-based trading across equities, futures and contracts for difference (CFDs) to its European sell-side trading platform. The move marks the latest phase in Fidessa’s comprehensive multi-asset strategy, and is a direct response to increasing asset convergence seen in both the US and Europe.
DBFS Acquires Tradermade International
DBFS, the IT Consultancy and Project Delivery specialist, has announced that it has recently acquired Tradermade International Ltd, a premier provider of real-time technical analysis solutions to the financial markets.‘The acquisition of TraderMade is the first of several steps in our growth plans, and a welcome addition to our business’ says David Upton, Managing Director DBFS. DBFS Acquires Tradermade International- -DBFS, the IT Consultancy and Project Delivery specialist, has announced that it has recently acquired Tradermade International Ltd, a premier provider of real-time technical analysis solutions to the financial markets.‘The acquisition of TraderMade is the first of several steps in our growth plans, and a welcome addition to our business’ says David Upton, Managing Director DBFS.
Standard and Poor's Risk Solutions
Greek data and information provider Hellastat and Standard & Poor’s Risk Solutions have announced a new alliance to combine Standard & Poor’s probabilities of default (PD) and Hellastat data and information in a new service for the domestic Greek market.Standard & Poor’s already uses Hellastat financial statement data, along with default information from 3 leading Greek banks, to produce 1 through 5 year PDs on over 35,000 Greek SMEs. Standard and Poor's Risk Solutions- -Greek data and information provider Hellastat and Standard & Poor’s Risk Solutions have announced a new alliance to combine Standard & Poor’s probabilities of default (PD) and Hellastat data and information in a new service for the domestic Greek market.Standard & Poor’s already uses Hellastat financial statement data, along with default information from 3 leading Greek banks, to produce 1 through 5 year PDs on over 35,000 Greek SMEs.
Celoxica PCI Express
Celoxica Holdings plc (AIM: CXA) a leading provider of low latency trading solutions, announces today that as a result of customer demand for Celoxica's hardware-accelerated market data products on the latest server platforms it is working with Intel to produce a PCI Express® implementation of its Accelerator Series. Celoxica PCI Express- -Celoxica Holdings plc (AIM: CXA) a leading provider of low latency trading solutions, announces today that as a result of customer demand for Celoxica's hardware-accelerated market data products on the latest server platforms it is working with Intel to produce a PCI Express® implementation of its Accelerator Series.
Trintech AssureNET GL Selected by Chrysler Financial
Trintech Group Plc (Nasdaq: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today announced that Chrysler Financial has selected AssureNET GL to automate the review, approval, and status tracking of account reconciliations and manage the accounting close process and ReconNET for high volume transaction matching. Trintech AssureNET GL Selected by Chrysler Financial- -Trintech Group Plc (Nasdaq: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today announced that Chrysler Financial has selected AssureNET GL to automate the review, approval, and status tracking of account reconciliations and manage the accounting close process and ReconNET for high volume transaction matching.
First STAC-M1 Benchmark
The Securities Technology Analysis Center (STAC®) today announced that the STAC Benchmark Council has approved the STAC-M1 Benchmark™ specifications. This marks the first industry-standard benchmark for trading technology.The STAC Benchmark Council is a group of 40 leading trading firms and technology vendors that was formed one year ago to develop standard ways of measuring the performance of trading technologies (see www.STACresarch.com/council). First STAC-M1 Benchmark- -The Securities Technology Analysis Center (STAC®) today announced that the STAC Benchmark Council has approved the STAC-M1 Benchmark™ specifications. This marks the first industry-standard benchmark for trading technology.The STAC Benchmark Council is a group of 40 leading trading firms and technology vendors that was formed one year ago to develop standard ways of measuring the performance of trading technologies (see www.STACresarch.com/council).
Advent Software Record Attendance
Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, today announced record-setting attendance at its 2008 Annual Client Conference held in Las Vegas. The event, which took place September 8 – 10, was Advent’s largest and most successful conference to date with nearly 1,400 attendees. The conference also included Advent’s Annual Analyst and Investor Event.“As Advent celebrates its 25th anniversary. Advent Software Record Attendance- -Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, today announced record-setting attendance at its 2008 Annual Client Conference held in Las Vegas. The event, which took place September 8 – 10, was Advent’s largest and most successful conference to date with nearly 1,400 attendees. The conference also included Advent’s Annual Analyst and Investor Event.“As Advent celebrates its 25th anniversary.
SoftModule Grid Computing for Tervela
Tervela, the leading provider of high-performance, low-latency messaging systems, today announced that SoftModule, an innovative provider of enterprise-class grid computing solutions, has joined the Tervela Advantage Partner Program (TAPP). The companies will be working together to provide a high-performance GridSwitch computing solution that leverages the Tervela Message Network™ to effectively meet the demanding requirements for large-scale grid computing platforms. SoftModule Grid Computing for Tervela- -Tervela, the leading provider of high-performance, low-latency messaging systems, today announced that SoftModule, an innovative provider of enterprise-class grid computing solutions, has joined the Tervela Advantage Partner Program (TAPP). The companies will be working together to provide a high-performance GridSwitch computing solution that leverages the Tervela Message Network™ to effectively meet the demanding requirements for large-scale grid computing platforms.
Advent Portfolio Exchange
Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that River Road Asset Management, LLC and Knightsbridge Asset Management, LLC are enjoying the benefits of Advent Portfolio Exchange® (APX), its award-winning, fully integrated portfolio and client relationship management solution. Advent Portfolio Exchange- -Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that River Road Asset Management, LLC and Knightsbridge Asset Management, LLC are enjoying the benefits of Advent Portfolio Exchange® (APX), its award-winning, fully integrated portfolio and client relationship management solution.
Linedata Services Award
Linedata Services (LIN:FP), the leader in award-winning investment software, solutions and services, today announced that its Hedge Fund Solution has been recognized as the "Best Provider of Portfolio Management Systems," at the 2008 U.S. Hedge Fund Journal Awards.This award reflects the growing dominance of Linedata Services in the North American hedge fund space during what has been an incredibly productive year across its entire asset management division. Linedata Services Award- -Linedata Services (LIN:FP), the leader in award-winning investment software, solutions and services, today announced that its Hedge Fund Solution has been recognized as the "Best Provider of Portfolio Management Systems," at the 2008 U.S. Hedge Fund Journal Awards.This award reflects the growing dominance of Linedata Services in the North American hedge fund space during what has been an incredibly productive year across its entire asset management division.
DST Opens Jakarta Office
ST International (DSTi) has today confirmed the opening of its new office in Jakarta. The office is located in Menara Prima, in the heart of Jakarta’s thriving central business district, bringing it closer to DSTi’s many local clients in Jakarta. DSTi Indonesia Director Liz East talked about DSTi’s commitment to the Indonesian market: “DST International has been operational in Jakarta for 3 years and in that time we have built a very good reputation here. DST Opens Jakarta Office- -ST International (DSTi) has today confirmed the opening of its new office in Jakarta. The office is located in Menara Prima, in the heart of Jakarta’s thriving central business district, bringing it closer to DSTi’s many local clients in Jakarta. DSTi Indonesia Director Liz East talked about DSTi’s commitment to the Indonesian market: “DST International has been operational in Jakarta for 3 years and in that time we have built a very good reputation here.
IDOM Alliance with Acclaim Resources
IDOM, Inc. today announced that they have formed a preferred vendor relationship with Acclaim Resources, LCC, a leading provider of cost effective solutions to support regulatory and business objectives. IDOM and Acclaim Resources have formed a strategic partnership under which Acclaim Resources is a certified reseller of both IDOM’s industry leading regulatory reporting software - REG-Reporter, and its document and compliance management software application – DOC-Tracker. IDOM Alliance with Acclaim Resources- -IDOM, Inc. today announced that they have formed a preferred vendor relationship with Acclaim Resources, LCC, a leading provider of cost effective solutions to support regulatory and business objectives. IDOM and Acclaim Resources have formed a strategic partnership under which Acclaim Resources is a certified reseller of both IDOM’s industry leading regulatory reporting software - REG-Reporter, and its document and compliance management software application – DOC-Tracker.
Manam Infotech Bahrain Subsidiary
Manam Infotech Pvt. Ltd., a leading provider of Mobile, Speech, Contact Center and Origination solutions to Banks, Financial Institutes and Government Agencies has announced the opening of Manam Infotech W.L.L., a Middle East subsidiary based in Bahrain. The company hired Mr. Amarnath Choudhary, Director, will be responsible for the Middle East Sales and Operations Manam Infotech Bahrain Subsidiary- -Manam Infotech Pvt. Ltd., a leading provider of Mobile, Speech, Contact Center and Origination solutions to Banks, Financial Institutes and Government Agencies has announced the opening of Manam Infotech W.L.L., a Middle East subsidiary based in Bahrain. The company hired Mr. Amarnath Choudhary, Director, will be responsible for the Middle East Sales and Operations
CSC Offers Flexcube as Managed Hosting
CSC (NYSE:CSC) today announced that it is offering banks Oracle FLEXCUBE on a managed hosting basis. This new offering leverages Oracle's financial services software assets and CSC's managed hosting operational capabilities to provide mid-tier banks, initially in North America, with economical access to a modern and comprehensive, core banking solution with both retail and commercial banking functionality.
The hosted deployment model offers a total cost of ownership advantage without the costs associated with a traditional in-house implementation. The new offering also provides an opportunity for banks to replace legacy core banking systems that are expensive and inflexible with a secure hosted solution managed by CSC. FLEXCUBE, installed at banks in more than 120 countries since 1999, is a complete software suite for retail, consumer, corporate, investment, private and direct banking, asset management and investor servicing.
"More banks in the mid-tier are viewing hosted, platform-agnostic solutions as an attractive alternative for managing costs and improving efficiencies," said Tom Brogan, research director of Retail Banking for TowerGroup. "The challenge is developing solution alternatives that contribute to a bank's growth by providing functionality, efficiency enhancements and reliability at a predictable cost."
"CSC is one of the few leading information technology providers to focus specifically on managed hosting services as a core line of business," said R. Ravisankar, vice chairman, Oracle Financial Services Software Limited, and group vice president, Oracle FSGBU. "Banks demand secure, highly available environments with 100 percent reliability, and we are pleased to tap CSC's proven hosting capabilities to offer banks a new delivery option for FLEXCUBE."
This initiative between CSC and Oracle extends an alliance formed in 1992 aimed at driving innovation and delivering quality technology and client service by offering solutions in key industry segments. It is the companies' second collaboration focused on delivering a packaged banking industry solution.
"CSC has joined forces with Oracle again to empower banks by offering them a best-in-class core processing platform on a hosted basis," said Jim Cook, president of CSC's Financial Services Sector. "Together, we are providing an affordable, leading-edge alternative for mid-tier banks, enabling them to better compete in a crowded global marketplace."
CSC offers comprehensive management and hosting of leading packaged applications from state-of-the-art data centers equipped with the latest hardware, software, network, security, monitoring and disaster-recovery technology and services. For more than 30 years, CSC has been providing financial services-specific hosting and business process outsourcing services across the entire lending life cycle. CSC is one of the largest independent consumer finance servicers, administering more than seven million loans and related contracts.
The hosted deployment model offers a total cost of ownership advantage without the costs associated with a traditional in-house implementation. The new offering also provides an opportunity for banks to replace legacy core banking systems that are expensive and inflexible with a secure hosted solution managed by CSC. FLEXCUBE, installed at banks in more than 120 countries since 1999, is a complete software suite for retail, consumer, corporate, investment, private and direct banking, asset management and investor servicing.
"More banks in the mid-tier are viewing hosted, platform-agnostic solutions as an attractive alternative for managing costs and improving efficiencies," said Tom Brogan, research director of Retail Banking for TowerGroup. "The challenge is developing solution alternatives that contribute to a bank's growth by providing functionality, efficiency enhancements and reliability at a predictable cost."
"CSC is one of the few leading information technology providers to focus specifically on managed hosting services as a core line of business," said R. Ravisankar, vice chairman, Oracle Financial Services Software Limited, and group vice president, Oracle FSGBU. "Banks demand secure, highly available environments with 100 percent reliability, and we are pleased to tap CSC's proven hosting capabilities to offer banks a new delivery option for FLEXCUBE."
This initiative between CSC and Oracle extends an alliance formed in 1992 aimed at driving innovation and delivering quality technology and client service by offering solutions in key industry segments. It is the companies' second collaboration focused on delivering a packaged banking industry solution.
"CSC has joined forces with Oracle again to empower banks by offering them a best-in-class core processing platform on a hosted basis," said Jim Cook, president of CSC's Financial Services Sector. "Together, we are providing an affordable, leading-edge alternative for mid-tier banks, enabling them to better compete in a crowded global marketplace."
CSC offers comprehensive management and hosting of leading packaged applications from state-of-the-art data centers equipped with the latest hardware, software, network, security, monitoring and disaster-recovery technology and services. For more than 30 years, CSC has been providing financial services-specific hosting and business process outsourcing services across the entire lending life cycle. CSC is one of the largest independent consumer finance servicers, administering more than seven million loans and related contracts.
BNY ConvergEx Award
BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that it was named a top broker for best execution according to Investment Technology Group, Inc.'s (ITG(R)) ITG Broker Edge(TM) report for the period ending March 31, 2008.
ConvergEx was named a Top 5 broker in execution quality for "medium trades - between 10,000 and 50,000 shares" and a Top 10 broker in "small trades - less than 10,000 shares." ConvergEx was also ranked in the Top 5 for "lowest execution cost" for both small and medium trades.
ITG Broker Edge is a transaction database of nearly 7 million trades ($3.3 trillion in volume) compiled from data contributed by Investment Technology Group, Inc.'s investment manager clients. The rankings are based on four quarters of U.S. equity trading data for the period ended March 31st, 2008, and on the top 50 by dollar volume.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Being recognized as a top broker in several categories that are so important to the investment performance of our clients is a great tribute to the knowledge and expertise of our sales traders and the advanced technologies used in our execution platform. Our commitment to providing best execution is the foundation of all of our client relationships, and the catalyst for our continued growth in the marketplace."
ConvergEx was named a Top 5 broker in execution quality for "medium trades - between 10,000 and 50,000 shares" and a Top 10 broker in "small trades - less than 10,000 shares." ConvergEx was also ranked in the Top 5 for "lowest execution cost" for both small and medium trades.
ITG Broker Edge is a transaction database of nearly 7 million trades ($3.3 trillion in volume) compiled from data contributed by Investment Technology Group, Inc.'s investment manager clients. The rankings are based on four quarters of U.S. equity trading data for the period ended March 31st, 2008, and on the top 50 by dollar volume.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Being recognized as a top broker in several categories that are so important to the investment performance of our clients is a great tribute to the knowledge and expertise of our sales traders and the advanced technologies used in our execution platform. Our commitment to providing best execution is the foundation of all of our client relationships, and the catalyst for our continued growth in the marketplace."
Fifth Third Bank Trading Platform
With the shift in domestic economic conditions, U.S.-based companies are steadily moving toward the international marketplace as a viable and necessary element of their business model. Fifth Third Bank (NASDAQ:FITB) has long recognized the importance of the global environment and recently introduced a 24-hour Internet trading platform, providing clients with real-time access to the Foreign Exchange (FX) markets.
"To successfully navigate and compete in the International arena, companies must be equipped to manage foreign exchange and the associated business risks," said Bob Tull, Fifth Third Bank's Managing Director of Foreign Exchange and Commodities. "The global marketplace never closes, nor should immediate access to it."
The addition of the online platform gives users a software-free channel to receive industry data, monitor market conditions and trade in more than 100 currencies. Additionally, the secure online service provides automated confirmations and customized settlement instructions of trades.
The Internet solution is a complement to the Bank's extensive network of 10 FX trading desks throughout the Eastern and Midwest United States (Cincinnati, Columbus, Cleveland, Toledo, Minneapolis, Detroit, Chicago, St. Louis, Tampa, New York City).
"To successfully navigate and compete in the International arena, companies must be equipped to manage foreign exchange and the associated business risks," said Bob Tull, Fifth Third Bank's Managing Director of Foreign Exchange and Commodities. "The global marketplace never closes, nor should immediate access to it."
The addition of the online platform gives users a software-free channel to receive industry data, monitor market conditions and trade in more than 100 currencies. Additionally, the secure online service provides automated confirmations and customized settlement instructions of trades.
The Internet solution is a complement to the Bank's extensive network of 10 FX trading desks throughout the Eastern and Midwest United States (Cincinnati, Columbus, Cleveland, Toledo, Minneapolis, Detroit, Chicago, St. Louis, Tampa, New York City).
Corporate Finance Appointment for Southwest Securities
Jeffrey J. Singer has joined Southwest Securities, Inc., a subsidiary of SWS Group, Inc., as Executive Vice President and Head of Corporate Finance.
Southwest Securities' Corporate Finance group provides investment banking and other advisory services to corporate clients based in Texas and the southwest United States. These services include advising companies on mergers, acquisitions, divestitures, management buyouts, and restructurings. The group also assists its corporate clients with raising new capital, including arranging private equity, mezzanine financing and publicly-issued common stock. Mr. Singer's responsibilities will include managing the group's strategic direction and growth and overseeing key client relationships, in addition to providing operational oversight and profit and loss management of the firm's corporate finance business.
"We believe that Jeff Singer will be able to significantly increase our investment banking presence in the Southwest," said Jim Ross, President and CEO of Southwest Securities. "He has the experience and abilities to provide excellent service to our corporate finance clients and lead our senior bankers as they seek to grow this part of our institutional business."
Southwest Securities' Corporate Finance group provides investment banking and other advisory services to corporate clients based in Texas and the southwest United States. These services include advising companies on mergers, acquisitions, divestitures, management buyouts, and restructurings. The group also assists its corporate clients with raising new capital, including arranging private equity, mezzanine financing and publicly-issued common stock. Mr. Singer's responsibilities will include managing the group's strategic direction and growth and overseeing key client relationships, in addition to providing operational oversight and profit and loss management of the firm's corporate finance business.
"We believe that Jeff Singer will be able to significantly increase our investment banking presence in the Southwest," said Jim Ross, President and CEO of Southwest Securities. "He has the experience and abilities to provide excellent service to our corporate finance clients and lead our senior bankers as they seek to grow this part of our institutional business."
Harris Added to S and P 500
Harris Corporation (NYSE:HRS) , an international communications and information technology company, has been added to the S&P 500 Index effective at the close of trading September 19, 2008.
"We are pleased to be added to the S&P 500 and the increased recognition and stature that it provides for our company among all of our stakeholders," said Howard L. Lance, chairman, president and CEO. "Being added to the index acknowledges the company's track record of sustained growth during the past five years, the strategies that helped create these positive results, and the dedication of the more than 16,500 Harris employees who helped make it happen."
"We are pleased to be added to the S&P 500 and the increased recognition and stature that it provides for our company among all of our stakeholders," said Howard L. Lance, chairman, president and CEO. "Being added to the index acknowledges the company's track record of sustained growth during the past five years, the strategies that helped create these positive results, and the dedication of the more than 16,500 Harris employees who helped make it happen."
Exegy, Inc., a public website that tracks real-time market data rates every second of every trading day.
Called MarketDataPeaks.com (http://www.marketdatapeaks.com/), the new site provides a minute-by-minute account of the aggregated volume of market data messages across major North American exchanges. The site highlights the peaks from the current day as well as historic peaks.
"This site is designed to provide unique information on peaks in market data to the financial community -- trading firms, exchanges and regulators," says Jeff Wells, V.P., Product Management at Exegy. "It will help executives stay on top of market data issues and plan for the future."
The historic data will be captured and included in the Financial Information Forum's capacity statistics as part of the organization's collaborative efforts to address issues that impact financial technology operations and development in light of rapid changes occurring in the marketplace.
"We look forward to giving our members insight into market data peaks based on Exegy's aggregated feed data," says Manisha Kimmel, Executive Director of FIF. "Including this unique data as part of the FIF Market Data Capacity Working Group discussions will allow us to further assist our members in planning and provisioning for market data growth."
All data are processed and updated through a single Exegy Ticker Plant in a New York City colocation facility managed by Xasax Corporation. Xasax is a Vendor of Record and Service Bureau, providing end-to-end trading system infrastructure for smaller hedge funds, proprietary trading desks, and financial service providers.
MarketDataPeaks.com features the total number of messages that occur simultaneously in any given second across all live data feeds including NYSE/SIAC, NASDAQ, OPRA, ARCA, BATS and Direct Edge, both Level 1 and 2. The graph displays the highest one-second peak that occurs in each minute. The graph on the site's home page automatically updates every minute.
Called MarketDataPeaks.com (http://www.marketdatapeaks.com/), the new site provides a minute-by-minute account of the aggregated volume of market data messages across major North American exchanges. The site highlights the peaks from the current day as well as historic peaks.
"This site is designed to provide unique information on peaks in market data to the financial community -- trading firms, exchanges and regulators," says Jeff Wells, V.P., Product Management at Exegy. "It will help executives stay on top of market data issues and plan for the future."
The historic data will be captured and included in the Financial Information Forum's capacity statistics as part of the organization's collaborative efforts to address issues that impact financial technology operations and development in light of rapid changes occurring in the marketplace.
"We look forward to giving our members insight into market data peaks based on Exegy's aggregated feed data," says Manisha Kimmel, Executive Director of FIF. "Including this unique data as part of the FIF Market Data Capacity Working Group discussions will allow us to further assist our members in planning and provisioning for market data growth."
All data are processed and updated through a single Exegy Ticker Plant in a New York City colocation facility managed by Xasax Corporation. Xasax is a Vendor of Record and Service Bureau, providing end-to-end trading system infrastructure for smaller hedge funds, proprietary trading desks, and financial service providers.
MarketDataPeaks.com features the total number of messages that occur simultaneously in any given second across all live data feeds including NYSE/SIAC, NASDAQ, OPRA, ARCA, BATS and Direct Edge, both Level 1 and 2. The graph displays the highest one-second peak that occurs in each minute. The graph on the site's home page automatically updates every minute.
Dow Jones Markets News
Dow Jones & Company, a News Corporation company (NYSE:NWS) (NYSE:NWS.A) , today introduced Dow Jones Global Markets News, the first in a series of innovative solutions designed to provide an edge for financial professionals seeking timely and useful market information.
Dow Jones Global Markets News is a comprehensive market-moving real-time news source, delivering exclusive analysis and astute commentary on companies, markets -- equities, debt, currencies, energy and commodities -- and the events that affect trades, portfolios and deals. Further, with recent technological advances, Dow Jones delivers headlines faster than ever, enabling sales and trading teams, analysts, investment bankers and investment managers to quickly and easily identify market opportunities across all asset classes.
"Dow Jones journalism is recognized and trusted by financial professionals the world over for its insights and exclusives," said Clare Hart, executive vice president of Dow Jones and president of the company's Enterprise Media Group. "With Dow Jones Global Markets News, equity-market participants will also receive information critical to trading, holdings and their deal pipelines from Dow Jones's stable of publications including The Wall Street Journal, Barron's and the Far Eastern Economic Review. So, for example, when The Wall Street Journal has a scoop, Dow Jones subscribers will be the first to see it. That's hard to beat."
Dow Jones Global Markets News is a comprehensive market-moving real-time news source, delivering exclusive analysis and astute commentary on companies, markets -- equities, debt, currencies, energy and commodities -- and the events that affect trades, portfolios and deals. Further, with recent technological advances, Dow Jones delivers headlines faster than ever, enabling sales and trading teams, analysts, investment bankers and investment managers to quickly and easily identify market opportunities across all asset classes.
"Dow Jones journalism is recognized and trusted by financial professionals the world over for its insights and exclusives," said Clare Hart, executive vice president of Dow Jones and president of the company's Enterprise Media Group. "With Dow Jones Global Markets News, equity-market participants will also receive information critical to trading, holdings and their deal pipelines from Dow Jones's stable of publications including The Wall Street Journal, Barron's and the Far Eastern Economic Review. So, for example, when The Wall Street Journal has a scoop, Dow Jones subscribers will be the first to see it. That's hard to beat."
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