Sell-Side Technology/Feature

Microsoft to Do Turrets?

When Microsoft clears its throat, other vendors get nervous. With its recent acquisition of persistent group-chat vendor Parlano last week, Microsoft has added another key component for its unified messaging offering, Office Communications Server 2007....

Messing With Physics

I'm a bit of a documentary junkie. My favorite documentary writer and paroducer isn't Ken or Ric Burns, but science historian James Burke. His two series, Connections and The Day That the Universe Changed , presented seemingly unrelated scientific...

Nothing Good Ever Happens in August

I had planned to write about New York City's preparedness for a major storm after a bout of thunderstorms and a tornado left commuters wet, angry and mostly stationary last week. However, that truly pales in comparison to the storm affecting the credit...

Playing in Harmony

Everyone in the industry can all but agree that the days of the single-asset-trading exchange has gone the way of the open-outcry trading pit both have become quaint curiosities in the Internet age.

Paying for Mifid

Call me a cynic, but is there any firm in the industry that doesn't expect to write a large check to regulators once the Markets in Financial Instruments Directive (Mifid) goes into effect on Nov. 1?

Dark Pools on the March

When it comes to dark pools of liquidity in the equities world, the industry has had enough. Depending on which industry analyst's estimation you select, the more than 40 opaque trading venues are enough. I doubt that there were this many ECNs during...

Making History

Today will go down as a major historical milestone. I'm not talking about commemorating 13 British colonies declaring independence, the merger of Upper and Lower Canada into the Dominion of Canada, or even independence of Argentina. No, today marks the...

Editor, Interrupted

I had planned to write this week’s letter on the U.S. market’s preparations for the July 9 Regulation NMS deadline, but when I learned that a car bomb plot was foiled outside our London office—which is located right in the middle of Haymarket—obviously,...

CEP Gains Ground

Attending last week's Securities Industry and Financial Markets Association's (Sifma's) technology management conference in midtown Manhattan, you couldn't help but notice the increased interest in complex event processing (CEP).

Let the Games Begin

This week, most North American financial technologists will descend on the Hilton Hotel in midtown Manhattan for the annual rite of passage: the Securities Industry & Financial Markets Association's (Sifma's) Technology Management Conference and Exhibition....

If Not Now, When?

A little over a month ago at the DWT conference in London, a panel consisting of technologists from a number of major investment banks proclaimed the death of direct market access (DMA).

Citi Takes Bats Trading Stake

NEW YORK—Global banking giant Citi has hedged its bets again for a post-Regulation NMS U.S. market by taking a minority interest in Kansas City, Mo.-headquartered Bats Trading, which runs the Bats ECN.

Howard's End

It is obviously difficult to gauge a person's expression over the phone, but last week it seemed that eSpeed chairman, CEO and president Howard Lutnick was sporting an ear-to-ear grin as he announced the merger of electronic inter-dealer broker eSpeed...

Stuff Happens

Back in my college days, I took a job as a file clerk at a global tier-one bank. Working in the bowels of an office tower in downtown Buffalo, N.Y., I noticed that on my manager's desk was a vanity bumper sticker that read: "T.W.H.I.P." I asked him what...

How Fast Is Fast Enough?

While in London last week, I found myself in conversations about execution latency almost every day. Besides smart order routing and defining best execution, it seems to be the most popular topic in the City.

Paying for the Grid

If there's one word buzzing through the financial services community's datacenters these days, it's "grid." Most investment banks can't get enough of them and many already have computing and data grids numbering in the tens of thousands of nodes, while...