CIBC/Wood Gundy Bags Proprietary Plans Citing High Cost Of Technology Needed
MANAGEMENT AND STRATEGY
Citing the high prices of the proposals received, Canadian Imperial Bank of Commerce/Wood Gundy Inc. has withdrawn a request for proposal for local data distribution and trader workstation software for a new proprietary trading group at its Toronto head office. The decision postpones indefinitely the creation of the proprietary trading group itself.
By aborting the project, CIBC/Wood Gundy secures the firm's existing 275-position implementation of Reuters' Triarch 2000 Terminal Cluster Service
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