The Waters Weekly Wrap: December 8-12, 2014
A look at the best articles from the past week

This year's Waters USA conference was held on Monday at the New York Marriott Marquis, so this week's Waters Weekly Wrap will mainly look at the varied topics generated over 18 panels and presentations. You can find every article stemming from the event here.
HFT is a Big F**king Deal
During an entertaining, if profanity-laced, presentation, IEX's chief strategist Ronan Ryan stressed he isn't against all HFT, and noted that the dark pool operator is looking to become an exchange (BST)
One panel, which focused on high-frequency trading, noted that the hype generated by Flash Boys doesn't tell the entire story (SST)
Public Cloud Gains Acceptance
Finra's Steve Randich contends that some public clouds "are more secure than traditional data centers" (BST)
After Broadridge signed on for Amazon's public cloud for certain projects, it also noticed improved talent retention (SST)
King Data, Just Don't Call Him CDO
Morgan Stanley is overhauling its data governance systems and buying a new data quality tool (IRD)
Low-latency data feeds will always be in demand, but increasingly firms want similar performance for performing analytics (IMD)
The "people equation" is also taking form when it comes to implementing data governance strategies (IMD)
On the buy side, the term "chief data officer" has been slow to take hold, and even less discussed is that of a "chief analytics officer" (BST)
From the Horse's Mouth: Beware the Hacker
This year's C-level panel featured senior technologists from Vanguard, Brown Brothers Harriman, Lord Abbett and Nomura. They first discussed the cost of tech... (BST)
...and then they lamented the challenges of cybersecurity (BST)
...while on a panel featuring Blackstone, Sands Capital and Mackay Shields, the topic of cybersecurity was delved into deeper (SST)
Waters Profile: The Swiss-Icelandic-French Connection
Examining the winding technical and organizational journey of Kepler Cheuvreux and its head of electronic execution, Thomas Biotteau (Waters)
Also from the Mag: Focus on Regulation
There's growing desire for KYC checks to be conducted via centralized services, but there's trickiness in having someone external "knowing" on your behalf (Waters)
Two years after the SEC passed Rule 613, the consolidated audit trail, or CAT, is finally coming into focus (Waters)
In February it became mandatory to execute certain swap contracts on electronic platforms; but half a year on, evidence of a revolution in electronic trading is thin (Waters)
Dark pools have come under fire from several regulatory bodies as larger market structure issues will force traders to reexamine how they seek out liquidity (Waters)
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More on Regulation
AI’s next gig: The rising cost of off-channel communications compliance
As the cost of analyzing communications increases, what tools can firms deploy to save time and money while avoiding penalties?
CAT on life support after appeals court ruling
Ahead of a comprehensive review promised by the SEC, lawyers believe that the recent overturn of the Consolidated Audit Trail’s funding order could herald its demise.
Euroclear readies upgrade to settlement efficiency platform
Euroclear, Taskize, and Meritsoft are working together to deliver real-time insights and resolution capabilities to users settling with any of Euroclear’s CSDs.
Messaging’s chameleon: The changing faces and use cases of ISO 20022
The standard is being enhanced beyond its core payments messaging function to be adopted for new business needs.
TT partners Thoma Bravo, Fitch launches GenAI solution, AI infrastructure woes, and more
The Waters Cooler: EquiLend acquires Trading Apps, Ultumus and BMLL partner for ETF data and analytics, and more in this week’s roundup.
CAT funding plan struck down by US appeals court
The 11th Circuit court ruled that the SEC had not established a sufficient precedent to pass the costs of the Consolidated Audit Trail on to broker-dealers.
T+1 for Europe: Crying wolf or real concerns?
Brown Brothers Harriman’s Adrian Whelan asks how prepared the investment industry is for the changes ahead, and if concerns about its implementation are justified.
Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance.