Sell-Side Technology/Analysis
CFTC Unable to Perform “Basic” Analysis of Swap Data
Most of us struggle to keep our bills and bank statements in any semblance of order, but for US regulators, trying to sift through millions of swap transaction reports is a task of Herculean proportions. A task, one senior official says, that the US…
CME Builds on FX Strengths with European Venue Launch
The launch of a European derivatives venue by the Chicago Mercantile Exchange (CME) Group has been long awaited. Yesterday, CME Europe finally received regulatory approval from the Bank of England (BoE) and the Financial Conduct Authority (FCA), and is…
Access to Equity Syndication, Hedge Fund Allocation Drives Two-Sided Growth at US Capital Advisors
Boutique broker-dealers often grow out of teams leaving larger wirehouses, just as David King's did at UBS on the way to co-founding Houston-based US Capital Advisors (USCA). But like proprietary trading desks spinning off, these firms often discover new…
Eris Exchange Achieves Open Interest Milestone: What's Next?
The venue's chief operating officer, Michael Riddle, discusses why more of the same is in store. After all, why fix what isn't broken?
BATS CIO Explains Datacenter Move
Among the integration questions that needed answering when BATS and Direct Edge agreed to merge regarded that of their respective datacenters. BATS had its exchanges situated at Savvis' NJ2 facility in Weehauken, New Jersey. Direct Edge's were located at…
Collateral Optimization Still Not Widespread, But Growing
A survey by InteDelta and SunGard conducted last summer revealed a dismally low adoption rate of collateral-optimization systems. Only three percent of respondents called their optimization processes advanced or fully automated.
Troubled by Issues, EMIR Reporting Kicks Off
Mandatory reporting of derivatives trades came into force earlier this week as part of the European Market Infrastructure Regulation (EMIR), but market participants continued to raise concerns amid technology problems and far from ideal preparations.
New CEO Lane Promises Major Changes at Trading Technologies
Rick Lane left his job as principal architect at Trading Technologies (TT) for Google in 2011. Yesterday, a little more than two years later, he was put in charge of the Chicago-based software vendor, which counts 19 of the world’s top 20 futures brokers…
Bank of England Warns on Cyber Threat to Markets
The Bank of England (BoE) has published its report on Waking Shark II, an exercise designed to test the resilience of wholesale financial markets against cyber attacks. While it found that participants reacted well, more could be done to improve…
Should SEC’s 'Parking Scheme' Charges Portend Greater Trading Surveillance?
The Securities and Exchange Commission (SEC) this week charged two New York-based traders with executing a trading “parking scheme” designed to preserve bonuses, and its enforcement action should prompt investment banks to assess their ability to detect…
BaFin Moves Highlight EU HFT Regulatory Discrepancies
Recent moves by the German Federal Financial Supervisory Authority, BaFin, have increased pressure on a number of high-frequency trading (HFT) firms as those registered under a “local license,” or non-Mifid license, won’t be authorized to perform high…
Should Kill Switches be Fully Automated?
If it were up to Dave Lauer, technology architecture consultant at Norwegian case-based reasoning specialist Verdande Technology, the surveillance of software-related trading glitches, and the subsequently activated kill switches, would be performed…
US Treasuries' Trading Quietly Under Transformation, Panel Says
At a TabbForum event last week, a quartet of buy-side and sell-side participants highlighted how electronic trading in treasury bonds has advanced in the past 12 months, even if they've done so with little fanfare. Both opportunities and apprehension…
Consolidation, Algo Trading Coming to Corporate Bonds Platforms
At a recent Tabb Group conference on fixed income, a panel measured the electronic future of corporate bonds.
CFTC Certifies Javelin’s MAT Submission
The US Commodity Futures Trading Commission (CFTC) has announced the approval of a Made Available to Trade (MAT) submission from Javelin Capital Markets, which operates a swap execution facility (SEF), and has set the mandatory compliance date at…
Industry Hedges Opinion on Mifid II Agreement
A breakthrough in the European Union’s trilogue process heralded an agreement on the Markets in Financial Instruments Directive review (Mifid II) earlier this week, but while industry participants said they were relieved to have progress, it was too…
At Nasdaq, 2014 Signals a Change in Market Tech Customers
Nasdaq OMX’s customer base has changed in three ways over the course of 2013. All three began more than a year ago, but have accelerated that pace of late.
2013 Cover Stories: The Sell Side
As 2013 draws to a close, we look back over the year's coverage, and focus on the sell-side executives profiled for the magazine's monthly cover story.
Committee Is JPMorgan's Answer to Electronic Trading Redundancy
Wanting to reduce duplication and share ideas about electronic trading, while avoiding a centralized function, JPMorgan established a top-level committee that meets weekly to act as a clearinghouse of ideas.
Bloomberg's Compliance Center Move Marks Wider Chat Concerns
Bloomberg has announced the consolidation of its existing communications-related compliance tools into Compliance Center, a single dashboard containing administration, monitoring, search, and retention capabilities supporting real-time views into firm…
MAT Design Seen as Strange by FCMs, SEFs
Panelists on a recent Waters webcast regarding the future of over-the-counter (OTC) derivatives reform discussed the US Made Available to Trade (MAT) rules, saying that the design of the regulation was perplexing.
Banks Consolidating Screen Real Estate on Their Platforms, Says Waters USA Panel
The three keys to real estate are location, location, location. The three keys to keeping customers on your front end technology? Real estate, real estate, real estate. As in, screen real estate. There's only so much space to go around, and any provider…
Collateral Transformation, Agency Execution to Reinforce Swap Dealers' 'Stickiness'
As the buy side ramps up simulation of electronic swaps execution ahead of next year, panelists say old questions remain about what sell-side services will gain steam, and which are technologically feasible at all.
Single-Dealer Platforms Still Work for FX, Fixed Income
Commentators have predicted the demise of single-dealers platforms for years, said JPMorgan’s Alexander Nacht, but they may be focused too much on equities.