Securities Industry News back issues from February 2001:
Tradebook Links To E-Crossnet.
Feb 05, 2001; ... Bloomberg Tradebook last week began giving U.S. portfolio managers direct access to E-Crossnet, the crossing network for European equities. U.S.-based institutional investors can key in orders for blocks of European equities into any of E-Crossnet's five daily crosses. Bloomberg ...
ITG Launches Front End With Browser Technology.
Feb 05, 2001; ... ITG is officially launching ITG Access, a browser-based order management system to send orders to Posit and the ITG trading desk. Other destination points will likely be added, according to Guy Cirillo, SVP and connectivity product manager. ITG is modifying the offering for ...
ISE Chooses Kingland's Trade Routing Black Box.
Feb 05, 2001; ... Clear Lake, Iowa-based Kingland Systems has connected its Options Black Box, an intelligent routing system for firms that trade options, to the International Securities Exchange. The system now connects to all U.S. options exchanges, according to Wayne Arden, SVP, sales and ...
Thomson Financial Combines ShareWatch With Autex.
Feb 05, 2001; ... Thomson Financial said it has combined ShareWatch, its Web-based software package for tracking corporate equities owners, with Autex, an e-database and online, real-time platform for trade order indications, into a new product called ShareWatch Web. "Our goal is to move our ...
E-Trade Picks Aether To Redistribute Wireless.
Feb 05, 2001; ... E-Trade has selected Aether Systems, a provider of wireless data products and services, to distribute real-time price quotes and news to E-Trade's customers via the BlackBerry wireless e-mail product. Beginning in March, Aether will remarket BlackBerry, a wireless e-mail service ...
Advent Software Adds U.S. and Foreign Clients.
Feb 05, 2001; ... Advent Software, a San Francisco-based investment management software house, said it has signed on several new clients in the fourth quarter of last year to some of its suite of products called Advent Office. Among the new users are: Kanaly Trust Co. (Houston), expected to go ...
Southwest Reports CSS Implementation.
Feb 05, 2001; ... In its most recent earnings report, Southwest Securities announced the completion of its long-delayed conversion to the Comprehensive Software Systems (CSS) clearing platform, a system under development at Denver-based CSS since 1993. The firm was formed by a consortium of brokerages, ...
Bridge's Woes Could Affect Clients.(Bridge Information Systems)(Brief Article)
Feb 05, 2001; ... Bridge Information Systems customers Prudential Securities and Salomon Smith Barney may be up the creek if Bridge files for Chapter 11 bankruptcy, a possibility that surfaced late last week. The two firms combined likely have about 36,000 Bridge positions installed, one industry ...
Clearstream Follows Frankfurt to IPO.
Feb 05, 2001; ... Deutsche Borse's exit from its lucrative settlement business may have been envisioned when it helped create Clearstream International last year, but the writing was on the wall last week when Clearstream confirmed it would do an initial public offering and the Deutsche Borse warned of ...
CBOT, Eurex Alliance Shows Strain.
Feb 05, 2001; ... Is there a crack in the alliance between Eurex, the world's largest derivatives exchange, and the Chicago Board of Trade, the world's oldest and third largest exchange? The Deutsche Borse's prospectus to its initial public offering, set for today, suggests so, but Eurex's public ...
E-Bonding: Market Axess Buys Trading Edge.
Feb 05, 2001; ... Signaling the nascent momentum of consolidation in the electronic bond market consolidation, dealer-run site Market Axess said it was adding an anonymous trading option to its platform for credit products by acquiring Trading Edge, owner of independent trading platform, BondLink. ...
DrKW Goes Open Source in Bid to Set Standards.
Feb 05, 2001; ... Investment bank Dresdner Kleinwort Wasserstein (DrKW) has made public the source code of its integration system, called Openadaptor, in a move to kick-start the use of open standards in financial technology applications. DrKW has teamed up with CollabNet, a center for the distribution and ...
SEC Panel Eyes Options for Market Data System.(Brief Article)
Feb 05, 2001; ... The question of how market information should be consolidated is the issue that has received the greatest attention from the Securities and Exchange Commission's Advisory Committee on Market Information, according to Joel Seligman, chairman of the committee and dean of the Washington ...
SEC Commissioner Carey: Searching for Consensus On Market Information.
Feb 05, 2001; ... Speaking at the Securities Regulation Institute in Coronado, Colo., Jan. 25, Securities and Exchange Commissioner Paul R. Carey discussed the industry's reexamination of the role of market data. In the following excerpts from his speech, Carey discusses how the new regulatory regime ...
Where Wireless, Blackouts, ECNs Meet.
Feb 05, 2001; ... Early last month, Congress voted to rename the Banking Committee as the Financial Services Committee, and to transfer jurisdiction over securities and exchanges from the Commerce Committee, now known as the Energy and Commerce Committee, to the Financial Services Committee. Rep ....
Coredeal Still Seeks Critical Mass'; Extends Reach.
Feb 05, 2001; ... Nine months after its long-awaited launch, Coredeal, the electronic interdealer trading platform for eurodebt, has yet to turn a profit and now wants to extend its reach into the brokerage community through a sister platform called Coretrade. Tim Dickenson, a spokesman for the ...
Eagle to Boost Tech Staff, Product Line with ITS Buy.
Feb 05, 2001; ... Buy-side systems vendor Eagle Investment Systems Corp., said its acquisition of rival ITS Associates in a share purchase deal announced last week was spurred by Eagle's need to bolster its technology staff and complement its product set, together with ITS' desire for speedier growth. ...
Reuters to Unveil Prototype for Wireless Offering.
Feb 05, 2001; ... Reuters Group Plc has joined forces with firms including Sun Microsystems, Compaq, Isocra and SpiritSoft, to form a technology initiative called mprism.net to create an infrastructure to effectively deliver enterprise applications and services in the wireless space. Reuters ...
EuroMTS Adds Greek Government Bonds to Platform.
Feb 05, 2001; ... EuroMTS, the pan-European government bond trading system, added seven Greek government bonds to its platform last Monday, following Greece's entry into the European Monetary and Economic Union. Last month, Greece redenonimated all of its government debt to the euro from the ...
Sydney, Hong Kong Marts Link on Trading, Settlement.(Brief Article)
Feb 05, 2001; ... The Sydney Futures Exchange, the largest futures market in the Asia/Pacific region, last week inked a deal with Hong Kong Exchanges and Clearing, the umbrella organization of Hong Kong's exchanges and settlement houses, for cooperation on trading and clearance initiatives. ...
Liffe Avoids Repeat of Trade Halt in USF Launch.
Feb 05, 2001; ... The London International Financial Futures Exchange's (Liffe) technical and operations staff worked through the weekend to ensure that no repeat of the systems failure that halted trading on the exchange on Jan. 26 would jeopardize the launch of Liffe's new universal stock futures (USF) ...
Hotspot FX Plans to Launch Currency Mart This Month.
Feb 05, 2001; ... Hotspot FX, the proposed ECN for currency trading, plans to begin live operations later this month for a range of currency pairs. Hotspot FX, founded by a number of former currency traders, had planned to commence live operations last year (Securities Industry News, Oct. 16, ...
eSpeed Forges E-Trading Deals in U.S., Canada.
Feb 05, 2001; ... Cantor Fitzgerald's interdealer electronic trading subsidiary, eSpeed, has inked a deal to power the electronic trading operations of one of its competitors and Canada's largest interdealer broker, Freedom International Brokerage. Announced last week, the deal establishes a joint venture ...
Spain Takes First Step to Consolidate Debt Settlement.(Brief Article)
Feb 05, 2001; ... Taking an initial step toward consolidating Spain's fragmented settlement process, the country's central bank will take over processing of corporate debt from the central equities depository SCLV (Servicio de Compensacion y Liquidacion de Valores) in June. The decision to move ...
SEC Report Recommends Capacity, Security Changes.
Feb 05, 2001; ... About one-quarter of broker-dealers offering online trading examined by the Securities and Exchange Commission's Office of Compliance Inspections and Examinations recently either did not conduct any assessment of their operational capability or had difficulty responding to questions ...
Cygnifi Signs Deal With Garban.
Feb 05, 2001; ... Cygnifi, an online derivatives services provider, said it has signed a deal with Garban-Intercapital, a derivatives, securities and money broker, to provide Cygnifi with market data for its pricing and valuation services. Cygnifi, which has seven clients, is currently using data ...
Wilco Develops Interfaces for Australian Market.
Feb 05, 2001; ... As part of its expansion plans in Australia, Wilco International, a wholly owned subsidiary of Automatic Data Processing, said it is developing three interfaces to be launched by mid-year, allowing financial firms to connect to the Australian Stock Exchange and its depository, Chess. ...
Global Crossing Assumes Swift's Network Functions.
Feb 12, 2001; ... Swift, one of the first extranets for financial institutions, will subcontract its network to telecommunications company Global Crossing in a minimum $300 million deal that will move Swift up the value chain to providing core messaging and other securities services to its 7,000 member ...
Glitch, Part II: Clearstream overstates custody assets again.
Feb 12, 2001; ... Just what is Clearstream International's recordkeeping problem? Clearstream International confirmed last Friday that it had found yet another discrepancy in its figures of assets under custody-this time for EUR700 million ($647 million). This development follows the ...
Reaction Mixed to Trading System Plan.
Feb 12, 2001; ... The Securities and Exchange Commission is proposing rule changes that are intended to better enable stock exchanges and Nasdaq to compete with electronic communications networks and other alternative trading systems. As proposed in new Rule 19b-6, most exchange trading system innovations ...
FpML Moves to Be FX Standard.
Feb 12, 2001; ... FpML.org is getting set to move to the head of the pack in a bid to become the messaging standard for foreign exchange. A spokesperson for FpML.org said a working group has been formed for that purpose and it plans to unveil a forex messaging standard by late spring. "A draft ...
AT PRESS TIME: Blackbird on the Block.
Feb 12, 2001; ... Blackbird, the electronic interdealer brokerage for interest rate derivatives, is up for sale. Among the leading contenders for a buyout are Tullett & Tokyo Liberty and Garban-Intercapital Plc, said industry sources on Friday. Of the potential suitors, Garban is considered the most likely ...
Instinet IPO Shows Growing Biz.
Feb 12, 2001; ... Rising trading volumes and growing expenses highlight the most detailed view yet of Instinet's business, emerging from a registration statement the ECN filed last Thursday with the Securities and Exchange Commission in advance of its initial public offering. Instinet's parent, ...
Hong Kong's Kwong: CLEARINGHouseS CAN'T SIT STILL IN CHANGING MARKET.
Feb 12, 2001; ... Speaking at the world's first meeting of central counterparties in London earlier this month, co-sponsored by Depository Trust & Clearing Corp., Hong Kong Exchanges and Clearing CEO Ki-chi Kwong discussed the role of central counterparties in the increasingly connected global marketplace ....
The Squirrel That Ate Mighty Nasdaq.
Feb 12, 2001; ... Last Thursday, Feb. 8, the Nasdaq marked its 30th anniversary. Had the occasion fallen last year, in the midst of roaring markets, there might have been cause for a somewhat more exuberant celebration. But nevertheless it is a date worth marking. The Nasdaq has come from being ...
Observers Weigh Scenarios for Bridge Reorg.
Feb 12, 2001; ... Various scenarios from grim to rosy emerged as observers last week discussed the prospects for Bridge Information Systems, which said it would file a prepackaged plan of reorganization under Chapter 11 if its creditors vote to approve its restructuring plan. Under the plan, $400 ...
Australia's ASX Perpetual Signs Deal With Lloyds.
Feb 12, 2001; ... In its first official foray outside its home market, ASX Perpetual Registrars Ltd., Australia's newest shareholder services provider, last week formalized its relationship with Lloyds Registrars, the United Kingdom's largest, to offer shareholder recordkeeping and other services to jointly ...
Northern Taps Proxy Monitor for Global Voting.
Feb 12, 2001; ... Northern Trust Co. said last week that it has switched from using ADP Global Proxy Services to upstart Proxy Monitor, based in New York City. ADP is well-known for its U.S. electronic voting service, ProxyEdge, and is trying a similar venture overseas, but much of its foreign ...
Virt-X Completes Its Reorganization.
Feb 12, 2001; ... Virt-X, the proposed trading platform for European blue-chip shares, has completed its structural and legal reorganization ahead of the launch of its trading operations later this year. Virt-X is set to commence operations on June 25 in more than 600 European companies' shares ...
Hong Kong Exchanges and Clearing Seeks Tech Partner.
Feb 12, 2001; ... In the midst of a sweeping technological upgrade, the Hong Kong Exchanges and Clearing, the umbrella organization of Hong Kong's exchanges and settlement systems, said last week it is trying to partner with third-party vendors to provide support services to exchange members. A ...
Eastern European Mart Extends Settlement Cycle.
Feb 12, 2001; ... While most of the world's markets are shifting to a shorter settlement cycle, Newex, the Eastern European exchange owned by the Frankfurt and Vienna Exchanges, is bucking the trend. Late last month, the fledgling exchange extended its settlement cycle from two days to five days ...
EuroMTS Unveils German Segment.
Feb 12, 2001; ... EuroMTS, the electronic trading platform for European sovereign debt, will launch in mid-March a segment for trading German government bonds, called MTS German Market. The venture falls short of creating a separate sister company-MTS Italy's typical strategy-but ensures a quick ...
Archipelago Certifies FIX; Expects Exchange Status.
Feb 12, 2001; ... Archipelago, the electronic communications network that is waiting for the Securities and Exchange Commission to approve its application to become an exchange, has completed the testing of TransactTools' TTCert FIX certification module, which is now live as Arca Cert. The ECN said its ...
Royal Trust Launches Investment Monitoring Product.
Feb 12, 2001; ... Royal Trust Global Securities Services, the custody arm of Royal Trust Corp., Canada's largest custodian bank, last Monday launched a Web-based analytic product for institutional investors called GlobalFlows, as part of its ViewFinder suite of browser-based services. GlobalFlows ...
Bermuda Puts Assets at BNY.
Feb 12, 2001; ... The Bank of New York has nabbed the entire $1 billion public pension fund account of the government of Bermuda from rivals State Street and Chase Manhattan. BNY has been serving as Bermuda's global custodian for about $300 million worth of the government's assets for the past ...
Technology Not ENOUGH FOR ORDER SYSTEMS.
Feb 12, 2001; ... A piece of advice to vendors of order management systems: While first entry used to count for a lot in the world of buy-side financial software, a firm had better back up that advantage by providing reliable client support. They must also have easily integrated products and a flexible ...
U.K. FUNDS EMBRACE OMS's.
Feb 12, 2001; ... I nstallation of order management systems among U.K. fund management companies is running at a record pace, as the number of fund management groups implementing OMSs, and the proliferation of OMS technology vendors, testifies. The installation of an OMS is often touted as the ...
VENDORS SEE EVOLVING RETAIL MARKET AS NEXT BIG THING.
Feb 12, 2001; ... More and more vendors of IT systems and institutional asset managers are starting to look to smaller money management and even private investors as the next big market for asset management applications-a market previously considered too small and fragmented compared to institutions. ...
Buy Side Utilizes FIX Connectivity for Trading Systems.
Feb 12, 2001; ... While many investment management firms report connectivity or at least some trading activity with equity and bond trading ECNs or ATSs, many others-particularly smaller buy-side shops-have first opted for FIX-compliant connections to their favorite brokers as their primary sources of ...
Schwab Picks CheckFree For Managed Accounts.
Feb 12, 2001; ... Charles Schwab Consulting Services has chosen CheckFree Investment Services' APL Wrap to streamline trading and portfolio reporting requirements for its new managed account service for independent, fee-based investment advisors, called Managed Account Select. Charles Schwab ...
Javelin to Offer Proprietary Protocol on New Net Platform.
Feb 12, 2001; ... Javelin Technologies said in March it will launch its first Internet-based electronic trading platform using its proprietary protocol, Flirt-called Cherubino-for small and mid-sized institutions to connect directly with their broker-dealers. Javelin is offering Flirt (Financial ...
TheMuniCenter Expands Access To Include Treasuries.
Feb 12, 2001; ... TheMuniCenter said it has added U.S. Treasury bonds to its trading platform launched last July. In addition, the firm is now providing browser-based functionality, enabling registered broker-dealers to offer bonds in their inventory to the site's 400 participating buy-side firms. ...
Clerical Medical Investment Picks One-Ten for Back Office.
Feb 12, 2001; ... Clerical Medical Investment Management (CMIM), a subsidiary of the Halifax Group, has selected One-Ten's Salerio to help automate its back office. CMIM, which has GBP35 billion ($51.09 billion) under management, went live at the end of January with Salerio's ETC (Electronic ...
Friends Ivory & Sime Selects FMC's Pages For Statements.
Feb 12, 2001; ... Financial Models Co. (FMC), a Toronto-based software vendor, said U.K. fund manager Friends Ivory & Sime (FIS), has selected its Pages software to generate client statements and retrieve report data from multiple systems. "The first reports using Pages will be delivered to ...
Lawrence Helfant Turns To GL Trade for Routing.
Feb 12, 2001; ... Paris-based GL Trade, provider of GL Net, a proprietary trade order routing network for equities and futures with access to over 44 markets worldwide, has added Lawrence Helfant, a floor brokerage operation on the New York Stock Exchange, as a destination broker. "It's another ...
Lambert to Head Clearing In Europe for Bear Stearns.
Feb 12, 2001; ... Pascal Lambert, president of Bear Stearns Bank in Dublin, has been appointed head of European global clearing services at Bear Stearns & Co. Lambert, who joined the firm as a senior managing director in 1993, will be based in London. In Dublin, he was credited with developing a ...
Bisys Taps Royal Trust Exec To Head European Business.
Feb 12, 2001; ... Bisys, the U.S.' largest third-party administrator of mutual funds, said last week that it has tapped Antony Johnson to assume the new role of EVP of its European outsourcing business. Johnson was previously managing director of sales and relationship management for Europe and ...
Radianz Names Formby Head of Sales in U.S.
Feb 12, 2001; ... Radianz, the New York City-based network provider for financial firms, has appointed Kevin Formby as head of U.S. sales. Formby is overseeing Radianz's sales offices in Boston, Chicago, New York and San Francisco. Based in New York, Formby comes to his new role after having ...
Schwab's Sherr Details Firm's Commitment to Java.
Feb 12, 2001; ... Java is legacy now at Charles Schwab, and Sun Microsystems' Java2 Platform, Enterprise Edition (J2EE) is fully functional, according to David Sherr, VP of architecture and planning for research and development at the firm, who gave a keynote speech at the Wall Street on Java Technology ...
HP Targets STP, Trading Arenas.
Feb 12, 2001; ... Hewlett-Packard is opening so-called "solution centers" for capital markets in London, New York and Asia/Pacific to target firms' needs in the trading exchange, STP and Treasury systems areas. "There's a huge market there," said Clive Parry, consulting program manager at HP's ...
Euronext Extends Clearnet to Amsterdam, Brussels.
Feb 12, 2001; ... Euronext has extended its Clearnet central clearing counterparty (CCP) service to cover all three of its member exchanges, widening the CCP pioneered in Paris to now handle trades on the Amsterdam and Brussels exchanges. Euronext, the tri-national stock exchange created through ...
TradeWeb Adds CP to Platform.
Feb 12, 2001; ... New York City-based multidealer bond platform TradeWeb will add commercial paper to the products proposed and traded over its Internet-based system, the firm announced last week. Currently, TradeWeb enables online trading in Treasuries and Agencies. However, euro sovereigns are ...
Cybercorp's Berber Steps Down as Schwab Expands.
Feb 12, 2001; ... Philip Berber, the founder and chairman of Cybercorp, which was purchased by Charles Schwab one year ago for about $500 million, is stepping down at the end of the month to focus on the charitable foundation he has established. Berber became the chairman of Cybercorp last year ...
Netik Completes STP Suite Via MFT's Securities Data Warehouse.
Feb 12, 2001; ... Montclair Financial Technology (MFT) a specialist provider of securities data warehousing technology, has been acquired by Netik in a move that Netik officials say will help round out the vendor's range of automated securities processing products. Netik, a U.K. software supplier ...
Monte Titoli's Baggioli Leaves for Merrill.
Feb 19, 2001; ... Marco Baggioli, the top-ranking executive at Italy's depository, Monte Titoli, has resigned to accept a sales and marketing position in the securities services department of Merrill Lynch's Europe, Middle East and Africa division, in London, effective in early March, said industry sources ...