• Electronic Trading

      • The International Securities Exchange connects to a communications infrastructure developed by Con Edison Communications (CEC) for the Securities Industry Automation Corporation (SIAC); TransactTools announces support for the final FIX 4.4 specification across its entire platform of products; Merrill Lynch signs a global, multi-year agreement to use Radianz's Internet Protocol-based global financial extranet to connect with business partners around the world.
      • Chicago Mercantile Exchange Holdings Inc reports record revenues and a 40 percent increase in net income for the first quarter of 2003; Instinet Group Incorporated reports a net loss of $34 million, or .10 cents per share for the first quarter of 2003, compared to a net loss of $35 million, or 14 cents per share, for the first quarter of 2002; Schwab Capital Markets L.P. announces the recruitment of 12 more professionals.
      • Robert Greifeld was named president and chief executive officer of Nasdaq, the board of directors announced; Eurex, the world's largest derivatives exchange, tapped Michael G. McErlean to join the Eurex-U.S. management team. McErlean, formerly Global Co-Head of Futures Services at Goldman Sachs, will be based in Chicago; The Archipelago Exchange (ArcaEx) completed the rollout of all Nasdaq-listed stocks from the Archipelago ECN to the ArcaEx trading platform.
      • It goes without saying that in a volatile market, traders must be on their toes and ready for anything. One way that firms are keeping pace with rapidly changing markets is by deploying the latest in order-management-system technology.
      • In a tough economy, being complacent about technology is not an option. To that end, buy-side firms are taking a closer look at key applications in an effort to ensure they are getting the most bang for their buck.
      • A phenomenon known as locked and crossed markets has plagued Nasdaq stocks since the launch of SuperMontage. Dean Furbush, evp, Nasdaq, says locks and crosses never occur in Supermontage. With Nasdaq, ECNs and market makers blaming each other, the issue is heating up.
      • The New York Board Of Trade is building a sophisticated trading floor, preparing its return to lower Manhattan after the Sept. 11 terrorist attacks.
      • * Pershing LLC is offering its customers access to Dene International's Dene Gate Software. * NYFIX Transaction Services received approval to become an Electronic Access Member of the International Securities Exchange. * Swapstream reached an agreement to interface with SwapsWire, an integrated, electronic- processing-network for derivatives. * TradeWeb reports an 80 percent increase in trading of fixed-income securities during the first quarter of 2003.
      • * Merrill Lynch has signed a six-year agreement with Dow Jones Newswires to provide a suite of real-time news and information products. * Charles Schwab and CyberTrader announced that their active trader clients will be able to access a new direct streaming real-time quotation service. * Telekurs and Financial Technologies International are combining products to create StreetReference with Telekurs. * SunGard Market Data Services announced that it has entered into an agreement with Comtex News Network to distribute real-time news services and content.
      • * Issues surrounding Basel II topped the list of key issues facing risk professionals, according to a survey conducted by The Professional Risk Managers' International Association and Reuters. * Algorithmics struck an alliance with Cicada Corporation and Investors Guaranty of Zurich to develop a suite of reference data and managed-risk-solutions for compliance with Basel II and other regulations. * NYFIX Transaction Services received approval to become an Electronic Access Member of the International Securities Exchange.

Thought Leaders

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