August 2004


COVER STORY
Making Markets Move
The race to become a fast market may lead exchanges to join forces with ECNs.




SPECIAL REPORT: Data Management
Lehman's Data Duo
Lehman Brothers' senior management understands the value of working with its heads of business lines.

Care to Share?
After years of watching data disasters due to disparate databases, Wall Street firms are breaking down silos with enterprise integration

Data-Management Matchup
Three data-management heavyweights step into the ring to discuss the details of data. With Tim Lind, a senior analyst in TowerGroup's investment-management practice, as the moderator, these three experts exchange insight.

The Dirty 'O' Word
Data managers are no longer shocking us with talk about outsourcing - some of them are actually doing it.


BUSINESS LINES
The Buy Side Takes Charge
Access to aggregators, crossing networks and algorithms is changing the buy-side trading desk.

Buying Into Risk Management
Portfolio managers reduce risky business by perfecting risk management in the front office.

Remedy for Reference Data
Hedge fund Citadel has reinforced its stronghold on Wall Street with a new data-management platform.

SIA Unfurls STP Banner Again
In the latest drive toward industry-wide straight-through processing, T+1 takes a back seat.

Analyzing AML Audits
After years of preparation, regulators are ready to see the fruits of Wall Street's hard work on anti-money laundering.



FROM THE EDITOR
Reinventing Themselves


UP FRONT
Innovation on the Horizon
Robert Iati, senior analyst at TowerGroup, has spent a lot of time thinking about what the future trading floor might look like.

Dear CIO
Jonathan Beyman is chief of operations and technology at Lehman Brothers, as well as an executive vice president. In addition, Beyman has served as the firm's CIO since 2000.

Fast Facts From Radicati Group


FOCUS ON Identity Theft
Gone Phishing
In the latest identity-theft scam, fraudulent e-mails trick individuals into coughing up passwords to 'secure' financial data.


CIO CHALLENGE
Wireless holds tremendous potential for financial-services firms, but implementing it across an enterprise is no easy task. Organizations must determine the best applications of the technology, find a way to integrate it with their legacy systems and then secure it all.


INDUSTRY VOICE
Transparency in Tech Spending
Transparency in spending corporate funds has been - until recently - "nice to have." The change from "nice to have" to "need to have now" has been well publicized, on the heels of fraud cases like those involving Enron and Worldcom, and it has crystallized in the form of the Sarbanes-Oxley Act of 2002.


PRODUCT WATCH
Innovative Technologies & Services
--Want More Integrated E-Trading?
--Displaying Treasury Data in 3-D
--Extending the OMS


SHIFTING GEARS
People & Careers
--Former Prudential CIO Lands at Exigen
--Sang Lee Leaves Celent
--BMA Expands Advocacy in Europe --Keeping Tabs


PERSPECTIVES
Reinvesting in Change: Retooling the Trading Desk
We have finished another earnings season and we've done it again - we have confounded analysts as the securities industry has enjoyed another banner quarter.