January 2006
COVER STORY
Everything's Coming Up Hybrid
Everything's Coming Up Hybrid
Wall Street's leading regulators, NYSE Regulation and the NASD, are in talks to form a hybrid regulator that will oversee dual member firms.



FOCUS ON
Powering Up the Grid
As calculations become more complex, financial services firms are turning to existing technology assets for more processing power.


BUSINESS LINES
Transforming the American Stock Exchange
CIO Antoine Shagoury is building a new trading system that will allow the American Stock Exchange to compete under Reg NMS.

Is EDGAR Headed for XBRL?
The SEC is looking to leverage XBRL, which promises easy access to financial data, but industrywide adoption remains a challenge.

Excellence in Execution
As the buy side takes on more responsibility for executing its own trades, TCA is becoming an integral part of the trading process.

Reference Data to Go?
Though the debate rages on, more firms are beginning to warm to the idea of outsourcing reference data management.


PERSPECTIVES
Seven Trends for '06
2005 was the year of regulation. From NMS and the hybrid market to Spitzer and Cox; from MiFID and the formalization of the FSA's CP176 to the new hedge fund registration requirements - regulation, legislation and litigation have pushed the industry like never before.


FROM THE EDITOR
Who Said It Would Be Easy?
Let's be frank: In no U.S. industry does a for-profit company have the privilege of regulating itself, let alone its business partners.


CIO CHALLENGE
IT Portfolio Management
By: Leslie Kramer
Often, IT departments, overwhelmed by hundreds of initiatives, fail to meet project goals. But IT portfolio management, overseen by an IT project management office, can help complex IT organizations track and measure projects more accurately, thus increasing ROI.


PRODUCT WATCH
Cartesis Expands BPM Suite
Multi-Asset Trade Manager
IPlan Adds Monte Carlo Sims


UP FRONT
More to Offshore
IT Is in The Money
Loose Lips Sink Ships
Workforce Diversification
Behavioral Security
Hackers Target Financial Services
BCP Testing Continues


PEOPLE & CAREERS
Murtaugh Founds Charitable Business
Randich Leaves NASDAQ for Citigroup
Fontana to Head Fixed Income at ITG
Keeping Tabs