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  • Wall Street says audits, crisis response plan needed to combat cybercrime

    In the wake of this summer's cyberattack on JPMorgan, a Wall Street trade group representing hundreds of securities firms, banks and asset managers is speaking up on how the securities industry's cybersecurity should be managed. Detailed audits that are customized to individual firms' business models and an industry crisis response plan will be required to safeguard the industry, the Securities Industry Financial Markets Association said in an 11-page paper released last week.

Addition of T-bill trading to eSpeed signals further expansion

Nasdaq's eSpeed has added U.S. Treasury bills to its electronic government bond trading platform and reports that it is already seeing notional average daily volume exceeding $4 billion and daily highs exceeding $10 billion. ESpeed says the introduction of T-bill trading is part of a larger plan to "ultimately complete the entire Treasury complex," and the move also signals Nasdaq's efforts to further diversify into fixed income, currency and commodities.

Bank of England investigates glitch that caused 10-hour crash of key payments systems

Bank of England Governor Mark Carney promised a "thorough, independent review" this week after a 10-hour failure of a payment system whose daily payments processing volumes total 277 billion British pounds.

 

MSCI says 'Expected Shortfall' risk calculations can be backtested

Since the financial crisis, the Basel Committee on Banking Supervision has encouraged the financial industry to replace the Value-at-Risk (VaR) method of calculating risk, an industry standard, with Expected Shortfall, a method the committee believes will better capture potential extreme losses during market crisis periods. MSCI now says the chief problem preventing Expected Shortfall, the fact that backtesting it was too difficult, is now solved.

Credit Suisse puts its HOLT Company Analyzer application on Bloomberg app portal

Credit Suisse has made its HOLT Company Analyzer application available to Bloomberg users by adding it to the Bloomberg App Portal. The move marks the first time that entry-level access to Credit Suisse's proprietary company analyzer has been made available on demand to a wider audience.

El-Erian joins P2P firm that seeks to shake up traditional lending

Scott Saunders, the founder of peer-to-peer lender Payoff says that much of traditional lending is "aimed at keeping borrowers in a perpetual state of debt." He is looking to shake up...
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