One lesson learned from the Target credit card scandal is that hacking, once perhaps considered primarily an IT problem, has now been elevated to a business problem. This is highlighted not only by the costs of the Target scandal, but by the sophistication of the cyber-hacking techniques and the evidence of pre-meditated criminal strategy employed by the perpetrators.
The OTC swaps markets spent much of last year preparing for a trading revolution. News reports indicate that the revolution is about to begin.
About a year ago, there was a lot of buzz around the idea of "The Great Rotation" when investment would rotate out of low-yield bonds and into stocks. That movement doesn't seem to have occurred in the massive form that the name "Great Rotation" implies, but what if some event spurred a lot of reshuffling of investments around the bond market? From a post-trade perspective, it could get messy.
Welcome to a new year of FierceFinanceIT. We are looking forward to continuing to watch many of the big stories of 2013 that will continue to grow and develop in this new year – the emergence of SEFs, the effects of the Volcker Rule, the bond market's various efforts to find new ways to embrace electronic trading, to name a few.
Beginning in January, 2014, FierceFinance will become part of FierceFinanceIT. Technology drives an ever-increasing portion of the investment, trading and asset management sectors. We're following suit, increasing our focus on IT operations across the financial services industry.
There may be no better image of Wall Street's hunger for data – and Wall Street's largesse – than surveillance pictures taken by helicopter and satellite for the purpose delivering traders advanced trading information.