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.
UBS Neo and trueEX have launched live order book trading of market-agreed coupon or MAC swaps, the standardized futures-like swaps that quant funds have long-anticipated could lend themselves to live streaming prices. MAC swaps have never before been listed as live actionable prices.
The new administrator of the London Interbank Offered Rate, or Libor, has unveiled its proposed plans for basing calculation of the Libor rate on actual transactions, instead of estimates, to make it less susceptible to manipulation.
Turquoise, the European dark pool owned by the London Stock Exchange, has launched a service for trading large block orders, with liquidity provided by seven brokers out of the gate.
Wells Fargo shut its alternative trading system or dark pool on Friday due to weak demand in a crowded market that includes dozens of alternative trading venues.
Looking at the number and variety of entrants in the mobile payments space, it's clear that a wide cross-section of businesses and industries see it as a market with abundant potential. Yet no single product has a dominant hold on the market, and views differ on the technology, functionality and framework of an eventual solution, making it difficult to define just where the industry is in its evolution.
The Financial Industry Regulatory Authority has seen positive results from the work it has done so far in migrating toward big data analytics and cloud-based technology for market surveillance. As a result, it is leveraging those same technologies in its bid to build and run the Securities and Exchange Commission's Consolidated Audit Trail (CAT).
CME Group announced this week that it will cut 150 jobs representing 5 percent of its workforce, in response to what it called "changing market dynamics." The majority of the job cuts will be in the technology area, with some cuts in corporate and administrative functions as well.
Bloomberg Tradebook announced a new exchange-traded fund trading service this week that it says is the first anonymous electronic request-for-quote (RFQ) service for ETFs. The service enables investors to anonymously access block liquidity from buy-side ETF liquidity providers in the U.S. and Europe.
Independent execution and research broker ITG is launching a dark pool algorithm that is says will help buy side investors increase fill rates in non-displayed venues while filtering out "toxic" liquidity.
On the heels of news that the cyberbreach at JPMorgan Chase & Co may have affected as many as 76 million customers, chairman and CEO Jamie Dimon announced last week that the firm will double its $250 million annual computer security budget over the next five years.
As firms face ongoing investigations into the involvement of their traders in the FX and Libor rate rigging scandals, Deutsche Bank has implemented a new personnel policy that puts more weight on compliance with firm policies, procedures and values when calculating employee bonuses. Some employees who don't like it, have already begun leaving, the firm says.
Eighteen banks have agreed to temporarily withhold from terminating swaps contracts when a counterparty defaults and is in danger of failing. The rule is intended to give regulators time to reorganize a troubled bank and prevent a repeat of derivatives terminations like the ones that may have hastened Lehman Brothers' demise.
Tighter margins and the availability of an increasing amount of data is prompting energy trading firms to begin looking to better analyze data and optimize processes, but many firms in energy trading, are still wrestling with integrating disparate data silos, according to Sapient Global Markets.
CME Group's venture fund Liquidity Ventures has invested in big data company Powerlytics. The investment is the fourth firm in which Liquidity Ventures has invested.
Beginning in January, Bloomberg will become the new distributor of the University of Michigan's consumer confidence survey, and market participants will no longer be able to get early access to the data for a high fee.
As more information circulates about the hackers that infiltrated JPMorgan, investigators are now saying they also attempted entry to at least a dozen other financial firms.