News

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.

UBS and trueEX are first to stream much-anticipated MAC swaps

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.

ICE outlines plans for shoring up Libor against abuse

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 block order service launches with seven brokers

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 closes its dark pool due to weak demand

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.

JPMorgan seeks to build $6.5 billion corporate campus on Manhattan's West Side

JPMorgan Chase and Co. is seeking incentives to build two towers on Manhattan's West Side, with the total space reportedly being equal to two Empire State Buildings. The buildings would be...

Assessing a crowded mobile payments landscape

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.

Finra leverages cloud and Hadoop in its consolidated audit trail proposal

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 to 'refocus on growth,' cut 5 percent of global workforce mostly in tech

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 launches RFQ trading of ETFs

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.

ITG debuts algorithm for dark pool optimization

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.

 

High volume day prompted dark pools to send some orders away

Wednesday's high volatility was apparently more excitement than some trading venues are used to. Bloomberg reported that three large dark pools--those run by Goldman Sachs, Credit Suisse, and...

JPMorgan will double cybersecurity spending but many other companies may cut costs

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.

 

Deutsche Bank says clampdown on 'disruptive' behavior is prompting departures

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.

 

Banks agree to pause swaps terminations when one party defaults

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.

Shifting market structure prompts energy trading firms to look at lifecycle management

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 venture fund invests in big data

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.

 

In France, Twitter users can tweet money

French banking group Groupe BPCE and Twitter have teamed up to offer a service that allows Twitter users to send money to their followers. The service, called S-Money, allows money to be transferred...

After HFT probes, U. Michigan consumer confidence survey moves to Bloomberg

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.

JPMorgan hackers probably accessed another company, 'probed' at least 12 firms

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.