Data analytics, the user experience and the traditional pillars of finance

A paper released earlier this month makes some interesting predictions about the future of financial services. The same technology eroding some of the traditional ways financial firms provide services and profit from risk might also be a key differentiator in a reconfigured market.

ICAP's European SEF signals cross-border swaps likely to comply with US laws

ICAP, the world's largest interdealer broker, has confirmed plans to register its U.K.-based ICAP Global Derivatives Limited electronic trading facility as a swaps execution facility with U.S. regulators. The move is in addition to its U.K. regulatory permissions, but signals a willingness to accommodate U.S. cross-border swaps rules. Other players are expected to follow.

Barclays joins list of firms exiting commodities

Barclays, one of the largest commodities traders, is planning to exit from most commodities, including large parts of its metals, agriculture and energy trading, according to reports. Other large commodities players, including JPMorgan, Morgan Stanley, Deutsche Bank and UBS have already announced similar withdrawals from commodities trading.

GAO criticizes SEC over cybersecurity

The U.S. Government Accountability Office has sent a 25-page report to the Securities and Exchange Commission detailing numerous weaknesses in the agency's cybersecurity controls over the nation's Securities markets. The report was the result of a security audit conducted by the GAO during the 2012 and 2013 fiscal years.

ICE buys Algo Technologies to speed up NYSE

IntercontinentalExchange Group has reportedly purchased Algo Trading Ltd. to speed and modernize the technology on the New York Stock Exchange. Algo Trading claims its AlgoM2 matching engine is the fastest in the industry.

Walmart enters money transfer business

Walmart's latest move in financial services is a foray into money transfer, which will challenge Western Union and MoneyGram with a new store-to-store-based service. The service, beginning this...

Credit Suisse reportedly weighs fixed-income cuts

Credit Suisse is reportedly considering making further cuts to its fixed-income business following first quarter results that saw net income drop 34 percent from a year earlier. The results gave the firm its worst start to the year since 2008.

Firms seek 'Big Data' upside from compliance records requirements

Some firms that began storing full and complete trading communications late last year to comply with Dodd-Frank regulations for the swaps market are beginning to look at that data in a new light.

Sifma calls for move to T+2 settlement

The Securities Industry and Financial Markets Association (Sifma) announced today its support for a movement to shorten the trade settlement cycle for U.S. equities, corporate bonds and municipal bonds. Sifma supports cutting the length of time a trade should have to settle from the current three days after the trade date (T+3) to two days post-trade date (T+2).

New York attorney general subpoenas high frequency trading firms

The office of New York Attorney General Eric Schneiderman sent subpoenas to six high-frequency trading firms as part of an investigation into whether certain participants in the market have unfair advantages over others.

Nasdaq London moves into bigger digs

Nasdaq's London business is moving into new expanded offices. The larger space, in one of the city's trophy buildings at Woolgate Exchange on Basinghall Street, will be big enough to include...

The SEC and the little guy

As the world is absorbed with the speed of high-frequency trading and how the structure of today's markets affect the capital formation process, a speech was being delivered at MIT's Sloan School of Management that looked at capital formation from another angle--starting small.

Fidelity aims to build new equity trading venue

Fidelity has begun work on the creation of a new equity trading venue that would be a collaboration among big mutual fund firms. The new marketplace would focus on reducing costs and streamlining trading for investment firms.

SEC considers maker-taker pilot test

Securities and Exchange Commission officials, including some commissioners, are considering a trial program to curb maker-taker fees and rebates, the Wall Street Journal reported today. Regulators are becoming increasingly concerned that market prices are being distorted, the paper quotes SEC officials as saying.

Sifma pushes for increased Legal Entity Identifier adoption

The Securities Industry and Financial Markets Association is calling for an increased push from regulators in the adoption of legal entity identifiers (LEIs) to help measure and monitor systemic risk.

Lawsuit claims CME gave HFT early access

Three traders are suing CME Group, owner of the world's largest futures market, for allegedly selling information to high-frequency traders ahead of other market participants. CME has denied any wrongdoing.


Banking regulators issue Heartbleed warning

The Federal Financial Institutions Examination Council (FFIEC) has issued a warning to banks to take measures to address the Heartbleed vulnerability as soon as possible. In addition to applying...

Banks and companies warn of new swap market's impact

Banks and multinational corporations have taken to the newswires in recent days to warn of the financial ramifications of new swaps market regulations. Meanwhile, today the Basel Committee on Banking Supervision in Switzerland published its final standard for calculating regulatory capital for banks' exposure to central counterparties.

Morgan Stanley trims, restructures wealth management

Less than two months after taking the reins as head of field management for Morgan Stanley Wealth Management, Shelley O'Connor has announced a major countrywide restructuring of the industry's largest retail brokerage network.

Goldman Sachs considers shuttering dark pool

Goldman Sachs is considering shutting down Sigma X its dark pool trading venue. The company is reportedly weighing whether the revenue it earns from the business is worth the risks of potential trading glitches or regulatory scrutiny, the Wall Street Journal first reported.