CIBC's new president and CEO Victor Dodig began his new role by making sweeping structural changes to the executive management ranks of Canada's fifth largest bank. The changes include two key departures and expanded roles for many others as an eight-member executive committee was formed to replace the existing senior executive team.
Morgan Stanley is closing a managed mutual fund program acquired through its purchase of Smith Barney as part of an effort to streamline some of its managed account offerings, Reuters reported.
The already low average daily trading volumes dropped another 8 percent last month from 5.7 billion to 5.2 billion, reaching their lowest levels since 2006, according to the Tabb Group's monthly Liquidity Matrix. The drop came even as volatility experienced a slight uptick. The Chicago Board Options Exchange's CBOE Volatility Index saw volatility grow slightly from 12.3 to 13.5.
Exchange operator IntercontinentalExchange's announcement last week that it is buying financial market data provider SuperDerivatives for about $350 million will marry two companies that began taking a highly automated approach to the derivatives market, even before many of the derivatives markets themselves were fully committed to moving in that direction.
UBS Wealth Management Americas is introducing new technology features for its wealth management customers and announcing several other technology developments in the pipeline. The newest features include cash awards functionality and tools to facilitate online portal navigation.
The recently released July issue of Tabb Group's Liquidity Matrix reveals the sharp drop in trading that Barclays' dark pool Barclays LX experienced following New York Attorney General Eric...
A new social media-based trading company that plans to launch later this month uses a proprietary scoring system to trade based on Tweets, news feeds and search activity on popular search engines like Google, Yahoo and Bing.
A global supplier of artificial intelligence for the finance industry and a platform serving the unbanked and underbanked in Turkey are among the European finalists in Spanish bank BBVA's startup...
As many as 60 quantitative trading employees are reportedly leaving Barclays Plc to start a quantitative investment firm. Some see the exodus as part of a trend, as cost-cutting and regulations that curb proprietary trading prompt more quant traders to depart investment banks.
Google will likely never become a bank for a variety of reasons, according to a new Forrester Research report. Among the reasons: bank regulatory compliance is costly; the company might not want to...