April 2, 2007 Issue Abstract

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Market Structure: Hidden Capacity Issues Confront Data Tsunami Expected to Flow From Reg NMS, Warn Pundits. As the phased implementation of Reg NMS compliance requirements take effect between now and October 2007, the resulting increased volumes of pricing data present a danger that securities and investment firms could choke on the number of quotes.

Industry Alert: CBOT’s Choice of Merc or ICE Foretells the Future. The competing offers by the Chicago Mercantile Exchange (CME) and the Intercontinental Exchange (ICE) to acquire the Chicago Board of Trade signal the latter stages of exchange consolidation and a gathering momentum to replace pit trading with electronic trading in the US.

Securities Trading: Security and Integration Challenges Thwart IM Usage. Security, standardization and integration remain the biggest challenges for rolling out or encouraging wider use of instant messaging (IM) applications by securities and investment firms, according to recent research.

Spotlight: Betsy Anderson, Head of Centralized Dealing, Resolution Asset Management, Glasgow, Scotland.

Data Management: Daiwa Leaps Its Data Hurdles With Netik InterView. Daiwa Securities Global Asset Services, a fund administration services provider re-positioning to focus on alternative investments, data issues slowed down development of strategic systems and creation of value-added services. Daiwa turned to Netik’s InterView securities data model as a remedy.

On The Exchanges: Derivatives Venture Brings Together TSX and ISE. Positioning for a March 2009 launch, the Toronto Stock Exchange has joined with the International Securities Exchange to create DEX, a new electronic derivatives exchange.