August 7, 2006 Issue Abstract

To purchase this issue of Global Investment Technology, please contact Terry Tiangco at (212) 370-3700, x287 or e-mail ttiangco@globalinv.com

Soft-Dollar Services: Consultants Predict Radical Changes Ahead For the Investment Research Business Model. The decline in the use of soft dollars to pay for sell-side research appears to be reversing itself in the US, even as institutional investors’ use of independent research continues to climb, according to analysts.

Industry Alert: NYSE’s Electronic Call Market Will Benefit Buy Side. The NYSE Group’s acquisition of call-market trading technologies provider MatchPoint Trading, Inc. aims to keep NYSE competitive with the Nasdaq Stock Market in electronic crossings.

Hedge Funds: Institutionalization ‘Forcing’ Pricing Transparency. ‘Forced’ institutionalization of hedge funds is creating a need for independent hedge funds to be more responsive to demands of large investment institutions and to be more transparent to them, according to a survey of European hedge fund firms.

Spotlight: Joe Ratterman, Vice President and Chief Operating Officer, BATS Trading, Inc.

Plan Sponsor Perspective: Overfunding Heightens SFERS’ Focus on Risk and Safety. Thanks to a strategy of outsized allocations to real estate and alternative investments, the San Francisco Employees’ Retirement System had a 108 percent funding ratio as of June 30.

On The Exchanges: Deal Morphs Eurex US Into U.S. Futures Exchange. Futures broker Man Group plc and derivatives exchange Eurex will partner to develop the US Futures Exchange LLC (formerly Eurex US), creating innovative products to reach new customer segments.