December 10, 2007 Issue Abstract

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European Market Monitor: European Central Bank’s Target 2 Settlement Solution Leaves CSDs Skeptical About Cost Savings. European central securities depositories (CSDs) are raising concerns that the Target 2 Securities (T2S) settlement harmonization solution proposed by the European Central Bank will not reduce costs enough to off-set the revenue losses CSDs would incur from outsourcing trade settlement to the central bank.

Industry Alert: Futures Trading to Be 90 Percent Electronic by 2010. Increasing electronification of the futures markets, especially in the US, will deepen the liquidity of those markets, according to an analyst at The Tabb Group.

Spotlight: Marcel Jongmans, Chief Executive Officer, Global Brokerage, Clearing & Custody, Fortis.

Data Management: Asset Control, in Shift, Aims at New Array of Clients. Centralized data management services provider Asset Control had been known for catering to Tier 1 and Tier 2 buy- and sell-side firms, banks and custodians, but has been changing its approach to include smaller players.

Business Strategies: Dubai Buys SmartStream, Executing on Global Vision. The acquisition of UK-based software and services company SmartStream Technologies by DIFC Investments, the investment arm of the Dubai International Financial Centre, will provide great medium and long-term benefits, according to SmartStream’s CEO.

Risk Management: New Tool Monitors Security Controls to Mitigate Risks. Software development company Collaborative Software Initiative plans an open source application to facilitate use of the Shared Assessments Program developed by the BITS consortium for financial firms to evaluate security controls of IT services providers.

Securities Trading: BNY ConvergEx Launches APEX Algorithmic Optimizer; ITG Adds Active to European Algorithmic Trading Suite; NeoNet Smart-Routing Algorithms Address MiFID Needs.