December 11, 2006 Issue Abstract

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Securities Trading: Order and Execution Management Solutions Merge As OMSs Evolve From Record-Keeping Tools. The next generation of trade order management systems (OMS) are most likely to develop from an evolution of OMSs into execution management systems (EMS), or at least from a competitive morphing of today’s OMSs into EMSs, say executives of companies offering both types of systems.

Industry Alert: Merger of Regulators Anticipates Trading Competition. The merger of the National Association of Securities Dealers (NASD), the regulator of the Nasdaq Stock Market, and NYSE Regulation Inc., the self-regulatory organization (SRO) of the New York Stock Exchange, will make it easier for the new regulator to monitor trading strategies that involve transactions in both markets.

Research & Analytics: Managers “Pull” Investment Research With Jaywalk. The BNY ConvergEx Group’s new Jaywalk 360 independent research service aims to provide a wider range of investment research to its clients, through new real-time monitoring capability and by making available deeper qualitative research on stocks named by portfolio managers.

Spotlight: Michael S. Pagano, Associate Professor of Finance, Villanova University.

Market Structure: De-Fogging the Reg NMS Crystal Ball for 2007. Although market venues submitted the specifications for their Reg NMS-compliant trading systems in October, the specifics of these systems are not likely to be publicized by the US Securities and Exchange Commission until early 2007.

Clearance & Settlement: Europeans Set June 2007 Deadline for Interoperability. Creating greater transparency in post-trade services and improving access to them in the European marketplace is a matter of better regulation and making prices comparable, observes the chairman of the European Central Securities Depository Association (ECSDA).

The News Network: LSE, OMX Add Russian Derivatives to International Book; GlobeOp Launches GoBook Performance Reporting Tool; ITG Adds Liquidity Aggregation to DarkServer Algorithm; ISE Debuts Displayed Stock Market With MidPoint Match; SwapsWire’s PBWire Offers Derivatives Give-Up Trading.