February 19, 2007 Issue Abstract
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Portfolio Management: Investment Managers Seek New Portfolio Systems To Support More Asset Classes, Data Integrity. As increasing numbers of investment management firms look to replace legacy portfolio management systems to accommodate more asset classes, complex securities, and advances in investment strategies, they are seeking solutions that also provide a broader, holistic view of portfolios, including views of their risks.
Industry Alert: Earlier U.S. Time Change Presents Trade Failure Risks. The new, earlier March 11 date for changing to Daylight Saving Time in the US, four weeks earlier than before, has spurred all industries to obtain and implement computer system fixes. In the financial industry, however, especially for securities trading, there are still some functions not covered.
Market Data: Investors Challenge Exchanges: Whose Price Is It? Two opposing arguments are squaring off over who owns market data and to what degree exchanges should be able to charge for it. One holds that for-profit exchanges should not profit from market data in a monopolistic manner, while the other contends that producing market data requires resources for which exchanges should be compensated.
Spotlight: Derek Stein, Managing Director and Chief Technology Officer, Barclays Global Investors.
The Market Beat: London’s £64 Question: Is the Future LSE or Turquoise? By meeting with Nasdaq about licensing its INET trading technology, the Project Turquoise consortium of investment banks has sharpened its teeth as it plans a pan-European exchange to compete with the London Stock Exchange.
Securities Trading: ITG’s POSIT Offers Access to Undisplayed Liquidity. To keep up with the impact of algorithmic trading on trade matching, as well as the anticipated impact of MiFID regulation, ITG has launched POSIT Now, a continuous, intra-day trade-crossing system for equities designed to access dark liquidity in Europe.