June 25, 2007 Issue Abstract

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Derivatives Processing: Challenges of Valuing Derivatives Drive Banks To Multi-Faceted Approaches in Their Processing. Major custodial banks are beefing up asset services offerings to meet the demands of hedge funds and investment managers who, increasingly, are adding over-the-counter (OTC) derivatives to their global portfolios.

Industry Alert: Nasdaq Is Adding More Muscle to Its Trading Services. The Nasdaq Stock Market Inc. has thrown a gauntlet before the New York Stock Exchange with extensive plans to launch new crosses that will tap liquidity in NYSE-listed shares and expedite block trading, along with new services allowing Nasdaq participants to better manage risk, access liquidity and comply with regulation.

Multi-Asset Class Trading: Twin Deals Boost Cross-Asset Trade Execution Rivals. Investment Technology Group Inc. agreed to acquire RedSky Financial LLC, and BNY ConvergEx Group LLC reached an agreement to acquire LiquidPoint LLC, marking a sure sign that multi-asset class strategies are maturing and about to go mainstream with these leading agency brokerages going head to head with cross-asset class execution platforms.

Spotlight: Michael P. Cloherty, Deputy Chief Operating Officer of General Motors Asset Management Corporation.

Research & Analytics: First Coverage Helps Measure Value-Added by Brokers. Canadian software company First Coverage helps a Toronto mutual fund firm measure value provided by sell-side counterparties.

Regulation & Technology: Fears That Patent Minefield Could Stall Advances. Seeking to prevent patent infringement suits against major service providers to the securities industry that would shut down key technologies, the Securities Industry and Financial Markets Association is advocating comprehensive patent reform.

The News Network: Enhanced Eze Castle Software OMS Now Features EMS Capabilities; RIXML, XBRL Collaborate on Reporting Standards; Credit Suisse, Viteos Partner on Fund Administration.