Virtualization, in one form or another, has been around almost as long as computers. When the term arose in the 1960s, it referred to the partitioning of mainframe computers. But virtualization soon became a way to let people stop worrying about the inner workings of their hardware. In the earliest days, to put something in […]
Wall Street Expanding Virtual Horizons Read More »
Salesforce.com reached a milestone last fall: 1 million people using the online software company to host their customer relationship management systems and other key business processes. Those users were at more than 1,600 financial services firms including ABN Amro, SunTrust Banks, Daiwa Securities and Bear Stearns–Merrill Lynch & Co. alone accounted for 25,000. That amounts
Software as a Service as a Security Battleground Read More »
Dividing a server into multiple virtual machines has brought down firms’ purchasing costs and allowed for more efficient use of existing hardware. However, virtualization also poses security risks and challenges, including managing a more complex network, additional layers of technology, potential data leaks as multiple virtual machines share common communication lines, and the threat of
Server Virtualization: Powerful Tool, Extra Exposure Read More »
Firms answer regulatory, investor demands with added controls and third-party systems At the heart of Societe Generale’s recent EUR4.82 billion ($7.01 billion) in losses from unauthorized trades is the fact that the accused trader–Jerome Kerviel–was able to use his knowledge of the system to get around the checks and balances. Kerviel, an equities trader, started
Pre-trade Compliance: Better, Cheaper, Faster Read More »
Leading-edge collaborative tools and interactive sites pose monitoring burden As the Web 2.0 movement makes interactive applications and social networks such as Facebook ubiquitous on employees’ desktop computers, financial firms are facing the daunting task of monitoring these so-called greynets. Instant messaging security vendor FaceTime Communications estimates that there are more than 600 greynets worldwide,
The Web 2.0 Threat Read More »
This article first appeared in Waters. The benchmark Shanghai Composite Index broke 6,000 points on Oct. 17, just as the World Federation of Exchanges held its annual conference in Shanghai. London Stock Exchange CEO Clara Furse, who attended the event, says this shows that the nation’s leading market, which joined the federation five years ago,
Another Leap Forward Read More »
A few years ago, it would have been hard to imagine Wall Street firms turning over key customer data to an Internet start-up. But in May 2005, Salesforce.com announced a major customer win: 5,000 Merrill Lynch & Co. financial advisers would use the Web-based service to track their customers. After a one-year pilot project, Merrill
Salesforce.com: The CRM ‘Hot Ticket’ Read More »
Nasdaq Stock Market has been granted approval to open an office in Beijing, just weeks after the Chinese Securities Regulatory Commission (CSRC) gave the New York Stock Exchange the green light. The CSRC, in a statement, said that Nasdaq will be allowed to engage in “non-operational activities such as liaison, promotion and research.” “We are
Nasdaq and NYSE Get Go-Ahead to Open Offices in China Read More »
Despite connectivity issues, regulatory hurdles and liquidity barriers, traders are eager to try out algorithms. Electronic trading and the use of algorithms in Asian markets continue to grow despite regulatory hurdles and technological bottlenecks. According to Goldman Sachs, the value of client-directed trade orders executed through algorithms during 2007 more than tripled in Japanese equities
Waters Exclusive: Asia Report Read More »
Emerging markets pose regulatory obstacles and provide fewer trading options but offer the biggest opportunities. When Lou Gerken first started investing in Asia in the mid-70s as an investment professional at London’s GT Capital, Sony was a small-cap stock and Japan was considered a risky, emerging market. Today, Gerken is chairman of San Francisco-based hedge
Hedge Funds: Ready, Set … Read More »
The Chinese government takes steps to put a lid on an overheated stock market. New Chinese investors are rushing into the stock market like buyers trying to get their hands on an Apple iPhone or Nintendo Wii. An average of 300,000 new brokerage accounts for investing in mainland equities and mutual funds were opened daily
Is China Too Hot to Handle? Read More »
Exchanges and regulators must brace for increased volumes as ATSes and crossing networks pour in resources, but governments are likely to remain protective. Alternative trading systems and crossing networks for equities are ramping up their presence in Asia this summer and while the exchanges are not likely to feel the searing heat of competition just
For five years, starting in 2001, the Chinese stock market headed down. Investors pulled out their money; brokerages went bankrupt. Then the Chinese government instituted a series of far-reaching… Read full article at Waters (subscription required)
In many respects, Asia has been following the U.S. and European lead on matters of market structure and regulation as Asian laws and technologies steadily edge closer to the world standards developed elsewhere. With the recent spate of memorandums of understanding among Asian exchanges, not to mention those between these regional markets and others in
Asia’s Alternatives Read More »
SHANGHAI — In the first 10 months of 2006, Chinese regulators uncovered 776 banking crimes, including 205 cases involving more than 1 million yuan ($125,000 U.S.). Fraud and other irregularities at Chinese banks added up to $95.9 billion in 2005, an increase of 31% from 2004, according to the China Banking Regulatory Commission. In one
Banking on IT in China Read More »
