• Electronic Trading

      • According to Richard Rzasa, CIO at TD Waterhouse, in 2006, executives in the financial services industry have a decision to make: either tighten their own security, work closely with lawmakers and educate the public to increase online security, or risk having consumers move away from using the Internet for financial transactions and self-service.
      • Currently, financial services companies are scrambling to ready systems and processes for Reg NMS and the NYSE's planned hybrid exchange structure. However, Joe Gawronski, COO at Rosenblatt Securities, says that while it's important to be prepared, don't be surprised if implementation of both Reg NMS and the NYSE's hybrid model are delayed.
      • Philippe Bibi, senior managing director and CTO at Boston-based Putnam Investments, plans to focus on adding business value in 2006 (instead of spending a lot of time focused solely on regulatory compliance) by developing technology that can automate derivatives transactions and replacing parts of Putnam's legacy systems with off-the-shelf solutions.
      • As the securities and investments industry prepares for the implementation of possibly the most dramatic series of changes we will see in our lifetime -- namely Reg NMS and the NYSE's plan to implement a hybrid exchange model -- no number of editorials or articles seems to be able to do the topics justice. In the following pages, you will find a few more viewpoints and prognostications from five of your peers.
      • After posting record profits in 2005, many financial services firms are looking to acquire smaller players with unique business lines and/or financial products, or to bolster their technology. Consequently, consolidation may reach record levels in 2006.
      • As ECNs and other alternative trading systems have emerged, fragmentation in the capital markets has increased. But with the acquisitions of Archipelago by the New York Stock Exchange and of the Brut and INET ECNs by Nasdaq, the tide may be turning.
      • In 2006, it will be impossible to ignore the enhanced productivity gained from algorithmic trading systems. As the buy side takes control of its own trading processes, automated trading frees up humans to focus on more-complex trading decisions.
      • As criminals dream up new and more-sophisticated schemes to steal and profit from personal data, consumer confidence in e-commerce, including online financial services, is taking a hit. Be prepared: Online users expect the financial industry to take action.
      • No one ever said life on the Street would be easy. But after years of trying to do more with less, financial firms began to renew their focus on growth in 2005, and 2006 promises even more opportunity for innovative players.
      • New regulations in the United States and Europe are leading to heightened awareness of the largely unexplored commission-management software industry -- a market primed for major growth, according to research and advisory firm Financial Insights.
      • Despite increased awareness of the threat of fraud and businesses' confidence in risk controls, more financial wrongdoing within businesses is uncovered by accident than by internal controls, according to a survey conducted by PricewaterhouseCoopers.
      • With the recent SEC and FFIEC recommendations casting a spotlight on online account security, behavioral biometrics has emerged as an increasingly popular technique for financial services institutions to meet federal regulators' call for multifactor authentication for online account security.

Thought Leaders

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