• Exchanges

      • With Archipelago announcing in October that it's going to trade listed corporate bonds on its electronic trading system, electronic bond trading systems providers might be a little nervous.
      • With all the technology and market-structure changes altering the industry, sell-side traders are finding greener employment pastures on the buy side.
      • Who Doesn't wish they had a crystal ball? As we enter the new year facing so many uncertainties, Wall Street is taking its best guess as to what the future of the exchanges will be, and everyone is trying to plan accordingly.
      • While Wall Street lives by the quarterly earnings call, executives are starving for a long-term vision, according to the soon-to-be-released "Financial Markets 2015" report (available April 1) from the IBM Institute for Business Value. Daniel Latimore, executive director, and Suzanne Dence, a senior consultant at the institute, share some of the report's findings with WS&T.
      • Bolstered by record profits in 2005, the securities industry may see an increase in consolidation activity in 2006, according to Robert Hegarty, managing director in TowerGroup's securities and investments practice. Both smaller financial firms and innovative industry-specific technology providers will be on the menu for many bulge-bracket firms in the coming year, he says.
      • 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.
      • 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.

Thought Leaders

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