October 2007
Credit Crisis
Cover Story
Credit Crisis in Sub-Prime Mortgages Affects Hedge Funds Trading in Other Asset Classes
Hedge funds with exposure to CDOs and sub-prime paper aren't the only ones facing turmoil. The credit crisis is spreading to other asset classes and shaking up the global markets.
Experts Question High Ratings Given to CDO Structures
Rating agencies gave AAA ratings to CDO structures filled with junk paper but they didn't hold up under rising sub-prime defaults.

Special Report
Do You Need An Execution Management System Or Will The Order Management System Suffice?
With advances in electronic trading changing the demands on traders' desktops, many buy-side traders are trying to determine the best route to the ideal trading workstation. Do they need an execution management system or will their order management systems do the job?

Data & Infrastructure
Cross-Asset Trading Heats Up
Alpha-seeking firms increasingly are looking to cross-asset trading and multi-asset platforms to improve performance.

Research Watch
Ramifications of Reg NMS and MiFID: More Sources of Data and Greater Volume of Quote Data
The European Union's Markets in Financial Instruments Directive (MiFID) and the United States' Regulation National Market System (Reg NMS), scheduled to be final in the fourth quarter of 2007, will drastically change the way the securities industry handles market data.

Wondering what jobs are available in the trading space? Check out Advanced Trading's new job board including listings of trading, technology and quantitative positions.
* Goldman Sachs is looking for a VIX Trader and an algorithmic trading tech lead
* Hedge fund HBK Investments is seeking quantitative developers
* EZE Castle BNY Convergex Group is hiring a business consultant
To see more jobs visit the job board.
To submit a job, email Kmassaro@cmp.com and include Job Posting in the subject line.

From The Editor
The OMS: The System We Love to Hate
Buy side traders have been venting about their order management systems issues for the last few years, but things are finally starting to change.

Market Intelligence
According to a survey of 600 global companies carried out by security firm Sophos, 50 percent of companies ban their employees from accessing Facebook.
There are ways employees can use social networking sites such as Facebook more safely, says Graham Cluley, senior technology consultant at security firm Sophos.
BNY ConvergEx Introduces Options Trading
In light of the growing popularity of listed derivatives and growing client demand, BNY ConvergEx Group has launched a new options trading desk. Buy side clients can take advantage of either broker-assisted or fully electronic options trading via BNY ConvergEx.
Turner Investment Partners recently hired Peter Yarrow to grow the company's business in the U.K., Continental Europe and the Middle East.
Richard Evans has been promoted to head up Citi's global electronic execution business, working to create consistent global electronic trading product offerings.
Despite the delay until 2008, Project Turquoise has appointed a board to oversee the platform.

Listed Futures & Options Trading Systems Directory
Advanced Trading's exclusive directory of listed futures and options trading systems includes 20 popular systems, including details on the products and instruments traded, exchange and liquidity pool connections, and for what size and type of firm the systems are ideally suited.

Visit Advanced Trading's directories page to see a list of 11 detailed directories covering areas such as:

* Algorithmic Trading
* Order Management Systems
* Electronic Futures Exchanges

Street Cred
It's just the eye of the storm for the subprime market mess. Count on the crisis impacting many other areas of the market.

At The Close
Summer Storm in CDOs Shakes up Global Markets
Hedge funds with highly leveraged bets in CDOs and sub-prime mortgages created a storm that could push the U.S. economy into recession.