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 »
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 »
In a sign that the maturing of the Chinese financial markets is creating new opportunities for Western technology suppliers, SunGard Data Systems of Wayne, Pa. has acquired Shanghai-based Fudan Kingstar Computer Co. SunGard, which did not disclose the purchase price, said Kingstar’s management team would remain in place. The financial technology giant described Kingstar as
SunGard Buys Chinese Trading Systems Supplier Fudan Kingstar Read More »
The parent of the New York Stock Exchange and three other investors said last week that they will each buy 5 percent, $115 million equity stakes in the National Stock Exchange (NSE) of India, that country’s largest exchange and the third-largest in the world in terms of equity trades. The agreement came on the heels
NYSE, 3 Others Buying Stakes in India Exchange; SGX in the Wings Read More »
From its founding on Dec. 25, 1925 as a spin-off of Osaka Nomura Bank Co., Nomura Securities grew into one of the giants of Japanese capital markets and a player on the global financial stage. But in terms of corporate structure, the firm didn’t change much until 2001, when its holding company, Nomura Holdings, was
Foreign Broker Ban Read More »
User authentication has been getting a lot of attention lately, what with lingering threats of identity theft, a U.S. regulatory initiative to have banks and other depository institutions raise their level of customer validation technology, and the Securities and Exchange Commission looking closely at how the brokerage industry is handling the issue. The technological solutions
Back-End Authentication Moves to Forefront Read More »
The China Securities Regulatory Commission (CSRC) has said that it will issue no new licenses to brokerages set up as joint ventures with foreign firms until the country’s market reforms are completed. In a Sept. 13 statement, the agency gave no indication of when the ban will be lifted. New branches and subsidiaries of domestic
The U.S. pattern of stock-exchange consolidation, which has recently spawned a flurry of new investments by market participants in alternative or smaller trading venues, is repeating itself on two continents. Just as NYSE Group and Nasdaq Stock Market are integrating acquisitions and looking to Europe for expansion while competition is stirring at home, new industry-backed
Brokers vs. Exchanges Read More »
The more crowded and competitive the hedge fund industry gets, the more difficult it is for fund managers to set themselves apart from competitors. The above-average returns that might come from developing unique, technology-based trading strategies are harder to come by. Curiously, one answer to this problem may come from a technology that in a
Blogging for Alpha Read More »
The events of Sept. 11 hit the firm of Cantor Fitzgerald harder than any other company in the World Trade Center. Cantor lost some 730 of the 1,000 employees located on the top floors of the North Tower. Some 180 of those casualties belonged to eSpeed, Cantor Fitzgerald’s electronic trading subsidiary for fixed-income products. The
eSpeed charts road to recovery Read More »
A true financial supermarket has been a dream of firms in the financial services industry. But the dream has had myriad obstacles, ranging from regulation and legislation to plain old know-know. Some firms, expanding outside traditional niches, have found profitability to be a factor of expertise and the efficient application of systems, two competencies sometimes
Elusive Goal of Product Convergence Now Gets A Big Boost From Technology Read More »
Wall Street firms were Web-enabling applications for several years before the events of Sept. 11, starting with retail trading, banking and analytics. Some firms, including Fidelity and Merrill Lynch, have also made strides in converting their back-office applications to use with Web browsers. But after Sept. 11, as Wall Street began focusing on the geographic
Thin-Client Benefits Back in Spotlight Among Street Firms Read More »
Windows XP is the most innovative addition to the Windows family in years, finally burying the old MS-DOS code base and moving everyone-both consumers and businesses-to the same NT architecture. In addition to being more stable and more reliable, it also allows Microsoft to concentrate all its OS development efforts on one product, instead of
Mixed Reviews On Wall Street For Innovative XP Read More »
Both IBM and Sun Microsystems have recently announced new high-end servers that mimic mainframe functionality, that hold promise for the financial services sector, but given the mood on Wall Street, their timing could have been better, experts say. Sun announced its Sun Fire 15K server-also known as Starcat-on Sept. 25, and IBM quickly followed up
High-End Servers Battling to Win Financial Firms Read More »
From the moment it was proposed, there were skeptics. People wondered why the New York Board of Trade-the former NY Coffee, Sugar and Cocoa Exchange-needed to maintain a backup trading floor at a cost of $300,000 a year. After all, typically not even major exchanges have such sites. But the commodity market, which lost its
Completely Redundant Read More »
