Technology
Business managers play key role in shrinking Merrill IT budget
Merrill Lynch has stemmed IT cost overruns by shifting the responsibility for technology project costs to business managers and away from IT managers.
GFI launches new credit portal
GFI Group has launched its new Credit Portal, which provides online access to GFI’s databases and risk management tools.
Fortis London commodities unit to implement Ubitrade system
Fortis Commodities Brokerage, the London commodity trading unit of Benelux bank Fortis, has signed up to Ubitrade Futures & Options, a capital markets trading and risk management system developed by French company Ubitrade.
CalPERS presses ahead with $37 million STP plan
The California Public Employees Retirement System is moving forward with its $37 million four-year straight-through processing project, despite the delay of the T+1 deadline, and the economic conditions that have shrunk the fund manager’s assets under…
Lehman takes a proprietary route to STP integration
US investment bank Lehman Brothers will rely on proprietary technology rather than industry standards to achieve straight-through processing (STP), Patrick Maher, Lehman vice-president of operations technology told delegates at Waters Magazine’s 2002…
SunGard's credit risk system scores a second client
Credient, SunGard Trading and Risk Systems' new credit portfolio analysis and counterparty exposure tracking system, has secured its second client, WestLB. Its first was ING.
Egar Technology secures $2.5 million in new funding
Egar Technology, a risk management systems vendor set up to hedge funds, banks and commodity risk managers, has secured $1.5 million in funding from World Bank private sector investment arm, the International Finance Corporation (IFC), and $1 million…
Moneyline Telerate removes Tullett swaps data
Moneyline Telerate, the provider of real-time capital markets information, is removing Tullett & Tokyo Liberty’s benchmark US dollar rate swaps information from its treasury and swaps information service - known as page 19901 - on September 20, according…
Bayerische Landesbank to use Algo for cross-product margining
Bayerische Landesbank (BayernLB), 50% owned by the Association of Bavarian Savings Banks with the remainder held by the Bavarian regional government, plans to implement Algo Collateral for all its cross-margining by March next year.
Bank of China International chooses Sophis
BOC International Financial Products, a division of Hong Kong-listed Bank of China International, has selected risk management software company Sophis to support the front, middle and back office of its new derivatives unit.
Currenex extends post-trade FX settlement and allocation
Multi-bank FX trading portal Currenex has added new features to its FXtrades service, improving the efficiency of its allocation and settlement processes and minimising post-trade errors, according to Lori Mirek, president and chief executive.
JCF to use Quantal analytics in bid to take on Barra
JCF Group, a provider of analytical models and software for investment managers, has launched a new risk measurement module within its flagship JCF Quant product in a bid to take on California-based Barra.
CreditTrade and Reech to offer combined CDS data service
Electronic credit derivatives broker CreditTrade and financial software provider Reech Capital are combining pricing resources to offer a single service for valuing credit default swaps (CDSs).
SAP launches new Basel II functions for mySAP Banking
German software services provider SAP said it is providing new functions for its mySAP Banking package to help banks meet the requirements of the risk-based Basel II capital Accord and new international accounting standards in the European Union (EU).
Hedge funds targeted by Summit-CoVision alliance
Summit Systems, a New York-based trading, risk management and straight-through processing vendor, and CoVision Capital Group, an investment management firm, have partnered to provide an investment platform specifically geared towards hedge funds.
OpenLink introduces Swift messaging capability
OpenLink, a New York-based trading and risk management software company, has released its Open Settlement Solution - an integrated Society for Worldwide Interbank Financial Telecommunication (Swift) messaging capability for its Findur system. Evaluating…
Murex to supply clients with Reech Capital derivatives models
Financial software provider Murex is licensing some of competitor Reech Capital’s products to give its clients access to models to more accurately price and hedge exotic FX options.
Hong Kong Exchange moves to increase derivatives transparency
The Hong Kong Exchange has agreed to let information vendors such as Reuters and Moneyline Telerate list its derivatives prices for the first time, in a move designed to improve market transparency.
RiskMetrics expands CreditGrades to include Japan
RiskMetrics Group, the New York-based software company, has expanded its CreditGrade risk measurement system in Asia to include data on Japanese firms.
FT Interactive Data expands BondEdge Derivatives Coverage
FT Interactive Data, a provider of securities prices and analytical software, has expanded the number of derivatives prices it reports with the latest version of its fixed-income portfolio analysis tool.
Totem acquires dividend forecasting service
Over-the-counter derivatives price data vendor Totem has acquired Dividend Directory Limited (DDL), the owner of DaDD, a service forecasting dividend and ex-dividend dates up to four years in advance. This information is an important input to equity…
Raft forms user group for Radar op risk products
Risk management software provider Raft International has formed a user group for firms using the various modules of its Radar suite of operational risk tools. The first Radar User Group meeting will be on September 5 in London.
Canada's Penson signs up to Ubitrade software
Montreal-based Penson Financial Services, Canada’s third largest clearing firm, has signed up to use Ubitrade Futures and Options, a back-office trading system developed France-based risk management company Ubitrade.
OneChicago and Nasdaq Liffe to use SunGard system for SSF clearing
OneChiacgo Futures Exchange and Nasdaq Liffe Markets (NQLX) have signed up SunGard’s GMI back-office clearing system for trading single-stock futures (SSFs).