Cracking the Code on Protecting Code

Goldman Sachs, UBS and Société Générale all have been involved in the last year in high-profile cases involving alleged thefts of computer code used in their algorithmic trading strategies for their clients and their own objectives. The lesson: Even the biggest and best of breed in high-speed, complex electronic trading need to review the procedures […]

Spreadsheets: Numbers Clear, Compliance Risks, Too

After the passage of the Sarbanes-Oxley Act in 2002, many securities firms implemented financial controls to ensure the accuracy of financial statements. The new act required public companies to strengthen accounting controls and social trading oversight. Spreadsheets are difficult to control and audit. Many companies accelerated their migration to enterprise-quality databases and resource management systems […]

Playing by Globe’s Newest Rule Book ‘Tricky’

This year, U.S. regulators plan to tighten leverage requirements and oversight of foreign exchange brokers. Securities firms with operations in the United Kingdom will need to increase liquidity reserves and begin daily monitoring of assets that can be converted easily into cash. Meanwhile, Asian countries continue to implement the Basel II accords, under which institutions […]

Opposition Mounts to Lowering of Leverage in ForEx Trading

Opposition appears to be mounting against new rules that would reduce the amount of leverage required in retail foreign exchange trading from the current 400:1 to just 10:1. Opponents of the rules proposed by the Commodities Futures Trading Commission claim that it will  cause investors to switch to overseas trading venues. The public comment period […]

TSE’s Arrowhead System Lowers Trading Costs

Tokyo’s new Arrowhead trading platform has cut trading costs by more than a third, according to a report released this week by New York-based investment technology provider ITG Inc. According to ITG, Japanese trading costs were 36 percent lower during the last two months compared to the December, falling from 49 to 31 basis points. […]

‘Vast gaps’ in data protection

Most financial companies have “vast gaps” in their privacy and data protection programs, according to a study released this week by security firm Compuware and Ponemon Institute, a research company. The survey found that 83 percent of companies use real customer data in development and testing – and 51 percent of those who do so, […]

UBS Loses Code-theft Case Against Former Employees

FINRA arbitrators have ruled against UBS and in favor of its three former employees in a case of alleged theft of algorithmic trading code. The three employees – Jatin Suryawanshi, Partha Sarkar and Sanjay Girdhar – were accused of “misappropriation of trade secrets, breach of contract, breach of fiduciary duty, unfair competition and other wrong […]

IBM Supplying Risk System to Chinese Securities Firm

IBM Corp. is building a risk management system for Guotai Junan Securities in collaboration with Algorithmics, a Toronto-based provider of enterprise risk solutions. IBM says that the risk system for the Shanghai-based brokerage is its first for a Chinese securities firm. Implementation has begun, according to Colin Lawrence, IBM’s China risk management leader. “The first […]

The Regulatory Bind of Social Networking

Under new guidelines from the Financial Industry Regulatory Authority on the use of social networks, securities firms must keep copies of all business-related communications on social networks, whether those communications are official or from “associated persons.” But the securities industry’s largest self-regulating body also admits that the technology to grab those messages might not exist. […]

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