Dealing rooms

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John Thain: Merrill's structured products were so complex that nobody understood them

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John Thain: Merrill's structured products were so complex that nobody understood them

Former Merrill Lynch chief John Thain says that the structured products created by his firm were so complex that it could take up to three hours to model one traunch of a single CDO correctly when using "one of the fastest computers in the United States".

Teza programmer developed code while still UBS employee

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Teza programmer developed code while still UBS employee

A Teza Technologies programmer developed code relating to data storage while still a UBS employee, but the high-frequency trading start-up did not use it, CIO William Sterling has told a Chicago judge.

SEC approves new rules to deal with erroneous trades

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SEC approves new rules to deal with erroneous trades

The Securities and Exchange Commission has approved new rules designed to limit the potential for systemic damage from fat-fingered or computer-generated erroneous trades.

Instinet to launch patent-pending 'aggregated' dark pool

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Instinet to launch patent-pending 'aggregated' dark pool

Instinet is set to launch a new US dark pool that combines multiple smaller buy and sell orders up to a specific volume threshold in an effort to attract more anonymous block trade order flow.

LSE in talks to buy Turquoise

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LSE in talks to buy Turquoise

The London Stock Exchange says it has entered into exclusive talks with pan-European equity trading platform Turquoise about a possible transaction.

Nyse Euronext appoints IBM veteran Cerutti as deputy CEO

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Nyse Euronext appoints IBM veteran Cerutti as deputy CEO

TransAtlantic exchange Nyse Euronext has signalled the critical importance of technology to its global business operations by appointing IBM salaryman Dominique Cerutti as the successor to deputy chief executive Jean-François Théodore.

LCH.Clearnet bids to resolve ownership

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LCH.Clearnet bids to resolve ownership

London clearing house LCH.Clearnet appears to have finally resolved the wrangling over its future ownership after proposing the redemption of over 40% of its shares at a price of EUR10 a piece - an offer accepted by its biggest shareholder, Euroclear Bank.

Exchanges call on G20 to tackle dark pools

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Exchanges call on G20 to tackle dark pools

The World Federation of Exchanges (WFE) has urged G20 leaders to press for market reform to tackle the uneven playing field and eroded price discovery it claims has been caused by the emergence of alternative trading platforms such as dark pools.

Citi, UBS and Deutsche Bank fined over outsourced IPO communications

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Citi, UBS and Deutsche Bank fined over outsourced IPO communications

Citi, UBS and Deutsche Bank have been fined a total of $425,000 by US regulators and ordered to pay customers up to $420,000 for failing to supervise communications related to the 2006 initial public offering of Vonage Holdings.

BNP Paribas prime brokerage unit sells colocation business to Options IT

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BNP Paribas prime brokerage unit sells colocation business to Options IT

BNP Paribas' prime brokerage division has sold its hedge fund outsource technology business to vendor Options IT. Financial terms of the deal were not disclosed.

Oppenheimer signs for Thomson One Wealth Management

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Oppenheimer signs for Thomson One Wealth Management

Investment bank Oppenheimer & Co is rolling out Thomson Reuters' wealth management technology to 2500 employee desktops.

EU's MiFID review to look at dark pools

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EU's MiFID review to look at dark pools

The migration of share trading from regulated platforms to dark pools is to be examined by the European Commission as part of a wider review of the Markets in Financial Instruments Directive (MiFID).

SEC proposes flash ban; takes aim at credit rating agencies

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SEC proposes flash ban; takes aim at credit rating agencies

The Securities and Exchange Commission (SEC) has proposed a ban on flash orders and agreed to tighten the supervision of credit ratings agencies.

DTCC selects IBM telecomms expense management services

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DTCC selects IBM telecomms expense management services

The Depository Trust & Clearing Corporation (DTCC) has signed for expense management services from IBM to help keep on top of its multi-million dollar telecommunications spend.

Chi-X races to adopt faster messaging technology

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Chi-X races to adopt faster messaging technology

Chi-X has signed an agreement with IBM to install its high speed messaging technology. This move is part of a larger race among liquidity providers to increase the speed of their services.

LSE confirms £18m MillenniumIT deal

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LSE confirms £18m MillenniumIT deal

The London Stock Exchange has confirmed it will buy Sri Lanka's MillenniumIT for around £18 million and use the vendor's technology to replace its TradElect platform.

Euroclear launches Korean bond service

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Euroclear launches Korean bond service

Belgium-based central securities depository Euroclear has developed a new service link with its Korean counterpart, Korea Securities Depository (KSD), in order to provide settlement, custody and related services for Korean treasury bonds (KTBs).

BlackRock plans global trading network

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BlackRock plans global trading network

Asset manager BlackRock plans to develop its own global trading platform in a bid to save clients money on trading fees currently paid to Wall Street banks.

Risk and regulation driving IT spending priorities at transaction banks

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Risk and regulation driving IT spending priorities at transaction banks

Risk and regulatory pressures are driving global transaction banks to invest more heavily in technology and IT outsourcing, according to a joint survey by banking co-operative Swift and IBM

Omgeo partners Hundsun for Mandarin interface to Chinese asset managers

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Omgeo partners Hundsun for Mandarin interface to Chinese asset managers

Post-trade processor Omgeo is partnering with Chinese IT systems house Hundsun Technologies to create a Chinese language interface to its Central Trade Manager product.

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