Dealing rooms

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/Dealing rooms

Black Thursday for financial markets as job losses mount

Financial markets have been rocked by a further series of massive job reductions at top firms, including Credit Suisse, Nomura, Commerzbank/Dresdner Kleinwort, State Street, and Jefferies.

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Buy side shys away from block crossing as volatility increases - Tabb

Market volatility is forcing US equity trader to change their execution strategies, contributing to a marked decline in block trading over crossing networks, notes a new report from analyst group Tabb.

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EMXCo names Euroclear's Yannic Weber CEO

Brussels-based depository Euroclear has installed its UK and Ireland chief executive officer Yannic Weber as CEO of subsidiary firm EMXCo, which provides electronic messaging to automate the flow of investment fund orders.

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UBS to switch clearing to SIS X-Clear

UBS is set to become the first London Stock Exchange client to switch its clearing from incumbent provider LCH.Clearnet to Switzerland's X-Clear, under a new competitive clearing regime introduced by the LSE in September.

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Liquidnet postpones IPO

Buy-side trading network Liquidnet has shelved plans to go public until 2010 due to poor market conditions.

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UK competition watchdog refrains from intervention in clearing

The UK's Office of Fair Trading has decided not to take any further action in the market for derivatives clearing, after inviting views earlier this year.

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Orc to cut jobs as it looks for Skr40 million savings

Swedish derivatives trading technology company Orc Software is to cut its workforce in an attempt to reduce annual expenses by around Skr40 million.

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Turquoise to tap new investors

Alternative share trading platform Turquoise is looking for fresh funding from new investors just two months after launch.

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Finexpo to highlight new trends in risk and transaction management

The Finexpo - Risk & Transaction Management conference and exhibition has opened for registration. The event, on Thursday 5 February at The Brewery in London, will focus on the latest developments in risk management approaches, regulatory frameworks, data and transaction management solutions and clearing and settlement infrastructures.

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Citi restructuring claims electronic trading head Richard Evans

Richard Evans, Citigroup's global head of electronic trading has been made redundant in the latest round of restructuring at the struggling US bank.

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UBS launches Malaysian DMA as exchange prepares new trading platform

UBS has launched direct market access (DMA) on Bursa Malaysia, and rolled out its proprietary execution management system, UBS Sapphire, as the exchange prepares to switch to its new cash equities trading platform on Monday.

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Omgeo partners with Korean Securities Depository

The Korean Securities Depository is to partner with post-trade utility Omgeo to offer a service bureau for automated trade matching and processing for local investment houses dealing in overseas markets.

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Asset managers call for consolidated tape as MiFID rule changes hit data quality

The UK Investment Management Association (IMA) says the quality of information relating to best execution in UK equities has deteriorated since the introduction of the Markets in Financial Instruments Directive (MiFID) last year.

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Nyse Arca to partner with Liquidnet: Knight to launch European dark pool

Nyse Arca is to add liquidity to buy-side block crossing network Liquidnet, as traditional exchanges and dark pools trend towards convergence strategies.

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SecFinex signs with SIS x-clear for securities lending CCP

Nyse Euronext subsidiary SecFinex has commissioned SIS x-clear to develop a central counterparty service for stock borrowing and lending across the SecFinex Order Market.

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New York may need federal aid as job losses escalate - NY Comptroller

The financial crisis could cost New York City and state 225,000 jobs and $6.5 billion in securities industry-related tax revenue over the next two years, according to a report released by New York State Comptroller Thomas P. DiNapoli.

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Eurex and Clearstream to introduce CCP for securities lending

Deutsche Börse Group subsidiaries Eurex Clearing and Clearstream Banking Luxembourg have announced plans to introduce a central counterparty service (CCP) for securities lending in Q2 2009.

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Euroclear to acquire Xtrackter

European depository Euroclear is to acquire Xtrakter, the capital markets services division of trade association ICMA.

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Plus Markets and Direct Edge sign TransAtlantic co-operation pact

UK small and mid-cap exchange Plus Markets is to partner with the US-based Direct Edge ECN to explore strategic opportunities for the listing and trading of stocks in US, UK and EU markets.

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FfastFill raises £1 million; losses widen

Screen dealing technology vendor FfastFill has raised £1 million from a placing of 15.4 million shares at six-and-half pence per share.