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Fuller to head new MiFID-ready exchange system Equiduct

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Fuller to head new MiFID-ready exchange system Equiduct

Bob Fuller, previously director of IT strategy at Dresdner Kleinwort Wasserstein and co-head of the MiFID Joint Working Group, is to spearhead a new MiFID-ready Pan-European trading platform using technology that was mothballed with the closure of the Easdaq growth market.

Reuters reports Q3 revenue rise; sells Factiva stake

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Reuters reports Q3 revenue rise; sells Factiva stake

UK news and information group Reuters is reporting a better than expected increase in third quarter revenue and says it expects full year growth to be at the top end of estimates. The vendor is also selling its 50% stake in news and business information outfit Factiva to joint venture partner Dow Jones for a total consideration of $160 million.

CME to buy Cbot for $8bn

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CME to buy Cbot for $8bn

The Chicago Mercantile Exchange (CME) has signed a definitive agreement to acquire rival market operator Chicago Board of Trade (Cbot) for about $8 billion in cash and stock.

City trading jobs to fall by 90% as banks take up algorithmic technology

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City trading jobs to fall by 90% as banks take up algorithmic technology

The number of traders employed in the City of London will have fallen by a massive 90% by 2015 because more banks are moving towards all-electronic algorithmic trading operations, according to a white paper released by IBM.

Instinet vows to undercut European exchanges with new Chi-X platform

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Instinet vows to undercut European exchanges with new Chi-X platform

Interagency broker Instinet is to launch a new automated trading system for European equities dubbed Chi-X.

Bank of America pilots FX dealing algorithm

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Bank of America pilots FX dealing algorithm

Bank of America is expanding its automated trading capabilities with the launch of its first algorithm for foreign exchange dealing.

Icap confirms LSE merger talks

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Icap confirms LSE merger talks

Icap has emerged as the latest suitor for the London Stock Exchange (LSE) after it confirmed that it had held exploratory talks with the UK market operator regarding a possible merger, but the interdealer broker says discussions have been halted, reportedly because the LSE's share price is too high.

European firms on track with MiFID preparations, survey shows

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European firms on track with MiFID preparations, survey shows

Around 84% of European firms are on track with plans to prepare for the implementation of the EU's Markets in Financial Instruments Directive (MiFID), according to a survey by SunGard, while just 16% say they are behind schedule.

Lehman buys minority stake in Bats ECN

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Lehman buys minority stake in Bats ECN

US investment bank Lehman Brothers has acquired a minority stake in Missouri-based ECN operator Bats Trading. Financial details of the transaction were not disclosed.

ABN Amro live with Caplin data distribution technology

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ABN Amro live with Caplin data distribution technology

Dutch banking group ABN Amro is using technology from UK-based Caplin Systems to deliver real-time bond inventory data to its global sales staff over the Web.

Investment banks to establish pan-European trade reporting system

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Investment banks to establish pan-European trade reporting system

A group of nine leading investment banks have signed a letter of intent to pool their trade transparency data and create a pan-European platform for the collection and sale of trading data that will bypass those operated by exchanges.

City to test bird flu contingency planning

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City to test bird flu contingency planning

London's financial district is to conduct a market-wide business continuity test to assess firms' readiness for dealing with an avian flu pandemic.

Euro banks hit by MiFID concerns

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Euro banks hit by MiFID concerns

US broker JPMorgan Securities is warning that EUR19 billion of market capitalisation could be lost among eight top European wholesale banks as a result of the EU's Markets in Financial Instruments Directive (MiFID).

Misys restructures banking systems business

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Misys restructures banking systems business

UK software house Misys is restructuring its banking systems business following a 25% decline in first half operating profits at the division.

FSSCC warns US banks to plan for bird flu pandemic

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FSSCC warns US banks to plan for bird flu pandemic

The US Financial Services Sector Coordinating Council has issued a paper warning banks that their current business continuity measures may not be adequate for dealing with a widespread outbreak of bird flu.

Euronext under pressure to pursue Deutsche Börse merger

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Euronext under pressure to pursue Deutsche Börse merger

Pan-European exchange Euronext is under pressure from one of its largest shareholders to kick-start merger talks with rival exchange Deutsche Börse and drop its takeover bid for the London Stock Exchange (LSE).

Citigroup signs for Reveleus Basel II package

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Citigroup signs for Reveleus Basel II package

Citigroup is implementing risk management technology from i-flex subsidiary Reveleus to comply with the forthcoming Basel II capital regulations.

RIM adds Google messaging to Blackberry

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RIM adds Google messaging to Blackberry

Canada's Research in Motion (RIM) says its popular Blackberry handheld device will soon support the Google Talk instant messaging service and Google Local mapping application.

Credit derivatives dealers boost IT spending to cut backlogs

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Credit derivatives dealers boost IT spending to cut backlogs

The world's largest credit derivatives dealers increased spending on technology by 32% last year following pressure from regulators to clear settlement backlogs and tighten risk management procedures, according to research released by Markit and Reoch Consulting.

DTCC adds derivatives expert Bill Stenning to business development team

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DTCC adds derivatives expert Bill Stenning to business development team

The Depository Trust & Clearing Corporation (DTCC) has hired former Swapswire COO Bill Stenning to drive expansion of its automated services in the OTC derivatives market.

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