July 25, 2005 Issue Abstract


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Derivatives Trading: Advance of Derivatives Trading Flags a Key Gap: Missing Standards Stall Electronic Market Growth. Electronic trading systems and venues are advancing the complexity of derivatives trading in foreign exchange (FX), credits swaps and other instruments. The progress dramatically increases the sophistication of hedging strategies to reduce risks as well as to capture trading returns, as well as pointing institutional investors to using derivatives as an important portfolio tool.


Industry Alert: Macgregor Purchase Positions ITG as DMA Player. The planned acquisition by equity-trading services provider Investment Technology Group, Inc. (ITG) of order-management systems provider Macgregor is intended to integrate both companies' functions to better serve their clients.


Corporate Actions: Beware Disparities in Actions Processing. The possibility of the same corporate action being announced in different markets with different attributes at the same time seems unlikely, but it can happen more often than you might guess.


Spotlight: Michael Thorfinnson, Chief Operating Officer and Chief Risk Officer, TD Asset Management


Real-Time Data: Oracle to Extend TimesTen's Reach. With closing of its acquisition of real-time data management software provider TimesTen, Inc., technology company Oracle gets incremental database technology and a customer base that fits into its offerings.


Fixed Income Trading: Euronext Buyout of MTS Underscores Convergence. Euronext and Borsa Italiana's joint acquisition of 51 percent of MTS SpA, owner of the EuroMTS pan-European electronic trading system for fixed-income securities and several other country-specific versions of MTS, could spur MTS to consolidate its various platforms throughout several European countries.


The News Network: JP Morgan buys Neovest; Sun buys SeeBeyond; Nasdaq transfers OTC business to NASD; Lehman offers pre-trade analytics with Charles River



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