October 3, 2005 Issue Abstract


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Securities Trading: Buy-Side Institutions Find Merits in Tweaking Algorithms as One-Size-Fits-All Is Outmoded. Variations in algorithms that add value and enhance performance of an investment strategy have become one of the hottest trends in the world of securities trading, especially among buy-side participants.


Industry Alert: FESE to Europe: Don’t Short Change IPO Liquidity. The European Commission continues to deliberate specifics of MiFID (Markets in Financial Service Directive), including proposals about market transparency.


Spotlight: Raymond L. Killian, Jr., Chairman and CEO, Investment Technology Group, Inc.


Transaction Management: Steering SWIFT to Bold 2010 Vision Ruffles Feathers. IT solutions vendors see value in SWIFT moving upstream in the securities-trading value chain, and transforming from a messaging infrastructure into a transaction management utility.


Trade Order Management: Thomson-Linedata Alliance Gives Both New Clout. Under a new distribution partnership, Linedata Services will make its LongView Trading System, an order management platform, available through Thomson Financial’s suite of services.


Hedge Funds: SWIFT Eyes Hedge Funds, Derivatives as New Arena. Recognizing the proliferation of hedge funds and use of derivatives in investment strategies, SWIFT is looking for ways to expand services and develop messaging protocols to serve these growing areas of the securities industry.


Depository Update: Europe’s CSD Trade Groups to Merge for Stronger Role. The European Central Securities Depositories Association (ECSDA) and the Central and Eastern European Securities and Clearing Houses Association (CEECSDA) are merging to have a stronger, more effective voice on key securities issues, such as regulatory impact assessments and the need for a European Commission directive covering clearance and settlement operations in Europe.



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