Vol 3 No 38
BRIEF OBJECTS
BRIEF OBJECTS
TRADINGLINX ROLLED OUT TO ASSET MANAGEMENT
Tradinglinx.com, a web-based application service provider (ASP) start-up, is to begin rolling out its virtual private network trade confirmation platform to Societe Generale subsidiary SG Asset Management. Tradinglinx says the system is targeted at reducing trade failures that occur during the processing of both domestic and especially cross-border transactions. Tradinglinx, is a straight through processing product designed for multiple asset classes and has network servers based in New York, Paris and Singapore.
INDOCAM TAKES SUNGARD MIDDLEWARE
Indocam, the asset management subsidiary of Credit Agricole, has selected an electronic trade confirmation (ETC) middleware solution from Sungard Business Integration. Combining Sungard's Intellimatch and Decalog reconciliation and trade management products, the solution will be used to integrate back office processing of Indocam's global trading activities, worth EUR150 billion.
DEUTSCHE BOURSE MEMBERS SPLIT OVER LSE MERGER
One third of Deutsche Bourse’s board members refused to back a draft agenda regarding the merger with the LSE and Nasdaq to form iX. Members were reportedly concerned about the loss of business to the Bourse’s Neuer Markt, saying they believe Nasdaq will dominate the joint venture, according to the Financial Times. And brokers were unhappy about having to subsidize the cost of UK brokers to hook up to the Xetra trading system.
Xetra is Deutsche Bourse’s trading platform for German shares and iX is adopting it for the merged exchanges. German broking firms represented on the Bourse argue that UK retail brokers should have to pay to connect Xetra, just as the German firms did in 1997 when it was introduced.
SYDNEY FUTURES EXCHANGE SUFFERS SYSTEMS FAILURE
The Sydney Futures Exchange sustained three separate disruptions to its markets on July 13. During the period from 11:10 am until 3:30 pm Sydney time (9:10 pm, July 12 to 1:30 am, July 13, Eastern Daylight Time),the Sydney market was unavailable for a total of 194 minutes. Consequently, 13 trades were cancelled. The first two disruptions resulted from the loss of the primary and secondary communications links to the SYCOM trading system. The third cessation occurred when the primary and secondary databases fell out of synchronization as a result of the previous interruptions. The exchange informed its members of the disruptions and kept the market closed until the problems had been solved. All trading participants were affected equally.
FIRST OPEN ELEC STOCK MARKET TO BE LAUNCHED
The Archipelago ECN and the Pacific Exchange recently closed a transaction that creates the first totally open, electronic stock market in the US, pending approval by the Securities and Exchange Commission. To be known as the Archipelago Exchange, the new market--the germ of which was announced in March--will be the equities trading arm of the exchange and a replacement for the marketplace that the exchange currently offers. It will operate under its self-regulatory authority. Archipelago Exchange will offer market participants a fully electronic mechanism for trading NYSE, American Stock Exchange and Nasdaq stocks. It stands as an alternative to the NYSE, Amex and Nasdaq, within the national market system, combining current technology with the latest thinking on market structure. As part of the agreement, the Pacific Exchange received an equity stake in Archipelago Holdings and a seat on Archipelago’s board. Specific financial terms of the deal were not disclosed.
