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WST TOC (Page 1) VOLUME 29, VOLUME NUMBER 29, 2 WALL STREET APRIL & TECHNOLOGY 2011 Measuring IT’s Detecting Insider Trading 2011 Tech Spending to Business Value p.10 Before It’s too Late p.14 Jump 6 Percent p.26 April 2011 Business Innovation Powered By Technology With rapid technology deployment and superior customer service, Bloomberg LP has woven its technology into the fabric of Wall Street’s front office. p.20 Inside Bloomberg Thomas Secunda, Founding Partner and Global Head of Financial Products and Services, Bloomberg LP A UBM TECHWEB PUBLICATION Protecting my clients’ privacy is the best investment I can make. 3M™ Privacy Filters Look to 3M for a full line of visual privacy solutions. Designed for today’s computer monitors or mobile devices, they offer you a crisp, clear view of sensitive financial data while blocking wandering eyes. To learn how 3M Privacy Filters can help your organization meet regulatory and compliance standards, download the white paper at: 3MPrivacyFilters.com/finance © 3M 2011 Display good judgment. Wall_Street_Tech_VEND.indd 1 3/16/11 5:47 PM contents April 2011 20 Welcome to The Machine Thirty years after it was founded, Bloomberg has become part of the fabric of Wall Steet. Through a dedication to superior customer service and rapid technology innovation, along with a bit of healthy paranoia, the firm has built an empire on the back of the Bloomberg Terminal. Step inside the formerly secretive company with Wall Street & Technology for a look at how Bloomberg Thomas Secunda, pumps out new technology at such a Founding Partner phenomenal pace, and how it is adapting and Global Head of to the changing markets. Financial Products and Services, Bloomberg LP 12 Security 16 Data Management Attack of the In Search of Aggregated Botnets The Reporting To meet client emergence of demand for transparency while off-the-shelf reducing enterprisewide risk, cyber-crime tools asset and wealth managers are such as botnets dumping spreadsheets in favor has transformed of technology that automates hacking into a report aggregation. Cloud-based, point-and-click TODD FERGUSON best-of-breed and in-house process. In response, Raymond solutions all are in the mix. James and other financial servic- es firms are shoring up their defenses with new detection 26 Special Report technologies. The Year of Compliance 20 And the Cloud Spending 14 Compliance on information technology Before the Regulators Come among capital markets firms Knocking With the biggest insider- will jump 6 percent in 2011, trading trial in history under way, topping $44 billion globally, Wall Street firms are on notice — according to Aite Group. the SEC is itensifying its scrutiny Complying with Dodd-Frank of market abuses, and any firm will be a major goal for much caught in the crossfire faces some of that spending, and cloud- 16 serious consequences. To avoid based solutions are likely to CHAT SCRUGGS the same fate as the Galleon benefit across the board. Group, companies are ramping up their internal monitoring and compliance capabilities. COVER PHOTO: TONY VECCHIONE TONY COVER PHOTO: APRIL 2011 www.wallstreetandtech.com WALL STREET & TECHNOLOGY 3 contents wallstreetandtech.com Dodd-Frank Cheat Sheet At nearly 1,000 pages long, the Dodd-Frank Wall Street Reform and Consumer Protection Act is not a riveting read. 8 Upfront It’s dense, complicated, confusing and often boring. But it’s also the most important piece of financial regulation since Well Fargo’s Smartphone Policy? Reg NMS, at least. To help you understand what Dodd-Frank Simple. They’re Not Allowed means for your business, we’ve read the entire legislation for you and created the Thomson Reuters, Redkite Team Dodd-Frank Cheat Sheet, which distills the Act down to its essential implications To Sharpen Market Surveillance and highlights its key requirements, important deadlines and the impact on IT. Download your Cheat Sheet today. wallstreetandtech.com/dodd-frank Northern Trust Enhances Passport For Institutional Clients A New Spin on Outsourcing 10 Technology Economics Often controversial, outsourcing is garnering renewed Time for a New Market Index interest on the Street. But capital markets firms today An experimental market index of are redefining outsourcing, leveraging it as a strategic technology leaders demonstrates advantage that delivers business value rather than that IT is a key driver of business simply as a cost-cutting necessity. This special digital success, according to contributing edition of Wall Street & Technology takes an in-depth editor Howard Rubin. It’s time to look at the evolution of outsourcing and identifies the new best practices that are throw out antiquated measures of helping Wall Street firms get the most out of their sourcing strategies. performance and introduce new wallstreetandtech.com/digital-edition/march2011 market indices that reward tech - nology leaders, he says. Soaring in the Cloud Join the industry’s top business technologists 31 Industry Voice at Wall Street & Technology’s Capital Markets What Every Manager Must Know Cloud Symposium as they discuss the realities, capabilities and expectations About Disaster Preparedness surrounding cloud-based applications and infrastructure and how they will dramatically Disaster recovery often is under- change the technology strategies on Wall Street. May 17, 2011, Hilton New York. stood to be the need for backup wallstreetandtech.com/cloud2011 systems to safeguard a firm’s data. But, Animus Solutions’ Adam The Evolving Buy-Side Trader: New Skills, Montella insists, if firms truly want to survive a disaster, preparation must Technology & Knowledge be about much more than just data. Advanced Trading’s Buy-Side Trading Summit 2011 brings together the industry’s top buy-side traders and technology 34 Perspectives executives to discuss the hottest developments in trading, including the growing role of Sacrificing Sacred Cows Industry high-frequency trading, the increasing use of dark pools, new technology for the trading pressures to forgo preferencing desk, transaction cost analysis, risk management and the changing skill set required to restrictions and trade-at rules will be be a successful trader. Oct. 16-18, 2011, Ritz-Carlton Amelia Island, Fla. intense, says special contributing advancedtrading.com/summit2011 editor Larry Tabb — even if the new rules are the right prescription for staving off another Flash Crash. Wall Street & Technology’s 2011 6 From the Editor Reader Advisory Board John A. Bottega, Chief Data Officer, Robert Palatnick, Managing Director/ Federal Reserve Bank of New York Technology, DTCC Joseph Ferra, Chief Wireless Officer, Steve Rapp, Managing Director, Fidelity Allianz Global Investors Capital John Galante, SVP and CTO, J.P. Morgan Steve Rubinow, EVP & co-CIO, Worldwide Securities Services NYSE Euronext Joe Gawronski, President, Prashant Sarode, VP, Corporate & WALL STREET & TECHNOLOGY (ISSN 1060-989X) is published 5 times per year (February, April, June, September, November) by United Business Rosenblatt Securities Investment Banking Technology, Wachovia Media LLC, 600 Community Drive, Manhasset, NY 11030; tel. 516.562.5000. All rights reserved. SUBSCRIPTION INFORMATION: $85 per year in the U.S., $105 in Canada and $295 elsewhere (payable in U.S. funds). Single-issue Scott Ignall, CTO, Derek Stein, Chief Technology Officer, requests ($7 each), write to: Wall Street & Technology, P.O. Box 1054, Skokie, Ill. 60076-8054; or call 800.682.8297 or 847.647.4065. EDITORIAL OFFICES: Lightspeed Trading Barclays Global Investors 240 West 35th St., 8th Floor, New York, NY 10001, 212.600.3000. POSTMASTER: Please send changes of address to Wall Street & Technology, P.O. Box 1054, Skokie, IL 60076-8054; or call 800.682.8297 OR 847.647.4065. Periodicals postage paid at Manhasset, NY, and additional mailing offices. Ira Lehrman, GHF Group, Timothy M. Tully Jr., SVP & COO, Member, Business Publications Audit of Circulation. Copyright 2011 United Head of Applications and Development BNY Mellon Wealth Management Business Media LLC. Return undeliverable Canadian addresses to Pitney Bowes, P.O. Box 255542, London, ON N6C 6B2. PRINTED IN THE USA. 4 WALL STREET & TECHNOLOGY www.wallstreetandtech.com APRIL 2011 B:8.875” T:7.75” S:6.75” BULL. BEAR. TORTOISE. HARE. B : 1 T S 1 : : 1 . 9 3 0 ” 7 ” 5 ” SOLVED. You’re in a race against nanoseconds. We get it and we’ve got the advanced technology you need. Juniper managed switches have what it takes to revolutionize your network’s performance. And we’re here to help with planning, design and everything in between. So your network never slows and you stay ahead of the competition. Build a winning network at CDW.com/juniper ©2011 CDW LLC. CDW®, CDW•G® and PEOPLE WHO GET IT™ are trademarks of CDW LLC. DOCUMENT PATH: Macintosh HD:Users:rubanishaw:Desktop:94478_SMLQ2_AprSec1PartnAd:94478_CDWFST11035K011_SML Q2 Apri... Securities 1Partn Ad_Juniper_F:94478_CDWFST11035K011_SML Q2 April Securities 1Partn Ad_Juniper_F.indd AGENCY JOB NO.: CDW.CDWFST.11035.K.011 DATE/TIME: 3-16-2011 4:20 PM BLEED: 8.875” w x 11.375” h DIVISION/OFFICE: Ogilvy/Chicago OPERATOR: Rubani.Shaw TRIM: 7.75” w x 10” h STUDIO JOB NO.: None LIVE: 6.75” w x 9” h VERSION: Base SLUG FONTS: DIN Light, DIN Regular DUPLEX: No REVISION: Final SCALE: 1”:1” NO. OF PAGES: 1 of 1 FONTS: Prelo (Black, Book) PRINTED AT: 100% FILENAME: 94478_CDWFST11035K011_SML IMAGES: 94478_GettyImages_frustrated RESOLUTION PLACED: HiRes Q2 April Securities 1Partn trader at work.tif (671 ppi; CMYK), Ad_Juniper_F.indd 94478_CDW_PWGI_CMYK.ai, EXEC. CREATIVE DIRECTOR: None 94478_juniper_black.eps CREATIVE DIRECTOR: N. Vaznonis AD TITLE: 94478_SML Q2 April Securities COLOR PROFILES: None ART DIRECTOR: M. Gore 1Partn Ad_Juniper TRAPS: None COPYWRITER: M. Haddock CLIENT: CDW DIE CUT: None ACCOUNT: B. Platte CLIENT JOB NO.: CDW 94478 COLOR SWATCHES: Cyan PRINT PRODUCER: A. Kubala BRAND: CDW Magenta TRAFFIC: A. Martinez PRODUCT: Ad Yellow ART BUYER: K. Murphy CODENAME: None Black ENGRAVER: Superior Digital Graphics JOB TYPE: Print JOB CATEGORY: CDW Mechanicals TO APPEAR IN: April Wall Street & Tech 8.875” x 11.375” 7.75” x 10” 6.75” x 9” fromtheeditor Volume 29, No.
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