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latency is a key consideration and firms are looking to make sure all their own systems are clocking the same time, particularly with the number of trades firms can log in today’s markets, Yodaiken said. He added a soft launch has been conducted with a few hedge funds and exchanges and the company is now ready to execute its strategy to replace hardware in use at firms or to be adopted as a supplement to existing systems. MARKET STRUCTURE
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CFTC tech committee to investigate market structure changes
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Scott O’Malia, commissioner at the Commodity Futures Trading Commission, told a Congressional committee this month that the agency’s Technology Advisory Committee is planning to focus on looking at how market structure in the futures market has changed in the last few years. In response to questions during a hearing of the Committee on Appropriations of the US House of Representatives related to budget requests, O’Malia said the committee, which was revived in 2010, SCOTT O’MALIA will dedicate some commissioner at the of its resources Commodity Futures Trading Commission to looking at how the markets have changed. Specifically, O’Malia said they will look at the move to a more electronic, high speed market and the impact of the change on market participants. He said the focus is in response to complaints from some market participants who
have said that the current structure is less efficient for hedging purposes. He also said the regulator should be focusing on its ability to take in and analyze order data in light of the shift to a more technology oriented market. “That is where high frequency traders and automated traders execute their strategy,” he said. That data could help with the agency’s understanding of the market, he said, but the current data received by the CFTC is stale. O’Malia added that he would like the agency to have an order intake system to better monitor the electronic strategies. DATA
Use of big data in financial services poses new challenges
Financial services firms dedicated to mining the masses of data available to them in support of their businesses are thinking about how to overcome challenges to using the data that are somewhat specific to the business, according to executives
who spoke at a conference in New York this month. During a panel discussion at the Futures Industry Association’s NY Expo, Tayloe Draughon, head of ESolutions product management at Newedge, said his focus now is on the future of data storage for the firm’s algorithmic and analytic data. “Right now we are providing algorithms on futures that require a significant amount of data. That data needs to be made available in formats where people can understand it and not necessarily how it was originally consumed,” he said. Draughon said the other challenge is the move from a focus on regulatory data to more trading oriented data from a firm’s clearing and execution systems. “We’re seeing this move from the easy stuff, which was regulatory data, to now considering, ‘How do I leverage some of the newer technologies t ????????????????????????????????????????????????????????????g?t?????!?????????????????????????9????=5`???E?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????((0