NEWS
The vendor had been almost exclusively focused on Asia, where the company has two offices in Singapore and India. But in an interview, Indy Sarker, CEO, said the addition of Irvine is part of broad strategic plans to dedicate resources to increasing the recognition of Analec by US-based firms, as well as adoption and conversion to the electronic research model. Irvine said he will be focused on selling the offering on the buyside and sellside using the vendor’s penetration in Asia as an example. “We’re using Asia as a pilot to show how the market can be changed,” he added.
Sarker said the focus comes at a time when the market may see some brokerage firms drop out of the business due to shrinking research commissions. He noted smaller firms may continue to get paid for research through commission sharing arrangements but the payments will be smaller. If these same firms are not getting paid for execution capabilities, Sarker said the likelihood is they will not be motivated to continue running the business. Analec offers ResearchWise, which is research quality control for the entire process for the sellside, and ModelViewer, which provides
financial modeling and forecasting by incorporating methods proprietary to the user. EXCHANGES & ATSs
CBOE exchanges add BCP requirement
Exchanges operated by CBOE Holdings plan to add a mandate to their rules that their trading permit holders create and maintain a business continuity plan (BCP), according to regulatory filings from the marketplaces. Most market participants have been required to have some sort of BCP in place in the years following the 11 September 2001 terrorist attacks in New York, and Nasdaq OMX Group and NYSE Euronext have required their members to have the plans in place since April 2004. But the filing from the Chicago Board Options Exchange said the marketplace has not had a similar requirement. “The exchange believes adopting this new requirement will ensure TPHs are prepared in the event of an emergency or other disruption to their business,” it said, adding the word “disruption” could refer to a natural disaster, system failure or a disruption by a third party. CBOE, C2 Options Exchange and CBOE Stock Exchange members will be required to create and maintain written plans that will allow the firm to meet customer need during a disruption, stated the proposal. The plan must be proffered to exchange staff on request and updates must be made in the event of a material change, they said. Members will be required to conduct an annual review of the plan and document it, plus testing – annually if the member has public customers, or biennially if the firm doesn’t deal with public customers, they said. The exchanges will detail testing require-
PEOPLE MOVES
Presidential counsel, assistant moves back to SEC roots
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The Securities and Exchange Commission has named Anne Small as its general counsel. Small most recently served as President Barack Obama’s special assistant and associate counsel since October 2011. Prior to that she was the deputy general counsel for Litigation and Adjudication at the SEC. Small will replace Geoffrey Aronow who is moving up to the position of senior counsel to the chairman.
report to Stewart Macbeth, CEO of Deriv/ SERV and will be based in Asia to function as the head ????????????????????M???????????????????????????????I?????()???????????????????????????????????????
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