Recruitment heats up on Wall Street
Recruitment heats up on Wall StreetInvestment bankers and traders are in high demand, as the market weathers recent shake-ups in the mortgage world and an abundance of cash in hand. Top banks continue to recruit heavily from top M.B.A. schools, although a strong influx of foreign candidates has begun to make its presence known.
full storyjobs, careers, investment banking, sales, trading, finance, derivatives, MBALabels: careers, derivatives, finance, investment banking, jobs, MBA, sales, trading
Fat finger trades continue to present problem
Fat finger trades continue to present problemFat finger trades continue to plague employers despite the presence of numerous checks and balances used by most trading houses. A recent fat finger incident at Morgan Stanley forced the global financial-services firm to implement preset trade limitations for its traders on the swaps desk and add another measure that forces traders to make a manual computer entry to verify that an anticipated trade will exceed a preset limit.
Read more...trading, sales, invesment banking, input errors, electronic trading, order entry, electronic markets, electronic exchanges
Labels: electronic exchanges, electronic markets, electronic trading, input errors, invesment banking, order entry, sales, trading
What Trading Managers Look For in Job Candidates?
What Trading Managers Look For in Job Candidates?
Article by eFinancialCareers What do trading desk managers look for in new hires? Industry veteran and futures trader Larry Levin chats with eFinancialCareers about the skills needed to succeed in today's increasingly electronic trading environment.
Read more...careers, trading, sales, sales skills, analysis, quantsLabels: analysis, careers, quants, sales, sales skills, trading
CME commodities to trade 24 hours a day starting in June
CME commodities to trade 24 hours a day starting in JuneAfter reaching record volumes in 2006, the Chicago Mercantile Exchange plans to offer round-the-clock trading of commodities beginning June 4. "CME is a global marketplace, and we are committed to meeting customers' risk management and trading needs whether they are located in Asia, Europe, Latin America or the U.S.," said Terry Duffy, chairman of the CME.
full storyCME, derivatives markets, global markets, trading, electronic tradingLabels: CME, derivatives markets, electronic trading, global markets, trading
SEC mulls policy change on foreign investment
SEC mulls policy change on foreign investmentA proposed shift in SEC policy would allow foreign stock exchanges and brokers to service U.S. investors with being regulated by the SEC. The policy change comes amid mounting U.S. interest in foreign securities, increases in trading technology and cross-border exchange consolidation.
full storyforeign investment, US, SEC, global markets, trading, technology, exchangesLabels: exchanges, foreign investment, global markets, SEC, technology, trading, US
As Treasuries market grows quiet, traders grow restless
As Treasuries market grows quiet, traders grow restlessThe "Masters of the Universe" are bored. As volatility has declined in the market for U.S. government securities, some of the biggest banks and their traders are walking away from what was once the hottest game on Wall Street. "Low volatility makes it very hard to generate any income," according to one veteran of the 1980s boom time.
full storyus treasuries, bond markets, tradingLabels: bond markets, trading, us treasuries
CDOs put the squeeze on bond investors
CDOs put the squeeze on bond investorsCollateralized debt obligations are pushing down the costs to protect against bond defaults. CDOs can return three times the rate of the underlying securities, and are "changing the economics of investing in corporate bonds," said the head of structured credit research at Barclays Capital in London.
full storyCDO, derivatives, CDS, bonds, fixed income, tradingLabels: bonds, CDO, CDS, derivatives, fixed income, trading
DRIVING STRATEGIC INNOVATION:
Achieving Breakthrough Performance Throughout the Value ChainA unique executive program from MIT Sloan and IMD that integrates technology and innovation strategy with the tools and frameworks needed to help business leaders and entrepreneurs manage the innovation process from concept to commercialization.
View course agenda and registrationLabels: derivatives, innovation, management, metrics, performance monitor, risk management, strategy, technology, trading, value chain
SOA Advances Despite Confusion
SOA Advances Despite Confusion A recent report from Saugatuck Technology asserts that SOA continues to be technology-led, rather than business-led, and this may prove to be a barrier to its broad deployment. It may take as much as a decade for SOA deployments to dominate the IT landscape, but steady progress is being made. According to Oracle, while SOA is well understood at a high level, there is considerable confusion about actual implementation. Oracle's approach: Focus on building the link between business modeling and application development and enabling bi-direction communication between the two. Respected consultant Judith Hurwitz says that Microsoft "has some good pieces" in the SOA space, and "a lot on the server side," but the company is lacking when it comes to metadata and an overall strategy.
Learn more about SOALabels: architecture, derivatives, risk management, SOA, technology, technology strategy, trading
Jobs: Financial Reporting, Controllers Analyst (NYC)
Role: Analyst - Financial Reporting Controllers/New YorkCompany: Goldman SachsIndustry: Investment BankingJob Description:The intermediate/senior analyst will be an integral part of the GS Execution and Clearing financial reporting team. This includes assisting in the preparation and submission of the balance sheet and supporting schedules on monthly basis. The analyst will interact with other divisions throughout the firm with regards to Consolidated reporting, FAS 140 disclosure, Inventory and other balance sheet and P&L transactions. Also experience with FAS 109 tax reporting would be a plus.
Principal Responsibilities:- Assist with Monthly Balance sheet preparation
- Subsidiaries financial statement preparation
- Estimate to actual reviewInventory broadening and review
- Tax accruals and associated analysis
- FAS 140 calculation
- Participate in the semi-annual and year end audits
- Special projects
Experience/Skills:
- Degree in Accounting
- 1-3 years relevant work experience (preferably with a public accounting or financial services firm)
- CPA a plus, but not requiredStrong PC skills (Excel, Word, Essbase, DBS Ledger)
- Strong analytical skills and detail orientation
- Excellent Interpersonal and communication skills
Contact via email for further information.
Careers@BizAnalyst.net and gloria.chen-li@gs.com
HR, jobs, derivatives, trading, risk management
Labels: accounting, careers, derivatives, electronic trading, finance analyst, goldman sachs, hr, investment banking, jobs, risk management, trading
Citigroup plans to cut costs by $1 billion
Citigroup plans to cut costs by $1 billionCitigroup, trailing its rivals in profit growth, plans to cut $1 billion in costs this year, Bloomberg reports, citing a source with direct knowledge of the plan. The cost-cutting measures will involve eliminating some jobs, moving others to less expensive locations and overhauling the risk-management unit.
Read this articleIs this the beginning of a cost cutting wave on Wall Street? Feast or Famine.
Take a look at the new hiring trends on Wall Street.HR, jobs, derivatives, trading, risk managementLabels: careers, citigroup, cost cutting, derivatives, electronic trading, hiring, hr, jobs, layoffs, reorg, risk management, trading
FIX, FpML Training Course
FpML® Training CourseWednesday, March 28, 2007
Program Topics Include:
- What is FpML?
- Translating a Trade into FpML
- Fundamental Concepts of FpML
- Top-Level and Shared Components
- FpML Validation Rules and Methods
- Product Coverage:
- Interest Rate Products
- Credit Derivatives- FpML Messaging
- Customizing FpML
- FpML Change Guidelines
Agenda and
RegistrationLabels: data message formats, derivatives, financial services, FIX, FPML, integration, technology, technology strategy, trading
Community Banking & Credit Union Technology Perspectives
Community Banking & Credit Union Technology Perspectives Business strategies for revenue growth and value creation are similar between credit unions and community banks; however, community banks have far tighter cost constraints. Understand rapidly changing trends in end-user opinion to determine your market strategy.
Full articleLabels: credit unions, derivatives, risk management, technology, technology strategy, trading
ISDA 22nd Annual Meeting
ISDA 22nd Annual Meeting
The headline event of the year for the OTC derivatives industry, ISDA's 22nd Annual General Meeting in Boston will feature the perspectives of senior industry figures on global market and public policy issues in the derivatives business.
Topics to be discussed include:
- The Role of Prudent Regulation in Fostering Derivative Use
- Evolving Risk Management Techniques in Credit and Structured Products
- The Ever-Increasing Pace of Innovation and Creativity
- The Critical Role Technology Plays in the Economy and Financial Markets
- Global Growth Opportunities for the Derivatives Business
- Investor Perspectives: New Sources of Derivatives Growth and Sophistication
- Developments in Electronic Commerce Affecting Derivatives Trading and Processing
These themes will be complemented by breakout sessions. The breakout sessions will feature presentations on developing products, documentation, equity structured products, operations, public policy and risk management, presented by industry specialists at the heart of the issues.
Labels: derivatives market practices, ISDA, market rgulation, risk management, trading
Credit Derivatives go electronic
Credit Derivatives go electronic.
Key index and single name CDS products migrate from OTC to exchange traded products.
Business Impact
- Transparent pricing, valuation and public market data on CDS products
- Potential STP for order routing, execution, margin, confirmation & settlement processes.
- Reduced processing costs via automation of key processes
- Reduced spreads per trade
- Increased trading volume & time (23hrs x 5days/week)
- Migration of OTC positions to exchange traded positions (especially on buy-side: hedge funds, asset managers)
Technology Impact
- Interconnectivity to major exchanges for CDS trading (EUREX,CME) via order routing gateways
- Real time market data (quotes, spreads, market depth, executions/fills)
- Increased trading volume
Eurex will start trading in credit futures in March 2007
European exchange Eurex will start futures trading in iTraxx index beginning March 27, 2007. Additionally, trading will start at some date in future on the segments of iTraxx index too.
The Eurex iTraxx® credit futures will closely mimic the risk structure of credit default swaps traded in the over the counter (OTC) market. Trading on Eurex will involve Eurex Clearing as central counterparty thereby reducing the counterparty and systemic risk and adding to the benefits the product will offer to users.
The contract will be based on the 5 year series, with a fixed coupon and semi annual maturity dates in March and September. The contract size is EUR 100,000; the tick size is set at 0.005 percent translating into 5 euros per tick. It will be quoted in percent with three decimal places. The product will be cash settled, with reference to the iTraxx® index values of IIC.
In the case of a credit event, cash settlement of the single name entity will be made with reference to the ISDA CDS protocol. The Eurex iTraxx® Europe futures contract will be supported by designated market makers, ensuring liquidity from launch.
This is claimed to be the world's first exchange traded credit derivative product.
In the meantime, Chicago Mercantile Exchange has also reported that it will start trading in credit event futures in the 1st quarter of 2007. Regulatory approvals, it seems, are still pending.
Questions or comments, contact our subject matter expert: Victor Smith [victor7@bizanalyst.net]
Labels: CBOT, CME, credit derivatives, credit futures, derivatives, electronic trading, EUREX, exchange, LIFFE, market gateway, OTC, risk management, technology, trading
Exploring Monte Carlo Simulation Applications for Project Management
Exploring Monte Carlo Simulation Applications for Project ManagementYoung Hoon Kwak & Lisa Ingall
Monte Carlo simulation is a useful technique for modeling and analyzing real-world systems and situations. This paper is a conceptual paper that explores the applications of Monte Carlo simulation for managing project risks and uncertainties. The benefits of Monte Carlo simulation are using quantified data, allowing project managers to better justify and communicate their arguments when senior management is pushing for unrealistic project expectations. Proper risk management education, training, and advancements in computing technology combined with Monte Carlo simulation software allow project managers to implement the method easily. In the field of project management, Monte Carlo simulation can quantify the effects of risk and uncertainty in project schedules and budgets, giving the project manager a statistical indicator of project performance such as target project completion date and budget.
Read the report.
Keywords:
Monte Carlo simulation, project management, risk analysis and management, exploratory studyLabels: derivatives, exploratory study, Monte Carlo simulation, project management, risk analysis and management, risk management, technology, trading
Risk Diversifications in Emerging Economies
Risk Diversifications in Emerging EconomiesYoung Hoon Kwak & Lisa Ingall
Monte Carlo simulation is a useful technique for modeling and analyzing real-world systems and situations. This paper is a conceptual paper that explores the applications of Monte Carlo simulation for managing project risks and uncertainties. The benefits of Monte Carlo simulation are using quantified data, allowing project managers to better justify and communicate their arguments when senior management is pushing for unrealistic project expectations. Proper risk management education, training, and advancements in computing technology combined with Monte Carlo simulation software allow project managers to implement the method easily. In the field of project management, Monte Carlo simulation can quantify the effects of risk and uncertainty in project schedules and budgets, giving the project manager a statistical indicator of project performance such as target project completion date and budget.
Read this report.Keywords:
Monte Carlo simulation, project management, risk analysis and management, exploratory studyLabels: derivatives, exploratory study, Monte Carlo simulation, project management, risk analysis and management, risk management, technology, trading
Compensation & Negotiation: Please, Sir. I Want Some More.
Please, Sir. I Want Some More. Compensation Negotiation Article by
eFinancialCareersWhat if you're not satisfied when you get your bonus? Could you negotiate for more? Success is rare, and it could be a dangerous path to pursue. "In 20 years at Goldman, I never once saw anyone renegotiate their bonus after it had been announced, ever," says one former department head at Goldman Sachs...
full storyHR, jobs, derivatives, electronic trading, trading, risk managementLabels: careers, derivatives, electronic trading, hr, jobs, risk management, trading
CDOs cubed: The first-ever triple derivative
CDOs cubed: The first-ever triple derivativeExamine the newly created ‘CDOs Cubed’, which are the first-ever triple derivative, that is, a derivative of a derivative of a derivative. Not surprisingly, CDOs Cubed are often called, ‘derivatives on steroids’. Unlike traditional derivatives, which are utilized for risk reduction and/or leveraged speculation, this innovation has created thousands of new investment assets, covering the entire spectrum of risk and return. This paper traces the evolution of this innovation, and examines how this triple derivative is created, structured, and priced.
Read this report on new CDO structured products.
Labels: credit derivatives, derivatives, regulation, risk management, trading
Exchange New Product News - Jan 2007
Exchange New Product News - Jan 2007The latest updates on global exchange traded derivatives. New products, new contract features, regulatory issues and industry initiatives.
Read this reportLabels: credit derivatives, derivatives, regulation, risk management, trading
