FNM Also Suspends Foreclosures Thru January
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FRE Suspends All Foreclosures, Evictions of Occupied Homes Thru January 9, 2009
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S&P/TSX Down 765 Points, a 9% Decline to 7724 at Close
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10yr Yield Drops to 3.05% (Lowest Ever)
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Dell Beats in Q3 - 37 Cents/Share vs. 31 Estimated
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BoNY Cutting 4% (1,800 Jobs)
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Citi: Strong Capital Position, Liquidity --CNBC
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TSY - no other funds in TSY's temporary money mkt guarantee program rec'd a similar liquidation notice from the SEC
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TSY's Exchange Stabilization Fund will buy any remaining securities in The Reserve Fund at amortized cost
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TSY is helping The Reserve Fund to ensure "order and timely" liquidation
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Office of Thrift Supervision says 225 banks seeking funds are pending Agency Review
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OTS says 1/3 of Thrift Banks have sought bailout funds
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TSY - The Reserve Fund's securities are s/t Gov't paper and FNM, FRE securities
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TSY will serve as 'buyer of last resort' for The Reserve Fund's securities
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30yr Yield Drops to 3.61% (Lowest Ever) on Biggest Day Drop Since Sep-01
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TSY had taken The Reserve Fund into the Temporary Guarantee for Money Market Funds program
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TSY says they agree to help liquidate fund due to "extraordinary and unique" circumstances
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TSY agrees to help liquidate The Reserve Fund's U.S. Gov't Fund
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Long Bond Up 5 Handles in Panic-Buying
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S&P Down 5.1% to 765, Lowest Since Apr-97
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Automated Trader : Front Page Archive

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SIFMA: Final wrap

Before he staggered off to the airport to catch a plane to Dubai (where he is covering TradeTech Middle East for us) Our Man at SIFMA took a few moments away from the bar to give us his overall impressions of the show:

David Clayden, US Director of Operations, Automated Trader:

"There may be talk of recession in the US, but that doesnt seem to be dampening peoples desire to stay abreast of all the latest and best in financial technology SIFMA was packed. I was told that 5000 delegates attended on the first day of the show and probably 7000 on the second. I can certainly believe it, because for long periods you simply couldnt get near some stands because the crush was so great.

Over the three days of the show I managed to talk to about seventy delegates. A couple of very strong themes emerged from the conversations. It was clear that peoples expectations had changed since last years show. Then everybody was talking about how to be on the cutting edge as regards reducing latency. This year the focus was much more on predictability and simplicity. People were looking for solutions that were quick to implement but above all were low-risk. They were telling me that they could live without shaving that last microsecond if it came at the cost of variability. If something was fractionally slower but delivered the same solid performance day in day out then that was just fine.

That more risk averse approach also fed into another theme that we have also been hearing a lot about from Automated Trader readers in recent months; the importance of real partnerships. A lot of the buyside are getting very cynical about partnerships between technology vendors and/or brokers that dont go much further than the initial press release. In these less certain times if a buyside firm is buying a solution that involves a partnership, they are really kicking the tyres to see how deep that partnership really runs. If they suspect window dressing they just walk away, as they dont want even the faintest risk of an implementation that might become a buck passing contest.

I saw the flip side of this on the second day of the show in a meeting with KX Systems and Intel. It was quickly obvious that this was definitely not a press release relationship. A lot of sharing of pre-production proprietary information was going on and both parties clearly had a remarkably detailed and low level grasp of each others technology. From the end users perspective that has to mean less risk of things going awry in a production environment.

All told, a great show but SIFMA may like to think about keeping an eye on the construction cam on the NY Giants web site when planning the venue for next year?"

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