初学者来说,2002年3月

信仰汇总

Much of the financial industry had high hopes for account aggregation - the technology that consolidates all of a client's financial statements on a single Web page - until the Internet bubble burst and demand for new online products fizzled. But ByAllAccounts president and CEO L. Patrick Gardner didn't waver in his faith, and his persistence has begun to pay off. His three-year-old company won a mandate in January to provide core technology for Boston-based State Street Corp.'s wealth management services business. As part of the deal, State Street bought a minority stake in privately held ByAllAccounts.

“这不仅仅是关于资本，”一位Jubilant Gardner说，他在马萨诸塞州沃霍恩监督了一支30员工队，该团队已经建立了与1,200个金融机构的网站的数据收集联系。“州街带来了分销和专业知识，我们不会进入，”他补充道。

年代tate Street chose ByAllAccounts's WebPortfolio software because its analytical tools are well suited for high-net-worth investors' complex needs, says Anne Tangen, head of State Street's recently formed wealth manager services division. That explains why Gardner, a former Charles Schwab & Co. executive, has focused on the affluent market. "High-net-worth people simply have more accounts to aggregate," he asserts. "Aggregation has a place where there is serious money to gather." - Jeffrey Kutler

文件夹strategy, by Ghosh

年代hikhar Ghosh ruled the world of e-commerce before it had a name. Open Market, a software company he founded in Burlington, Massachusetts, in 1994 and took public a year later, created one of the first Internet publishing, payment and fulfillment systems. By 2000 Open Market had issued some 30,000 software licenses to online merchants around the globe. But Ghosh's Internet pure play crashed with the rest of the technology sector, and last year Chicago-based consulting conglomerate Divine acquired Open Market for $59 million - less than one tenth of its market value when Net stocks were booming.

提前决定将有其他世界征服 - 他在1995年作为开放市场的首席执行官辞职 - Ghosh现在已经在电子融资中正好着陆。作为Verilytics的首席执行官，还在盖尔林顿，Ghosh销售了他所说的强大的软件，可以简化投资经理的生活。这只会使Ghosh仅仅是许多企业家的设计，可以将人工智能技术适应投资策略;其他人最多已经满足了混合的结果。

A native of New Delhi and a former Boston Consulting Group partner, Ghosh believes that the technology is best applied to managing large quantities of data, such as the thousands of quotes or positions that portfolio managers may want to monitor in real time but cannot handle on their own. Verilytics had those desires in mind when it designed its Financial Manager software to sift data and to call users' attention to significant events or changes. "With the right tools for processing information, an investment manager can be smarter," Ghosh explains.

验证人士说，一半的金融机构 - 包括一些大型名字 - 正在使用投资管理技术，但没有人同意披露其身份。然而，纪念纪念日2200万美元的早期融资来源是秘密对冲基金集团摩尔资本管理;实际上，对冲基金是验证基金的主要目标。

Verilytics lost some sales momentum in the recession, but the slowdown could also create opportunities. "Companies are looking for ways to save money," notes Gifford West, vice president for financial services. "One prospect is considering us to replace people who write

reports for other parts of the organization." - Jacqueline S. Gold

每个人进入（发布）池

华尔街已经花了几年的时间试图通过在从固定收入交易（Multidealer Platforms等市场Axess和Tradeweb）到外汇（Atriax和Fxall）的所有内容，从分发分析师的报告（Themarkets。COM）加速证券定居点（encompys，全球直接通过加工协会和omgeo）。

Now the Street is approaching another frontier: securities issuance.

Merrill Lynch＆Co Co.和花旗集团的Salomon Smith Barney Mone与Microsoft Corp.和Thomson Corp.的汤姆森金融子公司加入了武力，以创建I-Deal。它的使命？将互联网经济带入募集权益和债务资本。

“这一概念是”I-Opde“，”斯科特盖尔斯（I-Opd）的首席执行官斯科特·格兰勒（Scott Ganeles）的首席执行官赞同，将该公司的方法与英特尔公司的方法相比，将“英特尔内部”徽标放在许多不同品牌的计算机上。例如，如果Merrill Lynch和Goldman，Sachs＆Co.兼使用I-Deal平台，则每个都将控制展示和将数据发布到其最终用户，但后备机械将分享。“资本市场专业人员可以专注于为客户创造最有价值的交易的部分，”汤森集团的投资者关系总裁，由汤森在2000年收购的投资者关系业务.Ganeles和Frank Laquinta，这是一个14年的Merrill LynchVeteran现在担任I-Opd的首席技术官，将其作为虚拟服务提供商或VSP的操作描述。“VSP旨在在整个新发行的生命周期中推动成本下降和效率，”兰昆塔解释道。

虽然我交易在11月份进行了正式首次亮相，但兰昆塔和其他人一直在做基础。汤姆森将达尔夫普股份折叠成我协议，为现有的市证券业务贡献，以及70家I-Oud of Imote的员工。但新的I-Deal基础设施并未计划完成，直到3月下旬完成。

Jerome Lienhard, senior vice president of investment funding at Freddie Mac and chairman of I-Deal's advisory board, is eager to get going. Lienhard says he will use I-Deal and will "strongly advocate its benefits to other potential users." Says Ganeles: "This is absolutely the best time for us to launch. We offer a clear value proposition and performance advantages - just what Wall Street needs in a down market." - J.K.

Longitude odds

Derivatives based on corporate earnings, the consumer price index or unemployment rates? Sounds like a long shot, especially at a time when the dark cloud of the Enron Corp. bankruptcy hangs ominously over the financial markets.

但这并没有阻止纽约经度from developing and marketing technology that can take risk-hedging in ever-more unusual directions. And the institutions like Deutsche Bank, J.P. Morgan Chase & Co. and others that are lining up as Longitude customers also appear undeterred. "We have not witnessed any diminishing enthusiasm among our clients," says Longitude chairman and CEO Andrew Lawrence. "To the contrary, we are on the verge of more significant partnership announcements."

去年德意志银行签署了经度，以创造和销售基于欧洲和日本经济指标的产品。据Kevin Rodgers，德国罗杰斯·罗德·罗杰斯（德国）的外汇选项负责任，这些大约是一个月的距离。J.P. Morgan类似计划根据美国政府经济统计提供基于美国的衍生品，这可能在6月份上市。瑞士再保险公司于1月加入游行，打算今年开发基于天气的产品。“我们的技术是通用的，可扩展到任何风险，”劳伦斯说，指出衍生品市场长期以来一直渴望新产品。

Lawrence, who worked at the old Bankers Trust Co. and Drexel Burnham Lambert, started Longitude in 1999 with Jeffrey Lange, a risk analytics expert who serves as Longitude's chief scientist. In November they obtained a U.S. patent on their core technology, Parimutuel Digital Call Auction. As the name implies, it shares some of the characteristics of pari-mutuel betting: It is a closed, self-clearing liquidity pool, with prices set by supply and demand and with payouts determined by the amounts paid in. Longitude earns fees based on volumes cleared in auctions on its neutral platform.

Deutsche's Rodgers says that his bank alone couldn't provide enough liquidity to make a market in, say, nonfarm payroll options. With the pari-mutuel pooling mechanism, he says, "We as a market maker don't have to take the other side of each trade, so we can satisfy more customer needs at comfortable spreads." - J.K.