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Commonwealth Financial Services's web-based digital ordering and bill system is described.

The Deutsche Terminborse has turned its luck around by providing liquidity at a good price and by striking a major deal with Swiss Options and Financial Futures Exchange with which it would merge trading and clearing platforms. DTB was a disaster during the early 1990s when it pioneered electronic trading which, because of its infancy, crashed numerous times. The company solved the problem by expanding the system's capacity and by staying ahead of the technology curve., Just eight years ago, the DTB was struggling to persuade traders to move from the trading floor to the terminal. Today the DTB is leading the way to a new [...]

E.D. Jones and Co. CIO Rich Malone discusses some interesting aspects of his company's planned transfer from mainframe computers to a client server open architecture environment. Malone stressed that the company paid careful attention to user inputs in deciding which type of client server systems to implement. He added that the primary goal of the shift towards client server systems was to enhance customer service through better exchange of data between E.D. Jones' central office in St. Louis, MO, and its more than 3,200 branches.

Many banks are responding to customer demands by providing interactive delivery of their services to make it easier for their customers to deal with them. This development within the banking industry is a wise decision given that nonbank competitors are increasingly relying on cyberspace to snare their customers. The most popular instrument that these banks are choosing are online services and the Internet which are steadily becoming popular among current and prospective customers. To secure the success of their interactive services, banks should ensure that three elements are in place. Their online service should feature a compelling content that is suitable to the online environment. Moreover, it should provide customers with an easy access to the content and a secure online payment system.

The Norwegian electronics securities market is a good example that, with efficient use of the latest technologies, even small markets can compete with bigger ones. Organized in Autumn of 1984, the Norwegian Registry of Securities has established confidence in the market, improved the quality of securities trading, reduced the risks for investors, installed electronic registration and minimized securities handling costs. This is evidenced by the 1993 statistics showing a 300% and a 1,000% increase in the volume of shares and bonds, respectively, that were traded vis-a-vis the 1984 figures.

Computers have changed the world of investing forever, and not just on Wall Street. Anyone willing to spend about $300 and some time learning the process can screen stocks, mutual […]

The approach of the London Stock Exchange to technological development and service provision differs from most other stock exchanges. London has reduced services and plans to rebuild its Seaq trading system. Others such as the Paris Bourse are importing proven systems. For example, the Bourse is extending services and will use Tandem computers for trade processing. Amsterdam Stock exchange is replacing the BC1200 information delivery system with the Amsterdam Real Time Electronic Market Information System., The Taurus debacle has put the spotlight on the future of stock exchanges. But despite recession there are other big projects going on and more in the pipeline around the [...]

A large trader may, under certain market conditions, be able to undertake manipulative trading strategies by cornering a market or by creating a price trend and then reversing his sales or purchases. Because manipulative strategies are difficult to detect, the only useful approach to countering manipulation is to prevent it. The best preventive remedy is improved market efficiency. (Reprinted by permission of the publisher.)

This is the final part of Emmanuelle Moors de Giorgio's two-part article on hedging. This month, she focuses on the importance of information in hedging deals. Unless the customer gives [...]

The CREST electronic share dealing system will start operating in the British stock exchange on July 1996. To be operated and managed by CRESTCo., the system is being touted as a big boost to institutional and private investors. According to CRESTCo. CEO Iain Saville, it will help minimize risk, raise efficient level and cut costs to the market in general. Although transition to the CREST system is supposedly voluntary, the physical delivery of certificates will become increasingly costly after the introduction of the system. Some brokers are advising members to consider postponing abandonment of the current certificate-based Talisman system and the transfer of securities into CREST until after Mar. 1997, when the system will have been up and running. They say that a gradual transition could become chaotic.

Malvern -- Larry Fondren was not the first person to disrupt the closed club of bond dealers by pushing for open electronic trading in corporate and government debt securities. Years [...]

Floor traders can buy at the best price and sell at asking price, and have the benefit of low commissions. Knowledge in computing and access to data give the trader this advantage. Meanwhile, long test periods and wide ranges of values are needed for developing day-trading systems. It is also practical to keep the number of conditions less while 'real-time' or 'out-sample' and 'walk-forward' tests are conducted. It would also be necessary to know the amount of capital to use., The best advice for an off-floor trader who wants to day-trade is to develop or buy a system that will force him into action. Buying a system may save you [...]

The Gas Industry Standards Board (GISB) has extended its lifespan and broadened its scope to tighten business practices and improve electronic transactions. At its first-ever annual meeting, held in Baltimore, [...]

The new T+3 securities trading cycle, to go into effect June 7, 1995, could wreak havoc with custodians, brokers and the Depository Trust Co if only a few money managers delay allocations, affirmations and confirmations. These delays could lead to even stiffer T+3 regulations, damage the reputations of some managers and result in higher custodial fees. Most brokers expect the system to begin working smoothly within three to four months of start-up.

While GLOBEX recently linked up with the Marche a Terme International de France (MATIF) and received approval for terminals in Japan, the 24-hour international electronic trading system lost its creator [...]

Fidelity Investments' newest gadget to put power in the hands of individual investors is a software package that allows investors to trade stocks and mutual funds from their PCs. The [...]

WASHINGTON -- Bidding in the government bond market must be computerized to guard against the type of abuses disclosed by Salomon Brothers Inc., representatives of the National Association of Securities [...]

Options exchanges are implementing what is called the Options Pricing Reporting Authority, which will significantly upgrade the speed and capacity for price quoting and transactions. Vendors and brokerages are not sure however if it is worth the cost involved and are reluctant to upgrade.

LINGERING deaths are always painful to watch. Globex, the round- the-clock futures and options trading system founded by Reuters, a British news and information company, and two American futures exchanges--the [...]