The curious case of the Vatican and credit default swaps

By Penny Crosman, American Banker 26 July 2018 URL: https://www.americanbanker.com/news/the-curious-case-of-the-vatican-and-credit-default-swaps Are credit-default swaps harmful to consumers and society at large? The Vatican reignited a debate on the topic recently when it issued a document chastising the financial services industry for immoral behavior, specifically calling out credit default swaps, subprime mortgages, and algorithmic models used to … Continue reading The curious case of the Vatican and credit default swaps

Banks’ underground data vault is evolving — will it use blockchain next?

By Penny Crosman, American Banker 16 February 2018 URL: https://www.americanbanker.com/news/banks-underground-data-vault-is-evolving-will-it-use-blockchain-next Two years ago, dozens of U.S. banks, including Citigroup, JPMorgan Chase and Bank of America, began working on a secret, ultrasecure data bunker called Sheltered Harbor that would hold a copy of all bank transaction data in the event of a devastating cyberattack. But the banks … Continue reading Banks’ underground data vault is evolving — will it use blockchain next?

Financial Firms Should Collaborate on Tech Testing Across Markets, Former NYSE CIO Says

By Kim S. Nash, The Wall Street Journal 15 July 2015 URL: http://blogs.wsj.com/cio/2015/07/15/financial-services-together-must-test-tech-for-interconnected-markets-former-nyse-cio/ The technology outage at the New York Stock Exchange that halted trading for four hours last Wednesday reflects an interconnected financial market where problems in one spot cause changes in another. Glitches are inevitable with the growing complexity of technology behind financial markets, but what matters … Continue reading Financial Firms Should Collaborate on Tech Testing Across Markets, Former NYSE CIO Says

What We Learned From the NYSE, United Airlines Tech Outages

Phone companies typically promise 99.999% reliability. But can we expect the same from other kinds of networks upon which we increasingly rely? By Steve Rosenbush and Steven Norton, The Wall Street Journal 9 July 2015 URL: http://www.wsj.com/articles/spate-of-tech-outages-yesterday-signal-an-era-has-ended-1436464561 Say what you will about Plain Old Telephone Service, but it worked. The functionality of POTS, as it was known, … Continue reading What We Learned From the NYSE, United Airlines Tech Outages

NYSE Provides Glimpse into Glitch Timeline

By Steven Norton and Kim S. Nash, The Wall Street Journal 9 July 2015 URL: http://blogs.wsj.com/cio/2015/07/09/nyse-provides-glimpse-into-glitch-timeline/ The New York Stock Exchange gave a glimpse into the pressure-cooker technology situation it faced Wednesday when a configuration issue led to a nearly four-hour trading outage.It began Tuesday evening, when the NYSE started to roll out a software release ahead … Continue reading NYSE Provides Glimpse into Glitch Timeline

‘Not a Conspiracy, Just a Bad Day’: Bank Reactions to Glitchfest

by Penny Crosman, Bank Technology News 8 July 2015 URL: http://www.americanbanker.com/news/bank-technology/not-a-conspiracy-just-a-bad-day-bank-reactions-to-glitchfest-1075289-1.html With an airline, a national business newspaper and the New York Stock Exchange all suffering outages Wednesday, it was no surprise when regulators checked in with a West Coast bank."It came across quickly, we had people internally get the news and the regulatory community reached out as … Continue reading ‘Not a Conspiracy, Just a Bad Day’: Bank Reactions to Glitchfest

World’s Largest High-Rise Data Center Opens in Downtown New York City

By Greg MacSweeney, Wall Street and Technology 21 March 2013 URL: http://www.wallstreetandtech.com/it-infrastructure/worlds-largest-high-rise-data-center-ope/240151399 It's no secret that most of the New York tri-state area's compute capacity is scattered in the suburbs of New Jersey and upstate New York. However, the multi-tenant data center that just opened in lower Manhattan is not only the newest, it is also one … Continue reading World’s Largest High-Rise Data Center Opens in Downtown New York City

Tech Errors Are Part of Stock Trading Risk

By Sara Peters, Enterprise Efficiency 17 January 2013 URL: http://www.enterpriseefficiency.com/author.asp?section_id=1134&doc_id=257568& All trading on the stock market comes with risk. The potential for technological errors and disruptions in stock exchanges is now just a standard variable in the risk equation. Traders have to account for it when they're deciding which exchanges to use. And the exchanges have to … Continue reading Tech Errors Are Part of Stock Trading Risk

How CIOs Are Making Security an Enterprise Necessity

Information security is often seen as more trouble and cost than it's worth. Until it fails. How can CIOs truly make it part of enterprise risk management? By Martha Heller, CIO 30 November 2012 URL: http://www.cio.com/article/722528/How_CIOs_Are_Making_Security_an_Enterprise_Necessity CIO — So, a guy walks up to another guy who is clapping. The first guy asks, "Why are you clapping?" … Continue reading How CIOs Are Making Security an Enterprise Necessity

Companies Test Backup Plans, and Learn Some Lessons

By Michael Hickins, The Wall Street Journal 30 October 2012 URL: http://online.wsj.com/article/SB10001424052970204840504578089083861617790.html Natural disasters of the past few years taught companies the importance of good backup systems—but Hurricane Sandy showed many that there is still a lot to learn. The good news is that many businesses spared themselves a great deal of economic loss by keeping duplicates of … Continue reading Companies Test Backup Plans, and Learn Some Lessons