Hedge Funds: Dynamic Institutional Clients Drive Managers To Seek Advanced Fund Services. As institutional clients demand greater transparency in reporting, as trading volumes continue to increase, and as the likelihood of fund registration in the US and Europe looms on the horizon, more hedge funds are considering application services providers (ASPs) and other third-party solutions to handle routine middle-, back- and sometimes even front-office tasks.

Industry Alert: SWIFT Plans Post-Trade Solutions for FX, Derivatives. To support the booming trading in foreign exchange (FX) and OTC derivatives, SWIFT will launch the first phase of a solution to address post-trade challenges and processing inefficiencies in these asset classes, in the fourth quarter of 2006.

Spotlight: Robert G. Herin, Managing Director and Chief Risk Officer, Drake Management LLC.

Securities Trading: OMSs vs EMSs: Convergence or Consolidation Ahead? Order management systems appear to have an equal chance as execution management systems at capturing the order flow of buy-side firms.

New Product Roundup: Data Management, Derivatives and Compliance Drive IT. New products are being demonstrated at Sibos 2006 in Sydney, October 9-13.

On The Exchanges: Transforming Marketplace Draws More New Wagers. Lehman Brothers purchased a minority stake in BATS Trading; NYSE Group acquired an equity stake in Marco Polo Network; and IntercontinentalExchange announced plans to acquire the New York Board of Trade.