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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
May 29, 1995
Page
15
Industry Digest reports that David Askin, a leading bond expert, was barred from the industry for two years after his $600 million fund collapsed and he misled investors about mortgage derivative prices. The SEC called the ruling a major action amid large derivatives losses.
A Morgan Stanley team led by Peter Muller uses powerful computers and custom software to trade stocks and bonds. The article notes a tech driven shift transforming Wall Street into a fast global, data rich arena with benefits and perils including market volatility and regulatory challenges.
Financial firms invest heavily in technology to manage vast transactions and stay competitive. Tower Group puts 1994 IT spend at 11.6 billion rising to 12.2 billion, with Merrill Lynch spending about 750 million annually. IBM and Sun push financial services software as trading floors demand specialized systems.
In New York Merrill Lynch executive Danielle Devine thrives amid high tempo trading using a Sun workstation with eight screens. The system automates clerical tasks, cuts costs, and boosts volume, letting her manage about 20 clients and as many as 200 NYSE and Amex stocks daily.
Citibank will waive the 35 cent ATM fee for checking below 2000 dollars and combined accounts under 6000 dollars in New York City and Connecticut starting June 1. The policy waives teller fees and aims to boost electronic banking adoption while acknowledging income loss from reduced charges.
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