Former Bridgewater Security Chief Moves to Bloomberg
News and market data giant Bloomberg has named Paul Wood, the former chief information security officer at investment firm Bridgewater Associates, as its chief risk and compliance officer, officials say.For the newly created role at Bloomberg, Wood will oversee all risk, corporate compliance, client data security, and security globally and report to Daniel L. Doctoroff, the CEO and president of Bloomberg, officials say. The new position centralizes existing functions for identifying and managing risk and compliance across all Bloomberg businesses and regions.
Wood will work closely with senior executives and the board to identify, propose and implement enhancements to the management and monitoring of risk, compliance and information and physical security, officials say. Wood also will work closely with external parties to manage and resolve risk, compliance and information-related issues.
At Bridgewater Associates, Wood developed the information security and technology risk function, managed technology security risks and was responsible for the protection of intellectual property. He has also worked as group chief security officer at Aviva, a multinational insurance company, where he oversaw the global development and delivery of information and physical security. He was also chief security officer for all areas of the bank at UBS Investment Bank.
FIX Trading Community Revamps Committees for 2014
The FIX Trading Community, the standards body behind the Financial Information eXchange (FIX) electronic trading protocol, has overhauled its working committees in an effort to make its technical, business and regulatory efforts more relevant globally. The organization promotes the use of FIX to improve the operational efficiency and transparency of electronic trading, and to cut costs and risk.
“The regional committees (Americas, Asia Pacific, EMEA and Japan) and the global technical committee all remain as is,” says a spokesperson for the FIX Trading Community. However, the restructuring, which takes effect next year, is a combination of new committees and the renaming and consolidation of existing ones, the spokesperson adds.
New Committees
The restructuring has led to the creation of the following committees:
- The Listed Products and Exchanges Committee — This new committee will maintain the current FIX standards for equities and listed derivatives, and will oversee the development and promotion of best practices for trading these products. The committee will delve into risk management, TCA and pre-trade issues affecting equities trading and will branch out to other asset classes, says the spokesperson. “There never existed an overarching committee for these issues so this committee will be tasked with overseeing the development of all best practices for trading listed products and make sure to identify and close gaps in the current FIX standards with respect to equities and listed derivatives coverage,” the spokesperson adds. “This group will also assist exchanges and other marketplaces for planning integration of FIX access into their infrastructure.”
- The GSC Strategy Committee – This group will focus on the future of the FIX standards, the organization and electronic trading in general. “The GSC Strategy Committee will only be a small core group of members that will be voted in by the Global Steering Committee to tackle such strategic questions as, ‘Where is the organization going? Where should the protocol be going next? What type of electronic trading will be taking place in five years?’ There proposals will then be presented to the GSC for review and potential execution.”
The incumbent Global Steering Committee (GSC) will still oversee the FIX Trading Community by managing the organization’s ongoing needs at both the strategic and operational level, says the spokesperson. The group includes representatives from the four regional committees and the leadership of the Global Technical Committee and the newly formed committees, the spokesperson says. At the GSC’s recent annual meeting, it outlined goals for 2014, which include publishing further release candidates of FIX for high performance and distributing best practices for transaction cost analysis (TCA).
Consolidations
- The Global Buy-Side Committee – This committee builds upon the work of recent regional buy-side initiatives. The FIX Trading Community has had buy-side working groups in the Americas, Asia Pacific and EMEA regions “but they never really communicated with one another on a regular basis,” says the spokesperson. The consolidation of these groups is intended to build upon prior initiatives such execution venues, post-trade processing and delivering additional guidelines on the industry challenges facing the buy side regionally and globally.
- The Global Member Services Committee – The Global Member Services Committee is another consolidation, this time of the committee focused on membership recruitment and retention and another focused on education and marketing; both had many of the same participants. “By combining the two, these groups will provide strategic guidance across the board on membership both existing and new, running of events globally as well as the organization’s communications globally both to its members/media and via the website,” the spokesperson says.
New Names
- The OTC Products Committee is the new name for the Global Cross Asset Committee and it will focus on those products not directly traded via an exchange. This group will foster standards development and the strategic considerations of the common and overlapping initiatives of the over-the-counter (OTC) derivatives, fixed income and foreign exchange markets. The group’s work will encompass Dodd Frank and other regulatory changes and developments that cover multiple asset classes. When an initiative completes the first phase such as listed products via the Listed Products and Exchanges Committee and branches out to OTC derivatives, fixed income and FX, then it will fall under the umbrella of this group, the spokesperson says.
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