Professional Documents
Culture Documents
2011
2011
Sybase, SAP
n Sybase (SAP)
2.3
n Sybase (SAP)
10
2011
12
18
Clark Kent
n Yaacov HeidingsfeldTraderTools
22
26
SYBASE 2011
29
CCR
2011
n Ben WolkowitzHeadstrong
32
n Justyn TrennerClientKnowledge
CEP
36
CEP
42
46
n Nancy TurbAccenture
CEP
50
CEP
54
58
63
n Julian LeakeDeloitte
n Gordon MackenzieDeloitte
67
n John Le HunteMisys
SYBASE 2011
70
2011
76
n Mark Broadie
80
Dodd-Frank
n James J. JockleNumerix
84
88
IT
92
96
98
101
2011
104
SYBASE 2011
110
2011
2008
n Mike Stockley
114
118
122
152
10
SYBASE 2011
2011
2011
n Steve
Capelli
Sybase (SAP)
2011
Sybase
CEP
(CEP)
11
12
SYBASE 2011
5
0.005
125 0.000125
Irfan Khan
Sybase (SAP)
13
50%
14
SYBASE 2011
Informatica
15
(NGIP)
NGIPIT
NGIP
NGIP
NGIP
16
SYBASE 2011
NGIP
NGIP
NGIP
NGIP IT
IT
SybaseIrfan Kahn
Sybase
Sybase
Sybase
17
Clark Kent
(FX)
Yaacov
Heidingsfeld
TraderTools
2010 4
2000 1.7
2 010 4
(Nasdaq)
(NYSE) 2011 2
1000 1200
4
100
18
SYBASE 2011
2010
2011 2
10 0 0 120 0
2010
15.9%
18.5%
24.3%
41.3%
11.4%
ECN
11.1%
18.8%
*41.3%
2010 4
(ECN)
19
(FIX)(API)
20
SYBASE 2011
18
ECN
(CEP)
T r a d e r T o o l s Y a a c o v
Heidingsfeld
21
Tabb Group1
Hirander Misra
(HFT) 77%
Algo Technologies
40%10%
(EC)
50%
60%
22
2010 56
SYBASE 2011
Getco 2010 2
Nanex
2010 9
23
50
Nanex
50
50
50
50
(NBBO)
24
SYBASE 2011
AlgoSpan
Chi-X
Europe Limited
2005 11
20073Misra
25
10,000
Nick Deacon
Sybase
(SAP)
75%
50%
Orwellian
26
SYBASE 2011
CEP
(C E P)
CEP
CEP
CEP
27
CEP
CEP
CEP
18 Nick Deacon
Sybase
CEP Aleri
Aleri
CEP
CEP
CEP
28
SYBASE 2011
Deacon
Flexi International
CCR
(OTC)
Ben Wolkowitz
Headstrong
(CCR)
CCRCCR
OTC
CVA
FASB
157
CVA
CVA
CCR CVA
CCR
CVA
CCR
III -
C C R
29
CCP
III CCR
- CCR
CCR(CCP) OTC
CCRCCP
CCP
CCP
IIIII
III
II
CCP
III
30
SYBASE 2011
CVA
CVA
IT
CVA
III
CVA
IT
Ben WolkowitzHeadstrong
CVA
CVA
31
Justyn Trenner
ClientKnowledge
32
SYBASE 2011
33
ClientKnowledge
34
SYBASE 2011
Justyn Trenner1993ClientKnowledge
ClientKnowledge
35
36
SYBASE 2011
CEP
CEP
Stuart Grant
Sybase (SAP)
37
(CEP)
2009
CEP
2010 2011
CEP
CEP
38
SYBASE 2011
CEP
CEP
CEP
CEP
(CRO)
CEP
CEP
39
CEP
CEP
CEP
Barclays
Capital
CEP
CEP Mitsubishi
CEP IT
40
CEP
CEP
SYBASE 2011
CEP
CEP
CEP
M i t s u b i s h i
CEP
21
CEP
Stuart Grant 10
CEP
Thomson Reuters
SybaseGrant
41
(CEP)
E. Paul
Rowady, Jr.
TABB Group
CEP
CEPCEP
CEP
CEP
CEP
CEP
42
CEP
SYBASE 2011
CEP
CEP
43
CEP
CEP
CEP
44
SYBASE 2011
CEP
CEP
Group
20
CEP
TABB
CEP
45
III -
Nancy Turb
Accenture
46
SYBASE 2011
CEP
47
(OTC)
(CEP)
48
SYBASE 2011
CEP
CEP
OTC
CEP
IT
CEP
CEP
Nancy TurbAccenture
20
Turb
CEP
TurbAccenture
49
CEP
Hugh
Heinsohn
Panopticon Software
AB
(CEP)
(OLAP)
CEP
50
CEP
CEP
SYBASE 2011
CEP
CEP
CEP/
CEP OLAP
CEP
51
IT
Panopticon Software AB
OLAPCEP
52
SYBASE 2011
CEP
CEP
Systems
53
Stephen F.
Elston
Quantia
Analytics
VS
(CEP)
54
SYBASE 2011
CEP
3,0005,000
Exegy
(OPRA)
6,000
(BBO)
CEP
55
Quantia Analytics
CEP
(OH LCV )
1,0001
CEP
CEP
56
OHLCV
2001
SYBASE 2011
CEP
25
Elston
FinAnalytica, Inc.
CEP
S-PLUSElston
CEP
57
58
SYBASE 2011
Sinan Baskan
Sybase (SAP)
59
60
SYBASE 2011
P&L
P&L
61
Sybase
Sinan Baskan
(MiFID)
III
62
SYBASE 2011
Sybase
Julian
Leake
Deloitte
Gordon
Mackenzie
Deloit te
(OTC)
I I I
(RWA)
ST P
63
III
2010 SSG
IT
(ROE)2010
2009
SSG
2 0 0 8
64
SYBASE 2011
CRO
CRO CRO
CRO
RWA
IT
t+1
65
Leake
IT
Gordon Mackenzie
15
IT
Julian Leake 18
66
SYBASE 2011
2010
2011
John Le
Hunte
Misys
III D odd -
Frank
2012
67
68
SYBASE 2011
13 Summit
OTC
11
69
Lance Smith
2008
Imagine Software
VAR
VAR
VAR
VAR
VAR
VAR
VAR
VAR
70
SYBASE 2011
VAR
CDS
CDS
10%CDS
200
71
??
1.
2. 1987
3.
VAR
VAR
VAR
VAR
VAR
72
SYBASE 2011
Imagine Software
P
L
Vega
73
P&L
vega
5.0%
Vega
74
VAR
ETF
ETF
CDS
SYBASE 2011
Smith CEO
251993
Imanine 1986
75
Mark
Broadie
vs.
AAA
76
SYBASE 2011
Mark Broadie
alpha
77
Mark Broadie
2:
()
78
SYBASE 2011
??
Mark Broadie
Broadie
79
-
Dodd-Frank
James J.
Jockle
Numerix
CCP
CVA
Dodd-Frank
??
80
FpML
CCP
ISDA
Dodd- Frank
SYBASE 2011
CVA
CVA
CCP
CVA
EE
CVA /
CVA
81
Numerix
82
SYBASE 2011
- (Hull-
White)
Bates
CVA
CVA
B l a c k-
Scholes
CVA
CVA
CVA
CVA
CVA
n
CCP
83
84
SYBASE 2011
Raj Nathan
Sybase (SAP)
85
/IT
P&L
25% 6
80%30
CEP
86
SYBASE 2011
CEP
Sybase
CEP
87
IT
David J.
Leinweber
Watson
20 80
20
1
9 0%
88
SYBASE 2011
100
50
BP
-50
-100
-10
-8
-6
-4
-2
10
WSJ
DJNS
WSJ
DJNS
1984-2004DJNS
WSJ500 20
AI/ IA
AI/IA
1500
89
In- Q- Tel
w w w. i q t . o r g
2 5
Recorded FuturePalantir
AI/IA
400
600
CIA
90
SYBASE 2011
Web
Jacob Sisk
In-Q-Tel
2010
Watson
2006 12009 10
2007
David J. Leinweber
Wiley
2010
11
10%
Waltson
91
Peter Roe
Alpha
BT Global
Services
TowerGroup 201110
IT
IT
92
SYBASE 2011
BT Radianz
14,000400
Yankee Group
52% BT
93
94
BTSybase
SYBASE 2011
CEP
CEP
(CEP)
BT Radianz
Aleri CEP
Peter Roe
BT Global Services
20 1999 BTBT
Nikko Europe
CEP
1978
95
Niclas Holm
Algorithmica
Research
30
96
SYBASE 2011
Monte
C/C+ +
Carlo
(PFE)/ (CVA)
C/C++
SABR
(CEP)
C/C++
Quantlab ARMS
97
David
Champagne
Revolution
Analytics
LinuxR
98
SYBASE 2011
(ETL)
TB
RR
100
1 TBCisco
2009 2014
99
100
767
David Champagne
2014
90%IP
Web
20
S PS S /
Champagne
SYBASE 2011
2011
Adam
Honor
Aite Group
Aite Group
2/3
Aite Group2012
40%
201115
2011
Aite Group2011
2011
1/4
101
35%
25%
10%
<10%
10%
<10%
<10% <10%
20%
14%
10
15%
10%
33%
15%
35%
14%
10%
14%
10%
<10%
30%
15%
24%
10%
19%
29%
n=20
IT
10%
10%
14%
15%
20%
11%
20
4
40
60
80
100
Aite Group
IT
2011
Thomson
ReutersBloomberg
102
SYBASE 2011
2011
Deutsche Brse
-
OMX
2011
2011
2011
(CEP)/ (STP)
Aite Honor
103
104
SYBASE 2011
1998
Eric Johnson
Sybase (SAP)
105
30
106
SYBASE 2011
2010
2010
107
BBC 2010
[]
1,000
108
SYBASE 2011
Sybase
(EME A)
Sybase
Sybase
WebMethods
Aleri Johnson
Eric J o hns o n
109
2008
2008
(GFC)
Mike
Stockley
110
AA
SYBASE 2011
20 08
(CVA)
CVA
CVA CVA
111
CCP
CCP
Bear
StearnsLehman Brothers
2008
(CCP)
CCP
112
CCP
SYBASE 2011
2008
II
5%
AAn
Mike Stockley
20
Stockley2008
(NAB)
NAB
Stockley
113
1999
(TSE)21
2010
1
Arrowhead
0.003
Arrowhead
David
Parker
Sybase
(SAP)
Arrowhead
2010 8
1/ 3
2008
Arrowhead
20112
10
100
114
SYBASE 2011
2009
4.48 2010
4.255.3%
2010
1
Arrowhead
2010 1.4%
2010112SBI Japannext
Chi-X20111
34.4 2010
(MTF)
58%
(ECN)
2 010
SBI Japannext
Kabu.com20107Chi-X
(SGX)20075%
Japan
Chi-X
(ASX)
115
311
2011
20111%2%
(TSE) 18%
Arrowhead
1995
2011
2011
(GDP)1.6%
1.4%
116
SYBASE 2011
2011 3
Genium
INET
250 1
2011
Reach
Deutsche Brse-
TMX
1990
60%
Chi-X
5%
David ParkerIT
25
Parker
(UCL)
Bankers Automated
Arrowhead
Clearing Services(BACS)
BACS
Flexi International2000
117
Neil
McGovern
2020
Sybase
(SAP)
1900
2010 122.7
TowerGroup
Celent
IT
Celent
IT6.2%
20131082
118
SYBASE 2011
Sybase
4.8
4.3
4.2
4.8
4.4
2.4
2.2
7.9
7.8
8.6
9.1
3.1
6.0
1.4
9.6
7.7
9.2
6.8
5.8
3.4
1.5
Sybase(SAP)
30
119
Celent
IT6.2%
2013
1082
2011
120
(IPO)
SYBASE 2011
Japan
5%
10%15%
6,900
10
1,500
200
2010
(TSE)
ITn
Neil McGovern 20
McGovernSybase
Arrowhead
(JSCC)
SybaseMcGovern
Corporation
JapannextChi-X
121
9%
122
SYBASE 2011
70%
40%
3040%
3040%
510%
1/3
123
2010 2011
124
SYBASE 2011
2009
2002 20.8%GDP 2008 23.7%
125
20 60
2,0008,000
126
SYBASE 2011
127
-387
20062007
128
SYBASE 2011
129
2008
2007
130
SYBASE 2011
2010
2009
2008
2007
2006
-0.41%
-0.14%
-3.26%
1.13%
3.50%
0.76%
-1.46%
1.23%
0.79%
0.61%
2.82%
2.04%
-2.38%
0.91%
1.97%
1.27%
4.27%
1.93%
1.59%
1.73%
-3.23%
5.57%
1.82%
2.00%
-1.84%
-1.05%
0.37%
-1.73%
0.72%
-0.39%
1.93%
2.97%
-2.10%
0.37%
0.02%
-0.40%
1.78%
-1.21%
-1.45%
0.96%
3.47%
3.19%
-6.99%
2.51%
0.11%
1.98%
-0.06%
-8.41%
2.87%
1.80%
0.52%
1.33%
-2.80%
-2.07%
1.76%
2.95%
1.84%
0.37%
0.52%
1.61%
10.92%*
23.74%
-21.63%
10.22%
12.39%
2010 11%
131
Preqin 40%
132
SYBASE 2011
()
Del Monte
2010
Foods Company 11
5,300
Centerview
Partners
Kohlberg Kravis
RobertsVestar
Capital Partners
Tomkins plc
2010
6
3,150
CPP Investment
BoardOnex
Corporation
NBTY
2010
6
4,048
The Carlyle
Group
Extended Stay
2010
5
3,925
Blackstone
Group
Centerbridge
Capital
Partners
Paulson & Co.
CommScope
2010
10
3,900
The Carlyle
Group
Interactive Data
Corporation
2010
5
3,700
Silver Lake
Warburg Pincus
Sunrise
2010
9
3,300
CVC Capital
Partners
TDCA/S
The Carlyle
Group
Welsh
Carson
Anderson &
Stowe
Multiplan, Inc.
2010
6
3,100
BC Partners
Silver Lake
J Crew Group,
Inc.
2010
11
3,000
Leonard Green
& PartnersTPC
IT
133
2010
4000 200820076000
134
SYBASE 2011
135
2009
2010
Q1
637
$3,389,777,500
Q1
763
$4,961,248,000
Q2
710
$4,289,697,500
Q2
960
$6,900,202,300
Q3
716
$5,211,852,500
Q3
789
$4,944,927,100
Q4
864
$5,384,416,300
Q4
765
$5,017,002,700
2,927
$18,275,743,800
3,277
$21,823,380,100
2009 2010
136
SYBASE 2011
137
138
SYBASE 2011
139
TSE300 2010
140
SYBASE 2011
Euro-Stoxx 2010
141
10
500 10
500
500
142
SYBASE 2011
10
2009
10
2010
13, 394
11,838
13.2%
13.2%
OMX
3,889
3,239
20.1%
20.1%
3,828
3,306
15.8%
0.9%
3,613
3,454
4.6%
11.9%
2,930
2,869
2.1%
9.2%
2,716
2,705
0.4%
-3.1%
2,711
2,305
17.6%
17.9%
TMX
2,170
1,677
29.4%
20.0%
1,597
1,225
30.4%
25.3%
10
1,546
1,337
15.6%
10.1%
143
5002009
144
SYBASE 2011
775
772
=1
770
=1
775
760
739
21
728
733
697
692
693
11
668
25
678
678
669
677
3
5
661
671
10
10
660
=9
670
10
1210 6
145
GEM
20091231
6,441
175
20041231
1,971
205
2009123110
17,769
105
20041231
6,629
87
201012
10
22,173
17.1%
17,435
19.5%
15,277
7.4%
54,884
14.9%
52
146
SYBASE 2011
2011
3% 2 1
1.23%
147
4.9
26.3
4.1
RV
23.1
3.3
2.5
2.5
2.4
2.4
1.9
1.9
1.8
19.4
19.4
16.7
16.4
15.7
15.0
13.2
13.1
10
10
148
SYBASE 2011
10 3
149
2010 2015
1
10
10
150
10
SYBASE 2011
20102015
10
10
151
Aite Group
Accenture
204,000 120
aitegroup.com
Accenture
2010 831
216
Algo Technologies
AlgoM2
accenture.com
AlgoDataAlgoSpan
Algo Technologies
algotechnologies.com
Aite Group
Aite Group
152
SYBASE 2011
BT
Algorithmica Research
bt.com/gbfm
QuantlabQuantlab
Qlang
Quantlab
Algorithmica ARMS
History Server
ClientKnowledge
1994 Algorithmica
www.algorithmica.com
ClientKnowledge
1993
ClientKnowledge
ClientKnowledge
ClientKnowledge
ClientKnowledge
BT
clientknowledge.com
BT
153
1916
Headstrong
www4.gsb.columbia.edu
EAPMO
/
25
Headstrong
ISDA
40/
2,88023,700
130,000
www.deloitte.com
154
SYBASE 2011
headstrong.com
Misys plc
Imagine Software
Imagine
ASP
Imagine
Misys
1,300
50 Misys 4,000
120/
Imagine Software
misys.com
Imagine
Software
imaginesoftware.com
40,000
1,800
460,0 0 0
www.nabgroup.com
155
Numerix
Panopticon
Numerix
OLAP
OTC
Sybase IQ
DB2OracleMicrosoft SQL
ServerSonicMQ
CEPSybase Aleri
numerix.com
Panopticon
Panopticon EX
Java .NET
Microsoft WPFSDK
panopticon.com
156
SYBASE 2011
Revolution Analytics
Quantia
Norman Nie
TrueTickQuantiaTrueTick
RR
Revolution
TrueTick
GoogleAcxiom
TrueTick
200
RevolutionR
TrueTick
Inside-R.org
Revolution R Enterprise
quantia.com
revolutionanalytics.com
157
TABB Group
TraderTools.
TraderTools
TraderTools
tabbgroup.com
TraderTools
tradertools.com
158
SYBASE 2011
Sybase
129
100022
(010)59215888
(010)59215999
50031 01
200001
(021)23210888
(021)23210999
82404-2405
510610
(020)38135388
(020)85501602
1831-3
610016
(028)86197488
(028)86200921
185 J
518040
(0755)82537000
(0755)82537249
159
2011
CEP
IT
SAPSAPSAP AG/
05/11
Collateral #L03330
Sybase, Inc.
Corporate Office
One Sybase Drive
Dublin, CA
1 800 8SYBASE
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