A Technology Roundup
LONDON (HedgeWorld.com)–RiskMetrics Group Inc., a risk management technology provider in the hedge fund industry, has bought Arrakis, which is the underlying infrastructure for JP Morgan Chase’s Morgan OnLine.
The details on the terms and conditions of the transaction were not made public. According to an announcement, RiskMetrics will assume control of the Arrakis system’s underlying technology, future technology development, web hosting, maintenance and support.
Arrakis was created by JP Morgan’s private banking group in 1999 as an online tool kit for high-net-worth individuals. JP Morgan Chase’s Private Banking Group will still have exclusive rights to its Morgan OnLine and Morgan View offerings as well as the proprietary analytics within Morgan OnLine designed specifically for its clients.
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According to a statement from RiskMetrics CEO Ethan Berman, RiskMetrics wanted to combine its WealthBench suite of analytics to give clients an enterprise-wide wealth management platform to equip advisors to succeed in a more demanding environment.
ISE Introduces Direct Access Connectivity
NEW YORK (HedgeWorld.com)–The International Securities Exchange introduced last month a virtual private network that allows broker/dealers to use workstations to route orders to ISE’s market over the Internet.