Wall Street Letter Volume XLV Issue 16 - Page 13

16 – 22 MAY 2013 cloud platform, said Plamen Neykov, CloudRisk CEO. “Our focus lies in modeling software. So when the task gets complicated by additional technical requirements, for example how to deliver results in the most efficient way to the customers, that starts to accumulate activities in our side that are not our primary focus,” he said. Neykov said one of the features of the Glide suite that is most attractive is that integration of CloudRisk’s models doesn’t require contracts to be expressed in a way that would affect valuation. “[Other systems] might leave out features and parts of the contract that might influence valuation, but when the system was built it might not have been recognized as an important feature,” he said, adding that AlphaKinetic’s offering has fewer restrictions. The Glide suite also offers data storage and management “in a native way, without having to jump through hoops”, he said, and data is accessible on demand. Jon Hodges, co-founder of AlphaKinetic, said the idea behind the platform was to provide a way for service providers to deliver their offerings using an app store type of setup over cloud infrastructure. “CloudRisk has been a big help to us in terms of proving that concept out,” he added. EXCHANGES & ATSs play a role in the oversight of the internal audit function along with the company’s board of directors, the proposal states. The committee will be required to meet with internal auditors periodically and to discuss the staffing and budget for the function with the company’s independent auditor. A company can outsource the internal audit function to a third-party other than the independent auditor, but the audit committee must still perform oversight of the task, MKT said. The exchange noted the requirement is in keeping with best practices for public companies and the internal auditor will support management, the board and the audit committee with risk assessments and internal controls. Implementation of the function will also “[enable] the company to identify weaknesses and develop appropriate remedial measures,” it said. MKT said it will allow companies listed prior to July 1, 2013 to transition to compliance with the new mandate by December 31. Any company listed after June 30 will be required to comply in conjunction with listing. TECHNOLOGY WSL POLL Reg NMS is the subject of an equity market structure roundtable this week, hosted by Rep. Scott Garrett (R-NJ) in New York, but is that the root of current market issues? Yes 0% No 50% It’s partially to blame 50% To vote on the latest poll, visit our website at wallstreetletter.com according to Fisher, who added that it is the first update in recent memory. “It’s about more relevant information, providing a richness of info,” Fisher said. Clients and prospects can now access whitepapers, reports and benchmarking information from the site that previously was not available, according to Fisher. There is also a more complete list of events the firm is planning to either sponsor or attend, he added. RedLine also plans to become more omnipresent at industry events, starting with the sponsoring of dual Securities Technology Analysis Center (STAC) Benchmark Council events next month in Chicago and New York, Fisher said. The vendor also recently moved to a bigger office in New York in April, a move Fisher said precedes an expected uptick in business related to the amount of change in the markets. 13 RedLine unveils new branding RedLine Trading Solutions has recently unveiled a new website, branding and motto. Lee Fisher, vice president of technical marketing, told WSL the changes are part of an effort to reshape the industry’s perception of the company’s business. The suburban Boston-based vendor’s new slogan, “Intelligent trading. Faster”, is a more accurate depiction of RedLine’s business than the former slogan, “Lead with Speed”, Fisher explained. The website was redesigned to be more user-friendly and informative, MKT to require internal auditors for listed companies NYSE MKT plans to add an internal audit function to its requirements for listed companies on its exchange, according to a proposal submitted to the Securities and Exchange Commission. The new requirement will take effect July 1. The exchange’s rules will require the company’s audit committee to