Contents

PREFACE.......................................................................................XI

Joseph Rosen and Russell D. Glisker

Section One: Management and Deployment of Technology

ORGANIZATIONAL CHANGE AND TRANSFORMATION:
A FIXED INCOME SECURITY TRADING CASE STUDY....................... 3

Janet Rovenpor and David Bauman

LEGAL CONSIDERATIONS............................................................. 25

Laurence S. Markowitz

THE GLOBALIZATION OF INFORMATION TECHNOLOGY.................... 39

Joseph Santangelo

Section Two: Fixed Income Technology Applications

ELECTRONIC MARKET MECHANISMS............................................. 59

Gordon Henderson

COMPLIANCE MONITORING BY INVESTMENT MANAGERS:
SYSTEMS ISSUES AND CHALLENGES ........................................... 111

David J. Orszulak, CFA, CPA

MODELS FOR SECURITY ANALYTICS: SURVEY AND CRITIQUE........ 125

Wesley Phoa

CHALLENGES TO BUYSIDE TRADING SOLUTIONS.......................... 155

Bruce Frank

OPTIMAL DEBT RESTRUCTURING & DEBT MANAGEMENT................ 173

Abraham Serfaty

ENHANCING THE LIQUIDITY OF BOND TRADING........................... 185

Evan Schulman and Charles Polk

FIXED INCOME TRADING, SOFT DOLLARS AND COMMISSION
RECAPTURE PROGRAMS............................................................. 195

James Buck

GROUPWARE AND WORKFLOW APPLICATIONS: A MUNICIPAL
BONDS "BIDS WANTED" SYSTEM CASE STUDY............................ 205

Steve Smith

FIXED INCOME RISK MANAGEMENT A SURVEY............................. 211

Patricia Owens

Section Three: Overview of Specific Technologies

AN OBJECT ORIENTED MODEL FOR FINANCIAL INSTRUMENTS....... 269

Michael DeAddio and Axel Kramer

OBJECT TECHNOLOGY & FIXED INCOME...................................... 303

Peter Adams and Tom Ricciardi

MINIMIZING THE SECURITY RISKS OF NEW FIXED INCOME
TECHNOLOGIES......................................................................... 323

C. Warren Axelrod, Ph.D