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Since we now have a new CEO can anyone provide a clear ownership profile going forward? Not the Yahoo Finance stuff but Total Shares A, B, C ,D CLASS whatever, amount % held by Institutions, Sprague Family, BOD. Registered shares etc. This would help present a clearer picture of where Wave is headed.
TIA
When are we Joining?
http://hsafoundation.com/
From Jakes_dad12/20/2011
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Tuesday, December 20, 2011 9:13:13 AM
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General Dynamics C4 Systems
In The Boardroom With...
Mr. Chris Daly
Director of Business Development for Cybersecurity
General Dynamics C4 Systems
www.GDC4S.com
“General Dynamics C4 Systems develops and integrates communication and information systems and technology for a myriad of U.S. government programs, allied nations and select commercial customers globally. As a prime provider of “network-centric” products and systems, we seamlessly and securely connect users – from the network core to the tactical edge – with the information they need to decide and act. Our world-class capabilities create high-value, low risk solutions for use on land, at sea, in the air and in space. Based in Scottsdale, Arizona, General Dynamics C4 Systems employs over 10,000 employees worldwide and specializes in command and control, communications networking, computing and information assurance.”
SecurityStockWatch.com: Thank you for joining us today, Chris. Please give us an overview of your background and your role at General Dynamics
Chris Daly: I received my first exposure to information security as a systems analyst in a government computer security lab in 1990. At that time we were just beginning to secure Internet-facing web servers, performing risk analyses of government locations worldwide and testing high assurance operating systems for use in secure areas. I later served as a security consultant to a variety of financial institutions, transportation and manufacturing companies and government agencies as they worked to link up their legacy systems to the Internet. I also did a stint as a regional director for a business continuity consulting practice before returning to the federal government market where I held different leadership positions in the security field.
I work for General Dynamics C4 Systems now which is a business unit of General Dynamics. In my role as Director of Business Development for Cybersecurity, I contribute thought leadership in the formation of various General Dynamics security offerings such as cybersecurity, cloud security,
technologies and mobile security. I also work on opportunity formation, partner ecosystem development and technical standards bodies. For example, I am currently a co-chair of the Trusted Computing Group's newly formed Trusted Mobility Solutions Work Group.
SecurityStockWatch.com: We read with great interest in your capabilities brochure (http://www.gdc4s.com/documents/GDC4S_Capabilities_Brochure_2011-06-20.pdf ) that "General Dynamics C4 Systems enables secure communication and information flow from the network, to the desktop, to the individual. We ensure secure access and integrity of stored and processed information. It's what you'd expect from a company that has been protecting all levels of information including Type 1, both domestically and abroad, for more than 40 years." Please give us an overview of the solutions General Dynamics brings to market.
Chris Daly: General Dynamics provides the personnel and electronic systems for Defense and for civilian government organization domestically and abroad. These systems actively defend government networks against external attacks and internal threats. We offer a broad portfolio of secure communications and computing solutions that range from satellite communications and ground systems supporting NASA to command and control systems for the battlefield. Our offerings span the gamut of custom built, assurance products for secure voice and data, such as our TACLANE® In-line Network Encryptors and Sectéra® vIPer™ Universal Secure Phones; to trusted cross-domain and multi-domain systems, such as our Trusted Network Environment and our Trusted Embedded Environment; to Security Management solutions. In addition, many of the solutions we offer are based on a new strategy called "COTS+." Let me provide some specific examples of what is meant by COTS+.
In the area of RF networking, General Dynamics C4 Systems is leading the Joint Tactical Radio System (JTRS) Handheld, Manpack and Small Form Fit (HMS) Team to bring secure networked voice, video and data communications to dismounted soldiers as well as vehicles and UAV's. JTRS HMS radios are built on cutting-edge Software Defined Radio (SDR) and information assurance technologies in smaller, lighter and more power efficient devices, enabling safer and more effective battlefield prosecution.
In the area of rugged, mobile computing, General Dynamics Itronix has a full range of mobile-rugged and commercial computing solutions including rugged notebooks, ultra-mobile PCs, tablets and handhelds. We offer wireless integration, DynaVue® display technology for improved outdoor-viewability and a myriad of client services. Our Tadpole® product line consists of ultra-thin clients, mobile workstations and desktop/rackmount servers. These differentiated solutions give users the flexibility to compute in secure, mobile environments.
In the area of security management infrastructure, we continue to build and deploy leading edge solutions based on a combination of COTS tools and custom capabilities for key and identity management, device integrity and software assurance. For example, we are currently leading efforts related to the establishment of platform certificates to enable trustworthy identification of endpoints - either physical or virtual machines.
These examples just scratch the surface of our COTS+ solutions, products and services. I invite your audience to find out more by visiting www.GDC4S.com and checking out our full suite of capabilities.
SecurityStockWatch.com: Are there any "new" solutions you would like to talk about?
Chris Daly: Through recent acquisitions, we are accelerating our ability to deliver a wider array of competitively-priced products based on commercial offerings for government agencies needing COTS+ secure tools.
New to the General Dynamics family, the General Dynamics C4 Systems Fortress Technologies product line delivers a high performance portfolio of COTS wireless and secure communications capabilities, based on industry-proven technology. The products and technologies are enhanced with industry-standard encryption that conforms to commercial and government security standards. Such security features enable users to meet stringent environmental standards for tactical wireless communications in austere environments for global defense, critical infrastructure and use across the enterprise.
Leveraging a self-forming, self-healing, path-optimizing mesh architecture, the General Dynamics Fortress advanced wireless network solution is optimized for rugged-outdoor, mobile, military, first responder and critical infrastructure environments, where reliable communications are a must. Today, General Dynamics Fortress infrastructure is the backbone of the DOD's largest wireless networks deployed around the globe.
Newly-released under the General Dynamics C4 Systems Fortress Technologies product line is the DS310 commercial off-the-shelf 'Suite B' encryptor for secret communication between wired or wireless devices and networks. Suite B enables a simpler process for connecting to classified networks while maintaining security. Delivered in a driverless PC card and supporting multiple layers of encryption, the DS310 meets stringent security guidelines, including those of the National Security Agency (NSA).
General Dynamics also acquired Argus Systems offering a suite of trusted Linux and Solaris-based operating systems and utilities based on the PitBull Foundation product. PitBull Foundation is a feature-rich, mature, multilevel security (MLS) software product that enhances and extends the security of Linux and Solaris operating systems and the X Window system. PitBull Foundation for RHEL 6.0 announced in earlier this year, is based on advanced trusted technology from General Dynamics and can replace or supersede SELinux functionality and mechanisms. PitBull Foundation is significantly simpler to set up, configure, and maintain than SELinux and gives higher performance than SELinux.
In use by leading financial institutions to secure their Internet-facing trading and consumer applications, PitBull Foundation is compatible with existing applications and provides significant security to both the system and to applications.
SecurityStockWatch.com: We had the pleasure of watching the General Dynamics Impact Video (http://www.gdc4s.com/video/GDC4S_2009_Impact_Video1.wmv). Please share with us your perspectives on the latest trends and best practices in achieving secure mobile communications.
Chris Daly: Securing mobile communications and mobile computing platforms are the hottest security topics today - and for good reasons. We are already seeing a steep rise in the number and diversity of malware that target mobile platforms such as spyphone apps, rootkits and man-in-the-middle proxies. This rise in malware is accompanied by an increase in remote work or telework that puts more endpoints outside of the enterprise perimeter and at greater risk for security incidents. Mobile platforms may also introduce new types of information to risk of loss or privacy breach – data like your physical location, photos, contacts lists, texts, and call logs. With eWallets and mobile money applications, you also can put financial data at risk in new ways. Another emerging trend is the concept of "bring your own device" (BYOD) to work. This concept of mixing enterprise and personal usage of mobile devices will likely keep security professionals awake at night for some time to come. Among General Dynamics' top business priorities is helping customers understand the adversary and identify and repair vulnerabilities before they can be exploited.
Mobile computing has also introduced new ways to work and communicate. For example, app stores provide an amazing array of new capabilities for use on-the-fly. Other new computing and communications methods include context-aware mobile computing, self-forming mobile area networks (MANETs), Near Field Communications (NFC), adoption of WiMAX and mobile money. From a security perspective, all of these new capabilities require refinements of trust systems, protection mechanisms, and security protocols.
The good news is that mobile device management and security providers are working hard to fill the gaps, however exploit mitigation strategies still lag in the mobile space. For example, patching discovered vulnerabilities for mobile devices still takes too long. Greater adoption of existing standards and best practices is also needed. Groups and forums such as the Trusted Computing Group, the Global Platform organization, ISO TC 204 and the Mobey Forum offer trust and security specifications and best practice options for securing mobile platforms and communication. Also worthy of consideration is movement beyond permission-based systems to greater employment of separated, trusted execution controls and protections - especially when a device is used for both business and personal. In general, strong authentication, trusted identity, configurable settings, encrypted storage, compliance scanners, and secure VPNs are all key elements to extending the enterprise controls to the mobile endpoint and are on every requirements list of security professionals dealing with mobile computing and communications.
SecurityStockWatch.com: What are your key target markets and what is your perspective on the market drivers for General Dynamics' solutions at this challenging economic time?
Chris Daly: Our key markets include the government, telecommunications, health care and financial industries. Clearly, our customers across the board need to do more with smaller budgets. It's a 'perfect storm' for experienced providers who can slash the cycle time from requirements identification to fielded capability and to better leverage existing infrastructure in the delivery of capabilities. This environment demands a movement from strictly organic offering development to more agile offering frameworks based on open standards and COTS technologies. Therefore, our focus at General Dynamics has been a COTS+ approach that will enable rapid development, quick technology insertion and improved management of capabilities for our core customer sets. We are extending capability from the enterprise or the cloud to the mobile endpoint. The "plus" in our COTS+ strategy reflects our strong belief in the value of trusted technologies and trusted integrated solutions. This strong belief is one of the reasons for our continued commitment to the Trusted Computing Group, and other entities that lead the thinking on government and commercial trusted technology standards.
SecurityStockWatch.com: Are there 1 or 2 success stories or "wins" you would like to talk about?
Chris Daly: One relevant and interesting work area is mitigating insider threats. An insider threat is a person, generally an employee, ex-employee, or trusted user who uses their granted authority and privileges to gain access to information and computing resources; and, leverages this access to conduct activities intended to cause harm to an enterprise. We are currently demonstrating the integration of trusted computing-based technologies to enable network access control, trusted identity and platform integrity verification. These technologies work in conjunction with other security controls such as public key infrastructure, data loss prevention, attribute-based access control, and vulnerability scanning to provide near real-time situational awareness and mitigation of the insider threat. This extensive capability is based on a COTS+ framework and illustrates the fine-grained controls, flexibility and awareness that are achieved with an open standards approach that implements the Trusted Computing Group specifications. We are currently piloting this capability in a government solutions lab.
SecurityStockWatch.com: What resources are available for your customers and strategic partners at www.GDC4S.com ? (feel free to talk here about case studies, "white papers", literature, etc.)
Chris Daly: In addition to the informational resource available on www.GDC4S.com The General Dynamics sponsored,EDGE® Innovation Network, offers a collaborative, open-environment initiative enabling industry and academia, with government input, to work together to enhance the delivery cycle of new technologies and innovative capabilities to the military, law enforcement, first responders and others.
With more than 240 members and EDGE Innovation Centers located in the United States, Canada and the UK, each EDGE Innovation Center provides subject matter expertise, equipment, facilities and laboratories for developing and testing new technologies, products and systems at faster cycle times than are currently possible on funded programs, all the while enhancing capability effectiveness and agility.
More information about EDGE can be found here: http://www.edge-innovation.com/ I would also like to highlight our collaborative work in the area of trusted computing technologies. Specifically, as part of the NSA High Assurance Platform (HAP) Program, we are leading the effort to transition HAP trusted computing technologies to an open source model. The focus of the HAP contract has always been to provide reference implementations of TCG-based capabilities at various stages of development in order to encourage the use of trusted computing technology by commercial vendors. We are currently delivering on one of the main goals of the HAP effort by providing technology transfer to government-identified commercial vendors. This effort allows the Community to incorporate selected HAP components (e.g., Trusted Platform Module (TPM) usage, Platform Trust Services, Key Management) into their products/systems in an interoperable, standardized way using proven technology. At General Dynamics, it's our goal to incorporate protective measures into the design and operations of networks to avoid vulnerabilities.
SecurityStockWatch.com: We understand that General Dynamics is a member of the Trusted Computing Group. We had the pleasure of recently publishing an interview with TCG's President and Chairman, Dr. Joerg Borchert . Care to elaborate on General Dynamics activities with TCG?
Chris Daly: General Dynamics is proud to be a long-time Contributor member of the Trusted Computing Group (TCG). Our early involvement stems from ongoing work with government customers leading to one of the first reference implementations of TCG specifications. This pioneering reference implementation included support for several TCG specifications including Trusted Network Connect (TNC), Trusted Platform Module (TPM)-based platform integrity measurements and attestation, and the use of virtual TPMs in a virtualized commercial workstation. This capability is currently productized and supported as our Trusted Virtual Environment (TVE) offering. General Dynamics continues to participate in multiple TCG Work Groups, the latest being the Trusted Mobility Solutions (TMS) Work Group that I co-chair. The TMS WG is especially interesting to me since it focuses on how customers can take advantage of the basic TCG capability building blocks in the development of an end-to-end, trusted mobility solution. The TMS WG plans to deliver an end-to-end reference architecture, use cases, solution requirements and reference implementations for
platforms and is open for new members to participate. The TMS WG is also working closely with other TCG Work Groups and liaison members such as the Mobey Forum, to ensure that we deliver solutions that can be readily adopted and deployed.
SecurityStockWatch.com: Thanks again for joining us today, Chris. Are there any other subjects you would like to discuss?
Chris Daly: I would like to conclude by saying that system assurance practices need to adapt to the dynamic computing and communications environment. In general, system assurance principles need to have greater consideration in the early phases of requirements and design of software and system components. At the same time, the security community must make security mechanisms simpler to understand and configure. Despite many advances and good intentions in systems security, point protections continually lag behind the threats -industry must invest more in trusted technologies and a cohesive end-to-end security framework to address the increasing sophistication and impacts of threats.
http://www.securitystockwatch.com/Interviews/in_Boardroom_GDC4S.html
Nice Timeline after this PR:
Wave CEO to Participate in Trusted Computing Panel at 2012 Secure Communications and Computing User Conference
Panel Includes Experts from Microsoft, the National Security Agency (NSA) and Fixmo
Lee, MA — May 23, 2012 — Wave Systems Corp. (NASDAQ:WAVX www.wave.com) announced today that CEO Steven Sprague will join representatives from Microsoft, the NSA and Fixmo to discuss the importance of trusted computing in solving security problems organizations face every day. The panel presentation takes place Thursday, May 24th, at the 15th annual Secure Communications and Computing User Conference and Training at The Paris Hotel, Las Vegas, Nevada.
Trusted computing offers compelling security benefits for global enterprises facing serious cyber threats. The technology gives organizations a new paradigm for device authentication and trusted execution, along with faster and more secure encryption based in hardware. Technologies such as the Trusted Platform Module (TPM), a cryptographic chip built on open industry standards defined by the Trusted Computing Group, can enable a myriad of advanced security features. Applications include ensuring only known devices have access to the corporate network and measuring and reporting on the health of the pre-boot environment.
WHAT: Panel presentation, “Knowing Who and What Is on Your Network: Trusted Computing Challenges and Solutions for Government and Industry”
WHO: Leslie Andresen, General Dynamics C4 Systems (Moderator); Steven Sprague, Wave Systems; Rick Segal, Fixmo Inc.; Atul Shah, Trustworthy Computing Division, Microsoft Corporation; and Marianne Bailey, National Security Agency’s Information Assurance Directorate.
Remember those famous LAST 4 words-"WE HAVE NO DEBT"
We are WAVE. We don't sell to no stinkin Qcom even for $1000/sh.
Lest you forget its .33 a share
Read it but where does it state SKS received 70K more than he should have? TIA
"hand in Cookie Jar" Please post link to overpayment TIA
Recent Development Milestones:
•Wave Teamed with Samsung Electronics to provide engineering and consulting services, validation and a customized version of Wave's local management software for Samsung's Trusted Platform Module (TPM) security chips for OEM distribution. (Nov. 2011)
•scrambls, an online social media privacy service that uses encryption to let users control access to their communications, is released for initial testing. Made available in November on Mozilla FireFox, scrambls has since added support for the Android, Google Chrome & Safari browsers. There are plans for the release of an Internet Explorer-compatible version soon, as well as new features for secure posting of photos and videos. (Nov. 2011)
•Wave Encryption Service (WES) Wave launched a powerful, scalable subscription-based Cloud service that allows organizations to secure data and centrally enforce strong data encryption policies to achieve regulatory compliance. (Jan. 2012)
•Wave Announced Windows 8 Support for hardware-based security components including TPM, Unified Extensible Firmware Interface (UEFI) and Encrypted Drives. (Feb. 2012)
•Wave and Trusted Logic Mobility Demonstrate Mobile Solution enabling enterprises to extend PC security architectures to mobile devices. The solution authenticates a user utilizing an Android device as a token, allowing encrypted data on a laptop to be unlocked. The solution combines Wave's software with Trusted Logic's Mobile Trusted Module compliant software and the ARM® TrustZone™ secure hardware architecture. (Feb 2012)
•CMS and Wave Announce First-Ever Opal External Self-Encrypting Drive bundled with Wave's client software to activate and manage the drives' advanced security features. The agreement marked Wave's entry in the external SED drive market. (Feb. 2012)
Finally some Great News for Wave if we still have the G & D ties.
http://finance.yahoo.com/news/arm-gemalto-giesecke-devrient-form-060000651.html
Is there a Doctor in the House,
http://www.bizjournals.com/boston/blog/bottom_line/2012/03/medical-ipad-3.html?ana=yfcpc
Free Space Station rides offered by North Korea
http://news.cnet.com/8301-1009_3-57388136-83/space-station-control-codes-on-stolen-nasa-laptop/?tag=nl.e757
Think part of this was on Bloomberg radio today.
So who are the Vendors in the PR ""We evaluated solutions from other vendors," he said, "but most had strict minimum seat requirements that we just didn't meet. So the choice was pretty easy ?
TIA
Secure Boot-UEFI technology -WAVE????????
Where is Wave in all this.....
http://www.nist.gov/itl/upload/CenturyLink-Comments-to-BotNet-FRN-11-14-11.pdf
Happy Holidays to all.
Are they ready for US YET????
The Net must fight back to regain our trust
By: Stephen Shankland September 6, 2011 9:48 AM PDT
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Trust is tremendously valuable, but unfortunately supplies are running a bit short on the Internet right now.
We've all heard about Trojan horse malware that poses as software you might want to run, phishing scams that send fake e-mail purporting to be from your bank, and identity thieves who can siphon away your money. But an unpleasant new variety of faith-undermining behavior has shown up twice now in recent months: bogus versions of the digital certificates that enable encrypted communications on the Net.
How does a bogus certificate hit you where it hurts? Think of the Web sites you trust, the ones with the traditional closed-lock icon that signifies a secure connection. Fake certificates, in combination with changes to the way in which data is routed around the Internet, can be used to steal passwords and intercept e-mail from use of those sites.
The problem is that there are hundreds of organizations called certificate authorities (CAs) that issue certificates, and those organizations may be vulnerable to attack. The certificate authority worry is very real: In March, Comodo issued fake certificates after a successful attack, and in August DigiNotar issued 531 fake certificates for Google, Facebook, Twitter, the CIA, and more. Some security experts expect more use of fake certificates, too.
In other words, we're running into a breach of trust not just for Web sites, but for the organizations set up to to tell us whether we can trust Web sites.
That's a particularly corrosive type of doubt to have in the back of your mind: it's systemic, with the potential to undermine faith broadly, not just hurt the reputation of one particular site.
The utility of trust
Trust is tremendously useful. It increases the efficiency of transactions, saving time by not requiring every little detail to be verified in advance.
It can be hard to establish trust, though. Here's a case in point from my recent move to France: my bank required a phone bill with my new address to prove that I really had moved, and my phone company required a bank statement with my new address before it would give me a subscription. (The situation was more complicated, to be fair, but that procedural deadlock was one very real aspect.)
Once the trust is established, though, future transactions get easier. For example, my bank now will send me a replacement debit card or an older bank statement with little fuss.
The bank's process is very formal, but I think systems of human interactions naturally incorporate trust more organically. Perhaps it's human nature, in which we evolved to give others the benefit of the doubt to some degree. Perhaps it's that a system with a certain amount of trust is more efficient and spreads more quickly to other people.
The problem is that it's easy to get ahead in the short run if you're willing to abuse trust. The September 11 attacks took advantage of some built-in goodwill in pilot training, aircraft security, and air traffic control. Other examples of abuses: fabricated news stories, fraudulent scientific results, investment funds that are actually Ponzi schemes, and the patron who stiffs the restaurant. If everybody skipped out on paying bills, you can bet that all restaurants would demand payment in advance, but for now, we generally get the flexibility of being able to add dessert and a coffee onto the bill at the end of the meal.
Happily, human systems repair themselves because overall the advantages of trust are pretty high, too. The stock market, airline industry, news media, scientific research community, and restaurant business all have surmounted plenty of trust-based challenges.
Hidden tax on the Net
What worries me about the Internet is that it operates at a massive scale and with greater automation. Even though the overall Net will keep on humming, a large number of individuals could suffer. Consequently, we're seeing a gradual rise in technical countermeasures. That means a tax on the Net's use, one way or another.
Here's one example: I use Google two-factor authentication, and it's a pain. For one thing, I have to have my phone around to provide a verification code when I log into my account from a new browser. Given that I have two phones, twotablets, three computers, and at least a dozen browsers in regular use, that's a lot of work.
Just as inconveniently, two-factor authentication means I have to generate passwords for apps that use Google services--Gmail and Google+ on myAndroid phones and tablet, Mail on myMac and iPad, Chrome settings and iTunes-Google sync, and more.
I've thought about ditching two-factor authentication on many occasions, but each time I ponder the risks and leave it on.
Likewise, my bank makes me jump through hoops to sign on--but in today's world I grit my teeth and put up with it. When I sign up for new services, I worry that I'm adding one more potential way that some identity thief or fraudster will find a way into my life.
Browsers, the gateway to the Web, are on the front lines of this battle. There are encouraging signs here that browser makers are getting more serious.
Google has modified Chrome so that for particular domains such as Gmail, it will only use certificates from a short list of certificate authorities it deems solid. That won't stop all abuse, but it was useful enough to flag the DigiNotar problem.
Browser makers are also making it harder for add-ons to add themselves without user permission, asking difficult questions about balancing new features' utility and risk. More broadly, Google is pushing the use of secure Web connections, not just for Gmail but also for search.
No longer naive
This isn't the first time trust took a hit on the Net, of course, and computing systems continuously evolve away from their early, naive designs. Gone are the days when it was possible to break into servers with the username "guest" and an empty password, as described in Cliff Stohl's 1989 book "The Cuckoo's Egg."
The trouble is that the Internet is increasingly essential to school, business, politics, and our personal lives. The damages of breaches of trust are worse than ever.
It's great that the Net's technologists are responding. But there's no miracle cure here, and malicious hackers are advancing the state of the art at the same time. Governments and armed forces, not just thieves, are getting involved as cyberwar becomes just a facet of ordinary war.
It's a great time to be on the Net, and I'm confident that ultimately it will withstand this current hit to its trustworthiness. But the time being, I'm keeping the annoying, heavy-duty Google authentication.
.
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Then he better contact Nuance and see if we are needed. Ford CEO spoke on air how VR is coming to their company in a bigger way and we haven't stepped up to the microphone yet.
And yet Not 1 company with an extra $2-3B lying around to end the problem. Makes me think back to the day I was so excited to see Steven and Peter on CNBC for Father's day in Business.
On Hiatus for awhile. Nothing interesting going on with Wave currently. Just waiting to be able to go to Mr. Drysdale to cash that $5M Check. Wrote that check back in 2004 and left out the date. Try to hide it from the Family. Just need the stock to hit a little over $104. Hope I last.
Doesn't anyone think that we sell a 5-10% equity stake in the company and let them put someone on the BOD? This would put some cash in our pocket for R&D and give us a better picture of what the market really thinks of our Co. Or is it the Fact that many here may/maynot believe that this really is a little cottage Industry for our benefactors. Over the years learned to understand the WAVE TRADE and in the Black but I want to Live the Wave Dream and be covered like Jed Clampert "Black Gold, Texas Tea" ERAS.
Sorry. More or less covered already.
Not in this Lifetime.
Numbers stink. It's always someone else's fault. If we don't become part of this revolution finally, the game is over. Either we have the goods or not. Is Intel goint to invite us to dance?
https://news.fidelity.com/news/news.jhtml?articleid=201103151348STREETCMREALTIME_11045898&IMG=N&cat=Tech&ccsource=rss-Tech
What is the real difference between Signonline and Wide Area Workflow?
Fri Jan 28, 2011 6:50pm GMT
* CFTC, other regulators want to track swaps, traders * Roundtable: Infrastructure must be "bulletproof," secure * CFTC will use tool to monitor risk, prevent manipulation By Christopher Doering and Roberta Rampton WASHINGTON, Jan 28 (Reuters) - Regulators seeking a
barcode-like system to keep track of thousands of traders and
millions of swaps contracts face an uphill battle to do it
quickly and efficiently, firms that will be impacted by the new
framework said on Friday. The U.S. Commodity Futures Trading Commission is crafting
an identification system for the swaps industry -- one that it
wants to mesh with similar ID systems under consideration by
securities and systemic risk regulators in the United States
and Europe. The numbers and the databases behind them will be a key
part of the market infrastructure, and must be accurate and
secure, said participants at a roundtable held to collect input
from those who would be assigned a ID and organizations vying
to collect the data. "If you launch something, it must be bulletproof from the
start," said Paul Janssens, product manager with the Society
for Worldwide Interbank Financial Telecommunication, or SWIFT,
which records most global money transfers. Currently, the financial services industry has a hodgepodge
of many identifiers that regulators are trying to mesh. The CFTC sees the ID system as a "crucial regulatory tool"
for monitoring risk, preventing market manipulation and
enforcing position limits, said David Taylor, part of the
rule-writing team that put together the CFTC's proposal, which
is open for industry comment until Feb. 7. Cost is an issue for the regulator, which currently
collects some of the data for its oversight of the futures
market by fax. The CFTC is struggling with how to pay for the new staff it
needs with its budget frozen by Congress, and may run out of
room to store data by October because of cutbacks to its
technology budget, Commissioner Scott O'Malia said this week.
[ID:nN25292507] <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ FACTBOX-Rule on swap data recordkeeping [ID:nN19130908] FACTBOX-CFTC rulemaking to-do list [ID:nN18195182] Take a Look [ID:nCFTCREG] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> The Dodd-Frank bank reform law passed by Congress last July
gave the CFTC and Securities and Exchange Commission sweeping
new powers to oversee the over-the-counter derivatives market,
which had been virtually unregulated, despite its tremendous
size. Globally, the market in swaps in interest rates,
currencies, credit risk and other underlying values is worth
about $600 trillion. There are an estimated 40,000 entities in over-the-counter
derivatives markets, said Melissa Goldman of Goldman Sachs
(GS.N), noting the complexity of the job ahead needs "strong
support" from regulators. It will be challenging to move quickly to get a practical
system in place, said representatives from banks including
Morgan Stanley (MS.N), JPMorgan (JPM.N), Bank of America
(BAC.N), Citigroup (C.N) and Deutsche Bank (DBKGn.DE). Some members of the roundtable told the CFTC one way to
reduce the burden for regulators and the industry would be to
use an existing ID system. Mark Bolgiano, the former head of XBRL US, a national
consortium for business reporting standards, said regulators
have a mandate from the new law, but the industry needs to
accept it for the new system to work. "More than half the battle is thinking about what
contributes to market acceptance, to the user acceptance. Even
a perceived lack of stability will have a drastic impact on
market acceptance," Bolgiano said.
Kevlar Vest needed. Just a stretch on my part but we are bulletproof and secure.
http://uk.reuters.com/article/2011/01/28/us-financial-regulation-swaps-idUSTRE70R6R420110128
So what happened to Michael Sprague after Wavexpress?
Although the technology is sound it looks like word of the upcoming SKS appearance on CNBC got into the street last week. JMHO
Either 99 or 2000.