Massaro, Kerry. Back to Basics: Reliability, Integrity and Customer Focus. Wall Street & Technology Week. June 10, 2004.

Some great quotes in here ...Wall Street & Technology > WST Week > >: "'We're in a bull market in new regulations, which has led to new costs. At the same time we've had market declines, industry revenue declines and industry confidence declines,' Lackritz told the audience. 'This has resulted in what we have today -- a spotlight on compliance,' he said. Reviewing the new regulations, he listed Gramm-Leach-Bliley, the USA PATRIOT Act, global settlement and research analyst regulations, Sarbanes-Oxley, Basel II and the mutual-fund regulations that the Securities and Exchange Commission is now considering. With all of the new regulations at which the industry is throwing time and money, how can the industry keep its head above water and still innovate? Lackrtiz acknowledged that it's not easy. He suggested, however, that technology managers embrace their expanded roles. No longer are they just partnering with the trading and sales teams or operations staff. Today, the technology manager has to partner with the legal team, he said, and he or she 'must be aware of so many other things that are happening in the industry.' 'Every place you go, people are talking about all these new regulations, while budgets are being squeezed. Now the market is just starting to turn around, CTOs also have to deal with compliance, business-continuity planning, identity theft, e-mail ... there are a slew of things that they have to keep up with,' Lackritz noted in the pre-keynote interview. "