http://www.innovationcreators.com/2006/06/
jp_morgan_building_web_20_solu.html
JP Morgan Building Web 2.0 Solutions
Katherine Heires has a great article in the June 19 issue of
Securities Industry News.
Then article details how JPMorgan Chase & Co's Carl Carrie is using
innovative applications of Web 2.0 technology such as AJAX to quickly
build new mash-up solutions for the bank's traders.
Carrie is head of algorithmic product development for JPMorgan
Electronic Execution Services.
Wall Street has always lead the way in the adoption of new
technology, and particularly in the application of agile development
techniques.
You can find a pdf of the article on Katherine's site. It is entitled
JP Morgan Turns to Web 2.0 For a Basket Trading Tool.
In addition to detailing how Carrie used Web 2.0 techniques to
quickly deliver powerful new tools to his internal clients, Katherine
Heires details some of the inevitable issues that companies are
dealing with as they move to adopt Web 2.0.
David Mitchell Smith, a VP and fellow at Stamford, Conn.-based
research firm Gartner, is less optimistic about the general rate of
Web 2.0 enterprise adoption, especially in security- and compliance-
conscious financial services. Nevertheless, Gartner projects that by
2008, the majority of the Global 1000 companies will have adopted
some aspects of Web 2.0. There will be lingering reluctance, Smith
says, where the technology requires or results in a major alteration
in the communication systems and social structure of an organization.
. I expect financial firms to continue to be early adaptors. I also
expect that they will have to deal with all of the following issues:
* Access Control
* Authentication
* Audit Trails
* Date Security
* How to leverage the technology to comply with regulations such
as SOX and Basel II
* Data standards, such a microformats and FpML
Considering the success of his first application, it looks like JP
Morgan's Carl Carrie has already done a lot of thinking around many
of those issues.
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