1. Sponsorship. A senior executive champions the initiative and ensures the commitment of appropriate resources: people, vendors, tools and money.

2. Clarity of Purpose. The objectives, scope and direction of the project are clear. All project participants understand this "road map" and the benefits it will deliver.

3. Resources and Teamwork. The team structure, roles and responsibilities are clearly defined and accepted. The team works together in equal partnership.

4. Project Control. A disciplined program/project management infrastructure exists to maintain milestone and project plans, manage program risks and issues, monitor resource allocation, report on progress, and coordinate communications.

5. Communication. All levels of communication (internal/external, formal/informal) are honest, frequent and consistent. Success is recognized and celebrated along the way.

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Cover Story

Inside Morgan Stanley's Buy-Side Trading Desk Overhaul
Morgan Stanley Investment Management takes Advanced Trading inside its ambitious project to revamp the buy-side trading desk.

Sidebars

Morgan Stanley Invests in Its People
MSIM has developed a Trader Development Program to ensure the continued educational development of the people on its desk.

Creating a Partnership to Effect Change
Blurb:Ray Tierney, global head of equities trading, leaned that to effect change, you need to create a partnership with the people with whom you work.