In other fintech items, AcadiaSoft embraces open source code for ISDA’s SIMM, and Indata has Epic news.
Smartkarma Teams with ULLINK for Nyfix
Smartkarma, a research vendor, and ULLINK, an electronic trading and connectivity solutions provider, are jointly unveiling the Smartkarma research platform via the Nyfix Portal, which targets Nyfix buy-side members looking for research on Asian markets.
The effort is a response to the growing need for transparent pricing and unconflicted research for the buy-side, driven by the MiFID II regulatory effort to unhook research from commission structures, officials say.
Smartkarma offers a cloud-based platform that accesses independent research from 135 investment insight firms, “comprised of over 400 contributing analysts who have written on more than 1700 companies across 15 Asian markets,” officials say.
The ULLINK’s Nyfix Portal offers Nyfix members with access to a variety of trading and investment services. Smartkarma is the first independent research platform to offer their service through the Nyfix Portal under the auspices of ULLINK’s Global Alliance Program (GAP), officials say.
AcadiaSoft Pushes Open Source Code for ISDA SIMM
AcadiaSoft, a vendor offering margin automation solutions for collateral management, is going to make available “open source code for the ISDA Standard Initial Margin Model (SIMM) as a free download to any firm that wants it,” officials say.
The code has been created via AcadiaSoft’s Expert Services division and is available at: https://github.com/acadiasoft, and will be updated regularly to conform to the latest ISDA guidelines, officials add.
The ISDA SIMM is “a methodology for calculating initial margin (IM) developed by the International Swaps and Derivatives Association (ISDA),” officials say. The SIMM effort provides the over-the-counter (OTC) derivatives industry with a calculation method “that met the requirements of the new regulatory framework established by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO).”
Among other deadlines, firms at the “Phase 3” level on Sept. 1, 2018 must post initial margin “for all non-cleared derivatives transactions under the new regulatory framework,” notes AcadiaSoft officials. “While ISDA provides both guidance on ISDA SIMM implementation and a unit test to ensure that results are in conformance with the expected results, individual firms must code the ISDA SIMM themselves or hire an outside firm to do so. Utilizing the AcadiaSoft code will ensure that firms always have the latest version of the ISDA SIMM code.”
In addition, firms using the code will need to obtain a license from ISDA for production use of SIMM, officials say. “U.S.-based firms will also need approval from their lead prudential regulator. To this end, AcadiaSoft Expert Services also offers an ISDA SIMM Approval Guidance service, helping firms obtain permission from regulators to use the ISDA SIMM via a streamlined, expert-driven process. AcadiaSoft is currently piloting sensitivity calculations and ISDA SIMM back-testing services to provide firms additional IM support.”
Arga Investment Management Deploys Indata’s iPM Epic Suite
Indata, a software, technology and services vendor for buy-side firms, reports that Arga Investment Management has implemented Indata’s iPM Epic software suite for front, middle and back office support via iPM Cloud, Indata’s private cloud solution.
Arga, based in Stamford, Conn., with offices in Chennai, India, is an independent investment management firm working in global equities with more than $3 billion in assets under management (AUM) across developed and emerging markets strategies, officials say.
Arga officials report that they were “looking for a system to improve its operational efficiency and enhance its front office capabilities in the areas of trading, compliance and reporting. Arga was also looking for a cloud-based solution so that end users could fully leverage the system on a global basis including the firm’s Chennai, India, office.”
The firm will implement Indata’s software for its front, middle and back office to enhance trading, compliance and reporting capabilities, says Keith Komar, chief administrative officer at Arga. The firm is also “looking to increase automation across back-office activities, which the Indata system also provides,” officials say.
Need a Reprint?