In other FinTech partnerships, the Blockchain Board of Derivatives (BBOD) is working with GMEX Technologies while AcadiaSoft is collaborating with Quaternion. Mosaic Smart Data is launching an analytics offering for interest rate swaps.
CRD’s IMS to Get New Broadridge Support
Charles River Development (CRD) and Broadridge Financial Solutions are formalizing a business alliance to facilitate broader integration with the SWIFT financial messaging network for the Charles River Investment Management Solution (Charles River IMS), officials say.
The partnership is in response to the industry’s move, sanctioned by the SEC, to shrink settlement time from T+3 to T+2 to boost efficiency and lower risk for a shortened settlement cycle.
“With the migration to T+2, asset managers are challenged to manage settlement risk and ensure accurate records with custodians and prime brokers. Broadridge’s SWIFT solution, which is used by more than 100 clients globally, accelerates the adoption of industry standard ISO formats to facilitate timely settlement and accurate start of day positions in the Charles River IMS,” according to a prepared statement from CRD.
“Broadridge will support unlimited routing choices to send and receive messages across the SWIFT network, while Charles River will generate messages in ISO 15022/20222 formats, process SWIFT-formatted replies from custodians, and provide seamless application workflow support,” officials add.
The goal for CRD is to offer investment managers and asset owners collateral management, post-trade processing and settlement, IBOR, and GIPS-compliant PMA services along with expanded SWIFT messaging support, officials say.
BBOD Crypto Currency Derivatives Trading Platform Launches
The Blockchain Board of Derivatives (BBOD), which characterizes itself as the world’s first hybrid cryptocurrency derivatives trading platform, has launched in partnership with GMEX Technologies’ GMEX Fusion Technology Suite.
A hybrid crypto currency derivatives trading platform, BBOD informs us, “combines the speed of centralization with the security of decentralization.”
Centralized exchanges “process transactions quickly but expose traders to security risks by requiring them to give up custody of their funds,” according to the firm, while decentralized platforms “offer enhanced security by keeping traders in control of their funds, but lag repeatedly and offer limited trading options.”
BBOD employs a “smart contract wallet” system, which connects the smart contract wallets to its GMEX matching engine, which “processes 1,250,000 orders per second with an average latency of 75 microseconds. This allows traders to stay in control of their funds without experiencing the lags and delays associated with entirely decentralized platforms,” according to BBOD officials.
AcadiaSoft and Quaternion Form Risk Services Partnership
AcadiaSoft Inc., a provider of margin automation solutions, and Quaternion Risk Management Ltd., a risk analytics vendor, report the formation of a partnership to “provide risk services for firms subject to initial margining requirements for non-centrally-cleared derivatives.”
Initially, the firms expect to focus on “helping firms with non-centrally cleared derivatives portfolios meet the operational and regulatory challenges associated with margin requirements.”
“We expect to be able to significantly cut the burden placed on market participants by the non-cleared margin rules and make achieving compliance a straightforward process — even for relatively small firms,” Fred Dassori, head of risk services and corporate development at AcadiaSoft, says in a statement. “After collaborating with the team at Quaternion on a range of projects over the past year, we’re … formalizing our partnership, and we’re looking forward to working together to greatly expand the set of tools we offer and give our clients a simple and efficient path forward.”
AcadiaSoft, Inc. characterizes itself as a “financial industry collaborative … focused on delivering margin automation and standards for counterparties engaged in collateral management.”
Quaternion Risk Management characterizes itself as a “capital markets consulting practice advising on and implementing complex projects with a focus on the quantitative aspects of risk management, trading and finance.”
Mosaic Smart Data Launches Real-Time IR Swaps Analytics
Mosaic Smart Data, a data analytics company, reports the addition of real-time analytics for interest rate swaps to its platform.
Mosaic now “provides real-time analytics for swaps denominated in US dollar, sterling, euro, and Scandinavian currencies, which make up the majority of the USD 2.1 trillion a day interest rate swaps market,” the company says. The new service “allows banks to combine their electronic and voice traded swaps transaction data into a single view,” per Mosaic.
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