In other news, Canada focuses on T+1, Binance.US bids for Voyager, and SWIFT’s Chair retires.
MSCI Offers Integrated Access to Its Wares
MSCI, a provider of indexes and other decision support services, has launched an open architecture technology platform, dubbed MSCI ONE, that uses the Microsoft Azure cloud platform to create integrated access to “MSCI’s portfolio of products and solutions,” officials say.
MSCI ONE includes “capabilities in quantitative investment analytics” and offers “distribution, cloud delivery, dashboards, and visualizations,” officials say. The integrated platform taps into Microsoft Cloud data and analytics and is intended to give users a quick way to “identify key insights, innovate rapidly, gain a broad view of investment risks and opportunities, and build investment portfolios.”
“At launch, MSCI ONE will act as a single point of access for a dozen MSCI services, including MSCI Risk Insights, Climate Solutions (including Climate Lab), and Institutional Client-Designed Indexes with Index Insights,” according to the official announcement. “The platform will also host MSCI’s Developer Community and Data Explorer, launched earlier this year. Over time, MSCI ONE will incorporate many more of MSCI’s tools and solutions in a single user experience.”
In addition, MSCI ONE will use Microsoft Power BI for “live dashboards, interactive reports, charts, graphs, and other visualizations, as well as Azure Cosmos DB and Azure Data Lake for providing insights and data at scale by leveraging key capabilities for data integration, data warehousing, and big data analytics, enabling a seamless and modern experience for MSCI’s clients,” officials say.
The MSCI and Microsoft collaboration brings together cloud, natural language processing, data distribution and warehousing technologies, says Scott Guthrie, executive vice president, Cloud + AI at Microsoft, in a prepared statement.
“Since the launch of Investment Solutions as a Service in 2021, we have partnered with Microsoft to deliver 10 transformative solutions, culminating in this unique integrated platform MSCI ONE, which will grow to include many of MSCI’s tools and solutions,” says Jigar Thakkar, chief technology officer (CTO) and head of engineering at MSCI, in a statement.
Canadian Regulators Issue T+1 Transition Rules
The Canadian Securities Administrators (CSA) is seeking comment upon proposed rule amendments to National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) that will support the transition from a two-day Canadian trade settlement cycle to a one-day settlement cycle, also known as T+1, officials say.
The CSA, which is a council of securities regulators of Canada’s provinces and territories, oversees the regulation of Canadian capital markets.
“The proposed amendments focus on facilitating the shortening of the standard settlement cycle for institutional equity and long-term debt market trades in Canada from two days after the date of a trade (T+2) to one day (T+1) in alignment with upcoming changes to the U.S. settlement cycle. The amendments may require market participants to review their procedures and processes,” according to the official announcement.
The regulators note that the proposed amendments would “permanently repeal the exception reporting requirements in Part 4 of NI 24-101, including the requirement to file NI Form 24-101F1 Registered Firm Exception Report of DAP/RAP Trade Reporting and Matching (Form 24-101F1). Related changes to the companion policy to NI 24-101 would also be made.”
The CSA acknowledges that the T+1 move is “expected to occur in 2024, at the same time as the markets in the United States move to a T+1 settlement cycle. Comments on the proposed amendments to NI 24-101 should be submitted in writing by March 17, 2023. The proposed amendments can be found on CSA members’ websites.”
Binance.US Bids for Voyager Digital’s Assets
U.S. cryptocurrency exchange BAM Trading Services Inc. — doing business as Binance.US — has agreed to bid for the assets of crypto lender Voyager Digital Ltd., which filed for bankruptcy in July, officials say.
The operating company Voyager Digital LLC “selected the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe,” officials say.
The bid from Binance.US, based in Palo Alto, Calif., “sets a clear path forward for Voyager customer funds to be unlocked as soon as possible, is valued at approximately $1.022 billion and is comprised of (i) the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value,” officials say.
“The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery on these and other non-released claims will be distributed to the estate’s creditors,” officials say. “The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”
Binance.US “will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million. Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers,” officials say.
Voyager Digital “will seek bankruptcy court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance.US at a hearing on January 5, 2023,” officials say. “The sale to Binance.US will be consummated pursuant to a Chapter 11 plan, which will be subject to a creditor vote and is subject to other customary closing conditions. Binance.US and the Company will work to close the transaction promptly following approval of the chapter 11 plan by the bankruptcy court.”
The asset sale follows Voyager’s July 5, 2022 “entrance into a voluntary restructuring process aimed at returning maximum value to customers,” officials add. Kirkland & Ellis, Moelis & Company, and Berkeley Research Group advised Voyager while Latham & Watkins advised Binance.US.
SWIFT Chair Yawar Shah Retires
Yawar Shah
The board of directors for the SWIFT financial messaging and systems cooperative reports that Yawar Shah has stepped down from the board and has begun his retirement after serving for 16 years in the top post.
Until a new chair is found, Shah’s activities as chair “will be covered by the deputy chair during a transition period until a new chair is elected in the coming months,” officials say. “Deputy Chair Mark Buitenhek will cover the activities of the chair, until a new chair is formally elected by the board in the months ahead as part of the regular governance process.”
In addition to being board chair, Shah has also been serving as a managing director in the institutional clients group at Citigroup, officials say. Prior to that post, Shah was the global head of Citi Shared Services.
“At the end of a successful year and as we move to the next phase of strategic delivery it is the right time for me to retire from the role of chair and the board. I would like to thank Swift board colleagues from around the world for their continuing dedication and together with Swift’s management team,” Shah says.
Need a Reprint?