In other news, Bloomberg works with BNP Paribas, Artemis taps Northern Trust & LSEG uses OpenFin's technology.
London Startup Takes on SSI Problems
Bill Meenaghan
It’s a case of distributed ledger technology (DLT) meeting standing settlement instructions (SSIs), according to a London-based newcomer that developed SSImple, a post-trade, DLT platform offered on a software as a service (SaaS) basis.
SSImple, also the name of the company, was built via R3’s distributed application platform Corda, officials say.
SSImple “is also capable of interacting with traditional finance systems (TradFi compatible),” according to the vendor. “Users can log in into a graphical user interface (GUI) and upload/download SSIs using [Microsoft] Excel or they can connect via a state-of-the-art open-source API.”
In addition, firms that want to take an SSImple node “and store it in their systems will be able to do so. SSIs will be stored in DLT nodes and when an SSI change occurs, each permissioned entity will get instant access to the updated SSI ensuring that all entities are using the latest verified SSI,” officials say.
Industry veteran Bill Meenaghan, who has more than 20 years of financial services experience, founded the company, whose aim is to change the way SSIs “are stored, shared, and enriched across the financial services industry,” according to the company.
SSImple’s rule engine has been developed to “ensure multi-asset class SSIs are entered correctly, thereby mitigating risk, creating efficiencies, and reducing costs for custodians/prime brokers, buy-side/outsourcer firms, broker-dealers, and third parties,” according to the company’s announcement.
The new offering also helps custodians/prime brokers automate the SSI delivery process to buy-side clients, according to the vendor.
“Buy-side/outsourcer firms can receive automated SSIs as well as permission broker-dealers and third parties access to their SSIs,” officials say. “Broker-dealers can receive automated SSIs from their buy-side clients via Excel or an easy-to-use application programming interface (API).”
In addition, third-party firms “can connect and enrich SSIs from their buy-side and sell-side clients,” according to SSImple.
“Logical enrichment at the point of electronic trade confirmation, where SSIs are verified as a logical pair, will also ensure that the correct SSIs are selected, and, as systems develop, SSImple can interact with distributed ledger technology (DLT) databases to select the correct SSI based on DLT position keeping records,” according to the vendor. “SSImple aims to ensure all entities who need SSIs can have access to them.”
Italian Firm Uses Integrated BNPPSS-AIM Services
BNP Paribas Securities Services (BNPSS) is launching an integration that brings together the French bank’s multi-asset servicing capabilities with the AIM buy-side order management system (OMS) from Bloomberg, officials say.
Italian asset manager Arca Fondi SGR, which offers investment solutions to institutional and retail clients, is the first BNPSS client to adopt the integrated offering.
“I am extremely pleased with our partnership with BNP Paribas. Our shared vision of technological innovation has led us to become the first client to adopt the solution that was jointly developed by BNP Paribas and Bloomberg,” says Ugo Loeser, CEO of asset manager Arca Fondi SGR, in a prepared statement.
“The new workflow has significantly improved the efficiency of our trade management. Our collaboration with international partners in developing new technologies allows us to offer an ever-growing range of value-added services to our network of distributors and customers,” Loeser says.
The integration is intended to offer mutual clients with “front-to-back workflows and standardized data connectivity” to ease trade management,” officials say.
The offering will include the bank’s middle office outsourcer data, connectivity from automated trade instruction capture, status updates, and end-of-day recaps, officials say.
“Bloomberg is focused on establishing direct integrations with asset servicers to promote increased data accuracy across the trade lifecycle and assist our clients in making timely and accurate business decisions,” said Katia Falina, head of buy-side post-trade product, Bloomberg.
Artemis Taps Northern Trust for Outsourcing
U.K. fund manager Artemis is working with U.S. custodian Northern Trust, which will “provide a range of whole office outsourcing solutions,” officials say. “The deal sees Northern Trust appointed as Artemis’ single provider of asset servicing solutions.”
The firm, based in Edinburgh, Scotland, will be using Northern Trust for “the provision of investment operations outsourcing solutions, fund administration, depositary, global custody, and transfer agency services for Artemis’ Luxembourg and UK domiciled fund ranges,” officials say.
Artemis, which has “more than £24.3 billion (US$30.1 billion) in assets under management (as of 31 March 2023),” specializes in investment management services for retail and institutional investors, officials say.
The reason Northern Trust was chosen “include the strong, client-focused cultural alignment between our two organizations, its leading-edge technology platform and ability to support our evolving data and digital requirements — both now and into the future,” says Lesley Cairney, chief operating officer (COO) at Artemis, in a prepared statement.
“As the platform on which our day-to-day business is managed, our choice of asset servicing partner is absolutely pivotal in supporting Artemis’ objectives of delivering outstanding returns and service for our clients,” Cairney says.
OpenFin to Deliver LSEGWorkspace to Desktops
London Stock Exchange Group (LSEG) reports that it has picked OpenFin’s technology to support the LSEG Workspace platform.
“The partnership will leverage OpenFin’s secure zero-install delivery model and container technology to simplify the distribution of LSEG’s next-generation data and analytics to customer desktops,” LSEG officials say.
The LSEG Workspace offering to wealth advisors, research analysts, portfolio managers, investment bankers, and traders offers access to financial data, news, analytics, and productivity tools “in an intuitive end-user experience,” according to LSEG officials.
“OpenFin is the only provider of container technology that is co-stable with Google Chromium, ensuring that critical security patches and other enhancements to the Chromium engine are continuously and seamlessly delivered to end-user desktops. Its zero-install model, designed through collaboration with major financial institutions, ensures security and stability while enabling agile delivery,” LSEG says.
OpenFin’s Chromium container and workspace technology is “now deployed to more than 3,800 banks and buy-side firms,” according to LSEG officials. “Under the partnership, LSEG will migrate LSEG Workspace to leverage OpenFin’s technology, making its platform more easily deployable and interoperable with thousands of internal apps developed by banks and buy-side customers.”
OpenFin’s operating system facilitates application distribution, workspace management, and workflow automation., officials say.
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