The free fintech update from FTF News includes news from Deutsche Bank, SimCorp, Hazeltree, JPMorgan and MAS.
ASX, Digital Asset and VMware Sign MOU
The Australian Securities Exchange (ASX) has signed a three-party memorandum of understanding (MOU) with Digital Asset (DA) and VMware to work together on distributed ledger technology (DLT) initiatives in Australia and New Zealand.
Under the MOU, the ASX plans to provide its DLT offering “with the support of DA and VMware. This will include the development of the application to replace CHESS (ASX’s equities clearing and settlement system), the support of DAML (the open source smart contract programming language used to build distributed applications), and the provision and support of the distributed ledger and associated infrastructure, which delivers ASX’s data privacy, confidentiality and security requirements at greater scale,” the principals say in a statement.
While the ASX “remains initially focused on the replacement of CHESS, the partnership will strengthen its ability to support the financial services industry using the infrastructure to create new services and innovations beyond clearing and settlement. It will also enable ASX, DA and VMware to work together to provide and support DLT solutions to other customers in Australia and New Zealand. Having signed the MOU, ASX, DA and VMware are now working on full legal documentation,” according to the statement.
Additional information about the ASX’s CHESS replacement project is available on the ASX website.
Ex-CCO for Barclays Joins Deutsche Bank
François Jourdain
Deutsche Bank has hired François Jourdain, the former chief compliance officer (CCO) for Barclays International, as part of its revamped treasury function. Bank officials say that the firm is combining market-facing and investment activities into an integrated treasury markets and investments team.
The reorganization is part of the German banking giant’s transformation strategy, says Dixit Joshi, treasurer for Deutsche Bank Group. Jourdain has been tapped to join the bank as head of Treasury Markets and Investments and will report to Joshi, officials say.
In addition to his CCO post, Jourdain was previously served Barclays Bank via the executive committee of Barclays International, and held senior posts in treasury, including deputy treasurer and head of treasury funding and investment, officials say. Jourdain was most recently chair of the Bank of England Risk Free Rate Benchmark Working Group.
“Balance sheet efficiency is a core element of our strategic agenda and Treasury plays a significant role in this,” Joshi says in a prepared statement. “This appointment reflects our determination to deliver on our strategic plans.”
Pension Plan to Deploy SimCorp’s Dimension
SimCorp, a provider of investment management solutions and services to the financial services industry, reports that it has signed a license agreement with Hydro-Québec’s pension plan, for the use of SimCorp Dimension, its front-to-back investment management system.
Under the license, Dimension will form the core investment platform at Hydro-Québec’s pension plan, SimCorp says, and will support its CAD $24.7 billion retirement plan.
Hydro-Québec “manages the generation, transmission and distribution of electricity in Québec.”
It was established by its sole shareholder, the Government of Québec, in 1944, and operates more than 60 hydroelectric generating stations, providing energy for more than 4.3 million customers.
Its pension plan invests in a multitude of assets, SimCorp notes, “including increased exposure to alternatives and more complex security types, to secure better returns.”
“It has long been our belief that consolidating operations onto one core platform for all asset classes provides the best value for asset owners, enabling alpha generation, while addressing optimal operational efficiency,” James Corrigan, executive vice president and managing director of SimCorp North America, says in the vendor’s statement, which also points out that the firm commits “around 20% of its annual revenue” to research and development.
Hazeltree Hires Director of Product Management
Joseph Spiro
Hazeltree, a provider of buy-side treasury management and portfolio finance solutions, reports that Joseph Spiro has joined as a director of product management.
He will join the product group and focus on extending the capabilities of Hazeltree’s collateral management system.
Spiro has been a part of the derivatives industry for more than 20 years, specializing in derivatives collateral management. Prior to joining Hazeltree, he held senior product and operations management posts at Société Générale, BNY Mellon, Deutsche Bank and Bank of America Merrill Lynch, Hazeltree says.
Hazeltree’s clients include hedge funds, private markets, asset managers, fund administrators, insurance companies, pension funds and corporates, the firm says, noting that its “treasury management solution includes comprehensive cash management, securities financing, collateral management, counterparty management and margin management capabilities.”
Hazeltree is headquartered in New York, with offices in London and Hong Kong.
JPMorgan to Launch FX Pricing Hub in Singapore
With the goal of speeding up trade execution for clients, JPMorgan will be setting up an electronic foreign exchange (FX) trading and pricing engine platform in Singapore that has the support from a key central bank, the Monetary Authority of Singapore (MAS), officials say.
The new execution platform support, which will encompass the “full range of spot FX and precious metals,” is slated to launch in early 2020. It will be JPMorgan’s fourth electronic FX trading infrastructure globally “that allows clients to conduct FX transactions effectively according to their geographical locations, adding to its existing platforms in New York, London and Tokyo,” according to JPMorgan.
“With electronic FX trading set to grow in the region, Singapore will benefit from the flows and we see this initiative consolidating Singapore’s position as Asia’s leading FX trading center,” says Sudhanshu Sanadhya, head of Asia currencies and emerging markets trading, JPMorgan, in a prepared statement.
The partnership with JPMorgan is part of MAS’s “strategic initiative to develop Singapore into a global price discovery and liquidity center for FX during Asia trading hours,” officials say.
“A number of top-tier global players are building out their electronic trading and pricing engines here, which is strong validation and endorsement of Singapore as a global FX center,” says Gillian Tan, executive director, financial markets development department, MAS, in a prepared statement.
“With the growth in Asia’s FX trading needs and increasing demand for more efficient price discovery in the Asian time-zone, regional market participants will benefit from better connectivity and latency as well as enhanced pricing and trade execution in the Singapore FX electronic trading ecosystem,” Tan says.
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