The National Stock Exchange in India and ISDA also have fin-tech news.
Outsourcing to Help Boston Trust Stay Competitive
Boston Trust & Investment Management Co. (Boston Trust) will be using SS&C Advent Outsourcing Services for software integration, hosting and data management in an effort to bolster its competitiveness and to improve customer service.
The implementation will offer SS&C’s suite of portfolio management products in a software-as-a-service (SaaS) environment and will offer access to data management services, officials add.
The agreement specifies that SS&C will provide portfolio accounting and reporting, trade order management, compliance and revenue management via products such as Advent Portfolio Exchange, Moxy, Advent Rules Manager and Advent Revenue Center, officials say.
SS&C’s offering suits the firm which is becoming “an increasingly agile and competitive organization,” says Kenneth S. Pickering, director of operations at Boston Trust, in a prepared statement. “The team overseeing the day-to-day running of our services boasts an impressive knowledge of the products and the investment management sector in general — we’re looking forward to growing the relationship well into the future,” Pickering says.
The firm selected SS&C after “a heavily competitive review process,” Boston Trust officials say.
The employee-owned investment management firm has $7.3 billion in client assets under management, and offers services to institutional and individual clients, officials say.
National Stock Exchange of India Deploys Geneos System
The National Stock Exchange of India (NSE) is using the Geneos software from vendor ITRS Group for pattern-based analysis and early warnings across its “global IT estate,” NSE and ITRS officials say.
NSE officials say the Geneos system “will enable the NSE to streamline its complex operations, keeping it ahead of the huge recent regulatory reform in the Asian securities market.” The installation is part of a wider project to ensure that the exchange “remains at the technological forefront of the region’s securities industry.”
The Geneos deployment provides NSE officials with an early warning system “so that it can easily detect any failures or anomalies within its deep technological infrastructure,” NSE officials say. The implementation is intended to increase the availability of exchange’s business-critical systems “and improve visibility to the business of the service they provide.”
The NSE’s IT operations support team pushed for “a move to a centralized tool to generate one source of trusted information, and real-time views across the entire IT estate,” officials say. “The team is using the same underlying data to generate pattern-based analytics and tailored views for the different user groups.”
“ITRS Geneos gives us an early warning system so that we can easily detect any failures or anomalies within our deep technological infrastructure,” says G Shenoy, chief technology officer-operations at the exchange in a prepared statement. “We’ve already seen this in action multiple times.”
The NSE is “our first client in Asia to truly deliver this across their whole business as one environment, encompassing six different user groups that comprise technical, business focused and managerial consumers of the data,” says Guy Warren, CEO of ITRS.
ITRS has recently increased staff and services to its Hong Kong and Singapore offices to better support its growing number of clients in the region, vendor officials add.
ISDA Launches Basel Data Project
The International Swaps and Derivatives Association (ISDA) has launched an industry initiative to develop standard data requirements to facilitate compliance with the Basel Committee on Banking Supervision’s Fundamental Review of the Trading Book (FRTB).
“The initiative is aimed at reaching a common industry consensus on the interpretation of risk-factor modellability rules under the FRTB, and a shared set of business requirements to support risk-factor assessment and data capture,” according to ISDA. “The project is in response to FRTB rules that stipulate that risk factors must meet certain requirements before they can be included in bank internal models.”
ISDA officials say that, for example, a risk factor “must have at least 24 observations per year, with a maximum period of one month between observations,” officials say. “An industry impact study conducted by ISDA and other industry associations earlier this year found that non-modellable risk factors (NMRFs) could account for 30% of the internal models approach capital charge.”
ISDA will create a working group to “lead and facilitate industry efforts to develop standard data requirements,” according to ISDA. “The working group will engage with both data vendors and regulators throughout the project.”
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