In other news, MAS & SGX embrace ESG data, Varenne Capital picks an OEMS, and the OCC has a new chief climate risk officer.
Broadridge & Coinbase Target Buy-Side Firms
Broadridge Financial Solutions is partnering with crypto exchange Coinbase to provide an integrated solution that enables NYFIX clients to route order flow to Coinbase Prime via the FIX protocol for electronic trading, officials say.
The partnership will also allow “buy-side traders to source crypto liquidity from Coinbase and trade right from their OMS [order management system]. The solution is now offered to US domestic clients and will roll out to additional regions as regulations allow,” officials add. The NYFIX order-routing network is offered via Broadridge Trading and Connectivity Solutions.
The partnership is an effort to facilitate more liquidity and access to crypto trading for institutional buy-side firms, officials say.
“Despite short-term cycles, momentum in institutional adoption is trending one way — toward more exploration and more interest,” says Greg Tusar, vice president of institutional products at Coinbase, in a prepared statement. “Utilizing the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders’ desks, lowering barriers for participation in this growing asset class.”
Coinbase Prime offers a trading platform, custody and prime services “to manage crypto assets in one place,” say officials who add that Coinbase Prime offers aggregated access to “the majority of the market’s crypto liquidity” via a smart order router. Coinbase also provides prime brokerage capabilities to buy-side firms.
“Institutions are increasingly interested in the crypto space but trading assets has remained a challenge because messaging is only available through proprietary [application programming interfaces],” says Ray Tierney, president of Broadridge Trading and Connectivity Solutions, in a statement.
By bringing together Coinbase’s access to liquidity and NYFIX”s market reach, “we can integrate more than two thousand clients to bring crypto trading to the institutional market,” Tierney says.
MAS & SGX Launch ESG Data Disclosure Portal
The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have launched what they’re describing as “a digital disclosure portal,” dubbed ESGenome, that helps SGX-listed companies report environmental, social and governance (ESG) data.
“ESGenome is a joint initiative by the MAS and SGX Group under Project Greenprint, to develop a common disclosure utility that will facilitate sustainability reporting” in a structured way so that investors can access ESG data in “a consistent and comparable format,” officials say. “Project Greenprint is a collection of initiatives that aims to harness technology and data to enable a more transparent, trusted and efficient ESG ecosystem to enable green and sustainable finance.”
The ESGenome solution is a software-as-a-service (SaaS) operated by World Wide Generation (WWG), an ESG solution provider based in London, England, and deployed via WWG’s G17Eco platform, officials say.
“It helps SGX-listed companies simplify the disclosure process using a core set of metrics that is mapped across global standards and frameworks. Companies can carry out their baseline sustainability reporting based on a set of 27 SGX core ESG metrics,” officials say. “A sustainability report can be automatically generated from the inputs.”
Varenne Capital to Implement OEMS from TS Imagine
Varenne Capital, a Paris-based global investment manager, reports that it hopes to boost its securities trading environment by deploying the TradeSmart order and execution management system (OEMS) from vendor TS Imagine to support its trading activities. TS Imagine offers trading, portfolio, and risk management solutions for capital markets.
The TradeSmart OEMS “will automate Varenne’s execution process, support its portfolio management system, modernize and reduce time-consuming workflows and increase functionality across the firm’s trading operations,” according to the official announcement from TS Imagine.
“As we prepare for our next stage of growth, we need a strong technology partner who can support our automation efforts and streamline our workflow. We have found this with TS Imagine, and we look forward to applying their technology to our operations as we navigate these fast-moving and competitive markets,” says David Mellul, managing partner for Varenne, in a prepared statement.
With Varenne Capital as a client, TS Imagine will continue to grow its footprint in France. “This relationship is a testament to our strength and momentum in the market, and to our exceptional Paris-based team,” says Andrew Morgan, president and chief revenue officer for TS Imagine, in a prepared statement.
TS Imagine was created via the combination of two software-as-a-service (SaaS) platform providers — TradingScreen and Imagine Software. The combined company offers solutions for real-time financial securities trading, portfolio management, and risk solutions for capital markets. The TS Imagine platform encompasses workflows across front, middle, and back-office functions.
U.S. Comptroller of the Currency Picks a Chief Climate Risk Officer
Dr. Yue (Nina) Chen
The Office of the Comptroller of the Currency (OCC) reports that it has appointed Dr. Yue (Nina) Chen as chief climate risk officer, tasked with creating climate risk management frameworks for the federal banking system.
For the OCC, Chen will take over for Jonathan Fink, who assumed the duties of chief climate risk officer in an acting capacity in March 2022 as he also served as senior advisor to the acting comptroller, officials say.
Chen takes on a role similar to her most recent post as the inaugural executive deputy superintendent of the climate division at the New York State Department of Financial Services (DFS). At the DFS, Chen was responsible for “integrating climate-related financial risks into supervision of regulated entities,” officials add.
At the OCC, Chen will oversee the regulator’s “climate risk efforts related to supervision, policy, and external engagement,” and will report directly to Michael J. Hsu, the acting comptroller of the currency, officials say.
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