In other news, EDI looks to Ireland, a TP ICAP unit becomes a benchmark administrator, and Bosonic helps with digital asset clearing and settlement.
StonePine Signs Up for SimCorp’s Centralization
A relatively new Canadian firm, StonePine Asset Management reports that it will be using an investment platform and services from vendor SimCorp to jumpstart its growth.
The new agreement will mean that SimCorp’s Software as a Service (Saas) investment management solutions will run the asset manager’s front-to-back office investment processes, officials say.
“The agreement will allow StonePine to run all aspects of the portfolio management, trading, and compliance process on the same platform as the post-trade operational activities (reconciliation, corporate actions, trade lifecycle management, etc.) which will be supported by SimCorp Accounting and Operations Services,” officials add.
“We are confident that the unique, consolidated front-to-back approach of SimCorp is the right choice to support our business growth,” says Nadim Rizk, CEO of StonePine, in a prepared statement.
Based in Montreal, StonePine was founded last year by the former global equity team of Canadian money manager Fiera Capital. StonePine describes itself as a specialist global equity manager overseeing more than CAD $60 billion in assets under management (AUM). StonePine is 100 percent employee-owned.
EDI Launches Service for Irish Funds Data
Exchange Data International (EDI), a corporate actions, pricing, and reference data services vendor, has introduced the Irish Funds Data Service to bolster its investment funds coverage, officials say.
“The Irish Funds Service covers more than 30,000 share class funds from over 200 fund management companies, providing comprehensive reference and corporate actions data. Users can rest assured that EDI covers all share classes in their portfolio,” according to the vendor.
The EDI data team “collects, analyses, and publishes the data directly from the source, the fund management companies. Working in parallel, a separate in-house team of experts liaise with the fund management companies to ensure the dividend and corporate actions data arrive promptly in EDI’s data center,” according to EDI.
“The Irish Funds launch is a continuation of EDI’s strategy to cover all tradeable assets in the market,” says Tony McCormack, head of global investment funds, at EDI, in a prepared statement.
“EDI includes all the information required to add Irish funds to firms’ security master file as well as corporate actions and dividends. EDI’s intention is to cover all investment funds worldwide, and the launch of the Irish Funds is a further step in that direction,” McCormack adds.
Based in London, EDI has staff in Canada, Germany, India, Morocco, South Africa and the United States.
TP ICAP Unit Becomes Benchmark Administrator
The U.K.’s Financial Conduct Authority (FCA) has authorized Parameta Solutions, the data and analytics division of TP ICAP, to be an over-the-counter (OTC) and indices benchmark administrator — the first time an interdealer broker has taken on that role, officials say.
“Parameta Solutions will also take on [the] administration of the nine TP ICAP interest rate swaps benchmarks that were previously administered by Moorgate Benchmarks Ltd.,” according to TP ICAP.
“The nine benchmarks, which all cover the mid-price interest rate swaps from TP ICAP’s Global Broking business, increases transparency for market participants for whom data-driven insight is crucial, especially for risk and compliance purposes. In particular, visibility into the level of the implied mid-price in the relevant underlying swap rate is key for clients as they adopt these benchmarks,” officials say.
“It became clear that there was a significant gap in the market for independent OTC benchmarks,” says Jonathan Cooper, chief revenue officer at Parameta Solutions, in a prepared statement. “We’re now able to provide bespoke and transparent benchmarks and indices built on OTC data to support our clients so that they can accurately compare their performance against their asset allocation strategy.”
ICAP Information Services Ltd., trading as Parameta Solutions, has taken on “all administrative responsibilities for the benchmarks previously administered by Moorgate from 16 May 2022. Parameta Solutions also complies with the IOSCO Principles for Financial Benchmarks,” officials say.
Parameta Solutions offers OTC content and proprietary data, insights across price discovery, risk management, benchmark and indices, and pre and post-trade analytics, officials say. The business unit also provides post-trade solutions, helping market participants with counterparty and regulatory risks.
In taking back the nine TP-ICAP mid-price interest rate swaps benchmarks previously administered by Moorgate Benchmarks, Parameta “will look to create future benchmarks and indices, specifically focused on the ESG and rates space,” vendor officials add.
Bosonic Service Offers Digital Assets Clearing & Settlement
Bosonic, a self-described decentralized financial market infrastructure (dFMI) vendor, has launched a clearing and settlement capability for digital assets that removes “the dependency on bilateral credit or a central counterparty,” officials say.
Bosonic’s Layer-2 blockchain solution is “designed to support payment versus payment (PvP) instantaneous clearing and settlement of digital assets and fiat currencies that already underpins the Bosonic Network,” officials say.
“The capability has been launched to meet the growing demand from a range of clients,” according to Bosonic. “These include regulated financial market infrastructure organizations and banks looking to launch digital asset capabilities, as well as newly-formed digital asset exchanges that need a best-in-class post-trade clearing and settlement solution to eliminate counterparty credit and settlement risk.”
Bosonic Enterprise Solutions are available as Software-as-a-Service (SaaS) model or “via a dedicated deployment model to suit the needs of clients that want to operate their own networks and market platforms,” officials say. “With the solution, clients of FMIs, banks or exchanges can maintain collateral in their own accounts at regulated, neutral custodians that use Bosonic’s technology to automate net settlement movements from trading.”
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