Maitland, R&H Fund Services, BrokerTec, MTS and INDATA also have FinTech news.
CFTC Wants to Jolt FinTech Innovation
U.S. regulator, the CFTC has created a financial technology laboratory, LabCFTC, intended to promote innovation to improve “the quality, resiliency, and competitiveness of the markets the CFTC oversees,” officials say.
LabCFTC, which will be located in New York, also exists to “accelerate CFTC engagement with FinTech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently,” say CFTC officials, who confirm that the initiative was approved unanimously by commission members.
The effort reflects the CFTC’s wish to be more accessible to FinTech innovators and “serving as a platform to inform the CFTC’s understanding of new technologies,” officials say. LabCFTC will also be an information source for the commissioners and the CFTC staff on innovation that may influence policy development.
A core LabCFTC component is the GuidePoint “dedicated point of contact for FinTech innovators to engage with the CFTC, learn about the CFTC’s regulatory framework, and obtain feedback and information on the implementation of innovative technology ideas for the market,” officials say. The feedback is intended to help innovators/entities “save time and money by helping them understand relevant regulations and the CFTC’s oversight approach.”
For more information, the regulator has set up a website at www.cftc.gov/labcftc
Maitland Acquires R&H Fund Services
Maitland, an advisory and administration firm, has acquired the Edinburgh subsidiary of R&H Fund Services (Jersey) Ltd., as part of its global growth strategy, report officials.
This acquisition follows the purchase of U.K.-based Phoenix Fund Services and the opening of offices in Miami and New York, officials note.
R&H’s Edinburgh office primarily focuses on the investment trust sector and services eight funds, representing a total assets under administration (AuA) of approximately £2 billion ($2.6 billion), bringing Maitland’s total AuA worldwide to over £220 billion ($287 billion), officials say.
“The deal will allow the business to draw on Maitland’s considerable size, resources and global expertise — including its market-leading ACD and AIFM solutions — while providing Maitland with a foothold in the U.K.’s second largest financial center,” officials say.
The acquisition will not involve disruption to the R&H Edinburgh team.
“Its existing staff — who are widely known and respected locally and internationally, for their skill and expertise — will continue in their current roles. From a client perspective, it will be business as usual with additional opportunities and resources that result from being part of the wider Maitland firm,” officials say.
“The excellent track record of R&H Fund Services’ Scottish business, make it a perfect fit for us, and an ideal base from which to bring the wider Maitland offering to the Scottish market,” says Steve Georgala, CEO of Maitland, in a statement.
BrokerTec, MTS Add Dutch & Belgian Indices to RepoFunds Rate
BrokerTec, electronic trading technology vendor for the fixed income market, and MTS, a fixed income electronic trading venue of the London Stock Exchange Group, are expanding the RepoFunds Rate (RFR) indices by adding Dutch and Belgian repo indices, officials say.
The RFR indices were launched in 2012 and include the German, French, Italian, Spanish and Pan-European RFR indices, officials say.
“Each RepoFunds Rate index accurately reflects the specific effective cost of Repo funding for trades executed on BrokerTec, and MTS, which between them typically trade volumes of €230 billion per day (single counted),” officials say. “The Dutch repo market transacts in excess of €11billion nominal volume per day on BrokerTec, with an actively traded Specials and General Collateral (GC) market. The Belgian Repo market typically sees volumes in excess of €12 billion a day across Specials and General Collateral baskets.”
The RFR indices are calculated and published by NEX Data, a NEX Group business which delivers market intelligence and price information for over the counter (OTC) data via a variety of third parties such as Reuters and Bloomberg, as well as via email and FTP sources. Both the Dutch RFR and the Belgian RFR will be available from 16 May 2017.”
Both indices provide trade-backed data which is used to measure the effective cost of funding within the Dutch and Belgian markets, officials say.
INDATA Launches ‘Epic Data API’
INDATA, a provider of software, technology and services for buy-side firms, has released Epic Data API, a technology toolkit for connecting systems and data sources, extending or creating software programs, custom reports and mobile-friendly applications, officials say.
The release is available to clients using INDATA’s iPM Epic solution, a software platform designed for big data. The Epic Data API allows clients to link and connect their external systems and data sources in a new way, “resulting in the ability to provide accurate and up-to-date information via the big data tools already provided by iPM Epic,” officials say.
Open APIs “have numerous uses, effectively connecting key systems in a plug-and-play fashion, such as portfolio modeling/optimization applications, risk/analytics engines, compliance, OMS and back office systems,” officials say. APIs can provide “greater flexibility, reduced costs and faster deployment times for essential information across the organization.”
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