CACEIS and the Neptune Networks for real-time bond trading indications also have FinTech announcements.
CIBC to Expand Use of OneSumX
Canadian financial institution CIBC will be using financial technology vendor Wolters Kluwer’s OneSumX regulatory reporting software for its efforts in the U.K. and Asia Pacific region, vendor officials say.
The OneSumX offering provides solutions and services to “manage the intersection of governance, finance, risk and compliance, increasing organizational profitability, efficiency and growth,” Wolters Kluwers officials say.
CIBC will be using Wolters Kluwer’s OneSumX Regulatory Reporting, including the regulatory update service, which is maintained by Wolters Kluwer. The service monitors regulation in approximately 50 countries, “helping to ensure the solution is current at all times. OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy,” the vendor says.
Already a user of the OneSumX platform in the U.K., CIBC uses it to service all the institution’s Bank of England statistical and prudential reporting and for EBA COREP, FINREP and liquidity reporting, officials add.
“CIBC has also extended the use of the platform to incorporate reporting requirements for Japan and Australia. Both Australia and Japan utilize centralized instances of the underlying OneSumX Regulatory Reporting data model, which are installed at CIBC’s Head Offices in Toronto, Canada,” according to Wolters Kluwer. The OneSumX platform will be rolled out to CIBC operations in Hong Kong and Singapore.
CACEIS Obtains Depositary Authorization for UCITS
CACEIS, the asset servicing banking group of Crédit Agricole, has obtained depositary authorization for mutual funds that conform to the Undertakings for Collective Investment in Transferable Securities (UCITS) regulation for sales across the European Union. The U.K. branch of CACEIS has expanded its market coverage after receiving approval from the regulators, officials say.
In addition, CACEIS has recently recruited Tom Finch to manage the London office’s growing depositary team, officials say. Finch will serve as head of depositary, risk and compliance in the U.K. “Tom is a U.K. depositary and compliance professional with over 15 years of experience in the regulated funds industry. He has strong technical knowledge and practical experience with all asset types as well as the regulatory regimes and standards that govern them,” officials say.
CACEIS has offices across Europe, North America and Asia, and offers covering execution, clearing, depositary and custody, fund administration, middle office outsourcing, forex, securities lending, fund distribution support and issuer services, officials say.
Nomura and Jefferies Join Neptune Networks
Neptune Networks an open-standard network for bond real-time AXE indications, has added Nomura and Jefferies to its network, officials say.
A not-for-profit, technology utility incorporated in July 2016, Neptune’s aim is to “increase and improve the quality of information available to bond market participants by providing higher quality data which should transfer into a positive impact on liquidity and transparency,” officials say. The data is provided to the network using an open standard in order to make participation inexpensive for banks to connect to the network and easier for buy-side firms to integrate with order- and execution management systems (OMSes/EMSes).
“As a utility, Neptune is placing itself at the heart of the bond market as the ‘trusted go to’ venue for the buy-side to access the highest quality sell-side bond data in order to meet their existing and future needs,” officials say. “Expanding from zero to almost 20,000 real-time line items has happened in just 18 months. Once live with Jefferies and Nomura (alongside Citi and Deutsche Bank who were announced in late 2016), we believe those 21 Banks will cover approximately 90 percent of the European credit market for buy-side customers. Beyond that, we continue to expand our USD product coverage and connectivity to the US-based desks of these banks.”
The Neptune network also helps firms comply with regulations such as SEC Rule 22e-4, and its equivalent in EMEA, “which expands on the existing framework for the oversight and management of liquidity risks,” according to Neptune.
The network has the support of 17 live bond dealers while the remaining four are expected to go live during the current quarter with over 13,500 individual securities, across 20 different denominations, officials say.
The support has resulted in more than 19,500 real-time AXE indications in the system, updating around 7 million times per day, officials say. The 15 percent growth in bond indications of interest (IOIs) since the end of 2016, has been driven by “dealers increasing belief in the platform” while using it as their preferred channel to distribute this data to their clients.
Neptune was formed by Etrading Software and a group of more than 40 banks and asset managers in the fourth quarter of 2014, officials say.
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