Our free roundup also covers Janus Henderson’s picks for transfer agency services, an update on ISITC’s board, and the newly named RBC Clearing & Custody.
DTCC to Add Sapient’s CMRS to Report Hub
Post-trade systems and services vendor DTCC has acquired a platform for compliance management reporting, dubbed the Compliance Management Reporting System (CMRS), from consultancy Publicis Sapient, and will integrate CMRS with a pre- and post-trade reporting solution, the DTCC Report Hub service, officials say.
The combined offerings are intended to help clients “mitigate compliance risks, enhance operational efficiencies and reduce costs,” according to the DTCC.
DTCC officials did not reveal any financial information about the transaction.
The expanded DTCC Report Hub service will be able to offer more jurisdictional and regulation coverage such as the Markets in Financial Instruments II (MiFID II), and other mandates in the United States, Europe, Canada, Australia, South Korea, Hong Kong, and other regions, officials say.
“Firms using the newly expanded DTCC Report Hub offering will have the ability to manage derivatives, MiFID II, and Securities Financing Transaction Regulation (SFTR) pre- and post-trade reporting requirements via a unified, single-vendor platform,” according to a DTCC statement. “Under the terms of the acquisition, Publicis Sapient will serve as a strategic partner to DTCC by continuing to support, maintain, and develop enhancements to the technology platform.”
DTCC officials add that the expanded solution “will interface with registered trade repositories and an Approved Reporting Mechanism (ARM), allowing firms to access a wide range of services, including pre-reporting facilitation, report generation and submission, automated reconciliation, and data analytics creation.”
Janus Henderson Uses SS&C & IFDS for Fund Transfers
British global asset management group Janus Henderson will be using platforms from SS&C Technologies and International Financial Data Services (IFDS) to provide global transfer agency services for its funds, officials say.
The London-based firm is already migrating accounts to SS&C’s Global Investor and Distribution Solutions (GIDS), officials say.
“The first stage of the project saw more than 15,000 Irish accounts with more than €10 billion in assets under management across 300 share classes migrate to GIDS,” officials say. The GIDS platform will provide Janus Henderson with record-keeping, operational insights, real-time oversight, intelligent automation, and digital tools.
“SS&C will service Janus Henderson clients globally using a ‘follow-the-sun’ model, with round-the-clock support across domiciles,” officials say. “IFDS will complete local servicing in Ireland for European funds.”
The collaboration between SS&C and IFDS will yield “a streamlined, consolidated offering,” and consistent service for the firm’s clients, says Graham Foggin, head of Operations for Janus Henderson, in a prepared statement.
ISITC Extends Terms of Board Officers for 2021-2022
Securities industry standards group ISITC has extended by one year the two-year terms of its officers currently serving via the board of directors.
The extension means that the officers for the 2021-2022 board of directors will be: ISITC’s current Chair Lisa Iagatta from vendor Tegra118; Vice Chair Kristin Swenton Hochstein from vendor Refinitiv; Second Vice Chair Rich Robinson from Bloomberg, LP; and Immediate Past Chair Erica Borghi from private bank Brown Brothers Harriman.
ISITC is also adding board member Ana Lotharius from the DTCC as its appointed secretary for the 2021-2022 term, officials say. Charles Mottinger from State Street Corp. will continue to serve as ISITC’s appointed treasurer.
In addition, ISITC officials say the new board will include three new directors: Erik Barry from Credit-Suisse Securities USA; Christopher Daur from Goldman Sachs & Co; and Grace Kang from the TCW Group.
“As a volunteer-run organization, our leadership team consists of professionals across various securities organizations who devote time outside of their full-time careers to excel the ISITC mission for the past three decades,” Iagatta says in a prepared statement.
Iagatta noted the board changes to come in an FTF Exchange podcast this past September about ISITC week. A link to the podcast can be found here: https://bit.ly/2R7XXe7
ISITC officials also issued “a special thank you to Krista Scharfenberger (BNY Mellon) for her 20 years as an active ISITC participant, serving both as Co-Chair of the Settlements Working Group and most recently on the Board of Directors for the past nine years.”
The full list of the ISITC board of directors can be found here: https://bit.ly/2JN7uHB
New Name for Clearing Unit of RBC Capital Markets
RBC Correspondent and Advisor Services, a clearing and custody provider based in Minneapolis, Minn., reports that it has changed its name to RBC Clearing & Custody (RBC C&C).
“The new name has been chosen to better align with the primary focus of the business internally and externally and marks a new chapter in the company’s growth,” according to an official statement.
“In the last five years revenue and assets under management (AUM) are up over 100 percent as the business continues to attract more broker-dealers and RIAs to the platform,” the statement continues.
“We’ve reimagined our brand to reflect our commitment to exceeding service expectations, delivering innovative resources, and creating value for our clients,” says Brett Thorne, head of RBC Clearing & Custody, in a prepared statement.
The new name will take effect immediately and will be implemented throughout the calendar year 2021. The provider has launched an updated logo and a new website that can be accessed at www.rbcclearingandcustody.com.
RBC Clearing & Custody offers clearing, custodian and execution services for independent broker-dealers and other financial professionals, officials say. The firm is a division of RBC Capital Markets LLC, a wholly-owned subsidiary of Royal Bank of Canada (RBC).
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