In other FinTech news, MFUG Unit hit with JGB manipulation charges, Investify works with Aixigo, and Fitch Solutions bolsters Fitch Connect.
FlexTrade Integrates SmartStream RDU for MiFID II
FlexTrade and SmartStream report the integration of SmartStream’s reference data utility (RDU) with FlexTrade’s execution management system (EMS).
The integration “offers mutual clients the ability to embed SmartStream RDU’s Systematic Internaliser (SI) registry information directly into the send order ticket, providing … clarity on counterparty SI status, prior to key 2018 MiFID II milestone dates, according to FlexTrade, which points out that the registry “fills a gap in the MiFID II reporting regime, which requires that industry participants identify whether trading counterparties are SIs for the financial instrument that they are trading, so that they can determine which counterparty must report the trade. However, no mechanism is provided in the MiFID II framework to determine SI status. The problem is especially acute for asset managers and hedge funds, who have not built the infrastructure needed to support reporting, and rely on their SI counterparties for those functions.”
FlexTrade Systems, Inc. characterizes itself as a specialist in broker-neutral algorithmic trading platforms for equities, foreign exchange and listed derivatives.
SmartStream specializes in middle- and back-office operations. Its RDU is a managed service for regulatory reporting, trade processing and risk management reference data, the company notes.
The SI regime is scheduled to become mandatory at the beginning of September 2018, per FlexTrade.
Japan’s MOF Charges MFUG Unit with Market Manipulation
The Ministry of Finance (MOF) in Japan announced last week that it “will suspend special entitlements [primary dealer status]” for Mitsubishi UFJ Morgan Stanley Securities Co., which bans the firm from trading in Japanese government bonds (JGBs) futures for a month, officials say.
The suspension, which starts July 18, 2018 and ends August 17, is “based on the fact that market manipulation of 10-year Japanese Government Bond futures by the company was identified,” MOF officials add.
In response, MUFG official say that they have accepted the decision about their consolidated subsidiary.
“MUFG accepts the Ministry of Finance’s announcement with sincerity and will reflect deeply on our actions,” according to an official statement. “We sincerely apologize to our customers and other stakeholders for the
inconvenience and concern we have caused. Going forward, MUFG will strive to thoroughly enforce strict compliance and internal controls across the entire group and will work to regain the trust that has
been lost as a result of this issue.”
Investify Uses Revamped PMS from Aixigo
Aixigo, an Aachen, Germany-based software company, has relaunched its digital portfolio management system for Investify, which characterizes itself as a digital investment manager for retail and affluent customers in Europe.
Aixigo notes that its portfolio management system (PMS) “accepts large amounts of data as raw material from legacy systems, refines them quickly … into information and makes it available to all customer systems.”
Aixigo points out that it has expanded the features of its application programming interface, or API.
The API facilitates “just under 100 services,” officials say.
“Each of these services can be configured individually using call parameters. For digital wealth management, the API provides all the processes and functions required for volume business. This makes wealth management services suitable for the masses and is no longer reserved for very wealthy clients,” the company adds.
For Investify, its primary concerns are portfolio analysis, monitoring and reporting, officials say.
The revamped API “is used as an infrastructure component to supply Investify’s customers with enhanced data. In concrete terms: regular portfolio reporting and detailed analysis results that are available on-demand,” say Aixigo officials.
Fitch Solutions Adds to Fitch Connect Platform
Fitch Solutions reports that it has introduced new features to Fitch Connect, its credit analytics and macro intelligence platform. The platform now includes interactive charts, transition and default data, keyword mentions, and email alerts about industry trends.
“These new updates reflect user feedback to further help them explore trends in data, use a robust data set of credit actions to benchmark their internal rating models for accuracy and measure the quality of Fitch Ratings’ credit assessments,” Brian Filanowski, Fitch’s global head of product, solutions, says in a statement.
Fitch Solutions notes that it is part of Fitch Group, which is owned by Hearst Communications, a New York City-based mass media and business information conglomerate.
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