BNY Mellon to Use Markit for EDM Support
BNY Mellon Asset Management has selected Markit’s enterprise data management (EDM) platform to unify significant components of its data management operations and eliminate manual processes, say BNY and Markit officials.
Markit officials say the vendor was selected after “an extensive due diligence process” and proof of concept process. The first phase of the project will focus on amalgamating, cleansing and validating index data to create a master dataset for analytics, officials say. The subsequent phases of the project will involve the expansion of the platform to support the data management needs of BNY Mellon’s global subsidiaries.
SWIFT’s KYC Registry to Go Live in 2014
SWIFT is readying the launch of a centralized utility for a Know Your Customer (KYC) registry that will collect and distribute standard information required by banks as part of their due diligence processes, say officials.
The registry is intended to help banks manage compliance, including anti-financial crime efforts, and cut the high costs of implementing KYC-related regulations. The KYC utility is under development and slated to go live this year, officials say. The new service will provide banks with access to a central repository of institutional information collected by SWIFT from participating banks. SWIFT will host and manage the utility.
Financial crime compliance is a key driver for the service and SWIFT has created a Compliance Services unit to manage its growing compliance services offering, officials say. SWIFT has appointed Luc Meurant to lead the new unit and is building a team of sanctions, KYC and anti-money-laundering (AML) industry experts to build solutions, officials say.
Saudi Arabian Firm Deploys Charles River Platform
NCB Capital Company, a Saudi Arabian manager of Shariah-compliant funds, has gone live with the Charles River Investment Management Solution (IMS) platform, say vendor officials.
The implementation completes phase one of a multi-asset class effort to automate portfolio management, order and execution management, compliance/risk monitoring, and performance measurement and attribution for NCB Capital clients in Riyadh and Jeddah, officials say
“We want to be the manager of choice for local and foreign investments in Saudi Arabia, and Charles River’s global solution allows us to offer strategies and processes equal to those of the world’s leading asset managers,” says Sami Al-Bashir, chief operating officer of Asset Management at NCB Capital, in a statement. The platform has helped the firm to “significantly reduce risk and increase efficiencies in our investment management process,” Al-Bashir says.
NCB Capital was launched in 2007 as the investment banking arm of The National Commercial Bank. It is the largest investment bank in Saudi Arabia, with more than 1 million clients and SR48 billion ($12.8 billion) of assets under management as of October 31, 2013, officials say.
NASDAQ OMX Partners with Borsa Istanbul
NASDAQ OMX Group and Borsa Istanbul have signed a wide-ranging agreement that includes technology and advisory services and allows NASDAQ OMX to take a 5% equity stake in to the Turkish exchange, officials say.
The agreement encompasses NASDAQ OMX’s solutions based on the Genium INET suite and associated platforms and applications, with regional resell rights and also eventual self-sufficiency for Borsa Istanbul, officials say.
The partnership will target Borsa Istanbul’s competitive stance in the Eurasia region, serving global issuers, investors, and corporations, officials say. The exchange will integrate and operate NASDAQ OMX’s suite of systems for trading, clearing, market surveillance and risk management, covering all asset classes.
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