Broadridge and Scivantage to Take on TARP III
Broadridge Financial Solutions clients will gain access to the Maxit tax lot accounting system for cost-basis reporting from Scivantage, according to a strategic partnership targeting financial services firms that need help with so-called TARP III compliance, say officials from both companies. In April, the Internal Revenue Service announced the specifics of the third phase of new regulations guiding CBR, which encompass complex requirements for fixed income, options and single stock futures.The agreement will lead to the Maxit platform being integrated with Broadridge’s processing service and hosted in Broadridge’s data centers. Additionally, some Broadridge employees will join Scivantage to help transition and support clients, officials say.
The partnership enables Broadridge and Scivantage to collaborate on other distribution opportunities for Broadridge solutions such as business process outsourcing, reconciliations, and performance reporting, officials say.
Lord Abbett to Deploy SimCorp Software
Money manager Lord Abbett & Co., headquartered in Jersey City, N.J., will use software vendor SimCorp’s Dimension platform for centralized position-keeping, investment accounting, performance measurement, corporate actions and reconciliation, say SimCorp officials. Lord Abbett has more than $130 billion in assets under management and has been managing equity and fixed-income products for more than 80 years.
EuroCCP Adds to GCP Roster as Polish CCP Seeks EMIR Approval
European cash equities clearing house EuroCCP has signed up Deutsche Bank Frankfurt as a general clearing participant, which means that the firm can clear trades on its own behalf and for other trading firms that are not EuroCCP participants. Deutsche Bank London is already an individual clearing participant (ICP) of EuroCCP, say officials at the clearing house. With Deutsche Bank Frankfurt, EuroCCP has 26 approved clearing participants, 15 of which are GCPs, say clearing house officials. The firm’s 11 individual clearing participants clear only their own trades.
Polish clearing house KDPW_CCP filed with the Polish Financial Supervision Authority for the authorization of the clearing house under the European Markets Infrastructure Regulation, which governs requirements for clearing houses in the European Union. The authorization will confirm KDPW_CCP’s capacity for providing services in compliance with EU standards and will guide parties required to clear specific classes of OTC derivatives to fulfill the obligation, say KDPW_CCP officials.
Numerix Targets Bespoke Stress Tests and Risk Scenarios
Numerix, a provider of cross-asset analytics software for derivatives valuations and risk management, has launched the Numerix Risk Scenario Framework, a scripting language for defining bespoke risk scenarios, stress tests and greeks, say vendor officials. The new offering can help firms develop customized implementations for testing frameworks that can be leveraged for daily risk management purposes, and insights into capital needs, liquidity risks and collateral optimization techniques.
The scenario pricer report at the heart of the framework brings together price-able trades, markets, user-defined scenarios and analytics so that users can create a scenario implementing combinations of market shifts using business rules and apply the trades or portfolios, say Numerix officials.
ConvergEx Offers TCA Service
ConvergEx Group announced that its Prime Services customers will soon be able to receive real-time, intra-day transaction cost analysis (TCA) via the PerformEx product, say vendor officials. PerformEx offers customizable analytics and access to trader order details. “Understanding exactly where orders are routed and how successfully each order is being filled will let our customers make real-time adjustments that may have a dramatic impact on execution performance,” says Douglas M. Nelson, CEO of ConvergEx Prime Services in a statement.
DealHub Launches Trade Reporting Archive
DealHub has launched the DealHub Smart Reporting Archive for the storage of trade reporting data and interactions, enabling users to create a regulatory data warehouse, say DealHub officials. The archive, which is live at several banks, can be integrated into DealHub’s Smart Reporting solution for keeping track of workflow and messages. The archive features multi-asset coverage and data stored long term in a single silo for up to a decade or more according to bank and regulatory requirements. Users can annotate trade records and set up alerts such as message delays or missing data, before they cause more serious issues, say vendor officials.
SS&C Updates GoWire
SS&C Technologies has updated its GoWire application to give clients access to cash flow movements, say vendor officials. The GoWire update allows SS&C GlobeOp fund administration clients to authorize cash wire payments via SS&C GlobeOp’s web portal, say vendor officials. GoWire also supports an authorized signatory policy with multiple levels of authorizers, payment amount thresholds and wire purpose restrictions. GoWire also provides SWIFT connectivity to prime brokers and custodians.
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