In other news, the SEC makes a pitch for security-based SEFs, Broadridge taps SS&C, CFTC scores an FBOT milestone, and JST hires from the NY Fed.
Bosonic Hires Paddy Boyle from Goldman Sachs
Bosonic, which characterizes itself as a “decentralized Financial Market Infrastructure (dFMI) business with a real-time clearing and settlement service for crypto and digital assets,” reports that Goldman Sachs veteran Paddy Boyle has joined the firm as its global head of clearing and derivatives.
Boyle, an industry veteran, is based in London and reports Rosario Ingargiola, Bosonic’s chief executive officer.
His mandate includes “building out the clearing capabilities for the firm and enabling optimal institutional investor adoption via a burgeoning crypto derivatives marketplace,” according to the firm’s statement.
Boyle was a partner at Goldman Sachs, “where he completed a 16-year stint at the investment bank” in the role of global head of FX options. “As part of that role, he co-ran businesses on hybrid products combining FX with Equities, Precious Metals, Oil, and Interest Rate derivatives desks. More recently, Boyle was a managing director at LCH/LSEG and global head of ForexClear, LSEG’s FX clearing service,” per the statement.
Bosonic was founded in 2016. — L.Ch
SEC Wants Security-Based Swap Execution Facilities
The SEC is proposing a “new Regulation SE under the Securities Exchange Act of 1934 (the Exchange Act)” that would set up a structure for the registration and regulation of security-based swap execution facilities (SBSEFs), according to the regulator.
“The new regulatory framework was one of the major reforms required under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) relating to the over-the-counter derivatives market,” SEC officials say.
If the new rules are adopted, it would mean the start of the Exchange Act’s “trade execution requirement for security-based swaps and address the cross-border application of that requirement; implement Section 765 of the Dodd-Frank Act to mitigate conflicts of interest at SBSEFs and national securities exchanges that trade security-based swaps; and promote consistency between proposed Regulation SE and existing rules under the Exchange Act,” according to the SEC.
SEC officials add that they are going to “harmonize as closely as practicable with parallel rules” from the CFTC governing SEFs and swap execution generally.
The SEC “seeks to obtain regulatory benefits comparable to those under the CFTC regime while minimizing costs imposed on SBSEFs and their members,” according to the SEC.
The proposed changes will be published via SEC.gov and in the Federal Register. The public can comment for 60 days following publication of the proposal via on the SEC’s website or 30 days following publication of the proposing release in the Federal Register, whichever period is longer, SEC officials say
“This proposal would increase the transparency and integrity of the traditionally opaque over-the-counter security-based swap market, fulfilling a mandate under the Dodd-Frank Act of 2010 to register and regulate the platforms that trade these instruments,” says SEC Chair Gary Gensler, in a prepared statement.
Broadridge Taps SS&C for Asset Management Solutions Unit
Mike Sleightholme
Broadridge Financial Solutions, Inc., a post-trade systems and fintech specialist, reports the appointment of Mike Sleightholme as president of its asset management solutions business.
His mandate includes responsibility for “driving Broadridge’s global asset management business growth, the strategic execution of client and market-focused solutions, and world-class service delivery,” according to a Broadridge statement.
Most recently, he spent five years at SS&C Technologies, “where he served as CEO and General Manager of its DST Systems business,” according to the statement.
Before that, Sleightholme spent 24 years in senior positions at Citigroup, “where he held responsibility for their Hedge Fund Services and led the sale of that business to SS&C, as well as the subsequent integration,” per the statement.
Brian Crowley, who was interim president of Broadridge Asset Management Solutions, becomes chief operating officer (COO) of the asset management business, reporting to Sleightholme.
Crowley becomes “responsible for the successful execution of the day-to-day administrative and operational functions of the business,” per the statement.
Broadridge Asset Management Solutions “supports hedge funds, asset managers, family offices, private debt/CLO managers, private equity funds, prime brokers and fund administrators with the technology and services to power investment operations,” according to Broadridge.
The vendor offers a “modular suite of solutions” for portfolio and order management, risk management, reference data management, data warehouse reporting, reconciliation, investment accounting, and private equity fund lifecycle management. — L.Ch
CFTC Registers Its 24th Foreign Board of Trade
The Commodity Futures Trading Commission (CFTC) has issued an Order of Registration to FEX Global Pty Ltd (FGL), a Sydney, Australia-based Foreign Board of Trade (FBOT) licensed to operate markets in energy, commodity, and environmental derivative products. The approval means the CFTC has registered 24 FBOTs
“Under the order, FGL’s members and other U.S. participants may enter orders directly into its trade matching system. FGL satisfied CFTC requirements for FBOT registration by demonstrating, among other things, that it possesses the attributes of an established, organized exchange. It is subject to comprehensive oversight by its home country regulator whose supervision is comparable to that which the CFTC applies in its oversight of designated contract markets,” officials say.
JST Capital Hires from the NY Federal Reserve Bank
Martin C. Grant
JST Capital, a financial services firm specializing in digital assets, reports that it has hired Martin C. Grant to be its global head of regulatory affairs and integrity.
In his new post, Grant “will be responsible for navigating the evolving digital asset regulatory environment on behalf of JST. He will work within JST to ensure best practices and will also be a resource for the firm’s clients and will continue JST’s discussions with global regulators as they work to adopt policies for the evolving digital asset markets.”
Grant joins from the Federal Reserve Bank of New York, where he was a senior vice president and the chief compliance & ethics officer for more than 15 years, according to the firm’s statement.
At the New York Fed, Grant’s responsibilities included “building and leading their internal compliance efforts,” per the statement, which points out that he also “worked with other state and federal regulators as well as government agencies to harmonize compliance policies within Federal Reserve Banks and financial institutions around the globe. Additionally, he provided technical assistance and guidance to central banks around the globe on compliance policies and practices.” — L.Ch
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