Ullink, Alpha Omega, CFTC, FINRA and IPC also have FinTech news.
Object Trading DMA Coordinated with Titan
A vendor of multi-asset trading systems, Object Trading, reports that its services will work with the Singapore Exchange’s (SGX) latest trading platform, Titan, based upon Nasdaq’s Genium INET platform.
In conjunction with Titan, Object Trading will handle market data, order execution and pre-trade risk constraints for its clients tr ading via SGX through Object Trading’s direct market access (DMA) platform, officials say. The DMA platform offers a single gateway for normalized market data and order execution, and carries over $150 billion in notional value traded daily, officials add. Object Trading can facilitate access to the SGX from the United States via a fully managed services presence in the CME co-location Facility in Aurora, Ill., where the SGX Chicago Hub is also located.
The SGX with Titan offers enhancements and new features such as new connectivity protocols, extended trading hours, and enhanced risk controls, officials say. SGX officials say that the new platform can deliver support for more growth and interest in the Asian derivatives markets.
SGX provides coverage for more than 80 percent of Asia’s economies, including China, India, Indonesia, Japan, Taiwan, Thailand and the Philippines, officials say. SGX also has launched “an increasing number of derivatives products across both financials and commodities to serve the growing interest in the Asian markets and a general move from OTC to on-exchange trading,” officials add.
Ullink Partners with Alpha Omega
Ullink, a vendor of electronic trading and connectivity solutions, and Alpha Omega, a post-trade vendor, have announced a strategic partnership that will unite NYFIX Matching with post-trade service offerings for the buy side, officials say.
In particular, the combination will yield an integration of Ullink’s NYFIX Matching with Alpha Omega’s suite of post-trade solutions, officials say. The Ullink NYFIX Network represents independent connectivity communities “utilizing FIX for electronic order flow, with a strong reputation for security, performance and robustness,” officials say.
The NYFIX Matching is a fully-managed service that helps buy-side firms allocate and match their trades, and facilitates same-day affirmation with a global community of more than 700 brokers, officials say. The extension of the NYFIX service into post-trade “will deliver processing efficiencies with significant cost savings over current solutions,” officials add.
“We are delighted to partner with Alpha Omega and launch NYFIX Matching as part of our NYFIX services offering,” says Richard Bentley, chief product officer of Ullink, in a prepared statement. “We see the expansion of our NYFIX services into post trade as a major strategic move for our company, as well as a very valuable offering to our NYFIX community,” Bentley says.
“Ullink is an established global player in trade execution technology, and partnering with them enables us to support accelerated adoption of FIX as the de-facto standard for post-trade workflows across the industry,” says Ignatius John, president of Alpha Omega in a statement.
CFTC Approves Final Rule for CCO Annual Reports
The CFTC has unanimously approved a final rule amending a CFTC regulation to address the timing for filing chief compliance officer (CCO) annual reports for certain registrants, according to the regulator. The final rule codifies and supersedes CFTC Staff Letter No. 15-15, issued March 27, 2015. In August, the regulator announced the amendments http://bit.ly/2frymv1.
The final rule amends CFTC Regulation 3.3, according to the regulator. The updated rule will “provide futures commission merchants, swap dealers, and major swap participants 90 days following their fiscal year-end to file chief compliance officer annual reports and clarifies the filing requirements applicable to swap dealers and major swap participants located in jurisdictions for which the CFTC has granted a comparability determination with respect to the contents of the reports,” officials say. The final rule is effective immediately upon publication in the Federal Register, officials add.
FINRA Updates TRACE Securitized Products API
Broker-dealer regulator FINRA has updated the TRACE Securitized Products Web API specification in a bid to help firms meet the reporting requirements for collateralized mortgage obligation (CMO) transactions as outlined in Regulatory Notice 16-38, officials say.
“In addition to the changes outlined in version 4.9 published on October 18, 2016, first settlement date has been added to the security master and daily list files,” according to FINRA. Questions can be posed to FINRA product management or call (866) 899-2107. Click to http://bit.ly/2ePNx0o to download the details.
IPC Survey Projects Higher IT Spending in 2017
Futures and options market participants want to increase their technology spend over the next year to “realize cost efficiencies, gain competitive advantage and manage compliance,” according to an annual survey of financial executives attending the FIA Futures and Options Expo in Chicago in October 2016.
Turret, communications, and networking vendor IPC conducted the survey.
The push for more funding marks the second year in a row that the survey has uncovered an increase. About two-thirds of respondents, “of whom 85 percent are C-suite-level respondents, expect to increase technology spending in 2017, according to the survey.
The survey found the top challenges in 2017 will be:
- Implementing the right technology infrastructure to drive business;
- Risk management;
- Data analytics and reporting;
- And entering new geographies.
Respondents also indicate that the top reasons financial firms plan to increase their technology spend are to:
- realize cost efficiencies (37 percent);
- gain a competitive advantage (23 percent);
- manage compliance requirements (16 percent);
- And replace legacy systems (14 percent)
“Compliance with regulatory requirements is driving firms to make investments in managed services (41 percent), network infrastructure (37 percent), electronic connectivity (33 percent) and compliance oversight (25 percent),” according to the survey. “Nearly 60% of those surveyed intend to deploy hosted solutions to support their technology infrastructure in contrast with 46 percent of survey respondents in 2015. Further, 54 percent of the respondents stated they are currently implementing cloud-based services in contrast to 45 percent of survey respondents in 2015.”
Need a Reprint?