In other news, TD Bank Group expands into Florida, BNY Mellon embraces Singapore, and Trading Technologies hires from SG Prime Services.
Standard Chartered Joins the Saphyre Platform
Standard Chartered’s capital markets division is using a platform that applies artificial intelligence (A.I.) to the onboarding process for new funds and for the maintenance of those funds, say officials at Saphyre, which is the name of the platform and the financial technology vendor that created it.
The patent-approved AI technology helps firms with pre-trade setups and post-trade issues, officials say.
“Standard Chartered has been collaborating with Saphyre on providing straight through processing of account setups to speed the time to market to provide immediate liquidity as well as seamless post-trade allocations and settlement,” officials add.
The Saphyre automation is intended to cut risk and inefficiencies “by eliminating manual tasks for both buy- and sell-side teams,” officials say. The savings in time and costs are supposed to reduce set-up time for “a new fund significantly, while also providing any updated data related to the fund.”
The Standard Chartered division adopted the Saphyre technology early and has seen “efficiencies for their middle and back-office operations during account setups … By having them as part of the network, buy-side firms gain operational benefits and speed to market,” says Gabino Roche, CEO and founder at Saphyre, in a prepared statement.
TD Bank Group Creates South Florida Hub
TD Bank Group reports the advent of a new technology delivery hub in Fort Lauderdale, Fla., to “support an emerging centre of tech innovation in South Florida.”
The new tech hub is meant to “help TD to tap into the growing community of tech and innovation talent for delivering new digital products and services to its customers,” the firm says in a statement.
“Our new technology hub will focus on tapping into South Florida’s fast-growing technology talent pool to help enhance our innovation and customer delivery capabilities. Together with technology teams across our footprint, we are committed to help drive agility, innovation and speed at scale to serve our customers and address their rapidly changing expectations,” says Greg Keeley, senior executive vice president for platforms and technology at TD Bank Group, says in a prepared statement.
The bank intends to add “200 new” positions in South Florida over the next two years to “support its accelerated technology strategy and help power a new era of financial services for its customers,” according to the statement.
The new positions are “part of the recent announcement from TD to hire over 2,000 technology roles with skills in DevOps, cloud, machine learning, and automation, along with those trained and experienced in agile methodology, UX design, and mobile. The anticipated influx of talent will continue to help drive investments TD has made in new technologies and new digital experiences for customers, as well as help empower colleagues through innovation,” bank officials say.
“A multi-year relationship with the Alan B. Levan | NSU Broward Center of Innovation (Levan Center) will help TD to build its presence in the South Florida tech community,” the bank’s statement adds. “A growing nexus for tech talent and innovation, including students, academia, early-stage innovators, venture capitalists, and economic development experts, the Levan Center acts as a central catalyst to help innovators thrive.”
“The work we do at the Levan Center is focused on building the future of innovation, technology, and entrepreneurship and our alliance with TD will further strengthen our leadership position in breakthrough ideation while growing a community of talented tech professionals in the region,” John Wensveen, the chief innovation officer at NSU and the executive director, Alan B. Levan | NSU Broward Center of Innovation, says in the statement.
TD is the fifth largest bank in North America by assets and spotlights its “more than 26 million customers” in financial centers around the world. The group includes the Toronto-Dominion Bank and its subsidiaries.
The Alan B. Levan NSU Broward Center of Innovation is a “public-private partnership between Nova Southeastern University (NSU) and Broward County housed at NSU,” per TD.—L.Ch
BNY Mellon Signs MOU with Blockchain Association Singapore
Blockchain Association Singapore (BAS) reports that it and BNY Melon have signed a memorandum of understanding (MOU) meant to “advance the blockchain ecosystem.”
The intent of the MOU is to advance “global cooperation regarding institutional digital assets and decentralised finance (DeFi).”
The two entities will “seek collaboration opportunities and share expertise with the wider ecosystem to facilitate mutual understanding of the constantly growing digital asset and DeFi landscapes.”
“Blockchain technology and its acceptance and usage has been in the ascendancy in recent years, with the blockchain market size slated to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026 at a compound annual growth rate of 68.4 percent,” Chia Hock Lai, BAS co-chairman, says in a prepared statement. “Blockchain still is a relatively nascent technology within this region, and we are confident that with this collaboration we will be able to drive acceptance and adoption of blockchain technology and DeFi across the region.”—L.Ch
Trading Technologies Taps SG Prime Services for London Post
Nick Garrow
Trading Technologies International, Inc., a provider of professional trading software, infrastructure and data procedures and processes, reports that Nick Garrow, an industry veteran, has joined the vendor to run its business in London.
Garrow assumes the new post of executive vice president, multi-asset and buy side.
Most recently, Garrow was global head of IT and operations for Société Générale (SG) Prime Services business, “driving a significant overhaul of the bank’s legacy technology and a new global operating model for the more than 600-person IT and operations teams,” officials say.
Garrow began his financial services career at Paris-based futures exchange MATIF (now Euronext), per the statement. He has “more than 20 years of senior management experience in capital markets and prime brokerage, leading significant global technological and operational transformation of businesses ranging from a tier-1 bank, to brokerage and clearing firms, to an exchange and fintech company,” according to a Trading Technologies statement.
He reports to the vendor’s chief executive officer Keith Todd.—L.Ch
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