The Bank of New York Mellon is moving to bring greater cohesion to key Pershing offerings, which at the same time will open pathways to the custodian bank’s more enterprise-wide offerings. BNY Mellon’s enhancements to the Pershing X Wove platform are in line with the provider’s goal to be the “most connected advisory platform in… Read More >>
M&G Investments Picks Clearwater Analytics
London-based M&G Investments, an international asset manager and part of M&G plc has tapped Clearwater Analytics for its software-as-a-service (SaaS) investment accounting solution for investment accounting and reporting, officials say. The Clearwater Analytics offerings encompass investment management, accounting, reporting, and analytics solutions. “The Clearwater platform will automate investment management and regulatory reporting and support the… Read More >>
U.S. Treasury Clearing Rules Jolt Firms Into Action
Clearing is coming the U.S. Treasury market and buy- and sell-side firms are beginning to get the message. New SEC clearing rules for the U.S. Treasury market, which take effect next year and in 2026, will spur more sell-side firms to offer Treasury clearing via prime brokerage, agency clearing, and futures commission merchant (FCM) services… Read More >>
Yext Acquires Hearsay Systems for $125M
Yext, Inc., a digital presence company, is acquiring Hearsay Systems, a compliance provider for digital communications, for $125 million and will add Hearsay’s offerings to its own, officials say. Yext will also augment the combined offerings with artificial intelligence (A.I.) technologies, officials add. Yext applies A.I. and machine learning technologies to customer engagement, automated workflows… Read More >>
Canada’s CCP Helps with CDOR Transition
The Canadian Derivatives Clearing Corp. (CDCC) has launched a Secured General Collateral (SGC) Notes program, which are short-term discounted money market instruments, to help securities firms and their clients move away from the interest rate benchmark, the Canadian Dollar Offered Rate (CDOR), and the related Bankers’ Acceptance notes, officials say. In a move similar to… Read More >>
Firefighters’ Pension Fund Taps Northern Trust
The Firefighters’ Retirement System (FRS) of Louisiana has tapped Northern Trust to improve the operational efficiency of its $2.4 billion fund via asset servicing and data analytics capabilities, officials say. “FRS of Louisiana is a governmental defined benefit pension plan, established by the state legislature in 1980 to provide retirement and other benefits for Louisiana… Read More >>
NYSE Equities Trading Hit By Temporary Glitch
Equities trading via the New York Stock Exchange (NYSE) got off to a rocky start on Monday, June 3, causing transaction halts for as many as 40 symbols listed on NYSE Group exchanges, officials say. The glitch was resolved before Noon EST. “After the market opened on the morning of June 3, 2024, a technical… Read More >>
North America’s Rocky Road to T+1 Begins
Like it or not, North American firms are getting new plumbing for settlement. Settlement within the shorter time frame of the trading day plus another day, or T+1, is becoming a reality for North American firms, starting with those firms in Canada and Mexico, and with a nod to South America, Argentina, on Monday, May 27,… Read More >>
CACEIS Pioneers Digital Assets Services Unit
CACEIS, an asset servicing provider based in Montrouge, Île-de-France, has launched its Digital Assets business line, making it the first European asset servicing group to do so, officials say. The launch will bolster CACEIS’s digital strategy and help it meet growing demand from investment management firms and institutional investors, officials say. “The Digital Assets business… Read More >>
IPC & VoxSmart Partner to Improve Transcriptions
IPC Systems, a trading communication and multi-cloud connectivity provider, is collaborating with VoxSmart, a communications surveillance company, to improve multilingual transcription technology for financial services firms, officials say. The collaboration will involve artificial intelligence (AI) technology and “real-life conversations had by capital markets professionals,” officials say. The partnership is intended to yield “a 50-fold increase… Read More >>
