BNY Mellon clients in the U.K. can use the digital proxy voting service, Proxymity Vote Connect Total (VCT), in time for the 2024 voting season, officials say. The joint effort with Proxymity is intended to “improve transparency, accuracy, and speed for our clients,” says Adam Watson, head of commercial product, custody services at BNY Mellon,… Read More >>
Hedge Fund Groups Fight SEC’s Short-Selling Rules
The National Association of Private Fund Managers (NAPFM), the Alternative Investment Management Association (AIMA), and the Managed Funds Association (MFA) have delivered a not-so-welcome holiday gift to the U.S. Securities Exchange Commission (SEC) — a lawsuit. The trio of trade associations, represented by Jeff Wall and Judd Littleton of Sullivan & Cromwell LLP, are calling on… Read More >>
FinTech Brief: Canadian Pension Plan Reappoints Northern Trust
A major Canadian defined benefit plan, the Healthcare of Ontario Pension Plan (HOOPP) has reappointed Northern Trust as the asset servicing provider for the $103 billion (in Canadian currency) asset owner, which has a value of $76.9 billion in U.S. currency, officials say. Northern Trust, Canada, will provide global custody, foreign exchange (FX), and securities… Read More >>
Prometheum Dives Into Digital Asset Securities Custody
(Prometheum Inc. will launch a digital asset securities custody platform during the first quarter of next year, according to officials at the firm. This follows recent approval by the Financial Industry Regulatory Authority (FINRA), the self-regulatory organization (SRO) for U.S. broker-dealers, to allow the firm to operate a special purpose broker-dealer (SPBD) that will offer custody for… Read More >>
FinTech Brief: JPMorgan & Baton Take on Tri-Party Collateral
Baton Systems is working with the Collateral Services team at JPMorgan to help the investment bank’s tri-party clients automate and optimize their collateral management to meet the margin call demands of 13 central counterparty clearinghouses (CCPs) across the globe, officials say. For this collaboration, the Core-Collateral solution from Baton will be integrated into the CCP… Read More >>
Cyber Threats Seen as a Major Risk for 2024
Securities firms are foreseeing cybersecurity risks as one of their top concerns for next year as cybers-attacks remain one of their top five risks as revealed in an annual Systemic Risk Barometer Survey done by DTCC officials. Cybersecurity concerns constitute one of the top five risks identified in every survey since 2013 when the DTCC… Read More >>
T+1 Testing: Concerns Emerge Amid Progress
In the sprint toward the T+1 transition to shorter settlement in May 2024, the official line from the Depository Trust & Clearing Corp. (DTCC) is that testing is proceeding smoothly. Behind the scenes, there are concerns regarding end-to-end testing, buy-side participation, and a dearth of operational testing. Val Wotton, managing director and general manager of… Read More >>
FinTech Brief: CME to Unify NDF Liquidity Pools
CME Group will combine its two non-deliverable forward (NDF) liquidity pools on the Electronic Broking Services (EBS) Market platform onto a single trading venue by October 2024, depending upon regulatory approval, officials say. The combination will bring together market participants “across regulatory jurisdictions” in a unified global trading environment to improve market efficiency, according to… Read More >>
DSB Forms Advisory Committee to Reshape Identifier Landscape
The Derivatives Service Bureau (DSB), a reference data resource for over-the-counter (OTC) derivatives, has formed a Governance Advisory Committee (GAC) that will widen the range of DSB users providing industry guidance for the International Securities Identification Number (ISIN) and the Unique Product Identifier (UPI) services, and to help expand the identifier landscape. “The GAC is… Read More >>
FinTech Brief: ISO & SOC Certify Oxane’s Offerings
Oxane Partners, a solutions provider to private markets, has achieved global information security accreditations by completing Systems and Organizations Control (SOC) audits and the International Organization for Standardization (ISO) 27001 certifications, officials say. “The completion of SOC audits (SOC 1, SOC 2, and SOC 3) emphasize Oxane’s strong controls over financial reporting, and handling of… Read More >>
