French banking giant BNP Paribas will be closing down a U.S. commodity derivatives trading desk in New York and re-routing transactions to its London and Singapore desks, according to a source familiar with the situation. The shutdown, part of a streamlining effort for the global firm, will not impact the bank’s North American clients already… Read More >>
CFTC Exempts Key MTFs From SEF Status
U.K. MTFs Can Operate as Exempt SEFs The U.S. Commodity Futures Trading Commission (CFTC) has issued an amended order that will allow an additional four multilateral trading facilities (MTFs) authorized within the European Union to be exempted from the requirement to register with the CFTC as swap execution facilities (SEFs). The four additional United Kingdom-based… Read More >>
BNP Paribas Moves to Automated Margin Calculation
BNP Paribas has decided to automate its process of assessing and calculating initial margin requirements for cleared derivatives portfolios by deploying the FIS Cleared Derivatives Margin Advisor, a cloud-based solution that the French bank expects will help it contain costs. The self-service offering from the U.S. vendor FIS is intended to help sell-side firms, investment… Read More >>
Brevan Howard Uses AcadiaSoft for IM Management
A Major Buy-Side Firm Embraces AcadiaSoft’s IMEM AcadiaSoft, a provider of risk and collateral management services for the non-cleared derivatives market, reports that Brevan Howard has been added to the users of AcadiaSoft Hub’s Initial Margin Exposure Manager (IMEM). As one of the first buy-side firms that falls within the scope of Phase Three of… Read More >>
New SmartStream Team to Investigate AI for Ops
SmartStream Creates ‘Innovations Team’ SmartStream Technologies, which characterizes itself as a financial transaction lifecycle management provider, reports that its new “innovations team” is “working with financial institutions to optimise workflows, using Artificial Intelligence (AI), Machine Learning (ML) and blockchain technologies, in the areas of reconciliations, cash management and fees and expense management.” The new… Read More >>
BNP Paribas USA Pleads Guilty to FX Price-Fixing
Officials of the U.S. Justice Department and BNP Paribas USA Inc. (BNPP USA) have settled a case in which the subsidiary of BNP Paribas is pleading guilty to one count of price-fixing via foreign exchange (FX) markets and has agreed to pay a criminal fine of $90 million. According to documents filed recently with the… Read More >>
BNP Paribas to Jolt Services Market for U.S. Mutual Funds
BNP Paribas Securities Services (BNPPSS) has extended its partnership with Janus Henderson, to provide back-office fund administration and fund accounting as well as middle-office and custody functions to its U.S. operations. BNP Paribas Securities Services is a member of the BNP Paribas Group, a major Paris-based global custodian and securities services provider. BNPPSS is paying… Read More >>
Credit Suisse, BNP Paribas Control Transaction Fees via SmartStream
SmartStream Technologies and Credit Suisse have expanded their invoice processing agreement so that the vendor will be handling the listed derivatives brokerage fees, officials from both companies announced at the SWIFT SIBOS event in Toronto this week. SmartStream also unveiled at SIBOS the latest version of its TLM Reconciliations Premium solution. The bank will be… Read More >>
Blockchain Takes Center Stage at SIBOS
Blockchain/distributed ledger technology (DLT) is taking the spotlight at the SIBOS conference in Toronto this week, put on by the financial messaging services and systems cooperative SWIFT. SWIFT itself has a preliminary report on its DLT efforts while vendors R3 and Calypso Technology announced a DLT pilot for BBVA and BBVA Bancomer, and BNP Paribas… Read More >>
BNP Paribas Subsidiary Dives Into Tri-Party Collateral Management
BNP Paribas Securities Services has launched a tri-party collateral management service that aims to connect buy-side and sell-side firms in order to unlock liquidity pools and improve the collateralization process across a wider range of securities. The service provides exposure to segregated markets, enabling clients to access previously untapped sources of collateral. In addition, clients… Read More >>
