Markit, the U.K. data provider, and the International Swaps & Derivatives Association (ISDA), an industry trade group, have offered concessions in an effort to settle a European Union antitrust investigation into possible collusion in the credit default swaps (CDS) market, according to the European Commission. The Commission is seeking feedback from interested parties on the… Read More >>
Digital Asset Lands A-List Backers and $50M in Funding
Digital Asset Holdings, LLC, a New York City-based developer of distributed-ledger technology for the financial services industry, reports that it has “raised more than $50 million in funding” from several prominent financial industry players. The company’s new investors are: ABN AMRO, Accenture, ASX Ltd., BNP Paribas, Broadridge Financial Solutions, Inc., Citi, CME Ventures, Deutsche Börse… Read More >>
BNP Paribas Securities Services to Use SimCorp’s Platform
BNP Paribas Securities to Use SimCorp’s Dimension Platform BNP Paribas Securities Services reports that it has implemented the SimCorp Dimension system to streamline accounting processes for its clients. The firm has implemented the SimCorp Dimension platform to manage its integrated accounting offering “as well as other services in its comprehensive product suite,” according to SimCorp… Read More >>
AcadiaSoft Forms Margining Hub for Non-Cleared Derivatives
Margining platform vendor AcadiaSoft has successfully linked its own system with that of several other providers in the margining automation space, creating the first industry-wide margining utility for non-cleared derivative instruments. AcadiaSoft linked its MarginSphere 2 electronic messaging service for over-the-counter (OTC) derivatives with TriOptima’s triResolve OTC trade reconciliation service and the DTCC-Euroclear’s Margin Transit… Read More >>
No Pain, No Gain for KYC, AML Deployments
Increasing regulatory complexity and the massive fines, penalties and settlements levied against several of the world’s largest banks due to Know Your Customer (KYC) and anti-money laundering (AML) violations mean financial services firms take these aspects of compliance seriously even if implementing fixes is proving to be painful. “KYC compliance is still a major pain… Read More >>
BNP Paribas Group Appoints Head of CIB
BNP Paribas Group has appointed Yann Gérardin to be head of Corporate and Investment Banking (CIB). At the same time, Alain Papiasse, the current deputy chief operating officer (COO) will take on the general management representative role for the North American region of the firm, officials say. High on the agendas for Gérardin and Papiasse… Read More >>
Citi Cuts Staff as Jill Considine Joins LCH.Clearnet
Citi Cuts Staff as Profits Rise Multiple news organizations are reporting that Citigroup is cutting 200 to 300 positions from equity and fixed income trading groups even as the bank reported favorable net income results for the first quarter of this year. For Q1 2014, the bank’s net income was up four percent to $3.9… Read More >>
Commerzbank Staff May Join BNP Paribas Securities Services as G2 FinTech Adds to Advisory Board
Commerzbank’s Depotbank Staff May Join BNP Paribas Securities Services BNP Paribas Securities Services last week acquired Commerzbank’s Depotbank business for German domiciled UCITS and institutional funds, securities funds and open-ended real estate funds and will be giving more than 80 Commerzbank employees involved in those activities the opportunity to join the global custodian bank, officials… Read More >>
ISDA Chairman Goes Full Time as BNP Paribas Hires for OTC Clearing
ISDA Makes Board Chairmanship a Full-Time Post The International Swaps and Derivatives Association’s board of directors has appointed Stephen O’Connor to an expanded, full-time chairmanship with a mandate to take a leading role in derivatives industry reform while “assuming a more active, hands-on involvement in driving ISDA’s strategic initiatives,” say ISDA officials. A full-time chairman… Read More >>
