Another anti-ESG push from the right is emerging and this time it’s taking aim at what is arguably the world’s largest asset manager. The attorney general for the Grand Canyon state Mark Brnovich earlier this month created “a coalition of 19 states that sent a letter to BlackRock Inc., calling out its practices of putting… Read More >>
DTCC’s ‘Project Ion’ Hits a Milestone & Other News
DLT System Settles 100,000 Transactions Per Day The DTCC’s alternative settlement platform based on blockchain/distributed ledger technology (DLT), Project Ion, has achieved a new threshold — it’s parallel processing more than 100,000 bilateral equity transactions daily and almost 160,000 transactions on peak days via the DTCC subsidiary, the Depository Trust Company (DTC). “The goal of… Read More >>
BlackRock Vet Joins Arcesium & Other News
Arcesium Hires from BlackRock Arcesium reports that it has hired the former commercial director for BlackRock’s Aladdin Data Cloud, Mahesh Narayan, to be the institutional asset manager segment head for the data management solutions vendor. Narayan will oversee Arcesium’s “cloud-native data platform, investment lifecycle solutions, and associated financial operations,” according to the official announcement. These… Read More >>
It’s Time to Check the T+1 Playbook
To say the least, the securities-trading industry has been a little busy since it shifted to a trading day plus two business days settlement (T+2) cycle in 2017. Yet, despite market volatility, disruptive technologies, epic political and social changes, a pandemic, soaring inflation, and an ongoing war in Europe, the industry-wide drive to an even… Read More >>
Equitable Pays $50M to Resolve Annuity Fees Case
The Securities and Exchange Commission (SEC) reports that it has charged Equitable Financial Life Insurance Company with fraud, “for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees.” Equitable has agreed to compensate harmed investors, most of whom are public school teachers and staff… Read More >>
Why Post-Trade Data Is Key to Digitization
(Firms engaged in securities trading are being pressured to undergo a digital transformation as soon as possible. It’s no surprise then that some firms are contemplating a big bang overhaul. But that would not be in a firm’s best interest, says Justin Llewellyn-Jones, head of capital markets, North America (equities and derivatives), Broadridge Financial Solutions…. Read More >>
Should Risk & Resilience for Ops Be One?
Should the securities operations industry rethink the gap between operational resilience and operational risk? Should those working in operations bring the two disciplines closer together, and by doing so, develop a stronger architecture for securities operations? Those are the questions that Guy Warren, CEO at ITRS Group, is pondering and he wants you to ponder… Read More >>
JPMorgan Pays $850K to Resolve FX Swaps Case
JPMorgan has reached a $850,000 settlement with the CFTC in a case involving charges that three of the investment bank’s units failed to comply with their reporting obligations as swap dealers. The CFTC order also requires JPMorgan and its swap-dealing entities to cease and desist from further violations of the Commodity Exchange Act (CEA) and… Read More >>
RA Capital Picks Xenomorph & Other News Briefs
Xenomorph to Support Key Groups at RA Capital Boston-based investment manager RA Capital has selected data management solutions vendor Xenomorph to provide enterprise data management (EDM) support for the firm’s bio-tech and financial data needs, officials say. “We were diligent in the selection of RA Capital’s data platform. We wanted more than a standard security… Read More >>
BlackRock Asks SEC to Streamline Climate Risk Reporting
With $10 trillion in assets under management (AUM), BlackRock is generally considered one of the world’s top asset managers. So, when it sends a comment letter about a regulatory matter, people tend to pay attention. Earlier this month, BlackRock sent its list of suggestions to the SEC about the regulator’s push for new regulation that… Read More >>
