When the Volcker Rule provision of Dodd Frank finally goes into effect on Tuesday, July 21, the banks affected will have already done most of the heavy lifting, industry observers say. But banks will still face an arduous few months as they struggle to pin down the practice of a law they’ve spent so long… Read More >>
ISDA Endorses Semiannual Single-Name Credit Default Swaps
Derivatives industry group the International Swaps and Derivatives Association (ISDA) is officially urging that the single-name (single company) credit default swap (CDS) roll protocol frequency be changed from a quarterly to a semiannual basis, officials say. In a prepared statement, ISDA officials say the change is in response to market feedback and is aimed at… Read More >>
Fenergo Lands $75 Million in Private Equity Funding
After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm. The transaction is expected to close within the next few weeks, Fenergo officials say. Insight Venture… Read More >>
Advisors, Institutional Investors Diverge on Alternatives
A new survey by Barron’s and market research firm Morningstar has revealed some slippage between how financial advisors and large institutions view alternative investments, officials say. “Financial advisors are increasingly enthusiastic about alternatives just as institutions are becoming more cautious,” says Josh Charlson, chartered financial analyst (CFA), director of manager research for alternative strategies at… Read More >>
ISDA Seeks Bidders for Crowdsourcing SIMM Utility
The International Swaps and Derivatives Association, Inc. (ISDA) reports that it has launched a tender process to select a third-party to build and operate a crowdsourcing utility for the ISDA standard initial margin model (SIMM). The utility is meant to “aggregate and compile risk data,” so that market participants can implement the ISDA SIMM “consistently,” ISDA… Read More >>
Goldman Sachs Hit with $7M Penalty for Software Glitch
U.S. regulator, the SEC has hit investment banking giant Goldman Sachs with a $7 million penalty for allegedly violating the market access rule, “in connection with a trading incident that resulted in erroneous executions of options contracts,” officials say. An SEC investigation found that Goldman sent out roughly 16,000 mispriced options to various exchanges in… Read More >>
Former RBC CCO Joins Oyster Consulting
Financial consulting vendor Oyster Consulting has hired Richard T. Chase as the new managing director of its New York office, officials say. Oyster expects Chase’s hire to “continue Oyster’s expansion as a regulatory and compliance leader, enhancing its ability to help broker-dealers, exchanges and investment advisors respond to increasing SEC and FINRA expectations regarding trading… Read More >>
ICAP Names CEO for Post-Trade Services
Interdealer-broker and post-trade IT vendor ICAP has appointed Jenny Knott as its new CEO of post-trade risk and information services, officials say. Knott joins from the African financial services group at Standard Bank Group, where she was CEO of Standard Bank Plc and CIB International, and most recently served as strategic advisor to the group… Read More >>
Brazilian Firm to Use Eze Software EMS, OMS
Vinci Partners, a Brazilian asset manager, has signed on as a client of Eze Software Group to implement the vendor’s order and execution management systems, Eze OMS and RealTick EMS, to streamline workflows across the investment lifecycle, vendor officials say. As part of the deal “Vinci Partners will build electronic connections to third-party execution providers… Read More >>
Massad Favors Regs Hybrid for Cross-Border Uncleared Swaps
CFTC Chairman Timothy Massad says he’s leaning toward a hybrid approach to the problem of regulatory harmony for uncleared swaps transacted across multiple jurisdictions around the globe but he’s careful to note that his agency has not reached any conclusions. “We recognize the importance of having the uncleared margin rules of different jurisdictions be as… Read More >>
