AxiomSL, a provider of regulatory reporting and risk management solutions to the financial services industry, reports that Bancolombia, Colombia’s largest bank, will be deploying AxiomSL’s Foreign Account Tax Compliance Act (FATCA) solution. The FATCA solution is a “scalable and cross-border tax reporting platform which will leverage the bank’s reporting process to ensure on-time compliance with… Read More >>
It’s Time for T+2 and FTF Focus Magazine
A very warm spring has come to the New York City area this week and coincidentally we are debuting a new online magazine from FTF News (a printed version is also available). To underscore our new commitment to magazine journalism, we have renamed the publication “FTF Focus,” and for this special edition, we took on… Read More >>
NFA VP: Untangling Regulatory Overlap Could Take a Decade
It’s a mix of good and bad news for firms in the derivatives markets struggling to comply with overlapping demands made by multiple regulators. The good news is that regulators are aware of the problem, and are working to fix it. The bad news, according to Jamila Piracci, vice president of over-the-counter (OTC) derivatives for… Read More >>
ICAP Veteran Appointed to Virtu Financial Board
Market maker Virtu Financial has appointed John D. Nixon, the former group executive director for Americas at interdealer broker ICAP (US), to its board of directors effective immediately, officials say. Nixon recently announced that he will retire from the ICAP board of directors March 31 of this year, a position he held since May 2008…. Read More >>
Swaps Reporting May Ease for Some
The CFTC has approved for public comment a proposed rulemaking that could ease swaps reporting requirements for some counterparties, officials say. The proposed rule would reduce reporting and record-keeping requirements for “trade option counterparties that are neither swap dealers nor major swap participants (Non-SD/MSPs), including commercial end-users that transact in trade options in connection with… Read More >>
Integral Aims New Exchange at Fragmentation
Over-the-counter (OTC) foreign exchange (FX) trading network provider Integral Development Corp. has unveiled the Open Currency Exchange (OCX), its latest effort in an attempt to counter the fragmented liquidity of incumbent FX platforms, officials say. OCX offers unlimited screen trading for a monthly subscription of $275 and “dramatically lowers the cost of accessing FX markets,”… Read More >>
Bank of the West Deploys OpenLink Findur
Financial and energy trading and risk management vendor OpenLink has announced that Bank of the West has implemented OpenLink’s Findur solution for its capital markets and treasury operations, officials say. The implementation at Bank of the West, a subsidiary of the BNP Paribas Group, included “a number of workflows to automate and facilitate both pre… Read More >>
Can Scandal Spur Global Regulatory Harmony?
Something surprising appears to be underway behind two major financial crime stories that broke over the past several weeks – regulators and law enforcement officials domestically and internationally can work together for positive results. To recap, a coalition of sorts joined forces to bring in alleged “Flash Crash trader” Navinder Sarao, a British futures trader…. Read More >>
CFTC’s ‘Flash Crash Trader’ Case Hits Home
The CFTC’s recent enforcement action against a U.K. futures trader charged with spoofing trades and contributing to the 2010 Flash Crash raises as many questions as it answers, but could nonetheless prove a solid first step toward preventing this type of behavior in the future, industry observers say. On April 21, British authorities, acting at… Read More >>
Survey: Asian Firms Need More IT for Wealth Management
SS&C Technologies Holdings, Inc., a Windsor, Conn.-headquartered provider of financial services software and software-enabled services, reports that a survey examining wealth management operations and technology in Asia has found that “banks in Asia do not have the technology to meet high net worth customers’ reporting and analytics demands,” according to an SS&C statement. Specifically, the… Read More >>
