BNY Mellon Taps Arjuna Capital Officials at the Bank of New York Mellon Corp. (BNY Mellon) say they are hoping to accelerate their climate strategy efforts via a collaboration with a sustainable investment management firm Arjuna Capital, which helps investors and institutions invest their assets according to environmental, social, and governance (ESG) concerns. “BNY Mellon… Read More >>
SEC Charges Tron Founder With Misleading Investors
It’s a time-tested way to con good, honest folks out of their hard-earned money. Dazzle them with celebrities while you pick their pockets! Case in point, according to recent allegations filed by the United States Securities and Exchange Commission (SEC): Justin Sun, a cryptocurrency entrepreneur, who paid a long list of celebrities big bucks to… Read More >>
Crypto Crash Fugitive Arrested in Montenegro
Do Hyeong Kwon, the alleged mastermind of a cryptocurrency fraud, has been arrested by authorities in Montenegro, a Balkan country, far from Terraform Labs, the company Kwon co-founded in Singapore. “One of the world’s most wanted fugitives was arrested in Podgorica,” according to Filip Adzic, the interior minister for Montenegro, who posted an update via… Read More >>
DTCC Solution Targets LIBOR-to-SOFR Transition
Post-trade infrastructure provider Depository Trust & Clearing Corp. (DTCC) has launched the LIBOR Benchmark Replacement Index Solution to help firms make the transition from the corrupted London Interbank Offered Rate benchmark to the Secured Offered Financing Rate (SOFR) and other replacement rate indices by June 30, 2023. The new offering is available now via DTCC’s… Read More >>
SEC Pushes New Cybersecurity Risk Mitigation
The United States Securities and Exchange Commission (SEC) proposes to address cybersecurity risks to the financial services sector. Seems like a pretty good idea, doesn’t it? Maybe even overdue, given what we know about the intentions and actions of countries like Russia and China. The new cybersecurity rules would apply to “broker-dealers, the Municipal Securities… Read More >>
Voting Begins in the FTF Awards Competition!
We are pleased to announce that voting has begun for the nominees of the FTF News Technology Innovation Awards 2023, a competition overseen by Financial Technologies Forum (FTF) and the news service. Industry participants pick the winners. Voting began on March 20 when we officially unveiled the nominees and will end on April 28. We… Read More >>
UBS to Acquire Credit Suisse via Rescue Plan
In a stunning move, UBS announced on Sunday, March 19, that it will acquire for more than $3 billion the ailing Credit Suisse Group, making it part of UBS. Bank and Swiss authorities further outlined a rescue plan that will combine the former rivals into “a business with more than USD 5 trillion in total… Read More >>
SWIFT Tests API for CBDCs & Other News
SWIFT’s CBDC Connector Shows ‘Potential’ Officials at SWIFT, the global financial messaging services and systems cooperative, say that 18 central and commercial banks foresee “clear potential and value” in a connector for Central Bank Digital Currencies (CBDCs) based upon an application programming interface (API) that is SWIFT’s experimental solution for interlinking CBDCs. SWIFT reports that… Read More >>
Riding Out the Ripple Effects of the Bank Failures
The rapid collapse of Silicon Valley Bank and Signature Bank, and the troubles swirling around First Republic Bank, which offers private banking and wealth management services, are technically happening separately from global securities markets. But actual regulatory and operational impacts and the contagion of panic are causing real ripple effects upon regulators, other banks, and… Read More >>
Swiss Central Bank Throws Credit Suisse a Lifeline
Credit Suisse Group will be borrowing $54 billion from the Swiss National Bank (SNB), the central bank for Switzerland, in an effort to stabilize its fiscal situation, which began spinning out of control at about the same time as Silicon Valley Bank (SVB) in the U.S. collapsed. These parallel but essentially unrelated events have together… Read More >>
