In the U.S., there have been many serious discussions and efforts to move the securities industry from the trading day plus two (T+2) settlement cycle to T+1. In addition, the regulators, standards groups, and industry associations are mulling the changes that must be made to facilitate the shift to T+1. But, at some point, the… Read More >>
BNY Mellon Targets Buy Side via Outsourced Trading & Other News
New Services Offered via BNY Mellon Capital Markets BNY Mellon is targeting buy-side firms with a new outsourced, multi-asset, global trading service that the custodian bank says will help clients cut spending on data, trading infrastructure, analytics, reporting, and associated trade execution support functions. With asset managers and asset owners also in mind, the… Read More >>
Many Firms Can’t Leverage Valuable Ops Data: Q&A
(Editor’s note: Many financial services firms can “only leverage a small portion of the data they possess on a modern data platform to generate insight — the rest is simply used for processing activities,” says Kapil Bansal, managing director, global head of data strategy and analytics, business architecture at DTCC, via an FTF News Q&A…. Read More >>
BNY Mellon Adds RTP to Pershing Platform & Other News
Pershing’s NetXInvestor Supports RTP An investor portal used by broker-dealers and registered investment advisors (RIAs), NetXInvestor from BNY Mellon Pershing, will be integrating real-time payments (RTP) technology to assist clients as they manage their portfolios, officials say. “RTP is a new form of electronic money transfer that enables real-time deposits and withdrawals, giving broker-dealers and… Read More >>
USAA Outsources Fund Accounting to SS&C & Other News
USAA to Shift 60 Staff Members to SS&C GlobeOp SS&C Technologies Holdings, Inc. reports that it has entered into an “outsourced administration arrangement with USAA Real Estate.” Based in San Antonio, Texas, USAA Real Estate acquires, develops, finances, and manages real estate assets in North America and Europe, and manages approximately $35 billion in net… Read More >>
800 BitConnect Victims to Share $17M in Restitution
About 800 victims of the BitConnect cryptocurrency investment scheme will be getting some of their money back, which may serve as a ray of hope for other crypto-fraud victims left in the cold of a crypto winter full of scandal. But it will be a thin ray as the BitConnect Ponzi scheme claimed 4,154 victims… Read More >>
FIA Wants FCMs Exempt from Repo Clearing Proposal
Walt L. Lukken, president and CEO, of the Futures Industry Association (FIA) has sent a letter to the SEC asking the regulator to exempt futures commission merchants (FCMs) from complying with proposed rules that would set new standards for covered clearing agencies for U.S. Treasury securities. “The SEC has proposed rules that would significantly expand… Read More >>
A Quick Warning About ‘Selling Away’
It’s the start of a new year and many investors will be reviewing their financial portfolios. Some of them may soon be reaching for antacids or for lower-shelf martinis. Given the volatility of global financial markets, investors at all levels will have to be forgiven if they’re a little vulnerable to the power of suggestion… Read More >>
A.I. for Recs Will Need Human Oversight: Q&A
(Editor’s note: The financial services industry “is unique and will always require human interaction to cover things like reviews and approvals. It is, however, possible that robots could cause somewhat of a disruption in the financial industry, especially in technology sectors,” says Julian Trostinsky, global director of customer success for Gresham Technologies, in this second… Read More >>
‘Ghost Cattle’ Scam Creates AML Woes for FCM
CHS Hedging, a registered futures commission merchant based in Inver Grove Heights, Minn., is paying a penalty of $6.5 million to the Commodity Futures Trading Commission to settle charges that it had inadequate anti-money laundering (AML), risk management, recordkeeping, and supervisory controls over a trading account of a cattle rancher running a $244 million “Ghost… Read More >>
