State Street will embark upon a pilot program in the first quarter of 2017 that will test the margin settlement messaging service of vendor GlobalCollateral as the global custodian intends to automate as much as possible the collateral settlement process, officials confirm. GlobalCollateral, a joint venture of Euroclear and the DTCC, is readying for prime… Read More >>
CFTC Issues Final Rule for Cleared Swaps Reporting
The CFTC reports that it has approved a final rule meant to bring “additional clarity” to existing cleared swaps reporting regulations and procedures. The rule codifies reporting obligations for counterparties and registered entities and improves the “efficiency of data collection and maintenance associated with the reporting,” the CFTC says. The commission’s own detailed analysis of… Read More >>
Schroders Luxembourg to Use KYC Hub
Asset manager Schroder Investment Management (Luxembourg) S.A (SIM) is using a centralized service that stores legal entity level information, documentation and ownership information that are key components for several operations that require accurate know your customer (KYC) client documentation and related data. Founded in August 1991, SIM, aka Schroders Luxembourg, provides central support to Schroders’… Read More >>
DTCC and ISDA Bolster Their Boards via New Members
DTCC Elects Three New Board Members The Depository Trust & Clearing Corp. (DTCC) reports that three new members, all senior executives at clearing agencies, have been elected to its board of directors. They are: Lester Owens, managing director and global head of wholesale banking operations at JPMorgan; Paul Simpson, managing director and global head of… Read More >>
Omgeo Alert Settlement Utility Hits Milestone
Omgeo Alert, an online global database of account information and standing settlement instructions (SSIs), has hit a milestone with more than six million settlement instructions — a major step forward in its push to become the dominant SSI utility, say officials of the post-trade market infrastructure services provider the DTCC, which owns Omgeo. SSIs hold… Read More >>
More Global Banks Test or Explore Blockchain
The bandwagon for blockchain and distributed ledger technology (DLT) is getting crowded as four major global banks have just completed a battery of tests in which the cutting-edge technology played a key role in credit default swap (CDS) processing. At the same time, key players in Japan led by Nomura Research Institute (NRI) officials are… Read More >>
Regulators Could Halt Blockchain’s Progress
CFTC Commissioner J. Christopher Giancarlo is calling on U.S. and European regulators and policymakers to take a “do no harm approach” toward the oversight of emerging distributed ledger technology (DLT), popularized by the blockchain underpinnings for cryptocurrency Bitcoin. Otherwise, DLT’s growth is at “risk of being stymied by disparate and uncertain regulation,” says Giancarlo, who… Read More >>
ESMA Fines DTCC for Trade Repository Shortcomings
Post-trade infrastructure services provider DTCC has been fined nearly $73,000 by the European Securities and Markets Authority (ESMA) for alleged failures to properly offer “direct and immediate access to derivatives trading data” for nine months in 2014. The regulator’s fine of €64,000 (equivalent to 72,907.15 given a 1 EUR = 1.13917 USD rate) is the… Read More >>
DTCC & Digital Asset Launch Distributed Ledger Project for Repos
The DTCC, the industry post-trade utility and related services provider, and fintech startup Digital Asset Holdings are developing a solution based on distributed ledger technology, intended to help firms better manage the clearing and settlement of U.S. Treasury, agency, and agency mortgage-backed repurchase agreement (repo) transactions. The effort should yield a central counterparty process that… Read More >>
Speakerbus Partners with Westcon for EMEA Distribution
Speakerbus Expects Deal to Boost Growth Speakerbus, a specialist provider of voice solutions, has signed an agreement with Westcon Group, a distributor of products and professional services for converged telecommunications solutions, to distribute Speakerbus’ offerings in the EMEA region, say Speakerbus officials. The partnership is expected to help Speakerbus grow. Speakerbus offers “advanced telephony, hoot… Read More >>
