Post-trade market infrastructure provider the DTCC is spreading the notion at SWIFT’s Sibos event that the global financial services ecosystem is now so tightly linked that it is creating a new, higher level of risk where one connection in a key chain of systems could fail and cause a lot of damage to all connected… Read More >>
Sibos Preview: Time to Harmonize ISO 20022-based Ops?
Harmonization around the ISO 20022 standard will be one of the key themes at the Sibos annual gathering of the financial messaging cooperative SWIFT, underway this week in Singapore at the Sands Expo and Convention Centre of the Marina Bay Sands complex. As the ISO 20022 standard has been gaining ground among industry players, SWIFT… Read More >>
New Collateral Management, Margining Rules to Sting as Regulation Takes Hold
Securities firms are going to feel over the coming months multiple stings of regulation via Dodd-Frank, the EU’s European Market Infrastructure Regulation (EMIR) legislation and Basel III that will cause collateral management and margining requirements and calls to skyrocket. So says industry veteran Ted Leveroni, chief commercial officer for DTCC-Euroclear GlobalCollateral Ltd., a joint venture… Read More >>
Is the T+2 Move Worth the Pain?
(Editor’s note: As FTF News has reported previously, some large buy- and sell-side firms have begun the hard work of revamping infrastructures, workflows and budgets to facilitate the move to the shorter T+2 settlement cycle. Recently, we had the chance to speak to Ryan Burns, a senior vice president and co-manager of the Global Fund… Read More >>
People Moves for DTCC in the U.K., Bats Global Markets and Orc
DTCC Predicts 40% U.K. Workforce Y2Y Increase The DTCC, a post-trade market infrastructure for the financial services industry, reports a “significant expansion of its workforce across the firm’s primary European locations,” which are in both London, England, and Wrexham in north Wales. DTCC predicts that it will have approximately 700 employees in the UK by… Read More >>
LSEG, DTCC Join Forces for MiFIR Reporting
The DTCC and the London Stock Exchange Group (LSEG) are partnering to provide clients with a connection to regulatory reporting technology vendor UnaVista’s Approved Reporting Mechanism (ARM), a service that enables DTCC clients to comply with the Markets in Financial Instruments Regulation (MiFIR) reporting requirements, officials say. UnaVista is the LSEG’s hosted platform for matching,… Read More >>
Top Wall Street Firms Begin Overhauls for T+2
Some of the largest buy- and sell-side firms have begun the hard work needed to revamp infrastructures, workflows and budgets to facilitate the move to the shorter T+2 settlement cycle, according to participants at the recent T+2 Symposium, hosted by the Securities and Financial Markets Association (SIFMA). Key industry players, including SIFMA, the DTCC and… Read More >>
Former CFTC Commissioner Wetjen Joins the DTCC
Mark P. Wetjen, former commissioner and one-time acting chairman for the CFTC, is joining post-trade services and systems provider DTCC as a managing director to oversee global public policy functions and related business and legal activities, say DTCC officials. Wetjen resigned from the commission, effective August 28, and will begin his time with the DTCC… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
Could Poor Op Risk Management Spur Another Financial Crisis?
Poor operational risk management related to the origination and securitization of mortgages played a large but often overlooked role in the Great Recession. Now, eight years on, industry observers are split over whether the financial services industry has learned its lessons on the pitfalls of neglecting Op Risk. Linda Allen, a finance professor at Baruch… Read More >>
