It’s been a dynamic year when straight through processing (STP) and the push for T+2 settlement cycles made big comebacks while disturbing layoffs and ongoing fines and penalties appeared to be on the rise. We at FTF News have compiled the following list of the top Ops stories, trends, new currents and online video coverage… Read More >>
DTCC’s GTR Launches in Canada
Post-trade services provider DTCC has taken another step toward its goal of establishing an industry-wide repository for over-the-counter (OTC) derivatives via the launch of its Global Trade Repository (GTR) in Canada, which will target buy-side firms when they begin reporting next year. The Ontario Securities Commission, the Autorité des Marchés Financiers in Québec and the… Read More >>
GFI SEF to Support USD MAC Swaps
Interdealer broker GFI Group reports that it has launched US dollar (USD) market agreed coupon (MAC) swaps on its swap execution facility (SEF). Live tradable prices for these contracts are available in a central limit order book (CLOB) on RatesMatch, GFI’s electronic trading platform for interest rates, according to the company, which adds that the… Read More >>
Q&A: Post-Trade Integration Key to SEF Success
James Cawley was a co-founder of Javelin Capital Markets, the parent company of the pioneering Javelin SEF (swap execution facility). As regulators and the industry laid the groundwork for SEFs, Cawley took on a very public role in helping shape the rules and regulations of over-the-counter derivatives trading reform. Most recently, he led a key… Read More >>
The Age of SEFs Stumbles Forward
It’s been just over a year since swap execution facilities (SEF) inauspiciously opened for business on Oct. 2, 2013 – “A day that I’ll never forget,” in the words of one SEF operator present at the SEFCON V conference on Wednesday. Panelists at the event, sponsored by the Wholesale Markets Brokers’ Association, highlighted how far… Read More >>
Fines, Regs Push Firms Toward Legal Entity Data
Post-crisis regulatory reforms are putting immense pressure on financial services firms to overhaul their ability to manage client and legal entity data, an area most firms had been content to ignore until recently, according to a new white paper. Conducted by market research firm Aite Group and commissioned by the DTCC, the paper outlines the… Read More >>
Ex-Deriv/SERV CEO Joins Clarus Board
Clarus Financial Technology reports that Sandy Broderick, the former CEO of DTCC’s Deriv/SERV, has been named to its advisory board. Deriv/SERV is the DTCC subsidiary that provides automated repository and asset servicing for over-the-counter (OTC) credit derivatives trades. Broderick, a capital markets veteran, headed DTCC Deriv/SERV “through the rollout of its Global Trade Repository in… Read More >>
FTF Panel: U.S. Markets Should Move to T+0
A panelist at FTF’s ReCon New York event on Thursday is calling for the U.S. securities industry to move to a T+0 settlement cycle rather than the incremental move to T+2, citing the truism that nothing good happens between trade date and settlement. That’s a phrase heard often from operations managers, and it was heard… Read More >>
Fear of Cyber-Attacks Rises Among Financial Services Firms
A new DTCC survey finds that financial services firms now cite cyber-security issues as one of their top concerns as the frequency of major cyber-attacks and security breaches has increased. A “record 84% of respondents” to the post-trade services utility’s Systemic Risk Barometer named cyber-risk as one of their top five concerns, which represents an… Read More >>
FICC Wants to Expand Tri-Party Repo Clearing
The Fixed Income Clearing Corp. (FICC), a DTCC subsidiary, wants to provide centralized clearing for more participants in the estimated $1.6 trillion institutional tri-party repo market and will be asking the SEC and the Federal Reserve for the permission to do so. The FICC oversees the confirmation and settlement of fixed-income securities for U.S. markets…. Read More >>