SWIFT, the DTCC and AcadiaSoft, maker of a margin messaging platform, are exploring ways via preliminary tests with clients to standardize an infrastructure for bilateral and tri-party collateral management settlement. But some industry observers want independent industry groups without a profit motive to lead these much-needed efforts to end manual processes and reduce systemic and… Read More >>
Filling the Leadership Void
As financial services firms scramble to comply with the onslaught of new regulations, they also have to contend with an absence of leadership among industry bodies tasked with helping create the new rules of the road. Yet the need for strong leadership is becoming more critical and a membership survey by the ISITC trade group… Read More >>
Evolving Corporate Actions Processing
The next phase of the DTCC’s corporate actions reengineering project is focused on the client testing of ISO 20022-based messages for the entitlement and allocation of distribution events such as interest and principal payments and cash and stock dividends. The utility is also seeing signs that more firms are open to automation and standards for… Read More >>
An IT Veteran from UBS Joins DTCC as Congress Picks Top Posts for House Financial Services Committee
UBS IT Veteran Joins DTCC The Depository Trust & Clearing Corp. (DTCC) has hired an IT management veteran from UBS Christopher M. Behney as managing director, head of enterprise production assurance (EPA) and head of DTCC’s Dallas, Texas office, officials say. Behney will report to Robert E. Garrison, the managing director and chief information officer… Read More >>
Hurricane Sandy Halts U.S. Equity & Options Trading for Monday
Hurricane Sandy has closed all equity and options exchange trading in the U.S. for Monday, Oct. 29 as the massive, life-threatening storm batters the East Coast of the U.S. The regulators and exchanges have not yet decided whether to resume trading on Tuesday. In a related move, the CME Group will be closing its U.S…. Read More >>
Making Strides to Improve Corporate Actions Services
Service providers that notify clients of corporate actions have to be change agents if they want customers to replace fax machines and manual processes with XML-based standards, web-based applications, SWIFT services and mobile devices, according to a panel discussion at the Sixth Annual Corporate Actions Processing Conference, presented last week by Financial Technologies Forum (FTF)…. Read More >>
FinTech Products Update
The Depository Trust & Clearing Corp. (DTCC) has moved into the third phase of its corporate actions messaging overhaul with a new corporate actions pilot program intended to test ISO 20022 messages that incorporate all stages of distribution events from entitlements and payments to instructions.During the first two phases of the overhaul, DTCC officials upgraded… Read More >>
Changes at Fidelity Financial Services, DTCC and R.J. O’Brien
Abigail Johnson Becomes President of Fidelity Financial Services Fidelity Investments has announced that Abigail P. Johnson has advanced to the post of president of Fidelity Financial Services, which will put Fidelity’s core financial businesses under a single operational leader. Johnson will oversee asset management, retail and institutional brokerage, retirement and benefits services and corporate operations… Read More >>
The CICI Utility Launches
As expected, the DTCC and SWIFT have launched a Web-based utility as part of their recently designated roles as interim service providers for the CFTC Interim Compliant Identifiers (CICIs) for legal entities that participate in over-the-counter (OTC) derivatives trading. The website www.ciciutility.org follows the CFTC’s plan to establish a CICI utility that issues identifiers to… Read More >>
BNY Mellon Embraces a Corporate Actions Standard
Custody bank BNY Mellon has taken a major step forward in the complex process of moving toward a new corporate actions infrastructure by going live with a standard-based messaging solution from the Depository Trust and Clearing Corp. (DTCC). BNY Mellon went live with the new standards-based offering on July 30, marking the start of… Read More >>
