CLS Group (CLS), a specialist settlement bank for the global foreign exchange (FX) market, and TriOptima, a vendor focusing on over-the-counter (OTC) derivatives post-trade services, are behind the launch of the triReduce CLS Forward FX Compression Service that combines the CLS infrastructure with TriOptima’s compression offering, officials say. Compression is the practice of canceling out… Read More >>
SWIFT Price Cuts Deeper than Expected
SWIFT’s five-year, SWIFT2015 strategy to shrink its pricing for its messaging services has beat the cooperative’s expectations because of “strong” traffic growth, cost controls and pricing schemes, resulting in a 57 percent price reduction expected by the end of this year. Officials from the cooperative announced the strategy result at SWIFT’s annual Sibos gathering, underway… 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 >>
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 >>
European Regulator Pushes for More OTC Margin and Collateral Requirements
(Editor’s note: This is the second installment in FTF News’ two-part news analysis [click here to read part one] on the changing regulatory environment for derivatives trading and processing in Europe.) The European Securities and Markets Authority (ESMA) is urging more collateral and margin management requirements as detailed in a recently published set of recommendations… Read More >>
Europe Moves to Clarify OTC Derivatives Regulations
(Editor’s note: This is the first in a two-part series on the changing regulatory environment for derivatives trading and processing in Europe. Click Here for Part II – European Regulator Pushes for More OTC Margin and Collateral Requirements While the U.S. is looking toward the next phase of regulatory reform for over-the-counter (OTC) derivatives markets,… Read More >>
Bank of America Vet Joins Holley Holland
Bank of America (BofA) veteran Marty Rose has joined Holley Holland, the self-described “business transformation experts” to build the change management consultancy’s U.S. business, including opportunities in Charlotte, North Carolina, and throughout the region, officials say. Rose, who will be based in Charlotte, has left her post as chief operating office (COO) of the EST… Read More >>
ISDA: Regulatory Harmony Needed After Five Years of Dodd-Frank
Despite greater transparency and the reduction in counterparty risk via the Dodd-Frank Act, the next stage of reform for derivatives trading should be focused on regulatory regimes that “are consistent and harmonized across borders, and to ensure they support risk management that enables economic activity and growth,” say officials at the International Swaps and Derivatives… Read More >>
CFTC to Keep Using DTCC-SWIFT LEI Utility
Regulator CFTC has issued an order extending the designation of a utility operated by the DTCC and SWIFT as the provider of legal entity identifiers (LEIs) for the commission’s swap data recordkeeping and reporting rules, officials say. The DTCC-SWIFT utility — which had initially been referred to via the utility’s website and in educational and… Read More >>
Avox Receives ISO 27001 Certification
Avox, the DTCC’s wholly owned subsidiary specializing in legal entity reference data, reports that it has received International Standard Organization (ISO) 27001 certification from the British Standards Institution. The ISO 27001information security standard “certifies that Avox has the requisite information security controls in place to protect client data,” Avox says. “The certification is awarded only… Read More >>
