Neuberger Berman to Use Velocity for EMIR Reconciliation Neuberger Berman, a New York-based, private, employee-owned investment management firm, will be using a platform from cloud-based reconciliation software vendor Fund Recs for trade reconciliation via the European Market Infrastructure Regulation (EMIR) guidelines. The firm, which oversees $418 billion in client assets, will use the Fund… Read More >>
DTCC Repository Fined for Alleged Data Breaches
The London-based DTCC Derivatives Repository Plc (DDRL), a suite of post-trade, record-keeping, and reporting services, has been fined by E.U. regulator European Securities and Markets Authority for seven alleged infringements of the European Market Infrastructure Regulation legislation governing data confidentiality, data integrity, and direct and immediate data access. The total fine is €408,000, or approximately… Read More >>
Is Your Job to Make Your Job Obsolete?
Sometimes you are awakened by a concept that is so simple yet so stunning. Such was the case with the opening remarks of industry veteran Ted Leveroni, now a principal at DerivProduct, who kicked off the DerivOps conference last month in Chicago. Over the years, Leveroni has been chief commercial officer for DTCC — Euroclear… Read More >>
BNP Paribas Subsidiary Dives Into Tri-Party Collateral Management
BNP Paribas Securities Services has launched a tri-party collateral management service that aims to connect buy-side and sell-side firms in order to unlock liquidity pools and improve the collateralization process across a wider range of securities. The service provides exposure to segregated markets, enabling clients to access previously untapped sources of collateral. In addition, clients… Read More >>
EC Proposes Lighter Regulatory Load for Derivatives
The European Commission’s recently proposed changes to the European Market Infrastructure Regulation (EMIR) not only makes the legislation “simpler and more proportionate,” but also aims to lift some of the compliance burden on smaller financial services firms, corporates and pension funds. The amendments cover a broad range including streamlined reporting obligations, improvements to the quality… Read More >>
BNP Paribas Subsidiary & Calypso Develop Post-Trade Suite
BNP Paribas Securities Services has partnered with Calypso Technology to provide global, sell-side institutions with a post-trade processing solution that encompasses clearing, custody, and middle- and back-office services. The BNP group is a multi-asset servicing specialist that is a wholly owned subsidiary of the BNP Paribas Group. The subsidiary’s multi-asset class operating model, which covers… Read More >>
CME Clearing Europe Gets DCO Green Light
CME Clearing Europe (CMECE), the London-based derivative clearinghouse, was granted registration as a derivatives clearing organization (DCO) by the CFTC, making it the seventh such foreign organization to receive the designation and the 16th overall. As both an authorized central counterparty clearinghouse (CCP) under the European Market Infrastructure Regulation (EMIR) regime and a registered DCO,… Read More >>
Regs, DLT & Emerging Markets to Reshape Securities Industry
Like scaffolding on a bank building, the securities industry is getting a make-over via the forces of regulation, new technologies and a reinvigorated emerging markets sector, according to the findings of Deutsche Bank and FT Remark, the research arm of the Financial Times, which conducted a survey of 200 financial services industry participants. In particular,… Read More >>
Droit to Grow Operations With $16M Cash Injection
Droit Financial Technologies, an over-the-counter (OTC) derivatives trading systems vendor, is expanding operations to foster the acceptance of its real-time, decision-making engine for point-of-execution compliance. This is possible because of a $16 million, Series A minority investment via Goldman Sachs, Pivot Investment Partners and Wells Fargo. A principal trading firm, DRW, also participated in the… Read More >>
Clearing Relief Comes for Small Firms in Europe
Although larger financial services firms or so-called “Category 1” players jumped out of the over-the-counter (OTC) derivatives mandatory clearing starting gate on June 21, 2016, smaller users or “Category 3” firms could be getting a reprieve and see their start date delayed from 2017 to 2019. The deadline has been extended by European Securities and… Read More >>
