Lloyd C. Blankfein will be stepping down from his dual role as chairman and CEO of Goldman Sachs Group after a 12-year reign at the top during which he guided the firm through the Great Recession and many controversies. The changing of the guard at Goldman Sachs was not met with surprise as there have… Read More >>
DTCC Bolsters Support for SFTR Reporting via Partnerships
Financial services firms are gearing up for the reporting requirements of the Securities Financing Transaction Regulation (SFTR), and the DTCC is partnering with EquiLend, Trax, IHS Markit and Pirum to improve its global trade reporting capabilities before the SFTR rules take effect by the end of next year. Even though SFTR originated with the European… Read More >>
Goldman Sachs VP Charged with Insider Trading
An investment bank vice president has been arrested and stands accused in a SEC complaint filed in a New York federal court of using a nominee trading account, held in the name of a close friend, to make “numerous” securities trades on material nonpublic information (MNPI). According to the SEC complaint, Woojae Jung, 37, a.k.a…. Read More >>
Startup Dakota Wealth Management Picks Pershing Advisor Solutions
New Firm Taps Pershing Advisor Solutions BNY Mellon’s Pershing Advisor Solutions has been picked as a custody partner for Dakota Wealth Management, a newly launched investment management firm. Dakota, headquartered in Palm Beach Gardens, Florida, currently manages $600 million in client assets, according to a statement, which notes that the average registered investment advisor… Read More >>
GMEX and DAG Create JV Bridge to Disruptive IT
GMEX Group (GMEX) and the Digital Asset Group (DAG) are forming a joint venture (JV) intended to create a bridge between disruptive technologies such as blockchain/distributed ledgers and artificial intelligence (AI) and the practices of regulated banking, finance and trading exchanges. DAG and GMEX via their joint venture will develop “high impact blockchain and crypto… Read More >>
Federal Reserve Kicks Off Volcker Rule Revamp
The Federal Reserve at its May 30 meeting unveiled changes to the controversial Volcker Rule — which prohibits proprietary trading and banks from owning hedge funds or private equity funds — in a move widely seen as a response to industry pressure and is in keeping with the will of the Trump administration. Fed officials… Read More >>
Capitolis to Debut Automated Novation for FX
Over the coming weeks, vendor Capitolis will be going live with an automated novation service for foreign exchange (FX) transactions that are often manual processes for FX prime broking and bilateral trading, officials say. Capitolis officials are pitching the Capitolis Novation service as the first of its kind and as a way to bring new… Read More >>
Deutsche Börse’s ‘Roadmap 2020’ Will Require 350 Layoffs
Deutsche Börse executives are planning an overhaul that will result in 350 job losses, a new focus on organic growth, acquisitions, and new technologies, according to the German exchanges company’s “Roadmap 2020” strategy presentations at its annual Investor Day in London, May 30. In particular, Deutsche Börse officials want: To grow structural net revenue “by… Read More >>
ICE Buys TMC Bonds for $685 Million
ICE to Offer TMC’s Services Alongside Its Own The Intercontinental Exchange (ICE), owner of the New York Stock Exchange (NYSE), will be expanding its electronic trading offerings for fixed income liquidity via its $685 million acquisition of TMC Bonds, ICE officials say. The cash transaction will close during the second half of 2018, “subject to… Read More >>
Fidessa Picks ION Bid Over Temenos & SS&C Overtures
ION Capital U.K. Ltd., which is indirectly and wholly owned by ION Investment Group Ltd., has won a key round in the battle to buy Fidessa as its $2.3 billion (£1.5 billion) bid has gotten the approval of the Fidessa board, besting a bid from Temenos. “The boards of ION and Fidessa are pleased to… Read More >>
