U.S. megabank J.P. Morgan Chase & Co. (JPMC) is cutting more than 5,000 jobs in an effort to cut costs in a post-crisis regulatory landscape of big fines and tight margins, according to industry sources and a report in The Wall Street Journal. The cuts are one facet of a broader move toward Internet and… Read More >>
Industry Solves Half of the Tri-Party Repo Risk Problem
Bank of New York Mellon recently completed its leg of an industry initiative to reduce risk in the tri-party repo markets, following the disastrous role those markets played in causing the 2008 financial crisis. After successfully implementing a series of reforms laid out by the Federal Reserve-led Task Force for U.S. Tri-Party Repo Infrastructure Reform,… Read More >>
NY Regulator Warns of Third-Party Cyber-Security Risk
Financial services firms are largely ignoring the critical role third-party vendors play in an overall cyber-security strategy, a blind spot that could make them vulnerable to infiltration, according to a recent report by the New York Department of Financial Services (NYDFS). The report, titled “Report on Cyber Security in the Banking Sector,” is based on… Read More >>
JPMorgan Targets ‘Too Big To Fail’ CCPs
Do central counterparty clearing houses (CCPs) take seriously enough the suggestion — made by many analysts and market participants — that they might become “too big to fail?” That question has hung in the air for years now, ever since post-crisis regulatory reforms assigned CCPs a key role in derivatives markets. Attempts to provide an… Read More >>
Firms Brace for Grim, New Normal of Cyber-Attacks
The outlook for effective cyber-security strategies appears increasingly grim for financial services firms, especially in the wake of the recent massive breach at JPMorgan that saw cyber-criminals make off with gigabytes of sensitive data. Analysts and information security experts say that attack underscores the “new normal” that firms – even ones like JPMorgan that already… Read More >>
Watchdogs: Wayward Firms to Face More Record Fines
After a year of record-breaking fines that has left financial services firms reeling and their investors anxious about what the future may hold, regulators and prosecutors alike say wayward firms can expect more of the same – and worse – going forward. “The next time one of these institutions engages in misconduct, I think they… Read More >>
LCH.Clearnet Appoints Head of SwapClear Australia
Clearinghouse LCH.Clearnet reports that Marcus Robinson has been appointed head of SwapClear Australia. Robinson, who is an Australian citizen, has relocated to Sydney, where he will “support the growing demand for on-the-ground, robust interest rate derivative (IRD) clearing solutions,” the company says in a statement, which also notes that his mission is to lead “LCH.Clearnet’s… Read More >>
JPMorgan Names Rowland to Head Global Custody
Chris Rowland, who was named the global head of JPMorgan’s fund services earlier this year, has now become global head of the company’s custody business, confirm JPMorgan officials. That business includes 25 regional customer service centers “in each region of the world and a network of sub-custodians covering more than 90 markets,” according to JPMorgan,… Read More >>
ADR Corporate Action Processing Grows Up
Michael Silverence is hoping that the days of using PDFs to spread the word in the U.S. and globally about the corporate actions impacting American Depositary Receipts (ADRs) are numbered. The BNY Mellon vice president, who oversees global product management, particularly innovation and technology, has been heavily involved in a project to automate corporate actions… Read More >>
Information Mosaic Picks a New Chairman as Tim Ryan Gets Ready to Leave SIFMA
Former Swiss Bank Exec to Serve as Information Mosaic Chairman Post-trade software vendor Information Mosaic has named Ulrich F. Kunz as its non-executive chairman, a former senior executive with the former Swiss Bank Corp. (acquired by UBS), officials say. Effective immediately, Kunz replaces Carl Sundvik who has retired from the chairman’s post. Kunz will help… Read More >>
