Evidence is surfacing that some financial services firms have been risking big fines by failing to comply with the MiFID II reforms while a key U.K. authority is reporting that it has seen a 55 percent increase in MiFID II transaction reports. An integrated communications vendor, TeleWare recently released the results of a survey showing… Read More >>
Finastra to Sell CMC Business Unit to Teranet
Teranet’s CM Solutions Will Acquire the Shares of CMS London-based financial software vendor Finastra, formed in 2017 by the combination of Misys and D+H, reports that it has entered into a definitive agreement to sell its Canadian-based Collateral Management Corp. (CMS) business to Teranet. Teranet’s affiliated entity CM Solutions Inc. will acquire the issued and… Read More >>
ESMA Sets Final Deadline for LEI Applications
The European Securities and Markets Authority (ESMA) will not be extending its deadline for the Legal Identity Identifier (LEI) application process, and financial services firms will have to apply for their LEIs by July 2, officials say. “The temporary period allowing for a smooth introduction of the use of Legal Identity Identifiers (LEIs), originally brought-in… Read More >>
SS&C Advent Updates Key Offerings
SS&C Advent has unveiled product enhancements for its key offerings: Geneva, Advent Portfolio Exchange (APX), Moxy, Tamale and Tradex, adding capabilities for scalability, greater data access, and measures to streamline compliance, say vendor officials. The updated offerings of the 18.1 release are generally available today and “were released to existing clients earlier this quarter,” says… 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 >>
Broadridge Acquisition Targets E.U. Data Distribution
Major industry player Broadridge Financial Solutions has acquired for an undisclosed sum service provider FundAssist Ltd., whose regulatory, marketing and sales offerings target global investment firms including those in North America doing business in Europe. “Based in Dublin, Ireland, FundAssist is a natural extension of Broadridge’s governance and communications business and brings a complete suite… Read More >>
Northern Trust via CDCC Directly Clears Canadian Derivatives
Northern Trust to Take Part in Expanded CDCC Program Northern Trust Canada officials have announced that they launched a direct clearing of cash and repurchase agreement (repo) trades for fixed income securities through an expansion of the clearing model of the Canadian Derivatives Clearing Corp. (CDCC), officials say. In addition, Northern Trust reports that it… Read More >>
SmartStream Leads Effort to Fill MiFID II Reporting Gap
To fill a MiFID II reporting gap, Ops vendor SmartStream via its Reference Data Utility (RDU) is working with Approved Publication Arrangements (APAs) to operate a Systematic Internalizer (SI) Registry. The SI chores of MiFID II kick in after a determination is made about the frequency and volume of transaction orders that a counterparty crosses… Read More >>
Elixirr & Kaizen Partner to Fix Reporting Errors
Management consultant Elixirr and regulatory support vendor Kaizen Reporting are partnering to provide financial services firms with comprehensive remediation capabilities to identify reporting problems, fix the root causes of them, and then resubmit the correct data. Both companies are combining their offerings to facilitate end-to-end support to help securities trading firms tackle a growing list… Read More >>
Eze Software & NEX Unit Collaborate on MiFID II Reporting
U.S. financial services firms with branches in Europe will have to conform to MiFID II trade reporting requirements and Eze Software is working with NEX Regulatory Reporting via its capacity as an Approved Publication Arrangement (APA). All firms covered by MiFID II must meet trade reporting specifications because of the real-time demands of the E.U…. Read More >>
