DTCC, CME Need Regulators to Allow Cross-Margining Expansion Post-trade infrastructure system and services provider DTCC and derivatives exchanges company CME Group report that they would like to improve their cross-margining arrangement so that clearing members of CME and the Government Securities Division of DTCC’s Fixed Income Clearing Corp. (FICC) can trade and clear U.S. Treasury… Read More >>
SWIFT Makes Sibos Virtual for 2021
Sibos to Be In-Person for 2022 The international financial services operations conference known as Sibos, produced by the SWIFT consortium, and slated for October of this year will be a virtual event, officials have confirmed. The conference in 2022 has been slated to be an in-person event. “The Covid-19 pandemic continues to impact the way… Read More >>
Five Banks Settle FX Cartel Charges for $1.19B
The European Commission (EC) stunned the foreign exchange (FX) world with the news yesterday that five major banks — Barclays, the Royal Bank of Scotland (RBS), Citigroup, JPMorgan, and Mitsubishi UFJ Financial Group (MUFG) — have been fined a total of €1.07 billion ($1.19 billion) on charges that they took part in cartels that monopolized… Read More >>
MUFG Issues a Cyber Security Management Declaration
When it comes to cyber-attacks, my guess is that financial services firms are petrified that they will be hit hard by a rather successful invasion sooner than later. The potential of such attacks causes firms to clam up and pretend that have no problems until they are forced to acknowledge that a catastrophe is underway…. Read More >>
FINRA EVP of Regulatory Ops to Depart
FINRA’s Axelrod to Help with Transition The Financial Industry Regulatory Authority reports that Susan F. Axelrod will leave the organization early in the new year for the private sector, after 28 years at FINRA and NYSE Regulation, its predecessor. She has been executive vice president for regulatory operations since 2013, responsible for heading the member… Read More >>
UBS Adds Six Banks to Crypto-Currency Settlement Push
The buzz around crypto-currency blockchain/distributed ledger technology (DLT) continues with UBS’s utility settlement coin (USC), adding six of the world’s largest banks — Barclays, HSBC, State Street, Credit Suisse, MUFG and the Canadian Imperial Bank of Commerce — to its roster. The new members join UBS, Deutsche Bank, Santander, BNY Mellon and the financial services… Read More >>
