Northern Trust Enhances Recs Dashboard Custodian bank Northern Trust has updated its Rec Dashboard workflow tool so that it helps clients with collaboration and scalability for real-time transparency into the reconciliations process, officials say. The Rec Dashboard offers views of “breaks and reconciliations in trade activity between asset managers and other institutions,” officials say. “Rec… Read More >>
CME Group Ends Most Open Outcry Trading
Eurodollar Options Pits to Stay Open Derivatives exchanges operator CME Group has announced that the physical trading pits shut down since March 2020 because of the COVID-19 pandemic will remain permanently closed as global financial markets move toward a post-pandemic phase. Not all open outcry venues will close, though. “The Eurodollar options pit, which was… Read More >>
Northern Trust Launches Holistic Consulting for Op Risk
When the pandemic compelled Ops staffs to work remotely, it’s likely that many firms got new perspectives on the operational risks plaguing their front, middle, and back offices. Custodian and service provider Northern Trust is hoping that its new take on the matter — its bespoke Operational Risk Consulting service — will help firms bolster… Read More >>
Northern Trust Expands Quant Analytics Support via Partnership
Northern Trust to Offer Venn from Two Sigma Northern Trust is expanding its relationship with quantitative analytics solutions provider Two Sigma so that it can offer the Venn cloud-based investment analytics platform to its clients, officials say. The Venn analytics and research support have been designed for asset allocators. “Venn provides analytics on a pre-trade… Read More >>
BNY Mellon Readies Platform for Digital Asset Custody
Digital Assets Platform Due Later This Year New school crypto-currency and other digital assets have gotten the blessings of the establishment with the news that BNY Mellon is creating a digital assets unit slated to create a secure infrastructure to facilitate the transfer, safekeeping, and issuance of digital assets. The new Digital Assets unit “will… Read More >>
Northern Trust to Cut 500 from Global Staff
Custodian and service provider Northern Trust confirms that it will be shrinking its global workforce by approximately 500 positions, which is less than 2.5 percent of its total staff, due to the impacts of the COVID-19 pandemic and ongoing low interest rates. The staff cuts follow Northern Trust Corp.’s report of a third-quarter net income… Read More >>
Westwood Outsources Trading to Northern Trust
Northern Trust to Manage Equity & Bond Trading Westwood Holdings Group, a Dallas, Texas-based investment management boutique and wealth management firm, will be outsourcing portions of its equity and fixed income trading, and middle-office trade settlement support to custodian and service provider Northern Trust, officials say. The firm is using Northern Trust’s services “to optimize… Read More >>
‘HUB’ Launched to Overhaul Asset Management Ops
Pimco, State Street, Man Group & Others Back HUB A new technology and services provider, dubbed HUB, is being launched by investment manager Pimco, U.K. firm Man Group, custodian State Street, vendors IHS Markit and Microsoft, and consultancy McKinsey & Co. in an effort to offer a cloud-based platform “built by asset managers for… Read More >>
Executive Shuffles at SEC & CFTC
SEC & CFTC Await New Chairpersons The Trump administration has named an acting chairman for the SEC — Elad L. Roisman, an SEC commissioner — as the now-former Chairman Walter Joseph “Jay” Clayton III stepped down at the end of December, six months before his slated exit in June 2021. Clayton, a Trump team appointee,… Read More >>
Northern Trust to Help Launch Crypto Custody Service
Standard Chartered’s VC Unit Partners with Northern Trust Standard Chartered via SC Ventures and custodian Northern Trust are launching an “institutional-grade” custody solution for cryptocurrencies to help financial services firms invest in cryptocurrency-based assets, officials say. The custodian support is in response to the growing demand for cryptocurrency-based assets that will need support for transaction… Read More >>
