The Bank of New York Mellon Corp. (BNY Mellon) has agreed to pay a total of $714 million to resolve “substantially all of the foreign exchange (FX)-related actions currently pending against the company,” say BNY officials. The settlements with the U.S. Department of Justice (DOJ), the New York Attorney General (NYAG), the U.S. Department of… Read More >>
Regulatory Compliance Tops List of Ops Burdens
A white paper from financial messaging and systems cooperative SWIFT finds that regulatory concerns tower over other operational challenges for the buy side in 2015. Research commissioned by SWIFT also shows that buy-side firms are grappling with automation and financial crime compliance initiatives. The findings came as a result of survey and are offered via… Read More >>
Ex-Deriv/Serv CEO to Join GMEX Boards
Sandy Broderick has been appointed as a non-executive director to the boards of GMEX Technologies Ltd.; Global Markets Exchange Group Ltd. (GMEX) which operates GMEX Exchange; and Global Derivatives Indices Ltd. (GDI), officials say. Broderick will also serve as chairman of GMEX. Broderick most recently served as CEO of DTCC’s Deriv/Serv, capping 25 years of… Read More >>
Barney Frank: Dodd-Frank’s Future Depends on 2016 Election
The future of the Dodd-Frank Act depends on the outcome of 2016 presidential election, says former U.S. Congressman Barney Frank, co-author of the massive financial services reform legislation. Frank says the law will be repealed if the Republicans win the White House, Senate and House of Representatives next year. During an appearance on a radio… Read More >>
ICE Futures Hit with $3M Penalty for Trade Reporting Errors
Derivatives marketplace ICE Futures U.S. has been slapped with a $3 million civil monetary penalty by the CFTC over repeated failures to comply with trade reporting requirements over a 20-month period, officials say. ICE Futures U.S. is a futures and options exchange for agricultural, energy and financial contracts. It is part of the Intercontinental Exchange… Read More >>
Fed Wants LEIs for Certain Reporting Forms
The Federal Reserve Board on Monday, March 16, proposed that banking organizations be required to include their existing Legal Entity Identifiers (LEIs) on certain regulatory reporting forms, officials say. The LEI standard is a 20-character alphanumeric code that is universal and uniquely corresponds to a single legal entity. The LEI reference code enables easier identification… Read More >>
Cryptocurrencies Gain Ground Amid Real Money
The world of cryptocurrencies is an alternate yet visible reality that is gaining ground slowly but surely amid the established Matrix of supposedly real money. To recap, the main digital/cryptocurrency is the non-political online Bitcoin “backed exclusively by code,” according to the Bitcoin Foundation website. “This means that — ultimately — it is only as… Read More >>
Watson Wheatley Adds Equity Module to i-Recs
Reconciliation systems vendor Watson Wheatley Financial Systems (WWFS) has released a new Total Equity Module for Derivatives Reconciliation for its i-Recs platform, officials say. The module facilitates matching of any margin traded instruments, and its “unique methodology” can help solve “the book cost differences that appear on derivative instruments,” according to a company statement. The… Read More >>
ISITC Survey Indicates Technology Spending Up
Industry trade and standards group ISITC has just released the results of its annual membership survey and has found that a high percentage of respondents, 88 percent, say that firms will benefit from increased spending on technology in 2015. Operational challenges with alternative and non-traditional investments and regulatory change may be on the spending list… Read More >>
CME Group Fills Top Post in Asia-Pacific
CME Group, operator of key derivatives exchanges, reports that it has named Christopher Fix managing director and head of Asia Pacific. Fix, who joins the company in June, will be based in Singapore and report to London-based William Knottenbelt, senior managing director and head of International, CME Group. Fix will be “responsible for leading CME… Read More >>
