As global climate instability rocks regions and countries, we know what Greta Thunberg would say. Young people may not have any future at all, the famous Swedish teen eco-activist and climate sybil would exclaim, because “that future was sold so that a small number of people could make unimaginable amounts of money.” Presumably, Ms. Thunberg… Read More >>
DTCC Guide Demystifies T+1 Testing
In the U.S., there have been many serious discussions and efforts to move the securities industry from the trading day plus two (T+2) settlement cycle to T+1. In addition, the regulators, standards groups, and industry associations are mulling the changes that must be made to facilitate the shift to T+1. But, at some point, the… Read More >>
BNY Mellon Targets Buy Side via Outsourced Trading & Other News
New Services Offered via BNY Mellon Capital Markets BNY Mellon is targeting buy-side firms with a new outsourced, multi-asset, global trading service that the custodian bank says will help clients cut spending on data, trading infrastructure, analytics, reporting, and associated trade execution support functions. With asset managers and asset owners also in mind, the… Read More >>
Many Firms Can’t Leverage Valuable Ops Data: Q&A
(Editor’s note: Many financial services firms can “only leverage a small portion of the data they possess on a modern data platform to generate insight — the rest is simply used for processing activities,” says Kapil Bansal, managing director, global head of data strategy and analytics, business architecture at DTCC, via an FTF News Q&A…. Read More >>
Bloomberg Pays $5M Penalty to Resolve BVAL Case
Bloomberg Finance L.P. is paying a $5 million penalty to the SEC to settle charges that its daily price valuation service BVAL misled some fixed income subscribers when the market data giant allegedly failed to let them know that some of the valuations were based on a single data input rather than a full implementation… Read More >>
Global Banks Fear Cybersecurity Most in 2023: Survey
Cybersecurity is the number one 2023 risk for global banks, but geopolitical risk tops European banks’ concerns. So say chief risk officers at global banks, according to a recent survey conducted by Ernst & Young (EY) and written by three senior EY executives. And for the next five years? “Global banking chief risk officers (CROs)… Read More >>
USAA Outsources Fund Accounting to SS&C & Other News
USAA to Shift 60 Staff Members to SS&C GlobeOp SS&C Technologies Holdings, Inc. reports that it has entered into an “outsourced administration arrangement with USAA Real Estate.” Based in San Antonio, Texas, USAA Real Estate acquires, develops, finances, and manages real estate assets in North America and Europe, and manages approximately $35 billion in net… Read More >>
Nominations Are Open for the 2023 FTF Awards!
We are thrilled to launch the nomination process for the 2023 FTF News Technology Innovation Awards — an industry-wide competition now in its 13th year — presented by Financial Technologies Forum (FTF) and the FTF News service. In addition to our classic securities operations and related categories, we have four new categories that reflect industry… Read More >>
FIA Wants FCMs Exempt from Repo Clearing Proposal
Walt L. Lukken, president and CEO, of the Futures Industry Association (FIA) has sent a letter to the SEC asking the regulator to exempt futures commission merchants (FCMs) from complying with proposed rules that would set new standards for covered clearing agencies for U.S. Treasury securities. “The SEC has proposed rules that would significantly expand… Read More >>
Coinbase Pays $50M Penalty for Alleged Compliance Failures
Another day, another crypto failure? Seems that way, doesn’t it? Consider Coinbase, a cryptocurrency exchange. Coinbase, Inc. has agreed to pay a $50 million penalty and shell out another $50 million to bulk up its compliance program. The alleged compliance failures at Coinbase Inc. were wide-ranging and longstanding — so says the New York Department… Read More >>
