Standard Settlement Instructions (SSIs) are important for securities transactions because they specify the location for delivery after execution. However, SSIs cause a high rate of failures at the settlement stage, and the Financial Markets Standards Board (FMSB) is taking steps to rectify the situation. The ongoing use of “manual SSI exchanges, which are prone to… Read More >>
Apex Fintech Launches Platform for Building Investment Infrastructures
Apex Fintech Solutions is launching an investment infrastructure platform, dubbed Apex Ascend, that has been designed to help clients improve their capability to “operate efficiently and better navigate risk on a global scale,” officials say. The cloud-native platform offers built-in tools and data to help firms create, integrate, scale, and operate globally and offers key… Read More >>
Achieve T+1 Harmony with U.S. Before E.U.: Task Force
The investment management industry believes that the U.K. being out of sync with the T+1 settlement of the U.S. is a bigger problem than with the European Union, and the U.K. needs to get its “skates on” with implementation. That’s according to Andrew Douglas, chair of the U.K. Accelerated Settlement Task Force (AST), which advocates… Read More >>
Bain Capital Buys Envestnet for $4.5 Billion
Private equity giant Bain Capital is acquiring Envestnet, Inc., a provider of integrated technology, intelligent data, and wealth solutions, via a transaction valuing Envestnet at $4.5 billion ($63.15 per share), officials say. The transaction will take Envestnet private. The Envestnet platform is used by wealth management firms, registered investment advisors (RIAs), and broker-dealers. The buyout… Read More >>
BNP Paribas Adds Analytics to FX Credit Allocation
French banking giant BNP Paribas has added to a solution that it’s using to streamline the allocation of credit for FX transactions between banks — Dynamic Credit from CobaltFX — with the deployment of the CobaltFX Analytics offering, officials say. The newly launched CobaltFX Analytics offering builds on the Dynamic Credit product, which has been… Read More >>
EDGAR Now Supports IFRS, Security-Based Swap Taxonomies
The SEC has upgraded the popular public database of financial information and operations of public companies, the Electronic Data Gathering, Analysis, and Retrieval, or EDGAR, to support more industry-relevant taxonomies. EDGAR Release 24.2, released on July 1, “now supports the 2024 version of the International Financial Reporting Standards (IFRS) taxonomy and now accepts the Security-Based… Read More >>
FICC Debuts Risk Tool for U.S. Treasury Clearing
Industry players in U.S. Treasury transaction markets can now access a free, public-facing Value at Risk (VaR) calculator that will help them comply with SEC rules that will expand clearing requirements for them. The DTCC’s Fixed Income Clearing Corp. (FICC) has launched the new tool, accessible via a web browser, which provides “the ability to… Read More >>
Broadridge Buys CompSci to Add SEC Filing Features
Broadridge Financial Solutions will be expanding its range of services for regulatory filings and disclosure for public companies and funds with the acquisition of provider CompSci Resources, maker of a Web-based, collaborative platform for SEC disclosure preparation, officials say. CompSci’s Transform platform for eXtensible Business Reporting Language (XBRL) tagging and Electronic Data Gathering, Analysis, and… Read More >>
Did FX Workarounds Help Firms Get to T+1?
The foreign exchange (FX) industry has been tight-lipped since North America transitioned to a shorter settlement cycle a little over a month ago. However, more light is being shed on the operational workarounds buy-side firms deployed to meet the deadline. Though concerns about FX liquidity and pricing prior to the transition have not necessarily materialized,… Read More >>
Canada Life Asset Management Taps Northern Trust
The Canada Life Asset Management (CLAM) group has picked Northern Trust to provide asset servicing solutions because of the provider’s focus on operating model efficiency and on data quality, according to the firm. The new arrangement will see Northern Trust providing middle office outsourcing, global custody, securities lending, fund administration, and depositary services which should… Read More >>
