An influential U.K.-based task force focused on post-trade operations has issued a report calling for major changes in three “core areas:” non-economic trade data, client onboarding, and uncleared margin management. In addition, a key U.K. authority, the Fixed Income, Currencies and Commodities Markets Standards Board (FMSB), has promised to act on the recommendations. The FMSB… Read More >>
Yellen Urges a Cautious Approach to CBDCs
The concept of digital currencies run by central banks is counter to the chaos-driven cryptocurrency movement. But central bank digital currencies (CBDCs) are now seen in a very favorable light because of the protections and order they could bring to the crypto world. Even so, Secretary of the Treasury Janet L. Yellen earlier this month… Read More >>
BNY Mellon & Aon Form ESG Alliance & Other News
BNY & Aon to Focus on ESG Data & Analytics The Bank of New York Mellon Corp. (BNY Mellon) and Aon are partnering to focus on the environmental, social, and governance (ESG) needs of clients by combining their respective ESG data and analytics capabilities and unique data sets, officials say. The data and digital collaboration… Read More >>
DTCC to Explore Clearing & Settlement for U.S. CBDC
As cryptocurrencies and their inherent distributed ledger technology (DLT) gain ground in global markets, the U.S. government, among others, is exploring the creation of a central bank digital currency (CBDC) that would provide more protection for investors and financial services participants. Looking ahead to the onset of a CBDC, the Depository Trust & Clearing Corp…. Read More >>
Goldman Sachs Veteran Joins Bosonic & Other News
Bosonic Hires Paddy Boyle from Goldman Sachs Bosonic, which characterizes itself as a “decentralized Financial Market Infrastructure (dFMI) business with a real-time clearing and settlement service for crypto and digital assets,” reports that Goldman Sachs veteran Paddy Boyle has joined the firm as its global head of clearing and derivatives. Boyle, an industry veteran, is… Read More >>
GSAM Buys a Robo-Advisor & Other News
GSAM to Use NextCapital for Defined Contribution Foray Goldman Sachs Asset Management (GSAM) is acquiring Chicago-based robo-advisor NextCapital Group to hasten the development of Goldman Sachs’ offerings for the defined contribution market via personalized managed accounts and digital advice, officials say. The transaction is slated to close during the second half of this year, depending… Read More >>
ASX May Delay CHESS Replacement Launch Again
A key Australian Stock Exchange (ASX) executive has announced another likely delay in the launch of the blockchain-based infrastructure that will replace the legacy Clearing House Electronic Subregister System (CHESS) due to new requirements for the core software of the platform to come. The ambitious. cutting-edge operations platform for securities transactions was slated to go… Read More >>
SEC to Scan Private Funds, ESG, Ops & More
It’s that time again. Only this go-round, pardner, there’s a new sheriff at the U.S. Securities & Exchange Commission (SEC). And he’s refocusing priorities. Yup, the SEC Division of Examinations has announced its 2022 examination priorities, which include “several significant areas of focus and many perennial risk areas. The Division will focus on private funds,… Read More >>
Senate Confirms ‘Most Diverse’ CFTC Ever
The U.S. Senate has confirmed a new slate of commissioners for the CFTC and they will write the next chapter for the regulatory agency now led by Chairman Rostin Behnam, who notes that “the CFTC has the most diverse set of commissioners in the agency’s history.” U.S. Senators Debbie Stabenow (D-Mich.), chairwoman of the U.S…. Read More >>
BNY Mellon FSI DAC Fined $12M for Regulatory Breaches
Citing 16 breaches of the regulations governing fund administration outsourcing, the Central Bank of Ireland fined BNY Mellon Fund Services DAC a total of €10,780,000 ($11.9 million), making it the largest monetary penalty to date ever imposed on a fund services provider in Ireland. “BNY DAC is the second-largest fund administrator in Ireland with just… Read More >>
