Bill Would Ease the Way to SOFR In a rare act of bipartisanship, the U.S. House of Representatives overwhelmingly passed legislation intended to ease the London Interbank Offered Rate (LIBOR) transition for “markets, investors, and consumers” with what’s known as “tough legacy contracts” — incumbent agreements that will end without a designated reference rate. The… Read More >>
Remote Staffing Boosts Cloud’s Appeal: Q&A
(Cloud computing got a major boost during the pandemic when most staff members at financial services firms were compelled to work remotely, says Olga Orekhvo, chief operating officer (COO) at CompatibL Technologies. In fact, many financial services firms have embraced more than one cloud provider, which presents a new set of challenges. Orekhvo joined CompatibL… Read More >>
BNY Mellon Buys Optimal’s Indexing for ‘Pershing X’
Other BNY Mellon Units to Get Direct Indexing Too The Pershing clearing and custody services business of BNY Mellon is acquiring Optimal Asset Management, a direct indexing solutions provider, and will offer Optimal’s capabilities to advisory clients within Pershing, and to institutional and retail clients within BNY Mellon’s Investment Management business. If the acquisition… Read More >>
Goldman Sachs & AWS Partner to Offer Analytics Services
Collaboration Takes Aim at Developers’ Burdens Goldman Sachs and Amazon Web Services (AWS) will be launching a suite of cloud-based data and analytics solutions for financial institutions, dubbed the Goldman Sachs Financial Cloud for Data, officials announced at the AWS re:Invent conference this week in Las Vegas. The cloud-native Goldman Sachs Financial Cloud for Data… Read More >>
North American Firms Could Face CSDR Penalties: Q&A
(Earlier this month, the Depository Trust & Clearing Corp. (DTCC), a post-trade market infrastructure systems and services provider, reported that its Exception Manager platform for trade exceptions would include an optional Central Securities Depositories Regulation or CSDR service. The DTCC is also launching a new link between the Exception Manager offering and its Central Trade… Read More >>
Franklin Templeton Outsources Transfer Agent Unit to FIS
Asset manager Franklin Templeton has launched a partnership with FIS that will allow the software and services provider to take over the management of the firm’s global transfer agent (TA) function, which includes potentially onboarding 1,450 Franklin Templeton employees. To provide continuity in service, Franklin Templeton’s transfer agent workforce across Asia-Pacific, Canada, Europe, and the… Read More >>
Is DLT Finally Ready for Prime Time?
When the bragging goes quiet on Wall Street, you know the serious talk has begun. This has been the case with blockchain/distributed ledger technology (DLT). The hype evaporated pretty fast when the securities industry began to seriously test the glibly christened savior of disruptive technologies. Banks, exchanges, hedge funds, vendors, and everything else in between… Read More >>
Iress Completes QuantHouse Integration via Team Launch
New Iress Team to Drive Combined Solutions Financial technology provider Iress has completed its integration of the offerings of QuantHouse — acquired two years ago — with the launch of the Iress API Data and Trading Solutions team, which will drive the sales and support for a suite of trading data solutions and managed services,… Read More >>
Credit Suisse to Exit Prime Services Business
Credit Suisse officials shortly after they announced an exit from the prime services business revealed that they have signed a referral agreement with BNP Paribas that will enable the French banking giant to provide support for the Swiss bank’s prime services and derivatives clearing customers. The move was made to facilitate the migration of clients… Read More >>
Wall Street Mulls Key Pandemic Post-Trade Lessons
Some observers on Wall Street are saying that the global pandemic may be heading toward an end phase. I hesitate to agree with that prediction given the many unexpected riptides that the potentially fatal COVID-19 virus has imposed upon the world since its onset in 2020 (or even sooner). So, while we hope that the… Read More >>
