Partnership Targets Performance Measurement State Street is partnering with the Spaulding Group to offer performance services and operational support to asset owners that want to streamline Global Investment Performance Standards (GIPS) compliance, officials say. An investment performance measurement services provider, Spaulding offers educational, consulting, and verification capabilities that will be combined with State Street’s performance… Read More >>
Corporate Actions Ops Are Stuck in Manual: Survey
But Firms Want Real-Time Corporate Actions Data A new report based on survey results reveals that slightly more than “three-quarters of respondents (78 percent) still process part of their corporate actions manually, with 40 percent processing more than half of their corporate actions in this way,” according to research sponsored by data and infrastructure services… Read More >>
ASX Identifies the Causes for its 2020 Outage
The equity market of the Australian Stock Exchange (ASX) suffered an outage last November following the implementation of a new version of the Nasdaq equity market trading system. Shortly thereafter, ASX officials commissioned an independent review to provide an explanation for trading interruption. Released last week, the preliminary results of the review indicate the updated… Read More >>
State Street Adopts Hybrid Model & Closes NYC Offices
State Street to Exit Midtown Manhattan The Boston-based State Street will be closing its midtown Manhattan offices and embracing a hybrid working model in response to staff members that have been working remotely in the wake of the COVID-19 pandemic, according to a prepared statement from the custodian banking giant. “Like most other companies, we… Read More >>
SIFMA, ICI, DTCC Seek SEC’s Help with T+1
The major backers of the move to shorten the U.S. securities industry settlement cycle from T+2 to T+1 by 2023 are moving full speed ahead as they reach out via a letter to the SEC about potential regulatory changes. Officials from the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and… Read More >>
SmartStream Applies A.I. to Recs Processes
SmartStream Air Version 4 Gets an A.I. Refresh Post-trade solutions vendor SmartStream Technologies recently launched SmartStream Air Version 4, an application update that uses artificial intelligence (A.I.) technology to support real-time and continuous reconciliation processes, officials say. The update “will allow customers to use a much wider range of processing, including payment reconciliations, which is… Read More >>
Regulated Tokens Could Greatly Reduce Settlement Burdens: Q&A
(Anthony Culligan, the chief engineer at SETL, a London-based blockchain vendor, recently authored a whitepaper, “Realizing the Regulated Internet of Value,” focusing on regulation and the phenomenon of tokenization via blockchains/distributed ledger technology (DLT). Culligan argues that tokenization could profoundly streamline middle- and back-office operations and facilitate a generic way to own and trade regulated… Read More >>
T. Rowe Price’s RIA to Launch in March 2022
New RIA to Be Independent of T. Rowe Price T. Rowe Price officials report that the firm’s funds’ board added a new subadviser — T. Rowe Price Investment Management (TRPIM) — the firm’s own SEC-registered and fully independent investment adviser. Late last year, T. Rowe Price Group, Inc. announced that it would establish TRPIM as a… Read More >>
Buy-Side Firms Want Data Science: Survey
Portfolio managers have no reason to fear data science as it cannot really replace what they do. But harnessing data in new ways could give them an unprecedented advantage, according to a survey of 300 asset management firms sponsored by custodian Northern Trust. “The business case for digital automation and the use of investment data… Read More >>
Middle Office Problems Spur Settlement Woes: Survey
Problems in middle-office operations are being blamed for back-office settlement failures, according to the results of a joint survey done by Torstone Technology, a vendor of cloud-based, post-trade services, and GreySpark Partners, a capital markets consultancy. In fact, the survey finds that “60 percent of institutions believe that settlement failures attributed to inadequacies of the… Read More >>
