Robo advisors are not only taking the Western world by storm but are also infiltrating Asia, most notably in Japan. Although these countries share some of the same demographic and generational themes, a new report by market research firm Celent — “Fintech and Robo Advisors Booming in Japan” — found that cultural variations are shaping… Read More >>
SEC Rewards Whistleblower with $22 Million
SEC Awards a Total of $107 Million to Whistleblowers The SEC has given a whistleblower “more than $22 million” for a “detailed tip and extensive assistance” that allowed the regulator to halt “a well-hidden fraud at the company where the whistleblower worked,” according to officials. “The $22 million-plus award is the second-largest total the SEC… Read More >>
JPMorgan to Exit Most Government Securities Settlement Services
JPMorgan is exiting its narrowly focused, government securities settlement services business, which includes Treasury and agency bonds, ending support for approximately 30 clients, bank officials confirm. The clients affected use the bank’s broker-dealer channel and JPMorgan then uses the Federal Reserve’s securities transfer system. While some news outlets recently reported that JPMorgan would be leaving… Read More >>
Deutsche Bank GTB Endorses SWIFT Scope for Liquidity Reporting
Deutsche Bank’s Global Transaction Banking (GTB) unit has designated a third-party business intelligence (BI) solution, SWIFT Scope, as the preferred system for its global customers who will be required to report their levels of intraday liquidity to regulatory authorities. The SWIFT Scope software, offered via the SWIFT Business Intelligence unit of the SWIFT cooperative behind… Read More >>
State Street to Test Service for Collateral Settlement
State Street will embark upon a pilot program in the first quarter of 2017 that will test the margin settlement messaging service of vendor GlobalCollateral as the global custodian intends to automate as much as possible the collateral settlement process, officials confirm. GlobalCollateral, a joint venture of Euroclear and the DTCC, is readying for prime… Read More >>
State Street, Bloomberg Join Forces for Fixed Income ETFs
Custodian and asset manager State Street Corp. and market data and news provider Bloomberg have joined forces for a Bloomberg terminal enhancement that improves workflow and settlement for fixed income exchange traded funds (ETFs). The combined effort has led to an integration between Bloomberg’s Fixed Income ETF Basket service (BSKT<GO>) and State Street’s TotalETF automated… Read More >>
IBM, Singapore to Build R&D Hub for Blockchain
IBM is throwing more weight behind distributed ledger technology (DLT) with the news that the IT systems and software giant plans to launch the first IBM Center for Blockchain Innovation in Singapore via a collaboration with governmental authorities. IBM’s efforts are in line with expectations that securities trading firms and financial technology vendors are likely… Read More >>
TSX Jolts the Mutual Funds Market in Canada
The Toronto Stock Exchange (TXS) is taking on the operational and cost inefficiencies in the processing of mutual fund transactions via the launch of TSX NAVex for Canadian market participants, namely dealers and mutual fund manufacturers. The TXS NAVex is an attempt to provide automation for mutual fund processing, which is mostly manual now, says… Read More >>
ESMA Explores Blockchain’s Risks and Promise
It was only a matter of time before regulators wanted to lift the lid on blockchain and look deeper into the potential opportunities and challenges in the financial services sphere. The European Securities and Markets Authority (ESMA), an EU financial services watchdog, is throwing down the gauntlet with its recent discussion paper for public consultation… Read More >>
Robotics Comes to Due Diligence Reporting
Opus Signs Distribution Deal with OutsideIQ Opus, a regulatory software as a service (SaaS) vendor, announced that its Alacra, know your customer (KYC), reference data management and onboarding platform, will have access to automated due diligence reports for compliance via a distribution partnership with OutsideIQ, an artificial intelligence software provider. The agreement will make OutsideIQ’s… Read More >>
