The Financial Industry Regulatory Authority (FINRA) reports that Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank, has been fined $6 million for “failing to provide complete and accurate trade data in an automated format in a timely manner when requested by FINRA and the Securities and Exchange Commission (SEC).” “Blue sheets” is the informal… Read More >>
FIX to Get Extensions for MiFID II Compliance
The FIX protocol is being modified to provide mappings to the ISO 20022 data standard required for trade reporting to European authorities, and a forthcoming FIX version will support Market Model Typology (MMT) 3.0, intended to facilitate MiFID II compliance, according to the FIX Trading Community standards body. MiFID II transaction reporting extends the reporting… Read More >>
LSEG & Boat to Launch Combined Reporting Services
TRADEcho to Hit Early Next Year The London Stock Exchange Group (LSEG) and Boat Services Ltd. will be offering TRADEcho, a combination of the two vendors’ existing and complimentary trade reporting services, officials say. TRADEcho is slated to be available by the first quarter of 2017 and will offer a single trade reporting venue and… Read More >>
Acadian Asset Management to Overhaul IT Architecture
Boston-based Acadian Asset Management will deploy a managed services enterprise data management (EDM) offering from financial information services and systems vendor Markit as the keystone for an IT architecture overhaul, say officials at the firm. Acadian will be using Markit EDM as “a foundational element of its IT architecture transformation across the front, middle and… Read More >>
Sapient’s RegRecon Targets Key Recs Woes
Consultancy Sapient Global Markets says it’s taking on the reconciliation issues of low-match rates and inaccurate regulatory reporting via the launch of the RegRecon middleware that the vendor says will facilitate automated trade matching and reconciliation, break management, and a workflow for resolution. “The regulators require institutions to establish processes for identifying and resolving data… Read More >>
JPMorgan Penalized $225K for Reporting Errors
Officials at JPMorgan Ventures Energy Corp. (JPMVE) and JPMorgan Chase, N.A. (JPMCB) have an idea of how much errors in large trader reports (LTRs) will cost them as the CFTC recently issued an order settling charges and imposing a $225,000 civil monetary penalty. For the Large Trader Reporting program, the CFTC operates “a comprehensive system… Read More >>
Sapient Debuts Portal to Compliance Platform
With the official debut of the CMRS Portal, an outsourced, “low-touch” web link, consultancy Sapient Global Markets is targeting smaller securities firms that have a fairly low volume of derivatives trades to report to regulators and other organizations. The CMRS Portal will allow firms to use the services of the established Sapient CMRS (Compliance Management… Read More >>
Texas Hedge Fund to Use Broadridge Platform
Hedge Fund Signs Up for Broadridge’s Service The Austin, Texas-based Prophet Capital Asset Management, a $2.3 billion structured credit hedge fund, is using an integrated trading, portfolio management and operating platform from Broadridge Financial Solutions to support a single platform for trading, according to Broadridge. “An established structured credit fund like ours, with a two-decade… Read More >>
SwapClear to Use Markit’s New Netting Service
The SwapClear clearinghouse is using a netting synchronization service for cleared, over-the-counter (OTC) derivatives just launched by financial information services vendor Markit. Markit is introducing the service in a bid to help banks “automatically update their risk systems after netting and compression activity at their clearing houses,” say vendor officials. “Netting exposures within a clearing… Read More >>
Firms Stung by Costly Trade Reporting
Financial services firms and market participants affected by derivatives trade reporting requirements are finding it difficult – and increasingly costly – to cope with the regulations, according to a new white paper from business and technology services and solutions vendor Sapient Global Markets. In “The Rising Cost of Trade Reporting: Can Firms Afford to Stay… Read More >>
