The Commodity Futures Trading Commission’s Division of Enforcement has issued an advisory “designed to give enforcement staff guidance on future enforcement resolution recommendations to the Commission.” One long-time securities industry observer summarized the enforcement advisory’s import by saying “The big news here is that the CFTC will no longer be letting firms off the hook… Read More >>
BBH Takes Aim at Latencies in Securities Lending
(To help its securities lending clients with their transition to T+1 shorter settlement, Brown Brothers Harriman (BBH) is examining securities loan recall lifecycles to find any latencies that may be caused by batch processing or bespoke messaging for Swift processes, says Sarah Holmes, global head of securities lending at BBH. In her new role, Holmes… Read More >>
DTCC Embraces Digital Asset Ops via Securrency Acquisition
Post-trade infrastructure provider DTCC is acquiring a tokenization infrastructure company Securrency Inc., led by CEO Nadine Chakar, creating a bridge to the “acceptance and adoption of digital assets” in securities operations, DTCC officials say. After the acquisition is finalized, Securrency, whose offerings include its Capital Markets Platform, Compliance Aware Token Framework, and Digital Asset Composer,… Read More >>
T+1 Will Create a Complex Choreography for Ops
When the North American securities industry starts settling trades the day after they’re executed in May 2024, it will be the culmination of a process dating back at least 30 years. Shortly after the Securities and Exchange Commission (SEC) cut the trade settlement cycle in 1993 to the third business day following trade execution (T+3)… Read More >>
NYFIX Launches Real-Time Recs & Other News
New Offering Matches Fills In Real-Time A FIX protocol-based reconciliation offering, dubbed NYFIX Fill Matching, has been launched by post-trade systems and services provider Broadridge Financial Solutions, which adds that the solution compliments Broadridge’s post-trade NYFIX Matching solution. NYFIX Fill Matching targets the needs of asset managers “with high volume and/or high-touch orders,” according to… Read More >>
SIFMA Wants SEC to Drop PDA Ban & Other News
SIFMA: SEC Rule Puts Too Many Limits on Firms Securities industry trade association SIFMA and its Asset Management Group (AMG) are strongly urging the SEC to abandon proposed rules that would end or nullify the use of predictive data analytics (PDA) and PDA-like technologies by broker-dealers and registered investment advisors (RIAs). In August, the SEC… Read More >>
Jefferies to Donate Trading Proceeds to Help Israel
Investment bank Jefferies will be donating the proceeds from its Global Trading Day, Tuesday, Oct. 10, 2023, “to fund accredited charities focused on providing humanitarian aid to those impacted by the violence and terror in Israel,” according to an announcement from the firm. “Jefferies will donate 100 percent of net global trading commissions on October… Read More >>
UBS Embraces a DLT-Based Sponsored Repo Platform
Swiss investment banking giant UBS reports that it is live on a sponsored repo solution based upon distributed ledger technology (DLT), a.k.a. blockchain technology, that was developed by provider Broadridge Financial Solutions. UBS is no stranger to Broadridge’s application of DLT to repo trades as the bank completed “its first cross-border intraday repo transaction on… Read More >>
T+1 Leaves Little Time for Settlement Fixes: Q&A
(The North American push for securities settlement within the trading day plus another day, a.k.a. T+1, is not going leave much time for fixing failed settlement efforts, says Jonathan Ehrenfeld, who is head of securities strategy for the Swift financial message cooperative. Ehrenfeld is responsible for Swift’s securities, foreign exchange, and digital assets strategies and… Read More >>
T+1 Could Expose Ops Woes for Many Firms
The pain, suffering, and costs of doing business in the global securities industry are likely to increase as a result of the push for shorter settlement cycles, which is underway in the U.S. and Canada as firms there transition to trading day plus one, a.k.a. T+1. That was one of the unvarnished takeaways from a… Read More >>
