In other news, a CFTC division takes on digital asset clearing, BNY Mellon fills an executive post in Singapore & Murex extends links to LSEG’s solution.
SET Upgrades Core Platform
The Stock Exchange of Thailand (SET) reports that it has launched a new trading platform that includes market data distribution and market surveillance systems — based on Nasdaq technology.
“The new system implementation is an upgrade of the core operating system that is the heart of the Thai capital market, making it more efficient and flexible, ready to support the development of the capital market in the future,” says Pakorn Peetathawatchai, president of the exchange. “This success will not be possible without all parties involved consisting of regulatory entities, member companies, system developers, and related entities that have helped support, develop and test the system continuously until the launch of this new system.”
On May 8, 2023, SET and Thailand Futures Exchange PCL (TFEX) “inaugurated the new trading system … Notably, the new systems have achieved a smooth transition, enabling an increase in efficiency, and faster order management, while being able to support the increasing volume of transactions in the future,” officials say.
The technology will facilitate trading across many asset classes and leverages Nasdaq’s Index Calculation Technology, “which enables providers to calculate and disseminate indices across different asset classes, currencies, sectors, and geographic regions,” says Roland Chai, executive vice president and head of marketplace technology at Nasdaq.
SET is also using Nasdaq’s Pre-trade Risk Management service, a low-latency risk solution for trading and sponsored access clients, Chai adds.
DCOs to Identify New Risks of Digital Asset Clearing
Derivatives clearing organizations (DCOs) will need to “identify new, evolving, or unique risks” when moving into the clearing of digital assets, according to an advisory from the CFTC’s Division of Clearing and Risk (DCR). They will also have to implement new risk mitigation measures.
“In the past several years, DCR has observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services DCOs offer, including related to digital assets,” according to the DCR.
The advisory “reminds registrants and applicants that when expanding lines of business, changing business models, or offering new and novel products, DCR will remain focused on the potentially heightened risks that may be associated with certain of those clearing activities. DCR expects DCOs and applicants to actively identify new, evolving, or unique risks and implement risk mitigation measures tailored to the risks that these products or clearing-structure changes may present.”
The staff advisory “notes that because of the increased cyber and other risks that may be associated with digital assets, DCR will emphasize DCO applicant and registrant compliance with the DCO Core principles related to system safeguards, conflicts of interest, and physical delivery,” according to the DCR.
The full text of the advisory can be found here: https://www.cftc.gov/csl/23-07/download
BNY Mellon Appoints a New Singapore Chief Executive
Winnie Chen
Winnie Chen has been promoted to the post of Singapore Chief Executive, effective immediately, for BNY Mellon. She will replace Francis Braeckevelt, who will focus on his expanded role managing International Operations, including Latin America, officials say.
Chen will oversee “growth priorities in Singapore while ensuring the firm’s governance and control structures are aligned with regulatory expectations,” officials say. Chen will assume the new role “in addition to her responsibilities as Asia Pacific head of treasury services.”
In 2021, BNY Mellon appointed Chen to be Asia Pacific head of treasury services. Chen moved over from UOB: United Overseas Bank, where she served as group head for financial institutions sales for almost five years, officials say.
Before that, Chen was head of financial institutions sales in North Asia, for ANZ in Hong Kong.
“Singapore is a regional hub for crucial functions at BNY Mellon including operations and engineering, and serves key clients in the region,” says Fangfang Chen, Asia Pacific Chair and Asia Pacific Head of global client management at BNY Mellon, in a prepared statement. “Winnie’s broad expertise will be instrumental as we implement our Singapore growth agenda to drive client service excellence and innovation.”
Chen has more than 20 years of experience working in the United States, Greater China, and Singapore, and has worked “across a number of areas including credit administration, sales, treasury services, and transaction banking,” officials say.
BNY Mellon had $46.6 trillion in assets under custody and/or administration and $1.9 trillion in assets under management as of March 31, 2023, officials say.
Murex Extends Links to LSEG’s Solution on AWS
Murex, a trading, risk, and processing solutions vendor for capital markets, reports that it is integrating the Murex MX.3 platform with the London Stock Exchange Group (LSEG) Real-Time – Optimized solution when MX.3 is hosted via Amazon Web Services cloud support, officials say.
“We are delighted to be extending the partnership between Murex and LSEG, which sees Murex integrating with our cloud-based Enterprise Data Solutions,” says Stuart Brown, group head of enterprise data solutions at LSEG, in a prepared statement. “MX.3 is the key front-to-back-to-risk platform for many of our customers and we are now able to power this solution through our recent data innovations.”
The Real-Time – Optimized solution offers financial services firms access to real-time market data “from hundreds of exchanges and OTC [over-the-counter] markets around the world via the cloud,” officials say.
The new connectivity helps Murex clients “to choose how they want to retrieve real-time market data in the MX.3 platform,” officials say.
“Using the same connectivity, they can choose between three possible deployment models offered by LSEG:
- Real-Time – Optimized (RTO): “With this newly supported deployment model, both MX.3 and real-time infrastructure are deployed on AWS. It offers quick and easy access to LSEG’s reliable market data;”
- Real-Time Managed Distribution Service (RTMDS): “Real-time infrastructure is deployed in LSEG’s private cloud and managed by LSEG;” and
- Real-Time Distribution System (RTDS deployed): “Real-time infrastructure is deployed on-premises and managed by the client.”
“The ability to install MX.3 and plug it easily and quickly with the Real-Time – Optimized feed on the cloud enables clients to reallocate their resources in tasks that create added value and differentiation,” says Alexandre Belingard, head of market data connectivity at Murex.
Need a Reprint?