In other news, BCB Group will deploy Napier’s AML tools, the SEC & ECB sign an MOU, and Scotiabank is on a hiring spree.
Four Tri-Party Agents Endorse New Connection
TriOptima reports that its triResolve Margin offering now provides integration via the SWIFT financial services messaging and systems cooperative to four tri-party agents: BNY Mellon, Clearstream, Euroclear, and JPMorgan.
“TriOptima’s clients will have direct connectivity to tri-parties via SWIFT for sending instructions as well as receiving status messages and end-of-day reports,” according to TriOptima, which is a risk, calculation, and collateral management services provider for over-the-counter (OTC) derivatives markets and is owned by CME Group.
The new integration effort coincides with Phase Five of the industry-wide uncleared margin rules (UMR) compliance push that will take effect next month, officials say.
“Firms in scope will need to ensure they have the right infrastructure in place to exchange initial margin (IM) efficiently. This involves carrying out IM calculations, proactively monitoring their exposure and integrating with tri-party agents,” according to TriOptima.
“Extending the margin call process to incorporate instructions to the custodian reduces the manual steps in the process which ultimately reduces the risk of delayed or failed settlements,” says Joakim Strömberg, head of triResolve solutions, which is part of TriOptima, in a prepared statement. “By using our SWIFT automation, clients do not have to build and maintain their own integration to the tri-party agents,” Strömberg adds. — EMG
BCB Group to Use Napier’s AML Compliance Tools
BCB Group, a digital asset services provider, reports that it has partnered with vendor Napier to implement an anti-money-laundering (AML) compliance strategy.
BCB Group provides “payments, business accounts and trading services for the digital asset economy,” the firm says.
The group “will be using Napier’s Transaction Screening and Transaction Monitoring tools to flag any suspicious activity as it happens, and to support their ongoing commitment to leading the way with anti-money laundering compliance in the U.K. crypto market,” according to Napier’s statement, which also notes that the BCB Group is the “first crypto-focused company to be regulated as an Authorized Payments Institution by the U.K. Financial Conduct Authority.”
Napier characterizes itself as the “world’s first end-to-end intelligent compliance platform.” — L.Ch
SEC & ECB Sign MOU on Security-Based Swaps Oversight
The Securities and Exchange Commission (SEC) and the European Central Bank (ECB) report that they have signed a memorandum of understanding to “consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of certain security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB.”
This is the first memorandum of understanding between the SEC and ECB.
The memorandum of understanding was executed on Aug. 16, 2021 and is intended to facilitate the SEC’s oversight of all SEC-registered security-based swap entities in European Union member states participating in the single supervisory mechanism, which is a “system of banking supervision in the European Union.” — L.Ch
Scotiabank to Hire 100 for Ottawa & Vancouver Sites
Scotiabank is looking for more than just a few good technology professionals in Ottawa and Vancouver. The bank is “actively recruiting” for “architects, engineers, cyber security professionals, software developers, mobile developers and digital designers.”
The bank reports that its initial search, for 100 new employees, will focus on Toronto.
“Expanding our talent strategies is the next step in our evolution of how and where Scotiabankers work,” Barb Mason, group head and chief human resources officer, says in the bank’s statement. Physical offices will be provided that will offer the new recruits opportunities for collaboration and team-building, per Scotiabank.
Additional jobs “will be posted in the days and weeks to come. Prospective candidates are encouraged to check back often,” the statement points out.
The bank, which trades on both the New York and Toronto stock exchanges, has approximately 90,000 employees and assets of approximately $1.1 trillion (as of April 30, 2021), per the statement. — L.Ch
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