In other news, HSBC & Bloomberg collaborate, Samsung Securities & Blue Ocean focus on Korea, Adaptive buys Real Logic, and Assure Hedge has an executive shuffle.
Extended Partnership Focuses on Cost-Basis & Tax Reporting
Wolters Kluwer Compliance Solutions and Broadridge Financial Solutions, Inc. report that they have “enhanced their longstanding relationship by entering into a strategic alliance to provide an industry-leading solution for cost basis and tax reporting processing needs.”
The strategic alliance allows the firms to “seamlessly share necessary tax reporting data directly” to “simplify the customer experience and provide the tools for tax-informed decision making,” the providers say in a statement. “The collaboration also offers mutual customers an integrated, end-to-end solution for ongoing operations and year-end tax reporting.”
“In today’s highly competitive and increasingly regulated financial services environment, the only constant is change, with no margin for cost basis calculation errors,” Steve Meirink, executive vice president and general manager for Wolters Kluwer Compliance Solutions, says in the statement.
“Firms need a partner they can trust to help them meet both their regulatory and customer-driven requirements, while also providing them the flexible tools they need to constantly stay ahead of the curve. We are pleased to collaborate with a firm of Broadridge’s deep experience, expertise and integrity in the financial services arena to make GainsKeeper capabilities available to a broader market,” Meirink says.
GainsKeeper is an “automated tax processing solution that calculates, tracks, and reports cost basis, reflecting corporate actions, wash sales, and debt adjustments,” per the statement, which notes that it currently processes more than 60 million accounts, and it can be “tailored to fit one’s particular environment and is available as an enterprise system that supports numerous divisions of a large organization, or as a stand-alone solution. GainsKeeper also provides cost basis reporting for digital assets (cryptocurrency) as this new asset class becomes subject to mandatory tax reporting shortly as required by recently enacted law.” — L.Ch
New Offering Combines HSBC & Bloomberg Systems
HSBC and Bloomberg have collaborated on a new post-trade workflow offering based upon product and data integrations that are intended to yield “a streamlined front-to-back user experience for mutual clients,” officials say.
This effort is the first in a series of “ongoing integrations between Bloomberg Buy-Side Solutions and HSBC as a part of overall strategy” for the investing and servicing lifecycle, officials say.
The integration combines Bloomberg’s Asset and Investment Manager (AIM), an investment and order management system with HSBC’s “middle office technology and operational expertise to help support efficient real-time trade management processes, including matching and settlement,” according to a joint statement.
“As a result, clients are provided with trade lifecycle transparency to deliver actionable insights to their front office, risk and operations teams. The offering is now live and available to Bloomberg clients that outsource their middle office operations to HSBC,” officials say.
The goal is to help clients achieve “higher straight through processing rates and data accuracy, minimizing operational risks and costs while maintaining oversight of the end-to-end process,” officials say.
“We see this as a natural evolution to our strategy of providing connectivity directly to our clients’ preferred front office solutions. In addition to providing ongoing transaction status visibility to our clients, it will also enable a faster on-boarding time for those clients that choose to utilize the Bloomberg AIM front office system,” says Alan Plom, global head of middle office for securities services at HSBC, in a prepared statement.
Samsung Securities Offers Trading During the Day in Korea
Blue Ocean Technologies LLC, a fintech vendor that specializes in after-hours trading, and Samsung Securities, the brokerage subsidiary of the Samsung Group, report entering into a strategic partnership that can facilitate trading U.S. National Market System (NMS) stocks during local business hours in Korea.
Samsung Securities has begun offering clients the ability to trade U.S. equities via access to the Blue Ocean alternative trading system (ATS) market center, officials say. The Blue Ocean platform offers Asia Pacific-based investors a way to trade during their local business hours, i.e., 10:00 a.m. to 6:00 p.m.
Currently, Blue Ocean ATS offers its subscribers the option to trade via its Blue Ocean Session from 8:00 p.m. to 4:00 a.m., U.S. eastern time, according to a Blue Ocean statement.
Samsung Securities points out that it is the “only firm that can trade U.S. stocks during the daytime in Korea.” — L.Ch
Adaptive Financial Consulting Acquires Real Logic
Adaptive Financial Consulting, an electronic trading consultancy, reports that it is adding to its capability to create bespoke trading solutions by acquiring Real Logic, a low-latency trading technology development company.
“Real Logic delivers front office solutions for financial services firms in capital markets, developing low-latency trading systems using Aeron — their open-source messaging system focused on trading systems, and Aeron Cluster, a technology that provides fault-tolerance through consensus,” officials say.
Adaptive, which builds and runs bespoke trading systems, uses Aeron technology for the Adaptive Hydra Platform, a platform that accelerates the development of trading systems for its clients, officials say.
The acquisition will lead to the consolidation of the Aeron and Hydra Platform technologies as the combined development teams will focus on making the systems part of the same technology stack, officials say.
“Clients of the respective firms will continue to have access to the same development teams and will give Adaptive greater scale to serve even larger clients,” officials add.
In addition, Real Logic founder Martin Thompson will be joining Adaptive as the new head of platform, officials say. Before his time at Real Logic, Thompson was the chief technology officer (CTO) at LMAX.
Todd Montgomery will also be joining Adaptive as an engineering fellow in conjunction with the acquisition of Real Logic, officials say. Montgomery was previously CTO of 29West where he designed a low-latency messaging solution widely used in capital markets.
Assure Hedge Appoints CEO
Pritesh Ruparel
Assure Hedge, a financial technology company, has named Pritesh Ruparel as its new CEO. Ruparel joined the company in 2021as its chief commercial officer.
Assure Hedge offers currency hedging support to banks, foreign exchange brokers and platform entities via its application programming interface (API) solutions, which are integrated into existing product suites, officials say.
Barry McCarthy, the company’s founder and former CEO, will “focus on developing new frontiers for Assure Hedge including the embedded finance business,” according to the vendor’s statement. — L.Ch
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