Our FinTech update also includes news from the Singapore Exchange and Itiviti, the NFA, and an executive shuffle at Smarsh as it combines with Actiance.
Broadridge Clients to Get Access to StatPro’s Cloud
Post-trade systems and services provider Broadridge Financial Solutions reports a new strategic partnership with StatPro Group, a provider of cloud-based portfolio analytics and asset pricing services for the asset management industry.
This partnership enhances the existing Broadridge performance reporting platform, which allows clients to receive customized daily performance calculations, according to a Broadridge statement.
This strategic partnership with StatPro provides “comprehensive analytics for alternative and traditional asset managers working to meet an increased demand for performance measurement, attribution and risk analytics. StatPro’s cloud-based performance and risk platform will streamline the analytics process through automating the upload of client portfolio data into the system, triggering performance calculations instantaneously and making results available for download to Broadridge’s data warehouse to support the investment process and client reporting,” according to the statement.
The new links to StatPro’s offerings is in progress for existing Broadridge performance clients and is expected to be completed by the end of 2018, Broadridge notes.
NFA to Develop Swaps Proficiency Requirements Program
The board of the National Futures Association (NFA) has approved the development of a “proficiency requirements program for individuals engaged in swaps activities, which will be in the form of an online learning program with an embedded examination.”
The program will be applicable to all “associated persons” (APs) involved in swaps activities, “including those who are designated as swaps APs at futures commission merchants (FCM), introducing brokers (IB), commodity pool operators (CPO), and commodity trading advisors (CTA), and those individuals who act as APs at swap dealers (SD).”
The NFA’s registration rules require APs engaged in futures and foreign exchange activities to “take and pass proficiency examinations that test both their market knowledge and their knowledge of regulatory requirements. Currently, there are no analogous requirements applicable to swaps related activity,” the NFA says.
To begin this project, NFA’s board approved the formation of a swaps proficiency requirements advisory committee, which will be chaired by NFA board member Don Thompson.
The NFA anticipates that this program will be launched in early 2020.
Singapore Exchange Certifies Itiviti for 30-Minute Reconciliation
Itiviti, a provider of multi-asset trading technology and financial infrastructure, reports that it has become the “first independent software vendor” to meet the Singapore exchange’s requirement to reconcile trades within 30 minutes after a market disruption.
Part of Itiviti’s SGX market access gateway, the software will enable members to meet the exchange’s 30-minute deadline to reconcile trades with the exchange and update downstream components, such as positions, limits and P&L, Itiviti says in a statement.
In 2016, SGX formed an industry working group (IWG), in consultation with the Monetary Authority of Singapore, to “assess and make recommendations to improve the operational resilience of Singapore’s securities market. In March 2017, SGX announced it would adopt all recommendations of the IWG,” according to the statement.
One of the main initiatives arising from the recommendations is the provision of a recovery file that SGX will make available to market members in case of a master order or trade corruption, Itiviti says.
Smarsh Shuffles Execs as It Completes Merger with Actiance
Smarsh, an information archiving solutions vendor for compliance, e-discovery and risk management, is revamping its executive leadership team as it completes its merger with Actiance, officials say.
Smarsh founder Stephen Marsh will become chairman and Brian Cramer has been promoted from president/chief operating officer (COO) to CEO for the combined company to come.
In other executive shuffles, the new leadership team features executives from both vendors, including:
- Parker Baldwin, chief financial officer (formerly CFO, Smarsh);
- Leo Haasbroek, COO (formerly senior vice president (SVP) Operations, Actiance;
- Bonnie Page, general counsel and SVP business development (formerly General Counsel, Smarsh);
- Tim Price, chief revenue officer (formerly SVP sales and marketing, Smarsh);
- Greg Vesper, chief product officer;
- Anthony West, chief technology officer (formerly CTO, Actiance)
- Ian Hook, vice president and general manager, EMEA (formerly GM, Smarsh);
- Sridhar Vutukuri, vice president and country head for India (formerly vice president, Actiance);
In 2017, K1 Investment Management acquired Actiance, a communications compliance, archiving and analytics vendor, “for the purpose of combining with Smarsh,” officials say. More details are available here.
The combined company will be able to offer capturing, archiving and supervision support across electronic communications such as email, social media, mobile messaging, instant messaging/collaboration and voice communications.
The merged company will “represent the deepest intellectual property in the industry and the ability to provide advanced compliance technology solutions to financial firms, regardless of size, complexity or geography,” Cramer says in a statement.
The combined organization employs more than 600 at its headquarters in Portland, Oregon, and at its offices in California, New York, Massachusetts, Georgia, North Carolina, Canada, India and the United Kingdom, officials say. The vendor serves more than 6,500 financial services firms “including the top 10 global banks and regional, mid-size banks and broker-dealers.”