Our roundup offers updates on SGX’s COVID-19 care package, DLT-based investment, Nodal Exchange & TT, and FASB’s LIBOR replacement guide.
Gemini Trust Users Can Access NYFIX Connectivity
Customers of the cryptocurrency exchange and custodian Gemini Trust Company can use the FIX-based order routing network NYFIX to trade with their counterparties, reports Itiviti, a technology and service provider that owns NYFIX.
The Gemini customers can use NYFIX to “buy, sell, and store digital assets” via the “broker independent, vendor agnostic” NYFIX connections among buy-side, sell-side and trading venues, according to Itiviti. The order routing network is delivered as a managed service.
The Gemini platform “consists of an extensive network of asset management firms globally,” says Drew Candres, head of technical exchange services, Gemini, in a prepared statement. “We are focused on creating technology and services that help financial firms interact with crypto in ways similar to traditional asset class exchanges.”
More than 60 global Itiviti partners use the NYFIX platform to offer integrated trading solutions, according to Itiviti, which is owned by Nordic Capital.
The Gemini cryptocurrency exchange facilitates the buying, selling, and storage of cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, and Zcash. The company was founded in 2014 by twin brothers Cameron and Tyler Winklevoss.
SGX Pays S$5M for Singapore Healthcare Efforts
The Singapore Exchange (SGX) has rolled out a S$5 million care package to “provide support and relief measures amid the COVID-19 outbreak, bolstering efforts by the financial community to reinforce the city-state’s resilience as a global marketplace.”
Included in the package is a contribution to National Council of Social Service and its fundraising arm, the Community Chest, the exchange says in a statement.
To be given out over a period of 12 months, the SGX contributions include S$1.5 million to “national healthcare-support programs including The Courage Fund facilitated by the National Council of Social Service and its fundraising arm, the Community Chest.”
The remaining S$3.5 million will be used to “support Singapore-listed companies as well as SGX employees and contract staff, in particular frontline staff such as cleaning and security crew,” the statement adds.
SGX, which operates in 10 cities, has also “suspended all large-group events at its premises, with mandatory temperature screening and health and travel declarations for visitors,” per the statement. “Its staff have been operating in split-sites to minimize contact, accelerating the use of digital tools to enhance their workflow.”
Funds Launch Blockchain-Based Investment Platform
Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange, and Natixis Investment Managers have launched FundsDLT, a fund meant to develop a blockchain-based technology platform for the investment fund industry.
The development represents a “major milestone in the evolution of FundsDLT, originally initiated and incubated by the Luxembourg Stock Exchange and its affiliate Fundsquare,” according to a statement.
FundsDLT is built using “permissioned blockchain technology based on Ethereum,” the firms say.
For more about FundsDLT, go to: www.fundsdlt.net
Trading Technologies & Nodal Exchange Collaborate
Trading Technologies International, Inc. (TT), a provider of professional trading software, infrastructure and data solutions, and Nodal Exchange, a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities market, report that they have “entered into a commercial agreement whereby Nodal Exchange’s contracts will be available for trading through the TT platform.”
Clients will be able to “leverage TT’s full suite of tools, including functionality for charting and analytics, algo design, automated trading, mobile trading, FIX services and API development, to trade the complete range of products listed on Nodal Exchange,” the firms say.
Nodal Exchange offers “U.S. environmental contracts in partnership with IncubEx,” the firm says, and its IncubEx’a CEO, Michael MacGregor, says, ”Electronic access to environmental products is a vital and exciting development for our business and our customers.”
Nodal Exchange characterizes itself as a “derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets.”
Trading Technologies characterizes itself as a firm that “creates professional trading software, infrastructure and data solutions for a wide variety of users, including proprietary traders, brokers, money managers, CTAs, hedge funds, commercial hedgers and risk managers,” as well as offering “domain-specific technology for cryptocurrency trading and machine-learning tools for trade surveillance.”
FASB Issues Guidance for LIBOR Replacement
The Financial Accounting Standards Board (FASB) is attempting to ease the migration away from the scandal-ridden London Inter-bank Offered Rate (LIBOR) interest rate reference guide via a new Accounting Standards Update (ASU).
The new ASU “addresses operational challenges stakeholders raised with the board and will help simplify matters going forward. At the same time, the new guidance will also help reduce transition-related costs,” says Russell G. Golden, FASB chairman in a prepared statement.
FASB launched a benchmark project in late 2018 “to address potential accounting challenges expected to arise from the transition,” officials say. “The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.”
The full text of the ASU can be found here http://bit.ly/33y3X5s. It is intended to help stakeholders during the global market-wide reference rate transition period, and will be in effect for a limited time through Dec. 31, 2022, officials say.