Our free fintech update also offers news from Torstone in Toronto, SmartStream, Finastra, SS&C, Nomura and BidFX.
ICE Targets Primary ETF Trading Market
The Intercontinental Exchange (ICE), an operator of exchanges and clearing houses and provider of data and listings services, reports the launch of its ICE ETF Hub, an open architecture platform designed for the ETF primary trading market, where shares of exchange-traded funds are created and redeemed.
ICE ETF Hub “aims to offer a standardized, automated process for assembling and placing creation and redemption baskets.”
ICE ETF Hub is currently live with domestic equities, and support for fixed income is expected to come on line in the fourth quarter of 2019,” ICE says in a statement, which notes that more functionality, “including support for custom baskets and U.S.-listed international exposures, is planned to be added in 2020.”
Torstone Technology Expands in Canada
Torstone Technology, a provider of post-trade securities and derivatives processing, reports the opening of a new office in Toronto.
The new office is intended to “better support its growing base of North American clients which are increasingly looking for modern, cloud-based post-trade technology,” the vendor says in a statement.
Torstone characterizes its platform as a “multi-asset, multi-entity cloud-based platform, covering trade capture, confirmation, settlement, accounting, risk management, corporate actions, reconciliation and regulatory reporting.”
Torstone says the platform, “for risk managers, middle- and back-office staff,” increases straight through processing (STP) and reduces manual effort.
Torstone, headquartered in London, also maintains offices in New York, Hong Kong, Singapore and Tokyo.
SmartStream Introduces AI module
SmartStream Technologies, which characterizes itself as a vendor of financial transactions management solutions, reports the completion of a “proof of concept for an artificial intelligence (AI) and machine learning module” for receipts and payments.
Technology that “meets the market demand for forecasting liquidity has been the backbone of SmartStream’s intraday liquidity management solution,” the vendor says in a statement, which calls the “next phase of the solution’s development … about predicting the settlement of cash-flows.”
The vendor notes that it has been “working on a proof of concept with its clients for profiling and predicted intraday settlement activity, which includes missed payments and receipts identification planned for settlement within current date. Cash management teams will gain greater visibility into the payment process and manage liquidity risk more efficiently, minimizing the potential of payments being missed.”
SmartStream points to its “proprietary algorithm [which] uses the data and predicts the forecasted settlement time of receipts on an intraday basis. The core of the module is underpinned by sophisticated machine learning technology that continuously improves, meaning the predictions become more accurate and treasurers can make more informed decisions.”
Finastra Targets Treasury Function for Small Banks
Vendor Finastra has launched Fusion Treasury Essential — a packaged solution —that targets smaller banks that lack a dedicated treasury system, but need to update the treasury function, officials say.
“The packaged solution enables banks to do away with spreadsheets and supports over 80 percent of the core products and transaction volumes of the standard bank treasury. It can be implemented in the cloud or on premise in around 90 days,” according to Finastra. The move to automate manual processes will “help these banks increase efficiencies to compete more effectively” and let regulators know that have an operating model to prevent systemic risk.
The packaged solution includes Fusion Kondor, Fusion Opics, and Fusion Treasury Essential for automated product workflows in “a fixed-cost” offering. “It offers front-to-back automated processing of bonds, loans and deposits, repos, call accounts, FX and money market transactions. It also supports manual deal capture, data interfaces to Reuters and Bloomberg, position keeping, trade workflows, decision support and updates to the bank general ledger,” officials add.
Finastra officials add that the vendor’s global partners will work with banks “to roll the solution out over a timescale of around 12 weeks.”
Indonesian Asset Manager Deploys HiPortfolio
An Indonesian asset manager, PT Mandiri Manajemen Investasi (Mandiri Investasi), has gone live with an implementation of SS&C’s investment accounting and asset servicing solution, HiPortfolio, officials say.
Mandiri Investasi picked the SS&C offering “to streamline its operations, investment accounting and reporting,” officials say. HiPortfolio will provide the firm with middle- and back-office functions in a single system.
“We can now meet the investment and fund accounting needs for both our segregated mandates and our mutual funds with one solution,” says Alvin Pattisahusiwa, president director, PT Mandiri Manajemen Investasi, in a prepared statement. “SS&C HiPortfolio supports our reporting requirements and our business growth plans.”
Nomura’s FX Algorithms Debut on BidFX
Global investment bank Nomura is making its five foreign exchange (FX) algorithmic strategies available via the BidFX platform, officials say.
With the new offering via BidFX, “clients can now access Nomura’s FX Algo Tsuwamono Series on BidFX,” officials say. “Each strategy offers a wide range of flexibility on executions suited to client requirements and trading preferences.”
“We’re pleased that clients can now find our algorithms on BidFX,” says Ian Daniels, Nomura Head of eFX Distribution EMEA and Americas, in a prepared statement.
“BidFX has had a long-standing relationship with Nomura and it’s exciting to see Nomura extending their integration with BidFX through the addition of their five FX algorithmic strategies,” says Roger Lee, BidFX head of EMEA sales, in a statement. “This reflects the tight relationship that our firms share on a global basis and will benefit our existing mutual institutional FX clients with whom we are both engaged.”