In other news, the Biden team is moving to fill the top post at the OCC, MUFG is readying a wealth management platform, and Eventus expands in Europe.
Northern Trust Develops Offering with Acadia
With help from vendor Acadia, Northern Trust launched an automated solution for initial margin (IM) calculation that exploits algorithms to find assets that will help firms meet regulatory obligations, officials say.
The solution was developed to help clients meet the September 1 deadline for compliance with the Uncleared Margin Rules (UMR) requirements governing over-the-counter (OTC) derivatives trading. The solution integrates Acadia’s margin management solutions and adds to Northern Trust’s collateral and OTC processing capabilities, officials say.
“By pairing this solution with our other derivatives enhancements, we’ve been able to automate previously manual processes for faster processing and greater accuracy,” says Nadia Ivanova, head of C&IS business services and North America Asset Servicing chief operating officer at Northern Trust, in a prepared statement.
Chicago-based Northern Trust provides wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals, officials say.
Biden Nominates Wall Street Critic to Head OCC
The Biden administration is nominating a critic of Wall Street banks, Saule Omarova, to be the next head of the Office of the Comptroller of the Currency (O.C.C.), which is part of the Department of Treasury.
If Omarova, a law professor at Cornell University, wins approval from Congress, she will be the first woman and person of color to serve in that role, officials say. She will also be a prominent critic of an industry she will regulate.
“In her academic work, Ms. Omarova has proposed bold changes to the financial system, but those proposals — most notably an idea for a public infrastructure investment authority modeled on the structure of the Federal Reserve system — would not be easy to introduce from a post atop the O.C.C.,” according to a report in The New York Times.
In her current post, Omarova is the Beth and Marc Goldberg Professor of Law at Cornell University. “Omarova’s scholarly work focuses on the regulation of financial institutions and markets, banking law, and political economy of finance,” officials say.
“She is one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets,” according to the Biden administration announcement. “Previously, she was the George R. Ward Associate Professor of Law at University of North Carolina at Chapel Hill and taught courses at Georgetown University Law Center.”
In addition, Omarova was in the financial institutions group of New York law firm Davis, Polk, & Wardwell. In 2006-2007, she served in the Treasury department as a special advisor for regulatory policy to the undersecretary for domestic finance, officials say.
MUFG Readies Wealth Management Platform
Mitsubishi UFJ Financial Group (MUFG) officials have announced the forthcoming launch of the MUFG Wealth Management Digital Platform (WMPF), which will target high net-worth clients via MUFG’s consolidated subsidiaries, officials say.
The WMPF system has been slated to be deployed in the second half of fiscal 2021, and will debut via MUFG Bank, Ltd., Mitsubishi UFJ Trust and Banking Corp., and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., among other subsidiaries, officials add.
“Utilizing the newly-developed WMPF, MUFG will work to understand the life goals of its customers and leverage our comprehensive strengths to utilize the group’s total assets to propose optimal solutions for various needs, such as asset succession, business succession and asset management,” according to a prepared statement. “WMPF is a cross-firm common platform that consists of three functions: holistic view, next best action (NBA), and goal planning system (GPS).”
Eventus Systems Expands Presence in Europe
Trade surveillance vendor Eventus Systems is increasing its presence in Europe via several key hires, including new roles such as Ollie Cadman as chief product officer, and David Griffiths and Martin Appiah as directors of regulatory affairs.
Cadman is based in Stockholm, Sweden and reports to Eventus CEO Travis Schwab, officials say. Griffiths and Appiah are based in the U.K., and report to Joseph Schifano, the vendor’s global head of regulatory affairs, officials say.
“Cadman will build out the firm’s global product team and provide a framework for expanding its product offering. Appiah will help ensure that Eventus’ growing client base in the Europe Middle East and Africa (EMEA) region are able to meet the evolving demands of local regulations and client risk assessments through the firm’s Validus platform,” according to a prepared statement. Griffiths, who has experience in the U.K., EMEA and Asia-Pacific, will lead the vendor’s client implementation program globally.
“Eventus established its first on-the-ground presence in Europe last year. After nearly quadrupling its staff globally since its Series A funding in February 2020, the company earlier this month announced that it closed on a $30 million Series B funding round,” vendor officials say.