In other news, the DTCC is ready to help firms with MAS reporting, and there were executive shuffles at Clearwater Analytics and CalSTRS.
Vaccinated Personnel Not Required to Wear Masks
The New York Stock Exchange (NYSE) is requiring all personnel working on its open outcry trading floor at 11 Wall Street to be vaccinated, but “masks are optional for vaccinated personnel at this time,” according to a memo obtained FTF News.
The Aug. 11 memo to the NYSE trading floor community from Michael Blaugrund, chief operating officer (COO) for the exchange, states that as of Monday, September 13, “full vaccination is required for access to the trading floor between 8am-5pm, Monday through Friday.”
NYSE officials will allow for religious and medical exemptions to its vaccination mandate but will require unvaccinated personnel to wear masks.
“Unvaccinated personnel who are granted an accommodation for medical or religious reasons must wear an N95 equivalent or surgical mask at all times on the trading floor,” according to the memo. “Cloth masks, neck gaiters or other mask styles are insufficient and do not comply with the policy. Compliant masks are available upon request from NYSE Security.”
Effective immediately, “NYSE will expand its onsite random testing program to include vaccinated personnel. Random testing is performed by CVS for Exchange members and NYSE employees who work on the trading floor,” according to the memo.
“Those whose work responsibilities require them to access the trading floor but who are unable to be vaccinated due to qualifying medical or religious reasons must inform the exchange of the reason in writing by September 7 by sending a confidential email to … discuss an accommodation,” according to the memo.
Before accessing the NYSE trading floor, “persons granted an exemption to the full vaccination requirement as an accommodation due to a qualifying medical or religious reason must: present a negative test from within the previous 48 hours (i.e., 3x/week) until further notice; and wear an approved face covering at all times when within 11 Wall, including when on the trading floor,” according to the memo.
“Note that unvaccinated members who receive an accommodation will be responsible for sourcing their own tests offsite to preserve the onsite capacity for priority workplace safety purposes,” the memo states.
The new policies are based on “recent shifts in public health conditions as well as updated recommendations from federal, state and local authorities … These policy changes will apply to all those with access to the NYSE and American Options trading floors … including employees of member firms, NYSE employees, and vendors,” according to the memo.
“We will use the CLEAR Health Pass app to validate vaccination, or test status in the case of an accommodation, for all those who enter the trading floor. Members of the trading floor community must download and establish their “green status” CLEAR Health Pass before September 13th,” according to the memo.
The new policy also specifies:
- Full vaccinations are those that for “two or more weeks have passed after the final dose of a vaccine approved by the FDA or authorized by the FDA for emergency use (e.g., first for Janssen/J&J, second for Pfizer and Moderna);”
- After providing proof of vaccination, “members are eligible for a new building badge illustrating vaccination status. All members need to display their building badge at all times. Lanyards are available upon request from NYSE Security;”
- And visitors to the trading floor “must be fully vaccinated and will be required to present proof of status.”
Clearwater Analytics Names New CTO
Clearwater Analytics, a provider of software-as-a-service (SaaS)-based investment accounting, reporting, and analytics processes and procedures, reports that Souvik Das is the vendor’s new chief technology officer (CTO). His mandate includes “building out the company’s SaaS platform with the latest enhancements.”
Das was most recently chief technology officer at Zenefits, “where he led all product development, operations, infrastructure, information security, and information technology,” according to Clearwater’s statement.
“Over the past several years, Clearwater has expanded our single code base to serve small, medium, and large customers alike. As we drive towards a more global client base, we are thrilled to add Souvik’s experience to our team to help us scale our platform,” Sandeep Sahai, the firm’s CEO, says in a prepared statement.
“With years of innovative engineering and architectural design experience spanning a variety of industries, Souvik will drive scale in our platform ensuring that we continue to consistently deliver the best possible product for our global clients,” Sahai adds.
Clearwater Analytics reports daily on “more than $5.6 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations,” the vendor adds. — L.Ch
DTCC’s Singapore Service Ready for MAS Reporting
Major post-trade infrastructure provider DTCC reports that its Global Trade Repository (GTR) service through its legal entity DTCC Data Repository (Singapore) can support “in-scope Singapore firms with trade reporting services for the final phase of the Monetary Authority of Singapore’s (MAS) derivatives trade reporting requirements,” that take effect Oct. 1, 2021.
“The final phase of MAS’ Reporting Regulations for over-the-counter (OTC) derivatives contracts marks the last step in trade reporting rules, set out in the Securities & Futures Act (SFA),” notes the DTCC.
“The forthcoming regulation brings finance companies, subsidiaries of banks in Singapore, insurers and CMS license holders with specified derivatives contracts in an annual aggregate gross notional amount of more than S$5 billion, as well as significant derivatives holders — namely, persons with specified derivatives contracts in an annual aggregate gross notional amount of more than S$8 billion—into scope,” according to the DTCC. As of the October deadline, these firms must report their “equities, commodities and foreign exchange derivatives contracts traded and/or booked in Singapore to MAS.”
The DDRS is the only trade repository service that MAS officials have sanctioned to operate in Singapore, according to the DTCC. “Firms will be able submit their applicable derivatives contracts either directly to DDRS or by delegated submission through a counterparty that uses DDRS’ trade reporting services.”
CalSTRS Has a New COO
The California State Teachers’ Retirement System (CalSTRS), the pension fund for educators, reports the appointment of Lisa Blatnick as chief operating officer (COO). She replaces Cassandra Lichnock, who became CalSTRS’ chief executive officer on July 1, 2021.
Blatnick’s first day as COO will be August 16, 2021.
As COO, she will oversee audit services, enterprise strategy management, administrative services, benefits and services, public affairs, technology services, and the ombuds office, according to the fund’s statement. “She will also serve as a key advisor to the Teachers’ Retirement Board and CEO and will ensure the most complex and critical operational issues and policy matters impacting the retirement system are developed and implemented in a manner consistent with CalSTRS’ mission, vision and values.”
She joined the fund in September 2003 as a facilities coordinator and has nearly 28 years of experience working for the state of California, according to the statement.
“She also held the position of director of facilities management and procurement before becoming chief of administrative services. Prior to joining CalSTRS, Blatnick worked at the Legislative Counsel Bureau and the Office of Criminal Justice Planning in human resources and facilities-management-related positions. Blatnick will lead CalSTRS’ transition to a blended work environment, which will include in-office and remote work, with a focus on preserving workplace culture and collaboration,” according to the announcement.
CalSTRS, established in 1913, has more than 975,000 members and $308.6 billion in assets under management as of June 30, 2021, according to the statement. — L.Ch