In other FinTech news, IHS Markit expands OTC valuation support, NRI embraces FSB standards, and TradingScreen debuts development center in Montréal.
SEI Client to Focus on Automation & Integration
SEI reports that Securian Trust Company, an SEI client since 2009, will adopt its wealth platform, intended to “provide a seamless experience for … clients and the advisors that serve them.”
The platform, SEI says, is a “fully-integrated, single-infrastructure technology solution developed to support client relationship management, including front-, middle- and back-office services.”
“The evolving wealth management landscape is increasingly placing pressure on organizations to retire their mainframe systems,” Al Chiaradonna, senior vice president of private banking at SEI, says in a statement. “The SEI Wealth Platform delivers the automation and integrated digital tools that will help enable Securian Trust to provide a personalized, aggregated view of their customers’ investments, while scaling and streamlining their business for the future.”
Securian Trust will migrate approximately 1,300 accounts, with $550 million in assets under management and $2.8 billion in assets under administration, from SEI’s legacy platform to the new platform in 2019, the firm says.
The SEI platform spotlights 48 signed global clients, including 38 private banking firms installed, with another ten clients in various stages of implementation.
IHS Markit Expands OTC Valuation Services
IHS Markit, an information, analytics and solutions specialist, reports that its over-the-counter (OTC) derivatives valuation data is available to financial institutions for best execution compliance.
The time-stamped valuation data can “help firms monitor intraday and historic transaction costs across interest rate, equity, FX, credit, commodity and structured product OTC derivatives,” the vendor says.
Evolving market practices and global regulations aim to “gradually increase transparency on the execution quality of financial market transactions,” the provider observes in its statement. “As best execution requirements continue to broaden, the most complex trades in OTC markets have come into scope, creating a need for standardized valuation procedures and reporting documentation.”
“Financial institutions need to validate and contextualize the effectiveness, quality and timeliness of each transaction. In terms of compliance, OTC trades are the most difficult to manage due to their complexity and the availability of quality market data,” Laura Misher, managing director of derivatives data and valuation services at IHS Markit, says in the statement. “[W]e are uniquely positioned to help firms address these challenges by providing transparent valuations and inputs that can be used for transaction cost analysis.”
And Michael Richter, executive director of trading analytics at IHS Markit, adds: “As the regulatory frameworks have expanded from equities to bonds and OTC assets, the requirements for data and analytics have also become increasingly complex. With this in mind, we are committed to enabling firms to reduce the cost and burden of compliance through our comprehensive suite of best execution solutions.”
NRI’s I-STAR/CORE Updated for FSB Standards
Nomura Research Institute, Ltd., (NRI) a provider of consulting services and systems, reports that its I-STAR/CORE has been updated for the Financial Stability Board’s (FSB) standards and processes for securities financing data collection and aggregation.
NRI began offering the service early in 2019.
The FSB’s standards and processes for securities financing data collection and aggregation, first published in November 2015, defines the “data elements for repos, securities lending and margin lending that national and regional authorities are asked to report as aggregates to the global aggregator to detect financial stability risks and develop policy responses,” Nomura says, adding that data to be reported “includes trading details such as date and price, collateral market price, counterparty details, type of contract, and trading purposes.”
As a result of this latest system update, I-STAR/CORE users can now “set different collateral management and contract details according to each user company, client, and trade,” per Nomura.
Nomura Research Institute, founded in 1965, declares that its resources include “13,000 skilled professionals in more than 50 offices globally.”
The FSB was established in April 2009 as the successor organization to the Financial Stability Forum. Both organizations’ mandates call for “reform of international financial regulation and supervision.”
TradingScreen Launches Development Center in Montréal
TradingScreen, an order and execution management system (OEMS) vendor, is expanding its development and technology operations via a new center in Montréal, Canada, a move to tap into Montréal’s IT talent pool, officials say.
Vendor officials hope to “continue to enhance and extend the capabilities” of the TradingScreen products and services for the its investment management clients worldwide. The Montréal site, “TradingScreen Electronic Financial Solutions Inc.” (TS Canada), will mark TS’s physical presence in nine countries.
“After careful consideration, we selected Montréal for expansion given the breadth and quality of its human capital in the computer software and information systems development area as well as its strategic proximity to TradingScreen’s principal executive offices in New York, in a jurisdiction where the government is committed to attracting and incentivizing technology companies such as ours. We see great opportunities for TradingScreen here,” says Pierre Schroeder, TradingScreen’s CEO, in a statement.
“Our government is making every effort to ensure that the city compares favourably with other global financial technology ecosystems in terms of the quality of its IT and finance workforce,” says Chantal Rouleau, minister of transport and minister responsible for the metropolis and the Montréal region, in a statement.