Post-trade services utility the DTCC, securities industry trade group SIFMA and major market participants want to shorten the current three-day settlement cycle, but there is pushback from some broker-dealers, particularly in the retail space. The move from settling trades on the third day after a trade is executed, known as T+3, to two days or… Read More >>
Demand Soars for Recs IT as SIFMA Pushes LEI Usage
Reconciliation Technology ‘Explosion’ in Europe & U.S., Says Aite No longer is reconciliation technology “solely applied” to reconciling cash accounts. That’s the word from market research firm Aite Group’s latest report, “Reconciliation Technology Solutions in 2014: Recs Get Ready to Rumble,” which also takes note of the “explosion in the number of different vendor solutions… Read More >>
CFTC to Revamp SDR Push as Aite Predicts CCP Woes
CFTC Calls for Comments for New SDR Rules The CFTC is taking its first major step in an overhaul of its swap data recordkeeping and reporting requirements with a call for public comment. The swaps data gathering is mandated by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This step follows the… Read More >>
The Pain of Recs Onboarding
Reconciliation technology is gaining ground as a result of market pressures and greater demands for data transparency and integrity, according to a new report from market research firm Aite Group. In fact, reconciliation is being applied to processes beyond matching cash accounts. But recs onboarding is becoming a significant challenge for firms, Aite found via… Read More >>
Special Report: FIX Moves Into Post-Trade Processing
Buy- and sell-side firms are reassessing their post-trade infrastructures and looking for cost-effective ways to streamline operations. Firms are finding a new ally in their post-trade quest: the venerable FIX protocol, which is extending nicely from the front office into middle office functions. Technology vendors and service providers are moving fast to meet a growing… Read More >>
Bracing for the Feds
Financial services firms should automate and speed up operations, fill risk management gaps, and customize compliance training to help themselves detect early signs of insider trading and massive trading errors especially in the wake of reinvigorated U.S. federal prosecutors and regulators, epitomized by the plea agreement announced yesterday against SAC Capital Advisers and other hedge… Read More >>
Would You Pay $812,460 to Fax Confirmations?
Manual processing stings especially in the investment fund services industry. Order placement, confirmation, fund transfer and reconciliation processes remain dominated by little or no automation, says market research firm Aite Group. In one case, a fund management firm spends $812,460 (€600,000) annually on faxes for its Taiwanese investors—representing 30% of the total transfer agency bill… Read More >>
Could FIX Disrupt Post-Trade Processing?
Buy-side firms and vendors in the U.S. are exploring extensions of the FIX protocol to post-trade processes. But stretching FIX in this way will stir up battles over standard and proprietary protocols and whether post-trade processing should be done locally among firms or through a centralized matching system. The outcome of these battles may determine… Read More >>
SVP Takes Over at Fidelity ActionsXchange as Advent Sales Exec Joins DealVector
SVP Advances to Head of Fidelity ActionsXchange Will Dolan has moved from his post as senior vice president, brokerage products for Fidelity Institutional, to head Fidelity ActionsXchange, which offers solutions for global corporate actions and related market events, officials say. Fidelity Institutional is the clearing, custody and investment management products division of Fidelity Investments. Since… Read More >>
Harmonizing Social Media Surveillance
As more trading firms ramp up their usage of social media, they will have to become more adept at addressing the operational issues behind the surveillance of this dynamic realm, say officials at Raymond James Financial, which is this week implementing Hearsay Social’s platform for more than 2,000 financial advisors.The first step in dealing with… Read More >>
