Officials at LCH SwapClear report that they have cleared an inaugural Malaysian Ringgit-denominated non-deliverable interest rate swap instrument (MYR NDIRS), which was launched due to growing demand among clearing members and clients in the Asia-Pacific region. The milestone transaction is “underscored by the early adoption from leading Malaysian and global banks. CIMB and Maybank were… Read More >>
Japanese Asset Manager Taps DTCC’s ITP Services
Sumitomo Mitsui Trust Asset Management has become a client of the Institutional Trade Processing (ITP) suite of services from the DTCC to fully automate its post-trade processing and for same day affirmation (SDA) for cross-border transactions within Asia-Pacific, officials say. This move is in line with the industry push to accelerate trade processing as North… Read More >>
FinTech Brief: TCS Platform to Replace ASX’s CHESS
The Australian Securities Exchange (ASX) has selected Tata Consultancy Services (TCS) to provide a clearing and settlement platform for the Australian market based upon TCS BaNCS for Market Infrastructure that will replace ASX’s incumbent CHESS system. The TCS BaNCS for Market Infrastructure has been designed for central securities depositories (CSDs), central counterparty clearinghouses (CCPs), exchanges,… Read More >>
JPMorgan Chase Penalized $264M for Bribery-Hiring Scheme
JPMorgan Chase & Co. will pay more than $130 million to settle SEC charges that “it won business from clients and corruptly influenced government officials in the Asia-Pacific region (APAC) by giving jobs and internships to their relatives and friends in violation of the Foreign Corrupt Practices Act (FCPA),” the commission says. In addition, JPMorgan… Read More >>
Hong Kong Clarifies Rules for OTC Derivatives Trading
The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) proposals on introducing mandatory clearing and expanding mandatory reporting for the second stage of the over-the-counter (OTC) derivatives regulatory regime is only the next stage of the territory’s staggered approach to implementing new derivatives rules. The actions were expected and sell- and… Read More >>
Asia-Pacific Firms Resist FATCA Compliance
Financial institutions across Asia Pacific are trailing behind their Western counterparts in preparations for evolving global tax reporting regulations due to cultural and regulatory issues, according to a new report by compliance software specialist Wolters Kluwer Financial Services and the GRC Institute (GRCI), the association for Asia-Pacific governance, risk management and compliance professionals. Canvassing 40… Read More >>
Deutsche AWM Goes Live with Eagle Solution
Vendor Eagle Investment Systems, a subsidiary of BNY Mellon, reports that its data management solution has gone live at Deutsche Asset and Wealth Management, where it will support the firm’s EMEA and Asia-Pacific operations, officials say. “Deutsche AWM, with €1.039 billion of assets under management (AUM), is among the 10 largest bank-owned asset and wealth… Read More >>
CME Group Fills Top Post in Asia-Pacific
CME Group, operator of key derivatives exchanges, reports that it has named Christopher Fix managing director and head of Asia Pacific. Fix, who joins the company in June, will be based in Singapore and report to London-based William Knottenbelt, senior managing director and head of International, CME Group. Fix will be “responsible for leading CME… Read More >>
Etrali Opens Sydney Offices in APAC Push
Etrali Trading Solutions, maker of voice-trading, compliance and unified communication services, has announced that it is opening new offices in Sydney, Australia, the first thrust of a renewed push into the Asia-Pacific (APAC) region, officials say. From its Sydney offices, Etrali will manage its existing Australia client base and “support the growing demand for compliance… Read More >>
SS&C Buys DST Global Solutions for $95M
Financial services software and services vendor SS&C Technologies Holdings has acquired DST Global Solutions Ltd., a subsidiary of DST Systems, Inc., for $95 million in cash, giving SS&C strategic advantages via DST’s presence in the EMEA and Asia Pacific regions. SS&C financed a $75 million portion of the purchase price by drawing down on its… Read More >>
