We are pleased to announce that voting has begun for the nominees of the FTF News Technology Innovation Awards 2023, a competition overseen by Financial Technologies Forum (FTF) and the news service. Industry participants pick the winners. Voting began on March 20 when we officially unveiled the nominees and will end on April 28. We… Read More >>
UBS to Acquire Credit Suisse via Rescue Plan
In a stunning move, UBS announced on Sunday, March 19, that it will acquire for more than $3 billion the ailing Credit Suisse Group, making it part of UBS. Bank and Swiss authorities further outlined a rescue plan that will combine the former rivals into “a business with more than USD 5 trillion in total… Read More >>
SWIFT Tests API for CBDCs & Other News
SWIFT’s CBDC Connector Shows ‘Potential’ Officials at SWIFT, the global financial messaging services and systems cooperative, say that 18 central and commercial banks foresee “clear potential and value” in a connector for Central Bank Digital Currencies (CBDCs) based upon an application programming interface (API) that is SWIFT’s experimental solution for interlinking CBDCs. SWIFT reports that… Read More >>
FINRA Fines Webull $3M on Customer Approval Woes
Exercising “reasonable due diligence” before approving customers for options trading: How hard is that? For that matter, how hard is it to maintain a supervisory system “reasonably designed to identify and respond to customer complaints?” And what about “not reporting certain written customer complaints to FINRA as required?” Taken together, those are the $3 million… Read More >>
Trading Technologies Buys AxeTrading & Other News
TT Boosts Fixed Income Outreach Trading Technologies International, Inc. (TT) reports that its multi-asset class expansion got a boost via its acquisition of London-based AxeTrading, a provider of fixed income trading solutions. The acquisition for an undisclosed amount is a move “into full coverage of corporate, government, municipal and emerging market bonds as well as… Read More >>
Firms Are Looking for T+1 Accelerators: Q&A
(Editor’s note: Last month, the SEC passed a set of amendments and new rules that make possible an industry-wide move from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for U.S. equity markets. The SEC also endorsed a compliance date of May 28, 2024, for the start… Read More >>
Broadridge Launches Shareholder Reports Template & Other News
Broadridge Solution Eases SEC Compliance Broadridge Financial Solutions reports that it has developed a “technology-enabled template and end-to-end process solution for fund companies and fund administrators” that “simplifies the steps involved in creating and providing the SEC’s new Tailored Shareholder Reports.” The digital template “is good for fund investors and compliant with the rules,” says… Read More >>
Treasury Working Group to Explore a Digital Dollar
A working group consisting of key U.S. financial services authorities will be gathering over the coming months to investigate “an initial set of findings and recommendations” toward a central bank digital currency (CBDC) or “digital dollar” for the U.S., says Nellie Liang, under secretary for domestic finance for the Treasury Department. The CBDC Working Group… Read More >>
CFTC Mandates UPIs for Swaps Records & Reporting
Without much fanfare, the CFTC in mid-February ordered registered entities and swap counterparties to use the unique product identifiers (UPIs) supplied by the Derivatives Service Bureau (DSB) for swaps in the credit, equity, foreign exchange, and interest rate asset classes to bolster transparency and compliance with CFTC swap recordkeeping and reporting requirements. In addition, the… Read More >>
Canadian Regulators Push for CDOR’s Exit & Other News
Expiration Date Coming for CDOR It’s the beginning of the end for the LIBOR-based, Canadian Dollar Offered Rate (CDOR) as the Canadian Securities Administrators (CSA) are urging market participants to move away from the CDOR benchmark. The CSA is “the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the… Read More >>
