A provider of post-trade process automation solutions, Meritsoft has launched an asset-servicing solution that automates coupon and dividend claims operations. The new offering leverages the company’s post-trade platform, which debuted in October 2023, officials say. The new solution automates “the traditionally manual process of matching corporate actions-related claims received through emailed PDF or CSV attachments… Read More >>
Is T+1 in North America a Partial Victory?
The Securities Industry and Financial Markets Association (SIFMA), Investment Company Institute (ICI), and the Depository Trust & Clearing Corp. (DTCC) released a report early last month declaring victory in the push for a shorter settlement cycle for markets in North America. However, the report fails to address some of the issues that have emerged over… Read More >>
FINOS Enlists Industry in A.I. Governance Framework Launch
The Fintech Open Source Foundation (FINOS) is calling “groundbreaking” its first draft of the “A.I. Governance Framework” for financial institutions, a vendor-agnostic document that focuses on 15 risks and 15 controls tailored for artificial intelligence systems that use Large Language Models (LLMs). LLMs are computational models “capable of language generation or other natural language processing… Read More >>
Many Firms Unclear About Treasury Clearing Mandate
Almost half of the participants in a recent survey do not yet understand that the U.S. Securities and Exchange Commission (SEC) has issued regulations that have mandated centralized clearing of key U.S. Treasury transactions, according to the study commissioned by specialist professional services provider Davies Consulting. The SEC has decided that “a treasury central counterparty… Read More >>
SEB Adds to Broadridge Deployments
Skandinaviska Enskilda Banken (SEB) is deploying an international post-trade processing solution from Broadridge Financial Solutions in an effort to streamline its securities business across international and domestic markets, officials say. Based in Stockholm, Sweden, SEB is “a long-time user of Broadridge’s front and middle office solutions for order management, trade execution and allocation,” according to… Read More >>
Why Data Governance Matters
While data governance and data quality management concerns are definitely not sexy subjects, securities-trading firms can get into hot water if data-related matters are mismanaged. Take, for example, Citibank, N.A, and the $75 million penalty levied against it by the Office of the Comptroller of the Currency (OCC) and the related civil penalty of $60,625,620… Read More >>
SmartStream Air Update Takes On Spreadsheet Reconciliation
SmartStream says the latest iteration of its Air platform, version 9, takes on inter-system data validation and spreadsheet reconciliation — key capabilities previously too expensive to automate via traditional reconciliation platforms. In fact, SmartStream Air is not traditional as it’s a cloud-native system that is similar to a consumer app because it does not require… Read More >>
T+1 & International Corporate Actions Are at a Crossroads
A trio of European industry associations says agreement has yet to be reached in the approach firms might take to navigate the impact of T+1 on corporate actions processing for multi-listed and multi-traded securities. The Association for Financial Markets in Europe (AFME), The Federation of European Securities Exchanges (FESE), and the European Central Securities Depositories Association (ECSDA) recently wrote… Read More >>
Combining A.I. & Recs Spurred NeoXam’s Acquisition of EZOPS
Adding artificial intelligence (A.I.) to data reconciliation was a key driver behind NeoXam’s acquisition of EZOPS, an A.I. provider for data control, workflow automation, reconciliation, and regulatory reporting solutions. NeoXam is a provider of data management, performance, reporting, portfolio management, and investment accounting software. “Combining reconciliation with A.I. technologies was central to NeoXam’s acquisition of… Read More >>
Direxion Taps SS&C for ETF & Mutual Fund Distribution
A provider of tradeable and thematic ETFs, Direxion will be using the services of SS&C ALPS Distributors, which will act as the underwriter and distributor for issuance, redemption and distribution of exchange-traded funds (ETFs) and mutual funds, officials say. SS&C ALPS, which is owned by SS&C Technologies, will help Direxion manage more than $40 billion… Read More >>
