Post-trade systems and services provider Broadridge Financial Solutions officially launched on June 7 its distributed ledger repo (DLR) platform for bilateral repo trades that executed $31 billion in average daily volume during its first week. The blockchain-based transaction platform helps market participants “agree, execute and settle repo transactions,” officials say. Broadridge is hoping that the… Read More >>
AllianceBernstein Jolts Corporate Bond Trading via A.I.
Asset manager AllianceBernstein applied artificial intelligence (A.I.) to a corporate bond block trade transaction and found that the effort yielded far greater access to liquidity than conducting the transaction over the phone. The firm used a patented protocol, dubbed RFX, that uses A.I. technology and is part of corporate bond trading platform from LTX, a… Read More >>
Pershing Restructures U.S. Business Group
Pershing Creates Two New Units Starting May 1, BNY Mellon’s Pershing clearing and custody provider is re-aligning its U.S. business group under two main segments — Wealth Solutions and Institutional Solutions, officials say. The realignment is an effort by Pershing to reorganize “its people, services and technology to deliver a simplified and enhanced experience and… Read More >>
Broadridge Acquires Itiviti for $2.5 Billion
Post-trade provider Broadridge Financial Solutions will be able to offer front-to-back-office systems and networking via its acquisition of vendor Itiviti Holding AB for approximately $2.5 billion from Nordic Capital. The all-cash transaction is valued at €2.143 billion and will add trading and connectivity technology offerings to the list of systems that Broadridge offers, officials say…. Read More >>
BNY Mellon Helps Crypto Custody Startup Raise $133M
Fireblocks Raises a Total of $179 Million Crypto infrastructure provider Fireblocks has raised $133 million in Series C funding with help from the Bank of New York Mellon and SVB Capital, the investment platform of SVB Financial Group, via an effort led by Coatue, Ribbit Capital, and Stripes Group, officials say. With this round of… Read More >>
Citi Combines Two Wealth Management Groups into One
‘Citi Global Wealth’ Launches Citi officials report that they have spliced together the bank’s Global Consumer Banking (GCB) and the Institutional Clients Group (ICG) and formed a “unified wealth management organization” dubbed Citi Global Wealth, that will yield one streamlined, integrated platform to serve clients ranging from those in affluent segments to ultra-high net worth… Read More >>
Are You Ready for Digitalized Repo Ops?
(Last month, JPMorgan revealed that it had successfully conducted “a live, blockchain-based intraday repo transaction” between its broker-dealer and banking entity via an internally developed blockchain/distributed ledger technology (DLT) application. The effort was a test of instantaneous settlement and maturity of the transaction in hours rather than days. The news spurred FTF News to reach… Read More >>
Facial Recognition App Offered via NICE Actimize Marketplace
Facepoint Available via NICE Actimize’s Marketplace Hoboken, N.J.-based NICE Actimize, a NICE business, reports that Facepoint, which offers a biometric risk screening engine, has joined the X-Sight Marketplace NICE Actimize’s X-Sight Marketplace includes “more than 60 technology partners,” according to a statement, which calls the marketplace the “first financial crime and compliance ecosystem that connects… Read More >>
Wall Street Execs Want Trump Transition to Start
A letter sent to the Trump administration from New York City’s A-List business leaders, including many from top Wall Street financial services firms, underscores the need for “an orderly presidential transition process” so that the country can re-focus on ending the global pandemic. The letter also underscores the need for more cooperation among groups and… Read More >>
RJO to Streamline ETD Ops via Broadridge
RJO to Be the First Customer on New Platform Futures and clearing broker R.J. O’Brien & Associates (RJO) will be consolidating two separate back-office systems onto one post-trade platform from systems and services provider Broadridge Financial Solutions that will support exchange-traded derivatives (ETD) operations globally. RJO will be the first customer for the platform to… Read More >>
