The Securities and Exchange Commission (SEC) reports settling charges against Morgan Stanley Smith Barney LLC (MSSB) “stemming from the firm’s extensive failures, over a five-year period, to protect the personal identifying information, or PII, of approximately 15 million customers.” MSSB neither admits nor denies the charges. However, it has agreed to pay a $35 million… Read More >>
Broadridge Links NYFIX to Coinbase Prime & Other News
Broadridge & Coinbase Target Buy-Side Firms Broadridge Financial Solutions is partnering with crypto exchange Coinbase to provide an integrated solution that enables NYFIX clients to route order flow to Coinbase Prime via the FIX protocol for electronic trading, officials say. The partnership will also allow “buy-side traders to source crypto liquidity from Coinbase and trade… Read More >>
Corporate Actions Meets DLT via SWIFT & Other News
American Century, Citi & Vanguard Join SWIFT Project SWIFT, the global financial messaging, systems, and services cooperative, reports that it is “collaborating with seven securities players — including asset managers and custodians American Century Investments, Citi, Vanguard and Northern Trust — to drive efficiencies in communicating significant corporate events.” The corporate actions project is based… Read More >>
TMX Group Adopts Fixed Income Analytics & Other News
TMX Group & Overbond Form Partnership TMX Group, an operator of exchanges and global markets such as the Toronto Stock Exchange, reports that it’s integrating CDS FIPS settlement-layer Canadian bond data with fixed income AI analytics and trade automation solutions from vendor Overbond. The integration should make bond liquidity scoring and best executable pricing more… Read More >>
Northern Trust Grows Digital Consulting Team & Other News
Northern Trust Adds Four to Digital Consulting Group Northern Trust has appointed Benjamin Bobroff to head its new digital solutions consulting group, which is in its asset-servicing business development division. Northern Trust also has made three other senior appointments intended to support the “continued strategic focus and investment in digital innovation,” according to a prepared statement. The three will… Read More >>
Davy Capital Markets Taps Torstone & Other News
Davy Capital Markets to Revamp Post-Trade Ops Dublin-based wealth manager Davy Capital Markets reports that it has become a Torstone Technology customer and will use the Torstone Platform to evolve its post-trade processing operations. “We have built and maintained our own post-trade platform for many years, and this has served us very well, as it… Read More >>
19 State AGs Oppose BlackRock’s ESG Pension Push
Another anti-ESG push from the right is emerging and this time it’s taking aim at what is arguably the world’s largest asset manager. The attorney general for the Grand Canyon state Mark Brnovich earlier this month created “a coalition of 19 states that sent a letter to BlackRock Inc., calling out its practices of putting… Read More >>
DTCC’s ‘Project Ion’ Hits a Milestone & Other News
DLT System Settles 100,000 Transactions Per Day The DTCC’s alternative settlement platform based on blockchain/distributed ledger technology (DLT), Project Ion, has achieved a new threshold — it’s parallel processing more than 100,000 bilateral equity transactions daily and almost 160,000 transactions on peak days via the DTCC subsidiary, the Depository Trust Company (DTC). “The goal of… Read More >>
BlackRock Vet Joins Arcesium & Other News
Arcesium Hires from BlackRock Arcesium reports that it has hired the former commercial director for BlackRock’s Aladdin Data Cloud, Mahesh Narayan, to be the institutional asset manager segment head for the data management solutions vendor. Narayan will oversee Arcesium’s “cloud-native data platform, investment lifecycle solutions, and associated financial operations,” according to the official announcement. These… Read More >>
It’s Time to Check the T+1 Playbook
To say the least, the securities-trading industry has been a little busy since it shifted to a trading day plus two business days settlement (T+2) cycle in 2017. Yet, despite market volatility, disruptive technologies, epic political and social changes, a pandemic, soaring inflation, and an ongoing war in Europe, the industry-wide drive to an even… Read More >>
