Financial services firms are gearing up for the reporting requirements of the Securities Financing Transaction Regulation (SFTR), and the DTCC is partnering with EquiLend, Trax, IHS Markit and Pirum to improve its global trade reporting capabilities before the SFTR rules take effect by the end of next year. Even though SFTR originated with the European… Read More >>
New SmartStream Team to Investigate AI for Ops
SmartStream Creates ‘Innovations Team’ SmartStream Technologies, which characterizes itself as a financial transaction lifecycle management provider, reports that its new “innovations team” is “working with financial institutions to optimise workflows, using Artificial Intelligence (AI), Machine Learning (ML) and blockchain technologies, in the areas of reconciliations, cash management and fees and expense management.” The new… Read More >>
GMEX and DAG Create JV Bridge to Disruptive IT
GMEX Group (GMEX) and the Digital Asset Group (DAG) are forming a joint venture (JV) intended to create a bridge between disruptive technologies such as blockchain/distributed ledgers and artificial intelligence (AI) and the practices of regulated banking, finance and trading exchanges. DAG and GMEX via their joint venture will develop “high impact blockchain and crypto… Read More >>
CME Group to Buy NEX Group for $5.5 Billion
Derivatives exchange operator CME Group Inc. is set to acquire NEX Group plc for an estimated $5.5 billion and, if all goes well, the combined provider of transaction processing across futures, cash and over-the-counter (OTC) instruments will be able to offer many post-trade capabilities beyond clearing services. The CME Group encompasses: CME Clearing; the Chicago… Read More >>
SS&C Buys North American Branch of CACEIS
Investment solutions and services giant SS&C Technologies Holdings, Inc. is acquiring CACEIS North America, the fund administration business of CACEIS, for an undisclosed amount and will be folding the business and staff into SS&C GlobeOp’s alternatives business. The parent company, CACEIS, describes itself as a Paris-based asset servicing group of Crédit Agricole bank, “providing execution,… Read More >>
New Collateral Management Strategies Require New Building Blocks
Post-crisis regulation and competitive market conditions have forever changed the collateral management process for securities trading firms. The push to develop new collateral optimization strategies has often uncovered major problems within a firm’s own systems and processes. Most firms have had to move quickly to revamp their internal systems and craft new collateral management operations… Read More >>
ICE Agrees to Sell Trayport to TMX Group
ICE to Get Cash & Some TMX Group Assets The Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE), is selling a Trayport, a vendor of pre-trade energy solutions for traders, brokers and exchanges, to the TMX Group, parent company of the Toronto Stock Exchange, in exchange for certain TMX Group assets and… Read More >>
E.C. Eyes the Prize of Euro-Denominated Clearing
The European Commission (E.C.) has been trying to get its hands on London’s lucrative $900 billion-per-day euro-clearing business for years and it is using Brexit to seize the prize. While the plans stop short of a forced relocation after the U.K. leaves the European Union (E.U.), newly released proposals from E.C. officials would tighten the… Read More >>
E.U. Kills LSE-Deutsche Börse Merger
On the same day that Brexit launched, the London Stock Exchange Group (LSEG) and Deutsche Börse have definitively called it quits after the European Commission prohibited the proposed merger, citing the potential of a monopoly in the markets for clearing fixed income instruments. The E.C. investigation “concluded the merger would have created a de facto… Read More >>
Deutsche Bank Shutters OTC Swaps Clearing for the U.S.
Deutsche Bank ended its over-the-counter (OTC) swaps clearing business for the U.S. market last week because of a streamlining push by bank officials to move out of profit-challenged businesses, according to a source familiar with the situation. For Deutsche Bank and other organizations offering clearing support, the OTC swaps clearing business in the U.S. has… Read More >>
