(With LIBOR for new contracts ending Dec. 31, 2021, and LIBOR’s usage finally over as of June 30, 2023, a new era for risk-free reference rates is underway. Financial services firms are transitioning to replacements such as the Secured Overnight Financing Rate (SOFR), and they are grappling with the post-LIBOR impacts upon their trading, risk,… Read More >>
CFTC’s First Chief Diversity Officer & More Briefs
CFTC Appointee Has 20 Years of Diversity Experience Tanisha Cole Edmonds has been appointed the CFTC’s first chief diversity officer and has been tasked with helping the agency advance diversity, equity, inclusion, and accessibility (DEIA) at all levels, officials say. Edmonds, who reports to Rostin Behnam, chairman of the CFTC, will oversee the Office of… Read More >>
Acadia & Transcend to Build ‘Collateral Validation Service’
Transcend, a collateral, liquidity, and funding solutions vendor, and Acadia, a provider of integrated risk management services, are partnering to automate collateral validation just as Phase 6 of the Uncleared Margin Rules (UMR) will require more industry participants — especially from the buy side — to pledge and receive collateral as margin. Vendor officials say… Read More >>
Deutsche Bank Shifts Prime Services to BNPP & More News Briefs
BNP Paribas Takes On 900 Staff Members BNP Paribas and Deutsche Bank officials report that they completed by the end of last year the “transfer of clients, technology and key staff from Deutsche Bank’s global prime finance and electronic equities businesses to BNP Paribas,” which was according to the agreed-upon timeline. “Over the course of… Read More >>
Get Ready for the FTF Awards 2022
Get your nominations ready for the highly competitive FTF News Technology Innovation Awards 2022 — now in its 12th year — presented by Financial Technologies Forum and the FTF News service. Since 2011, FTF has celebrated and recognized the professionals, financial technology vendors, service providers, industry bodies, regulators, and other industry participants that have made… Read More >>
Senate Makes Behnam the New CFTC Chairman
Lost in the tsunami of federal government budget battle news is the welcome development that the Commodity Futures Trading Commission (CFTC) has a new, official chairman — Rostin “Russ” Behnam, and that the stage has been set for a full roster of commissioners. On Dec. 16, the U.S. Senate voted unanimously to approve Rostin Behnam… Read More >>
ISITC Promotes Vice Chair to Top Post
Industry standards trade group ISITC has named Kristin Hochstein, the current vice chair, to be its new chair for the 2022-23 term, and she will take over for Lisa Iagatta, who will finish her three-year term as chair by the end of this month. The group, which develops standards and best practices for financial services… Read More >>
BNY Mellon Helps Gauge ESG Levels of Collateral
BNY Mellon clients can now apply environmental, social, and governance (ESG) concerns to their collateral management choices via a capability for rating the ESG levels of securities that was added to BNY Mellon’s ESG Data Analytics offerings. The new capability is based upon access to MSCI ESG Ratings, according to BNY Mellon officials. The ESG… Read More >>
Wall Street Mulls Key Pandemic Post-Trade Lessons
Some observers on Wall Street are saying that the global pandemic may be heading toward an end phase. I hesitate to agree with that prediction given the many unexpected riptides that the potentially fatal COVID-19 virus has imposed upon the world since its onset in 2020 (or even sooner). So, while we hope that the… Read More >>
SEI Acquires Finomial
Finomial Technology to Be Added to SEI Platforms SEI reports the acquisition of Finomial, which it characterizes as an “investor lifecycle management firm offering cloud-native financial technology. The technology is expected to be added to SEI’s existing investor-focused platforms to further enhance automation and digitization capabilities, as well as reporting and transparency.” SEI’s current… Read More >>
