Nadine Chakar Tapped to Head New Division The financing of digital assets will be a key focus for a new division of custodian State Street Corp. The just-launched State Street Digital is tasked with building upon the firm’s current digital capabilities, and then expanding into cryptocurrencies, central bank digital currency, blockchain, and tokenization, officials say…. Read More >>
CFTC Mulls SOFR Start Date for Interdealer Brokers
MRAC Subcommittee Urges July 26 Start Date A key CFTC subcommittee is recommending that interdealer brokers replace the trading of U.S. Dollar linear interest rate swaps (IRS) based upon the London Inter-Bank Offered Rate (LIBOR) with the trading of IRS based upon the Secured Overnight Financing Rate (SOFR) starting July 26, 2021, and to continue… Read More >>
The 2021 FTF Awards Winners Unveiled!
Financial Technologies Forum (FTF) is pleased to announce that operational excellence and major achievements in financial technology innovation surged in 2020 as evidenced by the winners of the 2021 FTF News Technology Innovation Awards competition. The winners of the FTF Awards competition, now in its tenth year, are being announced today, June 7, and they… Read More >>
Top Banks Test Drive Intraday FX Swaps Platform
Tests Involve DLT & Non-DLT Technology NatWest Group, Deutsche Bank, Bank of Ireland, and Banca Mediolanum have been working with treasury teams at other large banks to test a platform for intraday foreign exchange (FX) swaps trading that involves distributed ledger technology (DLT) and non-DLT systems, officials at Finteum say. “The banks’ initiative to create… Read More >>
SimCorp & JPMorgan Partner to Ease Ops Integration
A new collaboration between SimCorp and JPMorgan’s Securities Services group is intended to help their mutual clients share intraday and multi-asset data — a key part of a new effort to bring interoperability and transparency to SimCorp’s systems and the investment bank’s pre-trade, post-trade, trading, and treasury solutions. This tighter integration between front-and-middle office operations… Read More >>
Do More to Stop Financial Crime: Study
More investment in better technology. Not surprisingly, that is one of the major improvements financial services firms need to make. Why, exactly? To “reduce the sector’s exposure to such monetary outlays as the aggregate $14.1 billion in penalties paid for non-compliance in 2020,” according to a May 2021 study by the ACAMS organization and Oliver… Read More >>
CME Slated to Oversee Forward-Looking SOFR Rates
ARRC Wants CME Group to Serve as Administrator The push to replace LIBOR advanced with the news that derivatives exchanges operator CME Group is in the lead to administer forward-looking Secured Overnight Financing Rate (SOFR) term rates. The Alternative Reference Rates Committee (ARRC), which oversees SOFR, has picked CME Group “following a robust request for proposals… Read More >>
Abel Noser to Acquire Competitor Trade Informatics
Abel Noser Bolsters Wares via Acquisition Brokerage Abel Noser Holdings is hoping to offer a comprehensive suite of trade analysis, compliance products, and agency-only brokerage technology services by acquiring competitor Trade Informatics LLC, officials say. Like Abel Noser, Trade Informatics provides equities trade cost analysis (TCA), officials say. Trade Informatics also offers the START systematic… Read More >>
Capitolis Taps State Street for Key Post
Capitolis Hires James Reilly A software-as-a-service (SaaS) vendor, Capitolis has hired industry veteran James Reilly from State Street and appointed him as its new head of equity and total return swaps (TRS) funding solutions, officials say. Reilly has two decades of capital markets and financial technology experience. The Capitolis networking software helps firms find liquidity… Read More >>
Many Firms Lack LIBOR Transition Plans: Survey
Some financial services firms are taking their sweet time to transition away from the scandal-ridden London Inter-bank Offered Rate (LIBOR) benchmark to the relatively new Secured Overnight Finance Rate (SOFR), according to a new report from consultancy Duff & Phelps. Duff & Phelps last month released the results of a survey that finds nearly half… Read More >>
