Manfred Knof to Replace Martin Zielke at Commerzbank Frankfurt-based Commerzbank has named its next CEO as Manfred Knof who comes from Deutsche Bank where he’s been head of a competing private banking business for Germany. Knof, 55, will oversee the bank’s managing directors, starting January 1 of next year. He will succeed Martin Zielke, the… Read More >>
Commerzbank Fined $47M via AML Controls Case
A U.K. regulator, the Financial Conduct Authority (FCA), has fined the London branch of Commerzbank AG $47.5 million for allegedly using inadequate anti-money laundering (AML) systems and controls from October 2012 to September 2017. A representative of the international bank based in Frankfurt, German, tells FTF News that the FCA investigation uncovered “no actual financial… Read More >>
Commerzbank & Deutsche Börse’s Successful DLT Experiment
It’s a challenge to predict how technologies will fare in the universe of securities operations. For instance, the hype around blockchain/distributed ledger technology (DLT) has been far outpacing the reality of DLT-based systems and applications in production at securities trading firms, causing some to wonder if there will ever be actual results. However, Commerzbank and… Read More >>
Commerzbank, CFTC Settle Swap Ops Case for $12M
Commerzbank A.G. and the CFTC have agreed to settle allegations that the German bank failed to properly supervise its swap dealer activities, and then made misleading statements and material omissions to the CFTC about swap operations and compliance with key laws and regulations. A recently issued CFTC order compels Commerzbank, provisionally registered with the regulator… Read More >>
Another Bold Move by Commerzbank?
While the USA was gearing up for the Independence Day holidays in early July, Commerzbank in Germany announced the sale of its equity markets and commodities (EMC) business to Société Générale (SocGen) for an undisclosed sum. On the face of it, the deal helps Commerzbank streamline operations as part of its much-publicized Commerzbank 4.0 strategy,… Read More >>
Commerzbank & HSBC Strike Strategic Settlement Partnership
Commerzbank and HSBC have struck a strategic partnership that will see the German bank transferring its securities settlement operations to a newly created joint venture with HSBC Transaction Services. Commerzbank will have a 20 percent stake in the joint venture that will begin operations in early 2020 and continue for an initial period of 10… Read More >>
Commerzbank, Others Simulate Money Market Transaction via DLT Platform
German financial institution Commerzbank, the KfW Banking Group, and the asset manager of Munich Re and ERGO, MEAG, have completed securities transaction simulations using blockchain/distributed ledger technology (DLT), and officials are encouraged by the efficiency gains that DLT may provide. The trio “jointly traded a Euro Commercial Paper (ECP) issued by KfW, and simultaneously replicated… Read More >>
Four Banks Test DLT-Based ECP Platform
Enterprise software vendor R3 (formerly known as “blockchain consortium”) and four of its member banks — ABN Amro, Commerzbank, ING, and KBC — have developed a prototype solution for the issuance of euro commercial paper (ECP) on the group’s Corda distributed ledger technology (DLT) platform. Participants in the project say that it will prove to… Read More >>
Commerzbank Signs On for Hosted Margining
A German firm, Commerzbank, is the first sell-side institution to use OpenGamma’s new, hosted margining service as the bank grapples with the rise in demand for pre-trade margin comparison requests, bank officials say. The hosted OpenGamma for Margining “comes at a time when Category 2 market participants are just two months away from joining Category… Read More >>
EBS Hires New Head of Sales for Asia
Simon Winn has joined EBS, the electronic FX business of interdealer broker ICAP, as head of sales, Asia Pacific, according to a company statement. In his new role, Winn “will be responsible for driving new business in Asia Pacific across the expanding EBS product suite and for increasing EBS’s footprint in the region,” according to… Read More >>
