The people behind the regulated blockchain and tokenization infrastructure platform Paxos want to make a point about the need for a more efficient settlement infrastructure for the commodities market. To help make their point, the Paxos system offers “multilateral payment netting and simultaneous settlement for the unallocated, over-the-counter (OTC) precious metals market,” officials say. In… Read More >>
Glencore Penalized $1B+ via Corruption Cases
Glencore International A.G. and Glencore Ltd., which are part of a commodity trading and mining firm based in Baar, Switzerland, have admitted their guilt in sprawling schemes of foreign bribery and market manipulation that led to market advantages but also scandal, plea bargains, and a billion-dollar fine. Among many authorities across the globe, the complex… Read More >>
Deutsche Bank Resolves Bribery & Fraud Probes
Deutsche Bank has signed a coordinated resolution with the SEC and the U.S. Department of Justice that for $130 million resolves investigations of a commodities fraud scheme and a conspiracy to cover payments to people who facilitated bribes of foreign officials. The agreement specifies that Deutsche Bank will pay more than $120 million in fines… Read More >>
Acadian Asset Management to Overhaul IT Architecture
Boston-based Acadian Asset Management will deploy a managed services enterprise data management (EDM) offering from financial information services and systems vendor Markit as the keystone for an IT architecture overhaul, say officials at the firm. Acadian will be using Markit EDM as “a foundational element of its IT architecture transformation across the front, middle and… Read More >>
Allegro Taps Misys for New CEO
Allegro Development Corp., a Dallas, Texas-headquartered provider of commodity risk management software for power and gas utilities, refiners, producers, traders and commodity consumers, reports that Frank Brienzi has been named CEO. Brienzi joins from London-based Misys, Allegro says, where the former Misys president and chief sales officer “led a two year global transformation of sales,… Read More >>
