Caroline D. Pham, a Commodity Futures Trading Commission (CFTC) commissioner, started the Open Meeting on May 10 with a bang — she wants the U.S. Government Accountability Office (GAO) to investigate the CFTC because she thinks the regulator has expanded its jurisdiction without a proper mandate, and, as a consequence, has strayed far from its… Read More >>
T+1 is Stealing the Spotlight from Securities Lending
(Editor’s note: This past October, the Securities and Exchange Commission adopted Rule 10c-1a in an effort to increase the “transparency and efficiency of the securities lending market,” according to the SEC. The new rule required the reporting of “specified information about securities loans to a registered national securities association (RNSA)” by 2026. The new rule… Read More >>
Corlytics Buys RegTech Platform from Deloitte U.K.
Corlytics hopes to bolster its industry standing as a regulatory compliance provider via the acquisition of a digital, regulatory technology platform and associated staff members from Deloitte U.K. The Deloitte U.K. news follows the announcement last month that private equity firm Verdane made a majority stake investment in Corlyitcs, a transaction managed by investment bank… Read More >>
Why Manual Sanctions Screening Misses the Mark
(Too many compliance teams at financial services firms rely on spreadsheets and manual processes or internally developed systems to sift through securities data to find sanction risks. But these systems can miss the mark in monitoring and tracking exposures across entities, say officials at Innovative Systems, Inc., the maker of the FinScan offerings for anti-money… Read More >>
Cornerstone FTM Goes Live With High-Velocity Platform
Hedge fund Cornerstone FTM has gone live with “a cutting-edge” investment platform that leverages the portfolio support, custody, and fund administration services of Northern Trust and the infrastructure and data management offerings of Equity Data Science (EDS), a business partner of Northern Trust. The collaboration between Northern Trust and EDS, which provides the real-time quantitative… Read More >>
Franklin Templeton & Microsoft to Develop A.I. Platform
Asset manager Franklin Templeton and Microsoft are collaborating to develop a platform for financial services that uses artificial intelligence (A.I.) technology to initially improve the productivity of the firm’s sales and marketing teams and to foster personalized services for clients. The new A.I. platform to come will use Microsoft Azure A.I. services such as Azure… Read More >>
T+1 Self-Affirmation Rates Below Expectations
The DTCC is urging investment managers and custodians to collaborate on technology and automation solutions after its latest statistics on the industry’s affirmation progress revealed a disparity in affirmation rates between those using manual processes and those utilizing centralized matching tools. With the implementation of a T+1 settlement cycle in the U.S. less than a… Read More >>
Wall Street Braces for a Ban on Noncompetes
A decision by the Federal Trade Commission (FTC) rarely has multiple impacts on Wall Street securities trading institutions but a nationwide FTC ban on noncompete clauses and contracts is forcing the issue at many firms great and small. Noncompetes have become an essential aspect of Wall Street’s hiring and firing of executives, managers, and all… Read More >>
CLS Will Not Adjust FX Settlement for T+1
Players in the foreign exchange (FX) industry are being forced back to the drawing board when it comes to settling currency transactions on a T+1 basis after CLS Group, a key player in FX settlement, announced last week that it will refrain from making operational modifications to its CLSSettlement multi-currency settlement system. Back in February,… Read More >>
EquiLend’s Securities Lending Data Available via Bloomberg Portal
EquiLend, a data and analytics provider for the securities finance industry, has launched a securities lending data service, dubbed Orbisa, and it has been made available via the Bloomberg App Portal, officials says. Operated by EquiLend, Orbisa “has a dataset comprising $32 trillion of global lendable equity and fixed income securities. Bloomberg Terminal users can… Read More >>
