TruNarrative to Join LexisNexis Risk Solutions TruNarrative, a provider of cloud-based detection services for financial crime prevention, is being acquired by LexisNexis Risk Solutions, U.K. Ltd., which is part of RELX, officials say. TruNarrative, which will be added to the LexisNexis business services group, focuses on “the entire financial crime lifecycle within a single, unified… Read More >>
State Street Adopts Hybrid Model & Closes NYC Offices
State Street to Exit Midtown Manhattan The Boston-based State Street will be closing its midtown Manhattan offices and embracing a hybrid working model in response to staff members that have been working remotely in the wake of the COVID-19 pandemic, according to a prepared statement from the custodian banking giant. “Like most other companies, we… Read More >>
SIFMA, ICI, DTCC Seek SEC’s Help with T+1
The major backers of the move to shorten the U.S. securities industry settlement cycle from T+2 to T+1 by 2023 are moving full speed ahead as they reach out via a letter to the SEC about potential regulatory changes. Officials from the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and… Read More >>
SmartStream Applies A.I. to Recs Processes
SmartStream Air Version 4 Gets an A.I. Refresh Post-trade solutions vendor SmartStream Technologies recently launched SmartStream Air Version 4, an application update that uses artificial intelligence (A.I.) technology to support real-time and continuous reconciliation processes, officials say. The update “will allow customers to use a much wider range of processing, including payment reconciliations, which is… Read More >>
Regulated Tokens Could Greatly Reduce Settlement Burdens: Q&A
(Anthony Culligan, the chief engineer at SETL, a London-based blockchain vendor, recently authored a whitepaper, “Realizing the Regulated Internet of Value,” focusing on regulation and the phenomenon of tokenization via blockchains/distributed ledger technology (DLT). Culligan argues that tokenization could profoundly streamline middle- and back-office operations and facilitate a generic way to own and trade regulated… Read More >>
T. Rowe Price’s RIA to Launch in March 2022
New RIA to Be Independent of T. Rowe Price T. Rowe Price officials report that the firm’s funds’ board added a new subadviser — T. Rowe Price Investment Management (TRPIM) — the firm’s own SEC-registered and fully independent investment adviser. Late last year, T. Rowe Price Group, Inc. announced that it would establish TRPIM as a… Read More >>
Crypto Regs Are on SEC Chair’s Radar
SEC Chair Gary Gensler says that the regulator must consider ways to protect investors vulnerable to the “Wild West” of cryptocurrencies, the trading and custody for crypto-based instruments, and the tokenization bandwagon. In remarks at the Aspen Security Forum on Aug. 3, Gensler noted that “the crypto asset class has ballooned. As of Monday [Aug…. Read More >>
$1B in Misused 1MDB Funds Returned to Malaysia
Justice Department Sends Back Misappropriated Funds U.S. Justice Department officials report that they have returned “an additional $452 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned to over $1.2 billion.” The repatriation of the funds from the former 1MDB investment development fund follows a scandal in… Read More >>
FBI, SEC & FINRA Warn Against Imposter Brokers
None other than Larson E. Whipsnade himself declared, “You can’t cheat an honest man.” That was in the 1939 movie of the same name, and Whipsnade was played by W.C. Fields. So, it should come as no surprise that the Federal Bureau of Investigation (FBI), the Securities and Exchange Commission (SEC), and the Financial Interest… Read More >>
NYFIX to Expand Post-Trade Services via Acquisition
Broadridge Buys Itiviti Partner Alpha Omega Broadridge Financial Solutions has acquired Alpha Omega, a post-trade solutions provider that uses the FIX electronic trading protocol, a move that will expand NYFIX’s post-trade services, officials say. Alpha Omega is a longtime partner of Itiviti, which itself is the result of the 2016 combination of NYFIX and Ullink. Broadridge… Read More >>
