The pandemic-induced lockdown has challenged all of us to alter our plans and create new ways of doing business. For FTF, we are evolving and inventing new ways to serve and grow our network of securities professionals that we have developed over the past 14 years. The good news is that we are trying something… Read More >>
Deutsche Bank Sells Postbank Systems to TCS
Sale Underscores Deutsche Bank’s Transformation Deutsche Bank is selling Postbank Systems AG to outsourcing giant Tata Consultancy Services (TCS), a key milestone in the bank’s efforts to streamline operations and transform itself. “Under the terms of the transaction, TCS will acquire 100 percent of the shares of Postbank Systems AG from Deutsche Bank AG,” according… Read More >>
U.K. Regulator Orders FNZ to Undo GBST Acquisition
A U.K. regulator is ordering wealth management vendor FNZ to undo its controversial takeover of GBST and sell the back-office technology vendor because, the regulator argues, the merger could lead to a “reduction in the quality of service and higher prices” for retail investment platforms. The acquisition was completed before the U.K. Competition and Markets… Read More >>
UMR Raises the Stakes for Recs & Ops
Is it possible that the global collateral and margining reforms known as the Uncleared Margin Rules (UMR) could be viewed as having ramifications beyond increasing workloads for reconciliation and securities operations to meet the compliance challenge? Many medium-to-small-sized firms may be asking that question as they work their way through the many requirements of UMR… Read More >>
ASX Resets CHESS Replacement Launch to 2023
ASX Stakeholders Ask for More Time The Australian Securities Exchange (ASX) reports that it has set April 2023 as the new launch date for its blockchain-based replacement for the incumbent Clearing House Electronic Subregister System (CHESS), citing the need for more time to refine the platform to come. The new launch date follows a tentative… Read More >>
Pandemic Drives Up Costs for Fighting Financial Crime
The pandemic is surging and, partly because of the coronavirus epidemic, so is the cost of monitoring and reporting financial crime. The graphs and spreadsheets that financial services professionals pore over are bringing the disturbing news. And as one veteran observer of the securities industry puts it, Wall Street doesn’t like what it sees. Just… Read More >>
Why Did the Tokyo Stock Exchange Halt Trading?
In a bid to honor the fading art of the follow-up story, I have been rooting around to find out what has happened to the Tokyo Stock Exchange (TSE) since its systems outage earlier this month. To remind you, the TSE had an unprecedented halt to trading for a full day on Oct. 1, but… Read More >>
RBC Capital Markets Launches AI-Based Trading Platform
‘Aiden’ Yields Solution to Cut VWAP Slippage Securities traders at RBC Capital Markets and scientists who specialize in artificial intelligence (AI) at vendor Borealis AI have been collaborating to deliver Aiden, an AI-based electronic trading platform that exploits “deep reinforcement learning” to facilitate better trading results and insights for clients, officials say. “In doing so, both… Read More >>
Fidelity Hiring to Fill 4,000 Positions
Fidelity to Make Ops & IT Hires Too Money manager Fidelity Investments is on hiring spree and is seeking to fill approximately 4,000 positions across the U.S. over the coming six months to meet “unprecedented customer growth and engagement,” Fidelity says. “Recent market volatility and an increasingly complex economic environment has driven millions of new… Read More >>
CFTC Fines Citi for Glitchy Audio Recording System
The Commodity Futures Trading Commission has fined specific Citibank swap dealers who erased key 2018 recordings that were meant for preservation and review by the CFTC’s division of enforcement. The CFTC’s $4.5 million penalty hits Citibank N.A. and Citigroup Energy Inc., two registered swap dealers, and Citigroup Global Markets, Inc., a registered swap dealer and… Read More >>
