ETFs To Be Compared Against IA’s 37 Fund Sectors The U.K. industry group Investment Association (IA) has agreed to let exchange traded funds (ETFs) join the IA sectors, officials say. The IA represents U.K. asset managers and supports British savers, investors and businesses, officials say. The association has 250 members that oversee £7.7 trillion of… Read More >>
ICAP Capital Markets Penalized $50M in ISDAFIX Case
CFTC officials have settled a benchmark manipulation case against ICAP Capital Markets (ICAP) via an order that requires the firm, now known as Intercapital Capital Markets, to pay a $50 million civil monetary penalty, officials say The regulator is alleging that the firm, a NEX subsidiary company, used certain brokers to help facilitate attempts by… Read More >>
ABN Amro to Cut 250 CIB Employees
Dutch banking giant ABN Amro will be cutting 250 full-time employees from the Corporate and Institutional Banking (CIB) division because the business unit is not hitting the net income targets set by the bank, which will also be retreating from some international efforts. “The CIB cost base will be reduced by €80 million [$91.2 million],… Read More >>
JPMorgan Pays $65M to Settle ISDAFIX Case
The CFTC has settled its benchmark manipulation case against JPMorgan Chase (JPMC) via an order that requires the firm to pay a $65 million civil monetary penalty, and to strengthen its internal controls and procedures to prevent any future attempts to fix interest-rate swaps benchmarks. The order settles charges that JPMC attempted to manipulate the ISDAFIX benchmark “over… Read More >>
Startup Dakota Wealth Management Picks Pershing Advisor Solutions
New Firm Taps Pershing Advisor Solutions BNY Mellon’s Pershing Advisor Solutions has been picked as a custody partner for Dakota Wealth Management, a newly launched investment management firm. Dakota, headquartered in Palm Beach Gardens, Florida, currently manages $600 million in client assets, according to a statement, which notes that the average registered investment advisor… Read More >>
IHS Markit to Sell MarkitServ & Acquire Ipreo
Financial data vendor IHS Markit is moving to divest itself of its MarkitServ derivatives processing business, and to acquire Ipreo, a software solutions and data provider whose complementary offerings will result in more comprehensive offerings, officials say. Officials at IHS Markit say the provider of securities trading information, analytics and solutions, is willing to pay… Read More >>
CME Group to Buy NEX Group for $5.5 Billion
Derivatives exchange operator CME Group Inc. is set to acquire NEX Group plc for an estimated $5.5 billion and, if all goes well, the combined provider of transaction processing across futures, cash and over-the-counter (OTC) instruments will be able to offer many post-trade capabilities beyond clearing services. The CME Group encompasses: CME Clearing; the Chicago… Read More >>
2018 Predictions: Advances are Needed for DerivOps IT
(Editor’s Note: In a look to derivative processing in 2018, FTF News reports upon the remarks of the CEO of International Swaps and Derivatives Association). Although not making specific predictions, Scott O’Malia, CEO for ISDA, on Nov. 30, laid out a blueprint for overhauling derivatives processing that could gather steam in 2018. Speaking at ISDA’s… Read More >>
New Collateral Management Strategies Require New Building Blocks
Post-crisis regulation and competitive market conditions have forever changed the collateral management process for securities trading firms. The push to develop new collateral optimization strategies has often uncovered major problems within a firm’s own systems and processes. Most firms have had to move quickly to revamp their internal systems and craft new collateral management operations… Read More >>
Firms Face Cutting-Edge & Conventional IT Challenges in 2018
(Editor’s note: This tumultuous year is winding down but there’s every reason to think that securities operations will continue to make leaps and bounds next year especially when it comes to cutting-edge IT. Erica Borghi (née Choinski), chair of the International Securities Association for Institutional Trade Communication (ISITC), and vice president of Fintech Risk at… Read More >>
