Immediately following the results of the midterm elections financial markets had a bounce that observers say means that Wall Street foresees that a new balance of power in Washington, D.C. as tempering the international tariff and trade wars, and facilitating deregulation. For the midterms, both houses of the U.S. Congress faced a national election on… Read More >>
CFTC & U.K.’s FCA Join Forces on FinTech Push
CFTC and FCA Sign Agreement to Collaborate The U.S. CFTC and the U.K.’s Financial Conduct Authority (FCA) report the signing of an agreement that “commits the regulators to collaborating and supporting innovative firms through each other’s fintech initiatives” — LabCFTC in the U.S. and FCA Innovate in Great Britain. The heads of both regulators saluted… Read More >>
SWIFT & Seven CSDs to Push for Post-Trade Blockchains
More CSDs Expected to Work with SWIFT Financial messaging and systems cooperative SWIFT has just signed a memorandum of understanding (MOU) with seven central securities depositories (CSDs) that commits them to demonstrating how distributed ledger technology (DLT) could be put to work for post-trade operations, including corporate actions processing, shareholder and related voting, and proxy-voting…. Read More >>
Are Trump and Wall Street Breaking Up?
What is happening to the romance between Wall Street and President Donald J. Trump? Let’s start with the fact that Trump and Wall Street were not getting along during the 2016 presidential campaign. In fact, we reported that, at first, Wall Street resisted Trump’s charms even though some of his rhetoric must certainly have intrigued… Read More >>
FATCA Spurs Banking Woes for Americans in Asia
More than half of Americans living in East Asia report that they encounter problems “accessing normal banking services” as a consequence of the controversial Foreign Account Tax Compliance Act (FATCA) of the U.S. Treasury, according to a poll via independent advisory group deVere Group. The deVere Group polled more than 2,500 Americans living in the… Read More >>
FATCA’s Foes Take Aim Again
After being mostly ignored during the U.S. presidential race last year, the repeal of Foreign Account Tax Compliance Act (FATCA) is being pushed again by the law’s most vocal opponent Nigel Green, founder and CEO of deVere Group. The far-reaching FATCA legislation, passed in 2010 under the Obama administration, requires Americans living overseas to pay… Read More >>
Firms Could See Stormy Weather in 2017
(In this second installment of predictions [click here to read the first installment and here for the third installment], FTF News is reviewing the predictions made about the investment outlook for 2017 and the cloud and digital technologies that may help firms cope with what will likely be an interesting year. The final story in… Read More >>
Hong Kong, Shanghai Upbeat on Trump’s Impact on Global Markets
Wall Street traders are not along in giving the thumb’s up to a new Donald Trump administration as financial services firms in Hong Kong and Shanghai while initially surprised by his victory are willing to give the real estate mogul a chance, according to a new survey. More than two-thirds of survey respondents, or 68… Read More >>
Broker Deploys Torstone’s Back-Office System in Four Months
U.K. Firm Wants Cost-Effective, Scalable Back Office Liberum, a pan-European investment bank, signed a multi-year deal with Torstone Technology in July to deploy the vendor’s Inferno back-office system and went live earlier this month with the new system, achieving a four-month implementation, according to Liberum and vendor officials. An employee-owned firm, Liberum offers pan-European equity… Read More >>
EBS BrokerTec Taps Tradeweb for Top Americas Post
Head of BrokerTec Direct Americas Is Appointed EBS BrokerTec, ICAP’s electronic fixed income and foreign exchange business, reports that Nicole Shumpert, senior fixed income professional from Tradeweb, has been named head of its BrokerTec Direct, Americas, service. BrokerTec Direct “leverages the EBS Direct model to provide customers with a new mechanism for trading fixed income,”… Read More >>
