Fidelity Investments is hiring and hoping that innovations in personnel training and development will help the Boston brokerage hang on to new talent. The firm reports that it is on track to create more than 12,000 jobs with a majority of them customer-facing positions — 69 percent — as the firm embraces new digital platforms… Read More >>
DTCC to Explore Clearing & Settlement for U.S. CBDC
As cryptocurrencies and their inherent distributed ledger technology (DLT) gain ground in global markets, the U.S. government, among others, is exploring the creation of a central bank digital currency (CBDC) that would provide more protection for investors and financial services participants. Looking ahead to the onset of a CBDC, the Depository Trust & Clearing Corp…. Read More >>
Crypto-Assets Could Threaten Global Markets: FSB
While global financial markets widely embrace digital assets, the Financial Stability Board (FSB) is warning via a new report that fast-evolving crypto-assets could ultimately threaten “global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.” The FSB report, “Assessment of Risks to Financial Stability from Crypto-Assets,” sets out… Read More >>
Ops Comes Second for Digital Overhauls: Survey
When it comes to deciding which division within a financial services firm should get priority for a digital overhaul, the operations and the sales and marketing groups come second to teams overseeing customer experiences, according to a new survey about next generational technology conducted by Broadridge Financial Solutions. The report, “Fast-tracking digital transformation through next-gen… Read More >>
Is DLT Finally Ready for Prime Time?
When the bragging goes quiet on Wall Street, you know the serious talk has begun. This has been the case with blockchain/distributed ledger technology (DLT). The hype evaporated pretty fast when the securities industry began to seriously test the glibly christened savior of disruptive technologies. Banks, exchanges, hedge funds, vendors, and everything else in between… Read More >>
DTCC Moves Ahead with DLT-Based Settlement Platform
The DTCC is moving ahead with its alternative securities settlement platform —the Project Ion initiative — based upon distributed ledger technology (DLT) after “a successful prototype pilot” with market participants, officials say. The prototype pilot showed that DLT could support the shorter settlement cycles of trading day plus one (T+1) and settlement on the trading… Read More >>
Can New Technologies Fix Old Ops Woes?
Cutting-edge, disruptive technologies — especially those that exploit advances in artificial intelligence — have captured the attention of securities trading firms. But turning the hype into useful ways to counter ongoing Ops problems remains a challenge for many firms. So, to help firms come to grips with machine learning (ML), robotics, natural language processing (NLP), regulatory… Read More >>
Canadian Regulator Takes Aim at Crypto-Trading Platform
Canadian financial services regulator, the Toronto-based Ontario Securities Commission (OSC) has officially charged a Seychelles-based firm with running an online digital asset trading platform that is noncompliant with the securities-trading laws of the Canadian province. The allegations could result in millions of dollars in penalties and disgorgements. The OSC is formally charging Aux Cayes Fintech… Read More >>
UBS Joins Broadridge’s Platform for Repo Transactions
Broadridge Financial Solutions has gotten the endorsement of Swiss banking giant UBS for a distributed ledger repo (DLR) platform that promises participants greater liquidity, less risk, and reduced operation costs, officials say. Vendor officials say that the DLR system provides a single platform for market participants to agree, execute and settle repo transactions. “Under a… Read More >>
Crypto Assets Mean Digital Ops for Hedge Funds
Over the next five years, hedge funds are on track for a greater embrace of crypto assets for their investments, and digital overhauls to manage cutting-edge securities operations, according to a survey released in late May by fund administration services provider Intertrust Group, based in Amsterdam, The Netherlands. The company surveyed 100 senior-level professionals at… Read More >>
