JPMorgan is exiting its narrowly focused, government securities settlement services business, which includes Treasury and agency bonds, ending support for approximately 30 clients, bank officials confirm. The clients affected use the bank’s broker-dealer channel and JPMorgan then uses the Federal Reserve’s securities transfer system. While some news outlets recently reported that JPMorgan would be leaving… 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 >>
HTG Capital Buys Three of Kottke’s Businesses
HTG, Kottke to Form a ‘Strong Team’ HTG Capital Partners, a liquidity provider for listed and over-the-counter (OTC) derivatives instruments, is slated to acquire the introducing broker, money management and proprietary trading businesses of Kottke Associates, creating “a strong team” to take on the futures industry, say officials. HTG and Kottke Associates, which is a… Read More >>
CFTC Blesses DTCC-SWIFT LEI Utility for Another Year
CFTC Hopes Global LEI System to Be More Operational in a Year The legal entity identifier (LEI) utility operated by the DTCC and SWIFT can continue for another year in the hope that the global LEI system will become fully operational in that time, according to the CFTC, which just issued an order extending the… Read More >>
State Street to Test Service for Collateral Settlement
State Street will embark upon a pilot program in the first quarter of 2017 that will test the margin settlement messaging service of vendor GlobalCollateral as the global custodian intends to automate as much as possible the collateral settlement process, officials confirm. GlobalCollateral, a joint venture of Euroclear and the DTCC, is readying for prime… Read More >>
CFTC Issues Final Rule for Cleared Swaps Reporting
The CFTC reports that it has approved a final rule meant to bring “additional clarity” to existing cleared swaps reporting regulations and procedures. The rule codifies reporting obligations for counterparties and registered entities and improves the “efficiency of data collection and maintenance associated with the reporting,” the CFTC says. The commission’s own detailed analysis of… Read More >>
Schroders Luxembourg to Use KYC Hub
Asset manager Schroder Investment Management (Luxembourg) S.A (SIM) is using a centralized service that stores legal entity level information, documentation and ownership information that are key components for several operations that require accurate know your customer (KYC) client documentation and related data. Founded in August 1991, SIM, aka Schroders Luxembourg, provides central support to Schroders’… Read More >>
DTCC and ISDA Bolster Their Boards via New Members
DTCC Elects Three New Board Members The Depository Trust & Clearing Corp. (DTCC) reports that three new members, all senior executives at clearing agencies, have been elected to its board of directors. They are: Lester Owens, managing director and global head of wholesale banking operations at JPMorgan; Paul Simpson, managing director and global head of… Read More >>
Omgeo Alert Settlement Utility Hits Milestone
Omgeo Alert, an online global database of account information and standing settlement instructions (SSIs), has hit a milestone with more than six million settlement instructions — a major step forward in its push to become the dominant SSI utility, say officials of the post-trade market infrastructure services provider the DTCC, which owns Omgeo. SSIs hold… Read More >>
More Global Banks Test or Explore Blockchain
The bandwagon for blockchain and distributed ledger technology (DLT) is getting crowded as four major global banks have just completed a battery of tests in which the cutting-edge technology played a key role in credit default swap (CDS) processing. At the same time, key players in Japan led by Nomura Research Institute (NRI) officials are… Read More >>
