CFTC Commissioner J. Christopher Giancarlo is calling on U.S. and European regulators and policymakers to take a “do no harm approach” toward the oversight of emerging distributed ledger technology (DLT), popularized by the blockchain underpinnings for cryptocurrency Bitcoin. Otherwise, DLT’s growth is at “risk of being stymied by disparate and uncertain regulation,” says Giancarlo, who… Read More >>
ESMA Fines DTCC for Trade Repository Shortcomings
Post-trade infrastructure services provider DTCC has been fined nearly $73,000 by the European Securities and Markets Authority (ESMA) for alleged failures to properly offer “direct and immediate access to derivatives trading data” for nine months in 2014. The regulator’s fine of €64,000 (equivalent to 72,907.15 given a 1 EUR = 1.13917 USD rate) is the… Read More >>
DTCC & Digital Asset Launch Distributed Ledger Project for Repos
The DTCC, the industry post-trade utility and related services provider, and fintech startup Digital Asset Holdings are developing a solution based on distributed ledger technology, intended to help firms better manage the clearing and settlement of U.S. Treasury, agency, and agency mortgage-backed repurchase agreement (repo) transactions. The effort should yield a central counterparty process that… Read More >>
Speakerbus Partners with Westcon for EMEA Distribution
Speakerbus Expects Deal to Boost Growth Speakerbus, a specialist provider of voice solutions, has signed an agreement with Westcon Group, a distributor of products and professional services for converged telecommunications solutions, to distribute Speakerbus’ offerings in the EMEA region, say Speakerbus officials. The partnership is expected to help Speakerbus grow. Speakerbus offers “advanced telephony, hoot… Read More >>
Firms Have Tough Decisions Ahead of Them: ISITC
(Editor’s note: Jeffrey Zoller, chairman of The International Securities Association for Institutional Trade Communication (ISITC), an industry trade group focused on standards, speaks to FTF News about some of the difficult choices coming for financial services firms. ISITC’s 22nd Annual Industry Forum & Vendor Show is underway in Boston this week. In addition to his… Read More >>
AcadiaSoft Unveils Central Margining Hub for Derivatives
Norwell, Mass.-based AcadiaSoft, Inc. reports that it has begun industry testing of its Collateral Hub, which it characterizes as the “first ever Central Margining service for non-cleared OTC [over-the-counter] derivatives.” Twenty-eight major banks are participating in the test of the electronic-margin-management system, AcadiaSoft says, noting that its “new service will facilitate industry compliance with impending… Read More >>
Steering Committee Sets Date for T+2 Changeover
U.S. markets now have a September 2017 date to work toward for the move from the current settlement cycle of trade date plus three days (T+3) to a two-day cycle (T+2) because of a recommendation from the T+2 Industry Steering Committee (T+2 ISC), which is guiding the transition. At the same time, officials at the… Read More >>
MiFID II Delay Causes Joy and Frustration
As expected, the European Commission has approved a one-year extension for compliance with the revised Markets in Financial Instruments Directive (MiFID II), and while some firms are relieved others are frustrated by the “hurry up and wait” dynamic. The delay is intended to give more time to industry participants grappling with “the exceptional technical implementation… Read More >>
CFTC Designates NFA as SDR Data Recipient
CFTC Designates NFA as SDR Data Recipient The CFTC issued an order authorizing the National Futures Association (NFA) as “a designee to receive access to data maintained by swap data repositories (SDR),” officials say. The NFA is touted by the CFTC as the “only registered futures association (RFA)” actually registered with the commodities regulator. “As… Read More >>
Integration Software from JPMorgan to Bolster Markit Clear
Financial data, systems and services vendor Markit will be using integration software acquired from JPMorgan to help pave the way for the straight through processing (STP) of loan transactions and to bring greater settlement efficiency to the syndicated loan market, officials say. Markit officials are not disclosing the financial terms of the acquisition, but they… Read More >>
