Manual processing stings especially in the investment fund services industry. Order placement, confirmation, fund transfer and reconciliation processes remain dominated by little or no automation, says market research firm Aite Group. In one case, a fund management firm spends $812,460 (€600,000) annually on faxes for its Taiwanese investors—representing 30% of the total transfer agency bill… Read More >>
Remembering Lost Lives and Triumphs
As the media reported on the many moving events yesterday commemorating the thousands we lost on 9/11, I was reminded that you can always stop and just remember them in your own way whenever you choose. This suits me because Sept. 11, 2001 is a day that is present forever even a dozen years later.Like… Read More >>
It’s a Long Road to Nirvana
The buy side is a long way from an operational efficiency Nirvana when it comes to over-the-counter derivatives and operational data management. A recent survey finds that 82% of 135 North American executives polled are relying on error-prone workarounds for cleared and executed OTC trading. Another survey says firms are still battling data silos and… Read More >>
Will Fidessa Spur New Vendor Battles via Post-Trade FIX?
Normally a front-office vendor, Fidessa has today officially embraced the FIX protocol for its Post-trade Confirmation Hub offerings, which facilitate FIX-based trade affirmations and confirmations between buy-side and sell-side firms. This follows the work of the FIX Protocol Ltd. to push the electronic trading standard beyond the front office. Perhaps Fidessa’s FIX move is a… Read More >>
Scivantage Partners with Broadridge as the Carlyle Group Joins Private Equity Data Alliance
Scivantage to Support Maxit Customers via Broadridge BPO Services Scivantage, a brokerage, tax and portfolio reporting applications vendor, is partnering with Broadridge Financial Solutions to provide Scivantage Maxit cost basis reporting customers with reconciliation via Broadridge’s business process outsourcing services, say officials from both companies. “There were multiple factors that brought our two companies together,”… Read More >>
Is Wall Street Becoming a Rigged Game?
Should investors and the buy side worry that Wall Street is a rigged game? A new survey of 250 people working in financial services finds that nearly one-third of them are ethically challenged. While the sponsor of the survey, the law firm Labaton Sucharow, wants to raise awareness of its whistleblower practice, some of the… Read More >>
The Dirty Secrets of Retro Recs Processing
The dirty secret about reconciliation and exception management is that many firms – large and small – are still using mostly manual processes. They are applying a mix of calls, faxes, data feeds, spreadsheets, internally developed applications and a desktop database to the problem, essentially what they were doing to support trading in the late… Read More >>
Omgeo Replaces its CCO as Markit Acquires DTCC Unit and Staff
Omgeo Replaces Chief Compliance Officer Post-trade services provider Omgeo has hired industry veteran Jeannie Shanahan to be its new managing director of governance, risk management and compliance replacing Kara L. Hill, who left her post as chief compliance officer to be vice president and deputy general auditor for the DTCC, confirm Omgeo officials. Hill joined… Read More >>
Is the Cloud Causing Layoffs in the Back Office?
More buy-side firms than you think are moving IT infrastructures and operations to the cloud and then laying off back-office staffs. So says Todd Gottula, executive vice president and chief technology officer for Advent Software. Tighter margins are compelling firms to find efficient ways to “manage disparate systems” and the cloud option is getting popular,… Read More >>
The New Rules of Operational Data Management
Pardon my shameless self-promotion but FTF News is very happy to announce that we will have a booth at the SIFMA Tech 2013, June 18-19, in New York. At booth # 1301, you will see printed editions of our latest magazine, also available in a digital format, that focus on the new rules for what… Read More >>
