The global Swift financial messaging cooperative has completed a collaborative “sandbox experiment” testing the interoperability of an interlinking solution for central bank digital currencies (CBDCs) intended to “simplify and speed up trade flows, unlock growth in tokenized securities markets, and enable efficient FX settlement,” officials say. CBDCs are the digital currencies likely to be issued… Read More >>
OSTTRA Launches PvP Settlement for FX Transactions
Post-trade solutions provider OSTTRA is collaborating with Baton Systems to launch an on-demand payment-versus-payment (PvP) settlement service for foreign exchange (FX) transactions that is intended to mitigate bilateral settlement risk, officials say. The PvP system is also intended to optimize intraday funding, liquidity, and credit risk, officials add. The OSTTRA system will use Baton’s distributed… Read More >>
DTCC & CME Push to Expand Treasuries Deal & Other News
DTCC, CME Need Regulators to Allow Cross-Margining Expansion Post-trade infrastructure system and services provider DTCC and derivatives exchanges company CME Group report that they would like to improve their cross-margining arrangement so that clearing members of CME and the Government Securities Division of DTCC’s Fixed Income Clearing Corp. (FICC) can trade and clear U.S. Treasury… Read More >>
BT Trading Integrates Flexenet Private Wires & Other News
BT and Flexenet Launch Partnership BT officials can now offer Flexenet Private Wires connectivity “fully integrated with its BT Trading unified communications and collaboration (UCC) platform” via a new partnership between BT and Flexenet. Officials from both companies report that the new partnership is intended to provide clients with more options for cloud-based trading floor… Read More >>
SEC Updates Filing Fee Disclosure & Payment Methods
SEC Modernizes Fee Payments U.S. financial markets regulator, the SEC is revising “most fee-bearing forms, schedules, and related rules” and requiring companies and funds to “include all required information for filing fee calculation in a structured format,” officials announced. The regulator has “adopted amendments to modernize filing fee disclosure and payment methods” that will… Read More >>
Bank of Ireland to Hire 130 Technologists
New Staff Tasked to Deliver a Digital Transformation Officials at the Bank of Ireland recently announced that they have begun recruiting to fill 130 technology positions whose mission will be to deliver on an “ambitious digital agenda.” Part of that digital agenda is likely to include support for the bank’s securities trading activities even… Read More >>
M&G Outsources Middle Office to State Street
M&G Extends Current Arrangement M&G Corporate Services Ltd., a part of M&G plc, has picked State Street to provide outsourced middle office services in an arrangement that extends a 10-year partnership with M&G, officials say. M&G is already getting fund accounting and custody services from State Street. The extension will mean that State Street can… Read More >>
Standard Chartered Braces for Probes of FX Practices
Standard Chartered Bank reports that it has received a so-called “decision notice” from the Regulatory Decisions Committee of the United Kingdom’s Financial Conduct Authority (FCA). The decision notice imposes a penalty of £102,163,200 ($136.1 million) (net of a 30 percent early settlement discount) on the bank group. That penalty is related to the group’s “historical… Read More >>
BNPP Pays $246M Fine, Agrees to FX Reforms
The Federal Reserve Board reports levying a $246 million-plus fine against Paris-based BNP Paribas S.A. and “certain of its U.S. subsidiaries” for what it calls “unsafe and unsound practices” in the foreign exchange (FX) markets. Fed officials allege that there were oversight deficiencies via the “the world’s seventh-largest financial services company by revenue [$126.2 billion].”… Read More >>
Marco Polo New World Launches FX Matching Service
Manhattan-based Marco Polo New World, which specializes in emerging and frontier markets, reports that it has spent the past year upgrading its infrastructure to create a “foundation on which to extend the breadth of its service offerings.” The first result of the infrastructure upgrade is MPFX, a “matching engine and user interface [that] allows clients… Read More >>
