Genesis Investment Management Deploys Watson Wheatley Service London-based Genesis Investment Management, a specialist investment management firm, is the first official customer of reconciliation vendor Watson Wheatley’s “reconciliation as a service” offering, according to officials at the firm and the vendor. The new offering from Watson Wheatley leverages the audit controls and automation of the iRecs… Read More >>
Shell’s Treasury Group Deploys Bloomberg FX Service
The foreign exchange (FX) central treasury business of Royal Dutch Shell is replacing several systems — many of them manual — with an automated platform developed to work with Bloomberg terminals and facilitate end-to-end electronic FX workflows with order audit trails. The new corporate treasury service is integrated with Bloomberg terminals and offers “a simplified… Read More >>
Deutsche Bank Settles ‘Improper’ FX Conduct Case
Deutsche Bank AG will pay a fine of $205 million to the New York State Department of Financial Services (DFS) for violations of New York banking law that include “efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.” The fine and… Read More >>
Capitolis to Debut Automated Novation for FX
Over the coming weeks, vendor Capitolis will be going live with an automated novation service for foreign exchange (FX) transactions that are often manual processes for FX prime broking and bilateral trading, officials say. Capitolis officials are pitching the Capitolis Novation service as the first of its kind and as a way to bring new… Read More >>
Finastra Acquires Olfa Soft to Complete eFX Trading Suite
Finastra is adding Olfa Soft’s electronic foreign exchange (FX) trading platform Seamless FX to its portfolio of treasury transaction offerings as a result of a recently announced acquisition. The Geneva, Switzerland-based Olfa Soft offers trading platform design and integration services to facilitate uninterrupted FX services, officials say. “As FX markets become more competitive with trading… Read More >>
HSBC Settles FX Investigation with Justice Department
London, U.K.-based HSBC Holdings plc, the venerable parent company of the New York City-based HSBC Group, reports that it has entered into a three-year deferred prosecution agreement with the U.S. Department of Justice, meant to “resolve the DoJ’s investigation into HSBC’s historical foreign exchange sales and trading activities within its Global Markets business.” The agreement… Read More >>
Thomson Reuters Supports Finastra Innovation Platform
Finastra Reaches Out to FinTech Newcomers Finastra is adding Efficiency MC, Conpend and BankBI to its FusionFabric.cloud open architecture, officials announced at the company’s recent regional thought leadership event, Finastra Universe Paris. The vendor, formed from the combination of Misys and D&H, also announced that Thomson Reuters is joining Finastra’s circle as a data… Read More >>
New LCH Account Type Targets Collateral Burdens
The LCH Ltd. clearinghouse has launched a new type of client account via its SwapClear service that among other aspects will allow European buy-side firms to send collateral directly to the LCH and allow them to retain beneficial title to it, officials say. The creation of the new account type, CustodialSeg, is in response to… Read More >>
Blackstone Hires from GE for New Infrastructure Push
Blackstone Names Head of Infrastructure Portfolio Asset Management Blackstone reports that Stephen R. Bolze, former president and CEO of General Electric’s power business, will join as a senior managing director and head of portfolio operations and asset management for its newly launched dedicated infrastructure business. Bolze, who will join Blackstone in October, will “partner with… Read More >>
SETL, Cobalt DL to Create FX Post-Trade DLT Solution
Two distributed ledger technology (DLT) pioneers SETL, a London-based financial blockchain specialist, and Cobalt DL, a private peer-to-peer network provider, have joined forces via a new partnership intended to yield a post-trade platform for foreign exchange (FX) transactions. “In June 2016, SETL announced the launch of our blockchain-powered OpenCSD platform, which enables any market participant… Read More >>
