(Editor’s note: Many securities firms, vendors and service providers are gearing up for the MiFID II deadline of Jan. 3 1018. To help readers keep up, FTF News will be running frequent updates on what industry participants are doing to ease the burden of these industry reforms.) PGI Streamlines Equity Research Valuation and Payment Administration… Read More >>
ITG Expands TCA Service to Fixed Income Markets
Independent broker and financial technology vendor, Investment Technology Group (ITG) is expanding its transaction cost analysis (TCA) platform to serve the fixed income market as a way to help industry participants meet best execution and other regulatory requirements for MiFID II and other reporting regimes. The ITG’s new fixed income TCA support provides institutional investors… Read More >>
SEC Charges Ex-Ops Head at ITG in ADR Case
The SEC reports additional charges in an enforcement investigation involving the improper handling of American depositary receipts (ADRs) by a former supervisor at broker-dealer ITG Inc.’s securities lending desk. The SEC investigation alleges that Anthony Portelli, ITG’s former managing director and head of operations, who ran ITG’s securities lending operations and was responsible for the… Read More >>
ISDA Worries Firms Will Miss Margining Deadline
New Variation Margining Rules Hit March 1 Starting March 1, financial services firms will be subject to “new rules that will require them to exchange variation margin on their non-cleared derivatives trades,” but many of them may miss that deadline, says Scott O’Malia, CEO of the International Swaps and Derivatives Association (ISDA) in the Jan…. Read More >>
ITG to Pay $24M for Alleged ADR Violations
The SEC reports that broker ITG has agreed to pay more than $24.4 million to settle charges that it “violated federal securities laws when it prompted the [pre-release] issuance of American Depository Receipts (ADRs) without possessing the underlying foreign shares.” ITG’s net revenues from the pre-release transactions during the period under SEC scrutiny totaled approximately… Read More >>
MiFID II Unbundling May Hit Brokers Globally: Survey
When MiFID II, the updated Markets in Financial Instruments Directive, comes into effect in less than a year, on January 3, 2018, it will require asset managers who do business in the European Union to unbundle — that is, to separate — their trading commissions from charges for investment research. “While the majority of asset… Read More >>
ITG Makes Foreign Exchange and Analytics Hires
Foreign Exchange Hire is from Deutsche Bank ITG, a broker and financial technology provider, reports the hiring of Ruben Costa-Santos as director and head of FX and Andre Nogueira as an analytics director. Costa-Santos, who will oversee ITG’s foreign exchange activity across the analytics, execution and workflow technology product groups, will be based in the… Read More >>
Leucadia National to Buy ITG Research Unit for $12M
Diversified holding company Leucadia National Corp. has signed a definitive agreement to acquire ITG Investment Research, LLC, once known as Majestic Research, from broker-dealer and technology vendor Investment Technology Group (ITG), according to Leucadia and ITG officials. “Upon completion of the transaction, ITG Investment Research will operate as M Science,” Leucadia officials say. Michael V…. Read More >>
ISDA Sets 2016 Credit Event Committees
ISDA Designates Groups to Oversee Credit Events The International Swaps and Derivatives Association, Inc. (ISDA) has reported the 2016 composition of its five regional determinations committees (DCs), which are responsible for determining whether a “credit event” has occurred in the derivatives market. The ISDA defines a credit event as either a bankruptcy, an obligation acceleration,… Read More >>
ITG Launches Tool to Review Post-Trade, Fill-Level Data
ITG Launches Execution Analysis Tool ITG, an independent broker and financial technology vendor, reports that it has launched ITG Execution Analysis, a web-based analytics tool for clients seeking additional insights into their fill-level data and broker-neutral algorithm usage. “Through the use of FIX-based, fill-level data, ITG Execution Analysis focuses on algorithm usage, spread capture, venue… Read More >>
