While SWIFT’s SIBOS conference and exhibit is known for serving many financial services sectors at once, the securities community at the weeklong event in Toronto last week had a lot to explore, including the news from JPMorgan, which added corporate actions processing support from TCS, EquiLend embracing DLT, and Duco exploring new technologies. JPMorgan Securities… Read More >>
ISITC Explores Tokenized Commodities & Other News
ISITC & TCC Form Partnership Securities operations standards group ISITC has begun a partnership with the Tokenized Commodities Council (TCC) “to advance the understanding and adoption of digitized real world assets,” officials say. The nonprofit trade association TCC is “dedicated to educating the investment community and wider public about the benefits of and best practices… Read More >>
SWIFT & GLEIF Build MIC-to-LEI Bridge & Other News
GLEIF Launches Open Source MIC-to-LEI Mapping SWIFT, the global financial messaging services and systems cooperative, and the Global Legal Entity Identifier Foundation (GLEIF) are cooperating to offer financial services firms a new, free way to gather, aggregate, and reconcile counterparty information via a new interoperability across parallel identity platforms, officials say. GLEIF reports that it… Read More >>
JPMorgan Fined $200M for Skipping Digital Recordkeeping
JPMorgan Chase & Co. is paying a hefty $200 million in fines to the SEC and the CFTC on charges that it failed to retain and store trading-related digital communication records of staff members of JPMorgan Securities (JPMS), a broker-dealer subsidiary of the financial services giant. JPMorgan will be paying $125 million to the SEC… Read More >>
JPM Asset Management Taps JPM Securities Services
Following a two-year search, JPMorgan Asset Management (JPMAM) officials report that they will be outsourcing to JPMorgan’s Securities Services division an updated set of global operations that will encompass middle office services, collateral management, and risk analytics. The move means that there will be a definite swing to a more flexible model for services that… Read More >>
SimCorp & JPMorgan Partner to Ease Ops Integration
A new collaboration between SimCorp and JPMorgan’s Securities Services group is intended to help their mutual clients share intraday and multi-asset data — a key part of a new effort to bring interoperability and transparency to SimCorp’s systems and the investment bank’s pre-trade, post-trade, trading, and treasury solutions. This tighter integration between front-and-middle office operations… Read More >>
Are You Ready for Digitalized Repo Ops?
(Last month, JPMorgan revealed that it had successfully conducted “a live, blockchain-based intraday repo transaction” between its broker-dealer and banking entity via an internally developed blockchain/distributed ledger technology (DLT) application. The effort was a test of instantaneous settlement and maturity of the transaction in hours rather than days. The news spurred FTF News to reach… Read More >>
JPMorgan Chase & OCC Resolve Risk Control Charges
The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has hit JPMorgan Chase, with a $250 million fine. The reason for the civil penalty: “The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of… Read More >>
Spoofing is Fraud & Erodes Investor Trust: Q&A
(FTF News reached out to Travis Schwab, CEO of Eventus, based in Austin, Texas, to check in with him about regulatory actions to stop false trade orders that spur sharp market price reactions before they disappear — otherwise known as “spoof orders.” Regulators have hit JPMorgan with a recent record $920 million fine and authorities have convicted… Read More >>
Citi, JPMorgan & State Street Invest $11M in Capitolis
Capitolis to Speed Up Product Development Citi, JPMorgan, and State Street have invested a total of $11 million in fintech startup Capitolis, whose proprietary technology platform helps trading firms streamline their trading-position strategies. A spokesperson for Capitolis confirms media reports that the funding from the trio is $11 million in total. The spokesperson declines to… Read More >>
