Some Firms Still Using Legacy, Error-Prone IT Nearly one-third of asset managers — based outside of North America — say that they are hanging onto legacy IT platforms even if these systems are causing trade delays and errors, according to a new survey from market research firm TABB Group. The global, non-North American investment managers… Read More >>
CFTC Issues Final Rule for Cleared Swaps Reporting
The CFTC reports that it has approved a final rule meant to bring “additional clarity” to existing cleared swaps reporting regulations and procedures. The rule codifies reporting obligations for counterparties and registered entities and improves the “efficiency of data collection and maintenance associated with the reporting,” the CFTC says. The commission’s own detailed analysis of… Read More >>
PIMCO to Centralize KYC Efforts
Asset manager Pacific Investment Management Company (PIMCO) is signing on to use the “Kyc.com” centralized know-your-customer (KYC) service to add to its due diligence and onboarding requirements for KYC, anti-money laundering (AML), tax, credit and legal agreements, say officials at the Newport Beach, Calif.-based firm. The kyc.com service is a joint venture between information and… Read More >>
Acadian Asset Management to Overhaul IT Architecture
Boston-based Acadian Asset Management will deploy a managed services enterprise data management (EDM) offering from financial information services and systems vendor Markit as the keystone for an IT architecture overhaul, say officials at the firm. Acadian will be using Markit EDM as “a foundational element of its IT architecture transformation across the front, middle and… Read More >>
Markit, ISDA Move to Settle EU Probe
Markit, the U.K. data provider, and the International Swaps & Derivatives Association (ISDA), an industry trade group, have offered concessions in an effort to settle a European Union antitrust investigation into possible collusion in the credit default swaps (CDS) market, according to the European Commission. The Commission is seeking feedback from interested parties on the… Read More >>
FTF Awards Spotlights Ops Providers and Individuals
Financial Technologies Forum (FTF), owner of FTF News, has just announced the winners of the 2016 FTF News Technology Innovation Awards, noting that it had a record-breaking response with approximately 27,000 votes cast for 25 awards categories. Except for the Editor’s Choice award, the nominees and ultimate winners of the awards are selected by FTF… Read More >>
More Global Banks Test or Explore Blockchain
The bandwagon for blockchain and distributed ledger technology (DLT) is getting crowded as four major global banks have just completed a battery of tests in which the cutting-edge technology played a key role in credit default swap (CDS) processing. At the same time, key players in Japan led by Nomura Research Institute (NRI) officials are… Read More >>
CloudMargin Sharpens Collateral Optimization Capabilities
CloudMargin, a provider of web-based collateral and margin management services, reports that it has improved its collateral optimization capabilities to better serve the clearing needs of securities firms. The enhanced optimization combines CloudMargin’s capabilities to source inventory “on a client’s behalf direct from custodians via CloudMargin’s own SWIFT membership,” vendor officials say. Cloud-based collateral management… Read More >>
New Markit Service Targets the Demands of CRS
Markit is launching a due diligence solution intended to help financial services firms meet a forthcoming standard for the automated exchange of financial account information, particularly as it relates to know your customer (KYC) requirements. Created with help from officials at Barclays and Brown Brothers Harriman (BBH), the new offering is Markit│CTI Tax Solutions for… Read More >>
Markit-IHS Challenges Dominance of Bloomberg and Thomson Reuters
Activity in the market data sphere has continued at a clip over the past two years but the recent $13 billion merger of two sector giants — Markit and IHS — marks the largest union. Together they will create a formidable force in corporate and financial coverage that will rival entrenched powerhouses Bloomberg and Thomson… Read More >>
