The New York Stock Exchange (NYSE) has paid a $9 million penalty to the Securities and Exchange Commission (SEC) to settle charges that NYSE officials allegedly failed to conduct opening auctions for more than 2,800 securities in January 2023, officials say. “The SEC’s settled order finds that on January 24, 2023, NYSE failed to run… Read More >>
ACA Group Acquires ‘FX Transparency’
Governance, risk, and compliance (GRC) advisor ACA Group has snapped up foreign exchange (FX) transaction cost analysis (TCA) and best execution analytics provider FX Transparency (FXT) for an undisclosed sum. The acquisition forms part of ACA’s goal to become a “best-in-class, cross-asset TCA platform,” adding new data and analytics covering one of the largest, most… Read More >>
ICE & OKX Launch Joint Initiatives
Intercontinental Exchange (ICE), an exchanges operator and financial technology provider, has made an undisclosed strategic investment in OKX, a blockchain technology and trading company, officials say. ICE owns and operates the New York Stock Exchange (NYSE). “The companies intend to evaluate joint initiatives across market structure design, clearing and risk management, data, and institutional access… Read More >>
Finbourne & Alkymi Bring A.I. to Private Credit Data Ops
Financial technology providers Finbourne Technology and Alkymi are launching an integrated credit risk monitoring solution for the private credit industry that is intended to end the manual effort associated with processing private credit data, officials say. In short, the partnership between them has led to the new solution that offers early detection of deteriorating credit… Read More >>
Six Banks Commit $100M to OSTTRA’s Expansion
Bank of America, Barclays, Citi, HSBC, UBS Investment Bank, and Wells Fargo have agreed to make a combined $100 million strategic equity investment in post-trade provider OSTTRA to support its expansion into new markets and asset classes. The move follows investment firm KKR’s $3.1 billion acquisition of OSTTRA late last year. The company’s network connects… Read More >>
Digital Asset Securities Need Regulated Markets: Q&A
(The U.S. Securities and Exchange Commission (SEC) via its Division of Trading and Markets recently released a wide-ranging guidance covering crypto asset activities, distributed ledger technology, broker-dealer financial responsibility, transfer agents, Form ATS and Form ATS-N disclosures, clearance and settlement, and exchange-traded products. FTF News reached out to Aaron Kaplan, founder and co-CEO at Prometheum… Read More >>
A.I. Creates Opportunities & New Uncertainties for Ops
Technologies based on artificial intelligence (A.I.) are having a significant impact on the software, systems, IT infrastructures, and operations of securities firms. A.I. is also raising the stakes of uncertainty for those working in securities operations. I’m referring to the uncertainty that Bill Keenan mentioned in my Q&A with him, which ran on February 10…. Read More >>
Nissay Asset Management Deploys Broadridge’s AOT Portal
Nissay Asset Management Corp. (NAM) has automated and digitized its assignment of trade (AOT) process by implementing the Mortgage–Backed Securities Trade Assignment Portal (TAP) from Broadridge Financial Solutions, officials say. TAP transforms “the traditionally manual, email–based assignment of trade process into a connected digital workflow,” say officials at Broadridge. Nissay, which is the first asset… Read More >>
LMAX Launches Conversion Facility for FX & Digital Assets
A cross-asset marketplace, LMAX Group has launched an infrastructure layer, the Omnia Exchange, that will help end-users to convert FX and digital assets in real time via an application programming interface (API), intended to unify wholesale liquidity and pricing, officials say. Omnia combines blockchain order/entry with the execution of a centralized exchange, officials add. “Omnia… Read More >>
Why All Quiet on the T+1 Front Won’t Work
Critical conversations between front- and back-office teams about the impact of the United Kingdom’s (U.K.) and the European Union’s (E.U.) transition to a T+1 settlement cycle are not happening, according to industry sources. European, U.K., and Swiss firms are beavering away on their transition to a shorter, T+1 settlement cycle by Oct. 11, 2027. While… Read More >>
