The Office of the Comptroller of the Currency (OCC) and the International Monetary Fund (IMF) are calling for some brakes to be put upon the mad rush to cryptocurrencies and digital assets because of the threats they might pose to the global financial infrastructure and the operational woes they could present. Michael Hsu, the acting… Read More >>
State Street & Spaulding Partner for GIPS Compliance
Partnership Targets Performance Measurement State Street is partnering with the Spaulding Group to offer performance services and operational support to asset owners that want to streamline Global Investment Performance Standards (GIPS) compliance, officials say. An investment performance measurement services provider, Spaulding offers educational, consulting, and verification capabilities that will be combined with State Street’s performance… Read More >>
CMA Issues Blueprint for FNZ-GBST’s Breakup
U.K. regulator, the Competition and Markets Authority (CMA), published on August 25 its Final Undertakings report on FNZ’s acquisition of GBST, and it spells out the next steps for the FNZ-GBST breakup. The CMA wants this breakup because it has concluded that a combined FNZ-GBST would diminish competition in the retail investment platform solutions space…. Read More >>
T. Rowe Price’s RIA to Launch in March 2022
New RIA to Be Independent of T. Rowe Price T. Rowe Price officials report that the firm’s funds’ board added a new subadviser — T. Rowe Price Investment Management (TRPIM) — the firm’s own SEC-registered and fully independent investment adviser. Late last year, T. Rowe Price Group, Inc. announced that it would establish TRPIM as a… Read More >>
Crypto Regs Are on SEC Chair’s Radar
SEC Chair Gary Gensler says that the regulator must consider ways to protect investors vulnerable to the “Wild West” of cryptocurrencies, the trading and custody for crypto-based instruments, and the tokenization bandwagon. In remarks at the Aspen Security Forum on Aug. 3, Gensler noted that “the crypto asset class has ballooned. As of Monday [Aug…. Read More >>
$1B in Misused 1MDB Funds Returned to Malaysia
Justice Department Sends Back Misappropriated Funds U.S. Justice Department officials report that they have returned “an additional $452 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned to over $1.2 billion.” The repatriation of the funds from the former 1MDB investment development fund follows a scandal in… Read More >>
NYFIX to Expand Post-Trade Services via Acquisition
Broadridge Buys Itiviti Partner Alpha Omega Broadridge Financial Solutions has acquired Alpha Omega, a post-trade solutions provider that uses the FIX electronic trading protocol, a move that will expand NYFIX’s post-trade services, officials say. Alpha Omega is a longtime partner of Itiviti, which itself is the result of the 2016 combination of NYFIX and Ullink. Broadridge… Read More >>
Middle Office Problems Spur Settlement Woes: Survey
Problems in middle-office operations are being blamed for back-office settlement failures, according to the results of a joint survey done by Torstone Technology, a vendor of cloud-based, post-trade services, and GreySpark Partners, a capital markets consultancy. In fact, the survey finds that “60 percent of institutions believe that settlement failures attributed to inadequacies of the… Read More >>
NSCC Automates Collateral Management for ETFs
NSCC Also Adds Support for Fixed Income ETFs National Securities Clearing Corp. (NSCC) officials report that they have launched an automated solution to make the collateral management process for exchange-traded funds (ETFs) more efficient. The changes to this mostly manual process also include new support for fixed income ETF capabilities. “The new NSCC solution fully… Read More >>
Broadridge Buys J&J Unit to Bolster RegTech Services
Broadridge Financial Solutions is bolstering its regulatory compliance services for broker-dealers via an acquisition of the cloud-based Execution Compliance and Surveillance Service (ECS) assets of Wall Street consultancy Jordan & Jordan (J&J), officials say. J&J officials describe their ECS offering as a managed service that includes “comprehensive reviews to assess compliance with various aspects of… Read More >>
