AIM Software, based in Vienna, Austria, is completing its acquisition of New York-based entity data management vendor Joss Technology, according to Olivier Kenji Mathurin, head of product marketing and research for the data management vendor. Joss Technology is the maker of the Entity Data Management System (EDMS), the “entity master” that uses a fuzzy logic… Read More >>
ISDA Endorses Semiannual Single-Name Credit Default Swaps
Derivatives industry group the International Swaps and Derivatives Association (ISDA) is officially urging that the single-name (single company) credit default swap (CDS) roll protocol frequency be changed from a quarterly to a semiannual basis, officials say. In a prepared statement, ISDA officials say the change is in response to market feedback and is aimed at… Read More >>
Fenergo Lands $75 Million in Private Equity Funding
After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm. The transaction is expected to close within the next few weeks, Fenergo officials say. Insight Venture… Read More >>
DTCC Elects Deutsche Bank’s Turley to Board
The DTCC, a post-trade market infrastructure provider for the financial services industry, reports that Jim Turley, co-head of group technology and operations for Deutsche Bank, has been elected to its board of directors, officials say. The board “provides direction and oversight for DTCC in the interests of its diverse stakeholders, while promoting safety and stability… Read More >>
Chris Church to Leave as SWIFT Shuffles Execs
SWIFT reports senior management changes, including the exit of Chris Church as SWIFT’s chief executive of the Americas and global head of securities, that the member-owned financial messaging cooperative says will better enable it to execute its recently approved 2020 strategy. The staff changes, which take effect on September 1, are: Christian Sarafidis, currently head… Read More >>
Some Upsides from the NYSE Trading Halt
As of this posting, the New York Stock Exchange (NYSE) has resumed trading in equities and my heart goes out to those working in operations and IT at affected firms. These Ops foot soldiers will have to reconcile, track, record and reconstruct transactions that were caught short by the three-and-a-half hour systems halt on Wednesday,… Read More >>
ISDA Seeks Bidders for Crowdsourcing SIMM Utility
The International Swaps and Derivatives Association, Inc. (ISDA) reports that it has launched a tender process to select a third-party to build and operate a crowdsourcing utility for the ISDA standard initial margin model (SIMM). The utility is meant to “aggregate and compile risk data,” so that market participants can implement the ISDA SIMM “consistently,” ISDA… Read More >>
BTG Pactual Joins SWIFT’s KYC Registry
SWIFT reports that BTG Pactual, a Latin American financial services firm, has joined the know-your-customer (KYC) registry of the financial messaging cooperative. SWIFT, which provides the communications platform, products and services to connect more than 10,800 banking organizations, securities institutions and corporate customers, calls the KYC registry a “centralized repository that maintains a standardized set… Read More >>
Goldman Sachs Hit with $7M Penalty for Software Glitch
U.S. regulator, the SEC has hit investment banking giant Goldman Sachs with a $7 million penalty for allegedly violating the market access rule, “in connection with a trading incident that resulted in erroneous executions of options contracts,” officials say. An SEC investigation found that Goldman sent out roughly 16,000 mispriced options to various exchanges in… Read More >>
FTF News Q&A: ‘Centralizing Data Lowers Operational Costs’
The post-trade infrastructure services provider DTCC recently launched a set of centralized data provisioning services — DTCC Data Products — that includes an expansion of the DTCC’s support for exchange traded funds (ETFs) and corporate actions, ISO 20022-based data product offerings. The consolidation of DTCC data products and data provisioning is the first phase in… Read More >>
