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SEC Revises ‘Living Wills’ for Clearinghouses

November 11, 2024 by Eugene Grygo

SEC Revises ‘Living Wills’ for Clearinghouses

The Securities and Exchange Commission (SEC) is revising the “living will” for covered clearing agencies (CCAs) through rule amendments and a new rule —approved late last month — all intended to boost the resilience, recovery, and wind-down planning for CCAs, officials say. “CCAs are registered clearing agencies that act as central counterparties, meaning that they… Read More >>

Filed Under: Securities Operations, Affirmation, Allocation & Confirmation, Back Office, Clearing, Operational Risk, Settlement, Regulation & Compliance, Regulatory Enforcement, Regulatory Compliance, Industry News Tagged With: back office, clearing agency, DTCC NSCC, fixed income commodities and currencies (FICC), Options Clearing Corporation, Securities Operations, settlement, wall street

SEC & CFTC Penalize Options Clearing Corp. for $22M

February 23, 2023 by Eugene Grygo

SEC & CFTC Penalize Options Clearing Corp. for $22M

The Options Clearing Corp. (OCC), regarded as the largest equity derivatives clearing organization in the world, has announced settlements with the SEC and CFTC that add up to $22 million and are based on a self-reported case of shortcomings in meeting internal efforts to lower key operational risks. The cases revolve around the implementation of… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Derivatives Processing, Securities Operations, Buy-Side, Clearing, Data Management, Industry News, Operational Risk, Ops Automation, Governance, FinTech Trends, Back-Office, Standards, Performance Measurement, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Compliance, Regulatory Reporting Tagged With: automation, CFTC, Dodd-Frank, operational risk, Options Clearing Corporation, regulatory reporting, risk management, SEC, settlement, wall street

Symphony Buys Cloud9 to Jolt Voice Trading

June 29, 2021 by FTF News

Symphony Buys Cloud9 to Jolt Voice Trading

Symphony to Unite Voice Trading with NLP Symphony, a messaging and platform provider for trading firms, reports that it is trying to “tackle true pain points in markets’ workflows” via the acquisition of trader voice/electronic communication and analytics company Cloud9 Technologies. The acquisition will help Symphony “take the lead in front office communications with new… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Securities Operations, Buy-Side, Clearing, Corporate Actions, Data Management, Industry News, Middle-Office, Operational Risk, Ops Automation, Risk Management, Governance, Artificial Intelligence, Digital Transformation, FinTech Trends, Back-Office, Blockchain/DLT, Standards, KYC, Regulation & Compliance, Industry News, People Moves Tagged With: automation, back office, CFTC, Cloud9 Technologies, compliance, data management, Depository Trust and Clearing Corp. (DTCC), Options Clearing Corporation, Quanthouse, SEC, Securities Operations, settlement, Symphony Communication Services, voice trading

OCC Lowers Equity Derivatives Clearing Fee

April 23, 2021 by FTF News

OCC Lowers Equity Derivatives Clearing Fee

High Volumes Facilitated OCC’s Reduced Fees The Options Clearing Corp. (OCC), which describes itself as “the world’s largest equity derivatives clearing organization,” is cutting its clearing fee from four-and-a-half cents ($0.045) per equity derivatives contract to two cents ($0.02) per contract effective June 1, 2021, subject to regulatory review, officials say. “The two-cent clearing fee… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Derivatives Processing, Securities Operations, Buy-Side, Clearing, Corporate Actions, Data Management, Industry News, Mergers & Acquisitions, Middle-Office, Operational Risk, Ops Automation, Reconciliation & Exceptions, Risk Management, Settlement, Diversity & Human Interest, Governance, Diversity, Equity, and Inclusion (DEI), Digital Transformation, FinTech Trends, Back-Office, Blockchain/DLT, Integration, Standards, Derivatives, Regulatory Compliance, Regulatory Reporting, Industry News, People Moves Tagged With: automation, back office, chief information officer, chief technology officer, equity derivatives clearing, ING, operational risk, operations, Options Clearing Corporation, Securities Operations, settlement, SS&C

LME Clarifies Executive Leadership Team

April 25, 2017 by Louis Chunovic

LME Interim CEO Becomes Permanent Matthew Chamberlain, the interim CEO for the London Metal Exchange (LME) since January, has been appointed to the post on a permanent basis, subject to the approval of the Financial Conduct Authority (FCA) a U.K. regulator, officials say. The LME leadership changes are intended to help the LME “strengthen and… Read More >>

Filed Under: Industry News, People Moves Tagged With: Axioma, CalSTRS, Christopher Woida, Dana Dillon, David Ridgway, James Proudlock, London Metal Exchange, Matthew Chamberlain, Options Clearing Corporation, Sharon Hendricks

Options Clearing Corp. Taps Citi for New President-COO

April 18, 2017 by Louis Chunovic

New OCC Exec to Take Control in May The Options Clearing Corp. (OCC), the equity derivatives clearing organization, reports that John P. Davidson, a veteran in the financial services industry, has joined as president and chief operating officer (COO), effective May 8. Davidson, who will report to OCC Chairman and CEO Craig Donohue, and replaces… Read More >>

Filed Under: Derivatives Operations, Clearing, Industry News, People Moves Tagged With: CFTC, Charles “Charlie” Thornton III, FundRock, J. Christopher Giancarlo, Options Clearing Corporation, Xceptor

DTCC Fills Key Equity Clearing Post

April 10, 2017 by Louis Chunovic

DTCC Hires from Options Clearing Corp. The DTCC, a post-trade market infrastructure services provider, reports that Michael McClain has joined as a managing director and general manager of equity clearing. McClain will be responsible for heading the “day-to-day equity clearing business operations and strategic initiatives,” and will report to Murray Pozmanter, managing director and head… Read More >>

Filed Under: Derivatives Operations, Clearing, Reconciliation & Exceptions, Industry News, People Moves Tagged With: Advent, Alexander Forbes, Andrew Busch, CFTC, DTCC, Gresham, ICAP, Jan Dinger, John Burchenal, Market Intelligence Unit, Michael McClain, Murray Pozmanter, Old Mutual, Options Clearing Corporation, People Moves, Peter Moyo, Surveillance Branch, Traiana

CFTC, EU Finally Agree on a Clearing Deal

February 18, 2016 by Lynn Strongin Dodds

After three years of often bitter political squabbling, the European Commission and its U.S. counterpart the commodities regulator CFTC finally reached an agreement on a common approach to equivalent recognition of central clearing counterparties (CCPs). The two sides, which oversee around 90 percent of the $553 trillion derivatives market, have been at loggerheads over mutual… Read More >>

Filed Under: Derivatives Operations, Clearing, Regulation & Compliance, Derivatives, Regulatory Compliance Tagged With: CBOE, CCP, CFTC, Chicago Board Options Exchange, clearing, clearinghouses, CME Clearing, CME Group, derivatives, derivatives clearing, ESMA, EU, European Commission, European Securities and Markets Authority (ESMA), OCC, Options Clearing Corporation

Risk Analytics Pioneer to Get $10M PE Infusion

November 16, 2015 by Eugene Grygo

Risk analytics vendor Hanweck Associates will be getting $10 million in private equity financing and a large part of that debt and equity package will help fund the vendor’s exploration of innovations for margin and collateral optimization. A New York-based private equity firm, The Argentum Group has secured the financing and will have a cooperative… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Securities Operations, Clearing, General Interest, FinTech Trends, Industry News Tagged With: collateral optimization, Eurex Group, Gerald Hanweck Jr., Hanweck Associates, International Securities Exchange (ISE), International Securities Exchange Holdings, margin, Options Clearing Corporation, Peter Armstrong, post-trade risk management, private equity, private equity firm, risk analytics, The Argentum Group, Tom Ascher, Triple Point Technology, Volera, Walter Barandiaran

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