TPG-Angelo Gordon’s Combined AUM Is $208 Billion Private equity asset manager TPG Inc. is acquiring Angelo Gordon, a $73 billion credit and real estate investment firm via a cash and equity transaction valued at approximately $2.7 billion, officials say. Acquiring Angelo Gordon “marks a significant expansion into credit investing for TPG, establishing additional levers to… Read More >>
Pershing X to Use Snowflake’s Data Cloud & Other News
Pershing X is Expanding Its Services The Pershing X technology provider and business unit of BNY Mellon reports that it hopes to bring new analytics and data management to clients via a collaboration with Snowflake, a data cloud provider. Pershing X is “expanding its stand-alone data service offerings to wealth management firms” via the Snowflake… Read More >>
FINRA Fines Webull $3M on Customer Approval Woes
Exercising “reasonable due diligence” before approving customers for options trading: How hard is that? For that matter, how hard is it to maintain a supervisory system “reasonably designed to identify and respond to customer complaints?” And what about “not reporting certain written customer complaints to FINRA as required?” Taken together, those are the $3 million… Read More >>
Canadian Regulators Push for CDOR’s Exit & Other News
Expiration Date Coming for CDOR It’s the beginning of the end for the LIBOR-based, Canadian Dollar Offered Rate (CDOR) as the Canadian Securities Administrators (CSA) are urging market participants to move away from the CDOR benchmark. The CSA is “the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the… Read More >>
CFTC Picks a New IT Infrastructure Contractor
The Commodity Futures Trading Commission (CFTC) reports that it has transitioned core IT infrastructure and operations support services to GovCIO, an IT and digital solutions provider to the federal government, replacing General Dynamics IT (GDIT), which had been serving the regulator since 2015. The CFTC’s $139 million, 10-year contract with GovCIO is not an outsourcing… Read More >>
LSEG Buys Acadia to Bolster Post-Trade Wares
The London Stock Exchange Group (LSEG) has acquired Acadia, maker of margin calculation and risk mitigation offerings, in a bid to expand the LSEG’s post-trade wares for the uncleared derivatives transaction space, officials say. Acadia offers risk management, margining, and collateral services to help securities firms navigate uncleared, over-the-counter (OTC) derivatives markets. Acadia offers product… Read More >>
Neuberger Berman to Use Fund Recs Platform & Other News
Neuberger Berman to Use Velocity for EMIR Reconciliation Neuberger Berman, a New York-based, private, employee-owned investment management firm, will be using a platform from cloud-based reconciliation software vendor Fund Recs for trade reconciliation via the European Market Infrastructure Regulation (EMIR) guidelines. The firm, which oversees $418 billion in client assets, will use the Fund… Read More >>
TP ICAP Approved for Crypto-Asset Exchange Services
Interdealer broker TP ICAP has won regulatory approval to be a provider of crypto-asset exchange services via its wholesale marketplace for spot crypto-assets, dubbed Fusion Digital Assets. This is a bid to provide “a credible infrastructure” for institutions thinking about allocating capital to wholesale digital asset markets, officials say. The approval comes at a time… Read More >>
Firms Are Behind On CFTC Rewrite Deadline: Survey
More than half of the respondents to a recent survey say that they are behind in meeting the pending reporting requirements for what is known as the “Commodity Futures Trading Commission (CFTC) Rewrite,” which means that they might miss the December implementation deadline. The CFTC Rewrite refers to the changes coming to the over-the-counter (OTC)… Read More >>
BNP Paribas & ISDA Test Digital Reporting to CFTC
French banking giant BNP Paribas and the International Swaps and Derivatives Association (ISDA) report that in a bid to transform post-trade operations for over-the-counter (OTC) derivatives they “successfully implemented and tested” a way to facilitate the digital reporting of swaps data that conforms to revised rules to come from the U.S. Commodity Futures Trading Commission… Read More >>
