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 >>
Credit Suisse Settles Great Recession Case for $495M
The New Jersey Attorney General’s Office has reached a $495 million “settlement in principle” with Credit Suisse to resolve “allegations of fraud and deceit in the sale of the toxic mortgage-backed securities,” that fueled the 2008 financial crisis. For those who might have forgotten: That was the financial crisis that rocked Wall Street at the… Read More >>
Nasdaq Overhauls Its Corporate Structure & Other News
Nasdaq Sets Up Three New Divisions Nasdaq has announced that it is reorganizing its business units into three divisions that better reflect “the foundational shifts” of the global financial system and will help the exchanges company better serve client needs. The three new business divisions are Market Platforms, Capital Access Platforms, and Anti-Financial Crime, officials… Read More >>
Prime Trading Taps Iress to Cut Data Latency
Proprietary trading firm Prime Trading has implemented solutions from Iress — formerly QuantHouse — to access key data feeds and transaction support services via application programming interface (API) links that boost data quality, cut data latency, and bring down costs, officials say. “Previously, during peak moments of high market volatility, Prime Trading experienced data latency… Read More >>
UMR May End DerivOps As We Know It
If your firm has not yet met the September 1 deadline for Phase 6 of the ongoing saga of the Uncleared Margin Rules (UMR), you are probably not reading this blog posting. You will be up to your ears in a gargantuan effort to meet the deadline or to find a legal way to sidestep… Read More >>
Form PF Gets an Overhaul via the SEC & CFTC
Form PF is experiencing growing pains after its first decade. Those firms that are required to use Form PF to report confidential information on private funds will be providing many more details if key amendments are ultimately adopted by both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) The new… Read More >>
Don’t Forget the CFTC’s Role in the Climate Debate
The Securities and Exchange Commission (SEC) has been getting a lot of attention and corporate pushback for its proposed rulemaking efforts “that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks.” While that battle is ongoing, the chairman of the Commodity Futures Trading Commission… Read More >>
What Does a Post-UMR World Look Like?
(FTF News recently spoke with Chris Walsh, the CEO of Acadia, about the world of derivatives trading after the Uncleared Margin Rules (UMR) reforms take hold — the UMR Phase 6 deadline is September 1, 2022. An industry veteran, Walsh held key roles at NYSE Technologies, NYFIX, and Thomson Financial before Acadia, which was once… Read More >>
Google Cloud Tapped for Climate FinTech & Other News
MAS & Google Launch Climate FinTech Initiative The Monetary Authority of Singapore (MAS) and Google Cloud report that they are launching an initiative “to drive the innovation, incubation, and scaling of climate FinTech solutions in Asia.” The Point Carbon Zero Program is “a collaboration under MAS’ Project Greenprint,” that will spur climate FinTech solutions to… Read More >>
DTCC Report Hub Attracts 70+ Clients
More than 70 firms have signed up for a service that manages regulatory reporting requirements for 14 jurisdictions — the DTCC Report Hub — an offering of post-trade systems and services provider Depository Trust & Clearing Corp., officials say. In late 2020, the DTCC acquired a platform for compliance management reporting, dubbed the Compliance Management… Read More >>
