The impending switch to T+1 settlement in North America scheduled for May 28, 2024, has raised concerns in Europe, where market participants report a lack of international testing. Although not officially moving to T+1 just yet, Europe launched its T+1 taskforce led by the Association for Financial Markets in Europe (AFME) in March last year. In early conversations… Read More >>
Time to Buy Not Build an OMS?
(Global banks and other sell-side firms face “a technological fork in the road” when it comes to order management systems (OMSes), according to a recent report, “The Future State of Global OMS,” from market research firm Datos Insights. “Sell-side firms … will need to reevaluate the value proposition of their existing OMS architecture and determine… Read More >>
Davy Capital Markets Deploys Torstone Platform
Dublin-based brokerage Davy Capital Markets has gone live with the Torstone Post Trade Platform for middle- and back-office processing to bolster the Davy Group division’s operational efficiency and regulatory compliance, officials say. The Software as a Service (SaaS) platform is from Torstone Technology, a post-trade securities and derivatives processing provider, based in London. “This successful… Read More >>
Ops Woes & Revenues Surge for Securities Lending
A key report finds that securities lending revenues surged last year and so did operational workloads, which makes the case for more automated reconciliation systems that process transactions in real-time, industry expert Roy Zimmerhansl tells FTF News. In 2023, the global securities finance industry set a record with $10.7 billion in revenue for lenders, according to… Read More >>
MSCI Buys Fabric to Build Wealth Management Platform
MSCI will be building a new wealth management platform by integrating its portfolio toolkit with the portfolio design, customization, and analytics offerings of Fabric — which serves wealth managers and advisors — as the result of their recently completed merger, officials say. Known for its investment decision support tools and services, MSCI announced the acquisition… Read More >>
How to Survive the Recordkeeping Crackdown
The Securities and Exchange Commission’s (SEC) December 2021 announcement that J.P. Morgan Securities LLC had been fined $125 million for allegedly violating the agency’s recordkeeping rules amounted to a shot heard up and down Wall Street. The market regulator made clear that it took breaches of recordkeeping regulations seriously, and that the J.P. Morgan penalty… Read More >>
FinTech Brief: BNY Mellon Taps Proxymity for U.K. Proxy Voting
BNY Mellon clients in the U.K. can use the digital proxy voting service, Proxymity Vote Connect Total (VCT), in time for the 2024 voting season, officials say. The joint effort with Proxymity is intended to “improve transparency, accuracy, and speed for our clients,” says Adam Watson, head of commercial product, custody services at BNY Mellon,… Read More >>
Hedge Fund Groups Fight SEC’s Short-Selling Rules
The National Association of Private Fund Managers (NAPFM), the Alternative Investment Management Association (AIMA), and the Managed Funds Association (MFA) have delivered a not-so-welcome holiday gift to the U.S. Securities Exchange Commission (SEC) — a lawsuit. The trio of trade associations, represented by Jeff Wall and Judd Littleton of Sullivan & Cromwell LLP, are calling on… Read More >>
FinTech Brief: Canadian Pension Plan Reappoints Northern Trust
A major Canadian defined benefit plan, the Healthcare of Ontario Pension Plan (HOOPP) has reappointed Northern Trust as the asset servicing provider for the $103 billion (in Canadian currency) asset owner, which has a value of $76.9 billion in U.S. currency, officials say. Northern Trust, Canada, will provide global custody, foreign exchange (FX), and securities… Read More >>
Prometheum Dives Into Digital Asset Securities Custody
(Prometheum Inc. will launch a digital asset securities custody platform during the first quarter of next year, according to officials at the firm. This follows recent approval by the Financial Industry Regulatory Authority (FINRA), the self-regulatory organization (SRO) for U.S. broker-dealers, to allow the firm to operate a special purpose broker-dealer (SPBD) that will offer custody for… Read More >>
