DTCC Treasury Kinetics Takes On Repo Market Transparency Post-trade infrastructure and systems provider DTCC is launching a service for accessing U.S. treasury transaction data, called DTCC Treasury Kinetics, which is intended to increase transparency into the repurchase agreement (repo) market, officials say. The DTCC Treasury Kinetics was crafted to deliver “comprehensive views of the repo markets… Read More >>
Q&A: Securities Firms Are More Open to Collaboration
(Systems and software based upon open source technology have permeated the securities trading industry even though firms had reservations about the movement for years. In fact, Fintech Open Source Foundation (FINOS), the financial services sector project of the Linux Foundation, had a membership surge in 2021 via a 34 percent increase in new corporate members… Read More >>
Q&A: Can DLT Help Advance FX Forward Contracts?
(This past December, Symbiont collaborated with State Street Corp. and Vanguard on a live test of a margin calculation process that is central to the transaction of a 30-day, foreign exchange forward contract. At the heart of the transaction was Symbiont’s distributed ledger technology (DLT) platform Assembly, which has been the focus of the trio… Read More >>
Wolters Kluwer & Broadridge Take On Taxes & Other News
Extended Partnership Focuses on Cost-Basis & Tax Reporting Wolters Kluwer Compliance Solutions and Broadridge Financial Solutions, Inc. report that they have “enhanced their longstanding relationship by entering into a strategic alliance to provide an industry-leading solution for cost basis and tax reporting processing needs.” The strategic alliance allows the firms to “seamlessly share necessary tax… Read More >>
SEC Advances T+1 via Proposed Rules Changes
The SEC has given a major boost to the movement to shorten settlement times in U.S. equities markets from T+2 to T+1 via a vote this week to formally propose rule changes that tighten clearing and settlement time-frames and facilitate T+1 by mid-2024. The SEC wants the proposed changes because they will “reduce the credit,… Read More >>
Liquidnet Targets Corporate Bonds & Other Briefs
Liquidnet Offers a Direct Link to Syndicate Banks Agency broker Liquidnet is focusing on the issuance process for corporate bonds via a new feature that aims to bring straight through processing to the front-to-middle office workflow. The new function of the Liquidnet Primary Markets service helps investors communicate directly with syndicate banks via their… Read More >>
Q&A: How Secure Are Open Source Systems?
(Late last year, security concerns about open source software grabbed headlines when the vulnerabilities about a Java library for logging error messages, known as “Log4j,” emerged and many software and systems vendors issued warnings and fixes. This library function was developed by the open source advocacy group, the Apache Software Foundation. There was great concern… Read More >>
NY AG, Regulators Charge Safeguard Metals with Fraud
New York Attorney General Letitia James has filed suit against Safeguard Metals LLC, a precious metals company, and its owner and manager, Jeffrey S. Santulan, alleging that they defrauded investors, including many seniors, across New York and the United States. The lawsuit, originally filed by the U.S. Commodity Futures Trading Commission and a bipartisan coalition… Read More >>
FINRA Alleges DriveWealth Broke Regulation SHO Rules
FINRA, the self-regulatory organization for broker-dealers, has censured and fined DriveWealth Institutional LLC, formerly known as Cuttone & Co., $100,000 for alleged violations of Regulation SHO rules. Last February, DriveWealth Holdings, Inc. acquired Cuttone & Co. and renamed it to DriveWealth Institutional. The renamed firm “specializes in execution services for institutional and broker-dealer clients. The… Read More >>
T+0 Settlement via New Exchange & Other Briefs
SEC Approves BSTX’s Launch The SEC has blessed the creation of a regulated, national securities exchange facility, dubbed BSTX, that can settle instruments in one day (T+0) while providing blockchain-based market data reporting, officials say. The BSTX is a trading facility of BOX Exchange and a joint venture of tZero Group, Inc., and BOX Digital… Read More >>
