Post-trade systems and services provider Broadridge Financial Solutions officially launched on June 7 its distributed ledger repo (DLR) platform for bilateral repo trades that executed $31 billion in average daily volume during its first week. The blockchain-based transaction platform helps market participants “agree, execute and settle repo transactions,” officials say. Broadridge is hoping that the… Read More >>
Compliance Costs for Fighting Financial Crime Soar: Report
The “projected total cost of financial crime compliance across all financial institutions reached $213.9 billion in 2021, surpassing the $180.9 billion recorded in 2020.” That projection is from the “True Cost of Financial Crime Compliance Global Report,” a white paper from LexisNexis Risk Solutions. Not surprisingly, the white paper also concludes that the “majority of… Read More >>
CFTC Mulls SOFR Start Date for Interdealer Brokers
MRAC Subcommittee Urges July 26 Start Date A key CFTC subcommittee is recommending that interdealer brokers replace the trading of U.S. Dollar linear interest rate swaps (IRS) based upon the London Inter-Bank Offered Rate (LIBOR) with the trading of IRS based upon the Secured Overnight Financing Rate (SOFR) starting July 26, 2021, and to continue… Read More >>
Gensler Launches PCAOB Shake-up by Ousting Chairman
SEC Chair Gary Gensler startled the U.S. securities industry last week when he ousted William D. Duhnke III from his chairmanship of the Public Company Accounting Oversight Board (PCAOB), and then began a board overhaul. The overhaul may have been in response to concerns raised by former members of the PCAOB’s Investor Advisory Group (IAG)…. Read More >>
Gresham Will Globalize Clareti & Electra: Q&A
(Editor’s Note: Late last month, Gresham Technologies announced that it was acquiring Electra Information Systems for $38.6 million. The acquisition is slated to become official on June 22, and both vendors say it will help transform the market landscape for reconciliation and cloud-based data control. FTF News got time with Ian Manocha, CEO at Gresham, and… Read More >>
LJM Disputes Fraud Charges from SEC & CFTC
The Securities & Exchange Commission has filed a civil action against two related investment advisories and two portfolio managers. The commission alleges that LJM Funds Management Ltd. and LJM Partners Ltd. “fraudulently misled investors and the board of directors of a fund they advised about LJM’s risk management practices and the level of risk in… Read More >>
The 2021 FTF Awards Winners Unveiled!
Financial Technologies Forum (FTF) is pleased to announce that operational excellence and major achievements in financial technology innovation surged in 2020 as evidenced by the winners of the 2021 FTF News Technology Innovation Awards competition. The winners of the FTF Awards competition, now in its tenth year, are being announced today, June 7, and they… Read More >>
Top Banks Test Drive Intraday FX Swaps Platform
Tests Involve DLT & Non-DLT Technology NatWest Group, Deutsche Bank, Bank of Ireland, and Banca Mediolanum have been working with treasury teams at other large banks to test a platform for intraday foreign exchange (FX) swaps trading that involves distributed ledger technology (DLT) and non-DLT systems, officials at Finteum say. “The banks’ initiative to create… Read More >>
Gresham-Electra Is ‘Already Shaking Things Up’: Q&A
(Editor’s Note: Last week, two major reconciliation services competitors — Gresham Technologies plc and Electra Information Systems — announced that will be combining into one provider via Gresham’s $38.6 million acquisition of Electra. FTF News got time with Ian Manocha, CEO at Gresham, and this is the first part of a two-part Q&A chat. For… Read More >>
Why the World Needs Wall Street: SIFMA
While many politicians and others slam Wall Street, the securities industry advocacy group SIFMA wants to remind everyone that the engine that is the financial services industry will be a key component of the post-pandemic recovery and growth for all sectors of the U.S. economy and will spur positive ramifications across the globe. To make… Read More >>
