The U.S. Senate has taken the first step in a rescue of a whistleblower program for the Commodities Futures Trading Commission (CFTC) via a bill that got unanimous bipartisan support and may lead to new funding for a program running out of money. Sen. Chuck Grassley (R-Iowa), who proposed the bill, says that if it… Read More >>
Gresham Technologies to Acquire Electra for $38.6M
Two major reconciliation services competitors — Gresham Technologies plc and Electra Information Systems — will be combining into one provider via Gresham’s acquisition of Electra. Gresham officials report that the company “and its wholly-owned subsidiary, Gresham Enterprise Storage” are purchasing “the entirety of the issued and outstanding shares of common stock of Electra … on… Read More >>
Northern Trust Bolsters Recs Visualization Tool
Northern Trust Enhances Recs Dashboard Custodian bank Northern Trust has updated its Rec Dashboard workflow tool so that it helps clients with collaboration and scalability for real-time transparency into the reconciliations process, officials say. The Rec Dashboard offers views of “breaks and reconciliations in trade activity between asset managers and other institutions,” officials say. “Rec… Read More >>
Should the SEC Become a Crypto Cop?
The Securities and Exchange Commission (SEC) may be taking on more oversight of the cryptocurrency trading world as there are many troubling regulatory gaps, says SEC Chair Gary Gensler in testimony May 26 before the subcommittee on financial services and general government, which is part of the U.S. House Appropriations Committee. In testimony that covered… Read More >>
SimCorp & JPMorgan Partner to Ease Ops Integration
A new collaboration between SimCorp and JPMorgan’s Securities Services group is intended to help their mutual clients share intraday and multi-asset data — a key part of a new effort to bring interoperability and transparency to SimCorp’s systems and the investment bank’s pre-trade, post-trade, trading, and treasury solutions. This tighter integration between front-and-middle office operations… Read More >>
Do More to Stop Financial Crime: Study
More investment in better technology. Not surprisingly, that is one of the major improvements financial services firms need to make. Why, exactly? To “reduce the sector’s exposure to such monetary outlays as the aggregate $14.1 billion in penalties paid for non-compliance in 2020,” according to a May 2021 study by the ACAMS organization and Oliver… Read More >>
DTCC Fights Fragmented Clearing for Treasuries
Fragmented clearing for the U.S. Treasury market is on the minds of those at the DTCC, the industry’s major post-trade services and infrastructure provider, and they have released a white paper that they hope will spark a discussion about this contentious issue. There is even a suggestion that there might be a need for a… Read More >>
CME Slated to Oversee Forward-Looking SOFR Rates
ARRC Wants CME Group to Serve as Administrator The push to replace LIBOR advanced with the news that derivatives exchanges operator CME Group is in the lead to administer forward-looking Secured Overnight Financing Rate (SOFR) term rates. The Alternative Reference Rates Committee (ARRC), which oversees SOFR, has picked CME Group “following a robust request for proposals… Read More >>
CEO Says PE Acquisition Gives Fenergo ‘Unicorn Status’
Fenergo achieved “unicorn status,” says Marc Murphy, president and CEO of the KYC and client management software solutions vendor, because it’s been acquired by private equity firms Astorg and Bridgepoint via a definitive agreement they signed with venture capitalist firm Insight Partners, which owned the Dublin-based provider. Several media outlets have reported a wide range… Read More >>
Can Listed Derivatives Give Sustainability a Boost?
In case anyone thought otherwise, exchanges for derivative instruments do have a big role to play in facilitating sustainability, according to a joint report recently released by the World Federation of Exchanges (WFE) and the United Nations Sustainable Stock Exchanges Initiative (SSE). The joint report, “How Derivatives Exchanges can Promote Sustainable Development — An Action… Read More >>
