Authorities: Steer Clear of USD LIBOR Key industry regulators are warning financial services firms not to use U.S. dollar (USD) LIBOR as a reference rate after Dec. 31, 2021 to avoid “consumer protection, litigation, and reputation risks.” The Nov. 30 statement, which underscores the need for firms to move away from the London Inter-bank Offered… Read More >>
Layoffs Are Key to ABN Amro’s Digital Transformation
Dutch banking giant ABN Amro will begin a two-year staff trimming process that will reduce its global workforce by 15 percent — a key part of an $840 million streamlining said to be essential to its digital transformation, according to an announcement on Nov. 30. Media outlets and financial markets analysts have estimated that the… Read More >>
Mutualized Ops Automation Cuts Costs by 20%: DTCC
Post-trade systems and services provider DTCC is making its case for the cost-cutting value of mutualized, automated securities operations after surveying nine global broker-dealers that use its key offerings. The DTCC defines mutualization as “sharing the cost of utilitarian functions” that involves the adoption of “a no-touch processing workflow,” officials say. “Ultimately, the scale and… Read More >>
FTF’s SecOps Online Takes Off!
The pandemic-induced lockdown has challenged all of us to alter our plans and create new ways of doing business. For FTF, we are evolving and inventing new ways to serve and grow our network of securities professionals that we have developed over the past 14 years. The good news is that we are trying something… Read More >>
Clayton to Step Down as SEC Chairman
SEC Chairman Walter Joseph “Jay” Clayton III confirmed earlier this week that he will be stepping down from his post by the end of December instead of June 2021, paving the way for President-Elect Joe Biden to appoint a successor in time for the start of the new administration. When he steps down, Clayton, a… Read More >>
Deutsche Bank Sells Postbank Systems to TCS
Sale Underscores Deutsche Bank’s Transformation Deutsche Bank is selling Postbank Systems AG to outsourcing giant Tata Consultancy Services (TCS), a key milestone in the bank’s efforts to streamline operations and transform itself. “Under the terms of the transaction, TCS will acquire 100 percent of the shares of Postbank Systems AG from Deutsche Bank AG,” according… Read More >>
U.K. Regulator Orders FNZ to Undo GBST Acquisition
A U.K. regulator is ordering wealth management vendor FNZ to undo its controversial takeover of GBST and sell the back-office technology vendor because, the regulator argues, the merger could lead to a “reduction in the quality of service and higher prices” for retail investment platforms. The acquisition was completed before the U.K. Competition and Markets… Read More >>
Industry Passes SIFMA-led Regulation SCI Tests
100 Firms & 80 Organizations Took Part in the SCI Tests The Securities Industry and Financial Markets Association (SIFMA) reports that it led “a successful business continuity test” on Saturday, Oct. 24, an annual effort mandated by the SEC’s Regulation Systems Compliance and Integrity (SCI). The industry-wide test was combined with a large-scale connectivity evaluation…. Read More >>
CRM Systems Are a Necessity Now: Q&A
(Client relationship management (CRM) systems have become a necessity as more financial services firms continue to function with staff and clients working remotely due to the pandemic-induced office closings. So says Jiro Okochi, president of Tier1 Financial Solutions, whose offerings serve firms in the capital markets and banking arenas. The pandemic conditions underscore the need… Read More >>
Why Did the Tokyo Stock Exchange Halt Trading?
In a bid to honor the fading art of the follow-up story, I have been rooting around to find out what has happened to the Tokyo Stock Exchange (TSE) since its systems outage earlier this month. To remind you, the TSE had an unprecedented halt to trading for a full day on Oct. 1, but… Read More >>
