‘Aiden’ Yields Solution to Cut VWAP Slippage Securities traders at RBC Capital Markets and scientists who specialize in artificial intelligence (AI) at vendor Borealis AI have been collaborating to deliver Aiden, an AI-based electronic trading platform that exploits “deep reinforcement learning” to facilitate better trading results and insights for clients, officials say. “In doing so, both… Read More >>
Morgan Stanley Buys Eaton Vance & E*TRADE
Amid a lot of conflicting news stories, Morgan Stanley recently announced that it wants to acquire the wealth and investment management firm, Eaton Vance Corp., and that it closed its acquisition of online, discount brokerage E*TRADE Financial Corp. — signs that Morgan Stanley and other Wall Street giants are trending toward safer waters than the… Read More >>
Electra Targets Manual Woes in Client Fee Billing
Electra Billing 6.0 Launches Electra Information Systems, a provider of reconciliation and other post-trade processes for the buy side, has launched Electra Billing 6.0, a system for audit and workflow control, designed for client-fee billing. Electra Billing 6.0 is intended to “reduce risk by increasing the accuracy and efficiency of approval workflows throughout vital… Read More >>
Paper Security Certificates Must Go: DTCC
The Depository Trust and Clearing Corp. (DTCC), a major post-trade infrastructure, systems, and services provider, is on a mission to convince the U.S. securities industry to get rid of paper-based, physical securities and replace them with electronic records. The proper term for the effort is dematerialization, which the DTCC says is an essential transition that… Read More >>
Kroll Settles CMBS, CLO Ratings Case for $2M
The Kroll Bond Rating Agency (KBRA) has settled with the SEC over allegations that the ratings company had problems with the internal controls governing the rating of commercial mortgage-backed securities (CMBS), and of collateralized loan obligation combination notes (CLO Combo Notes). KBRA has agreed to pay more than $2 million to settle the charges. “KBRA… Read More >>
Are Manual Systems Too Costly for Hedge Funds?
Hedge funds are paying a high price for manual processes and legacy IT infrastructures, according to new analysis from TradingScreen, a provider of software-as-a-service (SaaS) offerings for transaction processing. The research indicates that hedge funds “are absorbing a punishing $8 million annual hit to their assets under management (AUM) due to high levels of manual… Read More >>
Credit Suisse Securities Settles Another Blue-Sheets Case
Are blue sheets difficult to file correctly? The question arises because Credit Suisse Securities (USA) LLC has been fined $600,000 for “failure to submit to the [Securities and Exchange] Commission true and complete data in response to Commission staff electronic blue sheets (‘EBS’) requests, resulting in the reporting of EBS that was incomplete or deficient.”… Read More >>
EBS’s EMS to Link to IHS Markit’s thinkFolio
EBSI Connectivity Slated for Q4 EBS, a provider of electronic trading platforms and IT for foreign exchange markets, will be offering connectivity between the EBS Institutional (EBSI) execution management system (EMS) and thinkFolio, a multi-asset investment management platform from vendor IHS Markit, vendor officials say. The new service is slated to be available during the… Read More >>
FTF News Announces Editor’s Choice Award Recipient
(FTF and FTF News are proud to announce that Maria Gotsch has been chosen for the Editor’s Choice award, which is part of the FTF News Technology Innovation Awards for 2020. Gotsch is the president and CEO of the Partnership Fund for New York City, the $170 million investment arm of the Partnership for New York… Read More >>
Start-Up MEMX Launches Live Equities Trading
Members Exchange Trades in Seven Symbols A securities exchange start-up, the Members Exchange (MEMX) launched live trading via the U.S. equity market on Sept. 21, the first phase of MEMX’s rollout schedule. “A quick update on our first day of trading,” wrote Jonathan Kellner, CEO of MEMX, in a blog posting. “We executed our first… Read More >>
