To make sure that things are moving along as they should, the SEC’s Office of Compliance Inspections and Examinations (OCIE) quietly released a Risk Alert, “Examination Initiative: LIBOR Transition Preparedness,” on June 18 that reminds people that the OCIE is happy to inspect your firm’s progress. The global push to move away from the London… Read More >>
Duco & Murex Announce Collaboration
Murex & Duco to Offer End-To-End Recs Solution Duco, a provider of self-service reconciliation services, and Murex, a provider of trading, risk and processing processes for treasury and capital markets, report that they will jointly provide clients with a “comprehensive data reconciliation solution enabling improved automation and straight through processing across a range of asset… Read More >>
Deutsche Bank Resolves Spoofing & Swaps Data Cases
The Commodity Futures Trading Commission reports the settlement of two enforcement orders involving Deutsche Bank. In one, the bank “resolved federal court charges stemming from alleged violations of various swap data reporting and other regulatory violations,” the CFTC says. In the second enforcement action, the CFTC “issued an administrative order against Deutsche Bank Securities Inc…. Read More >>
Broadridge Partnership Yields Corporate Bond Trading Platform
Post-trade systems and services provider Broadridge Financial Solutions reports that it’s partnering with Jim Toffey, founder of Tradeweb and now CEO of LiquidX, and has added artificial intelligence technologies to a Broadridge fixed income post-trade processing offering to create a corporate bond trading platform, dubbed LTX. The new platform has already been used to execute… Read More >>
Liquidnet Hires from Goldman Sachs
Ex-Goldman MD Is New Head of Equities Tech Liquidnet, a block liquidity and investment network services provider, reports that it has named Sujay Telang as its new head of equities technology. Telang is a former Goldman Sachs managing director and an electronic trading executive, the vendor notes. Liquidnet officials call their new hire the “latest… Read More >>
Wall Street Braces for a Safe Return
Wall Street is moving cautiously toward reopening and Monday, June 22, will serve as a milestone for when the securities industry took its first step into the new normal following a crushing pandemic that took 21,000 lives in New York City and brought the world to a halt. After three months of a pandemic lockdown,… Read More >>
Task Force Takes On Global Post-Trade Woes
The Bank of England is setting up a task force to implement the recommendations of a special panel that focused last year on the $20 billion spent annually on a “patchwork of manual or outdated technological processes” that support post-trade operations at firms across the globe. The Post‑Trade Technology Market Practitioner Panel of the U.K.’s… Read More >>
Merrill Lynch & FINRA Resolve Mutual Fund Fees Case
FINRA has ordered broker-dealer Merrill Lynch, Pierce, Fenner & Smith Inc. to “pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions.” In a formulation that will be familiar to FTF News readers, the firm says: “In settling this… Read More >>
FTF Unveils Winners of the 2020 FTF Awards
NEW YORK CITY — Despite the many challenges of this year, Financial Technologies Forum (FTF) is proud to announce that more voters took part in the 2020 FTF News Technology Innovation Awards (the FTF Awards) than participated last year — a sign of the enduring support for unique awards that honor achievement in securities operations…. Read More >>
Cboe Postpones Trading Floor Reopening
Cboe Global Markets has postponed the re-opening of its “South Loop” trading floor until Monday, June 15, a week later than previously announced. The reopening of the officially named Cboe Options Exchange (C1) trading floor “was previously scheduled for Monday, June 8, 2020,” according to the latest Cboe statement. “The decision to postpone the reopening… Read More >>
