SmartStream Creates ‘Innovations Team’ SmartStream Technologies, which characterizes itself as a financial transaction lifecycle management provider, reports that its new “innovations team” is “working with financial institutions to optimise workflows, using Artificial Intelligence (AI), Machine Learning (ML) and blockchain technologies, in the areas of reconciliations, cash management and fees and expense management.” The new… Read More >>
Startup Dakota Wealth Management Picks Pershing Advisor Solutions
New Firm Taps Pershing Advisor Solutions BNY Mellon’s Pershing Advisor Solutions has been picked as a custody partner for Dakota Wealth Management, a newly launched investment management firm. Dakota, headquartered in Palm Beach Gardens, Florida, currently manages $600 million in client assets, according to a statement, which notes that the average registered investment advisor… Read More >>
Spanish Firm Revamping Ops via IBOR
A major wealth and asset management firm in Spain, CaixaBank Asset Management, is revamping front-to-back office operations via an Investment Book of Record (IBOR) approach that uses one source of real-time data, delivered enterprise-wide for positions, cash and exposure. The firm will be using a SimCorp Dimension-based IBOR to address its data management issues, and… Read More >>
GMEX and DAG Create JV Bridge to Disruptive IT
GMEX Group (GMEX) and the Digital Asset Group (DAG) are forming a joint venture (JV) intended to create a bridge between disruptive technologies such as blockchain/distributed ledgers and artificial intelligence (AI) and the practices of regulated banking, finance and trading exchanges. DAG and GMEX via their joint venture will develop “high impact blockchain and crypto… Read More >>
Federal Reserve Kicks Off Volcker Rule Revamp
The Federal Reserve at its May 30 meeting unveiled changes to the controversial Volcker Rule — which prohibits proprietary trading and banks from owning hedge funds or private equity funds — in a move widely seen as a response to industry pressure and is in keeping with the will of the Trump administration. Fed officials… Read More >>
Capitolis to Debut Automated Novation for FX
Over the coming weeks, vendor Capitolis will be going live with an automated novation service for foreign exchange (FX) transactions that are often manual processes for FX prime broking and bilateral trading, officials say. Capitolis officials are pitching the Capitolis Novation service as the first of its kind and as a way to bring new… Read More >>
Deutsche Börse’s ‘Roadmap 2020’ Will Require 350 Layoffs
Deutsche Börse executives are planning an overhaul that will result in 350 job losses, a new focus on organic growth, acquisitions, and new technologies, according to the German exchanges company’s “Roadmap 2020” strategy presentations at its annual Investor Day in London, May 30. In particular, Deutsche Börse officials want: To grow structural net revenue “by… Read More >>
Pushing for Post-Trade Reforms Across Europe
This is the season for pollen, Spring holidays and roadmaps from key industry players. Often the new roadmaps mean that some may no longer be on the journey. However, in this case, the Association for Financial Markets in Europe (AFME), a trade group for Europe’s wholesale financial markets, is pushing for a roadmap that will… Read More >>
FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a “reasonable” AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, record-keeping… Read More >>
Vestmark Launches Outsourced Service for Trading Models
Vestmark is unveiling its Model Trading Service (MTS), a way to outsource model management, trading, rebalancing and account administration and cut overhead costs, say officials at the portfolio management software and services vendor. Citing Cerulli Associates, Vestmark officials argue that firms using models and outsourcing model portfolios will find it easier “to streamline their practices… Read More >>
