A Biden Working Group Says Stablecoins Are Risky Stablecoins lack good oversight, making them risky for users and financial markets, says Janet L. Yellen, secretary of the U.S. Treasury, in a prepared statement. Yellen’s comments follow the release of a report from the President’s Working Group on Financial Markets (PWG), which is recommending that Congress… Read More >>
SEI Acquires Finomial
Finomial Technology to Be Added to SEI Platforms SEI reports the acquisition of Finomial, which it characterizes as an “investor lifecycle management firm offering cloud-native financial technology. The technology is expected to be added to SEI’s existing investor-focused platforms to further enhance automation and digitization capabilities, as well as reporting and transparency.” SEI’s current… Read More >>
ICE Sells Stake in Euroclear for $825M
Silver Lake Buys ICE’s 9.85 Percent Stake American private equity firm Silver Lake likes Euroclear Holding’s growth path and has purchased Intercontinental Exchange’s 9.85 percent stake in Euroclear for €709 million ($824.8 million), officials say. Officials at ICE, the owner of the New York Stock Exchange (NYSE), say the past investment in Euroclear has been… Read More >>
Firms & Providers Disagree About T+1’s Rewards: Survey
Shorter settlement of U.S. equities transactions from trading day plus two days (T+2) to one day (T+1) will happen within the next five years, according to nearly half of the respondents to a global survey and study conducted by Citi Securities Services. But, beyond that point of agreement, the survey results showed that financial market… Read More >>
Northern Trust Uses Algorithms to Find Initial Margin
Northern Trust Develops Offering with Acadia With help from vendor Acadia, Northern Trust launched an automated solution for initial margin (IM) calculation that exploits algorithms to find assets that will help firms meet regulatory obligations, officials say. The solution was developed to help clients meet the September 1 deadline for compliance with the Uncleared Margin… Read More >>
Firms Suffer via Ops Expenses Blind Spot: Report
Lackluster investment in post-trade processes has caused an information blackout that prevents financial services firms from getting an enterprise-wide view of the money that has been spent on brokerage, custodian, exchange, and clearing services, and this weakness is taking a toll on profits, according to a new report from Meritsoft, a post-trade process automation services… Read More >>
Gresham Taps Duco for New Global Director
Julian Trostinsky Joins Gresham Technologies Gresham Technologies plc has named Julian Trostinsky, an industry veteran and an ex-Duco vice president, as its new “global director of customer success.” Gresham is a fintech provider of real-time processes, procedures and reconciliation capabilities that are intended to provide “data integrity and control, banking integration, payments and cash… Read More >>
DTCC Moves Ahead with DLT-Based Settlement Platform
The DTCC is moving ahead with its alternative securities settlement platform —the Project Ion initiative — based upon distributed ledger technology (DLT) after “a successful prototype pilot” with market participants, officials say. The prototype pilot showed that DLT could support the shorter settlement cycles of trading day plus one (T+1) and settlement on the trading… Read More >>
No Showstoppers for T+1 Overhaul: ISITC Panel
While no one would mistake the T+1 shorter settlement drama for a joyous Broadway musical, there are not likely to be any showstoppers as the securities industry transitions to a one-day settlement cycle after execution for U.S. equities. But there’s a lot of work ahead. So says a panel of experts assembled by ISITC for… Read More >>
Raymond James Boosts STP by 40 Percent
Raymond James Deploys Syn-TAC Upgrade Raymond James officials report that they have renewed an existing contract for GBST’s middle-office post-trade solution, Syn~TAC, in a bid to boost the firm’s straight through processing (STP). A GBST client for more than seven years, the firm has also completed an upgrade to the latest version of Syn~TAC, officials… Read More >>
