Justice Department Sends Back Misappropriated Funds U.S. Justice Department officials report that they have returned “an additional $452 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned to over $1.2 billion.” The repatriation of the funds from the former 1MDB investment development fund follows a scandal in… Read More >>
Northern Trust Bolsters Recs Visualization Tool
Northern Trust Enhances Recs Dashboard Custodian bank Northern Trust has updated its Rec Dashboard workflow tool so that it helps clients with collaboration and scalability for real-time transparency into the reconciliations process, officials say. The Rec Dashboard offers views of “breaks and reconciliations in trade activity between asset managers and other institutions,” officials say. “Rec… Read More >>
Calpers Chief Investment Officer Abruptly Resigns
Calpers Board to Review the Matter on August 17 Yu (Ben) Meng abruptly resigned from his post as chief investment officer for the approximately $409 billion California Public Employees’ Retirement System (Calpers) pension fund. Meng, whose resignation became effective August 5, became the chief investment officer in January 2019. Calpers has appointed Dan Bienvenue, deputy… Read More >>
Buy Side Grapples with Electronic FX Execution: Q&A
(BidFX, a provider of an execution management system (EMS) for global foreign exchange (FX) markets, recently made news when the Singapore Exchange (SGX), Asia’s largest FX marketplace, acquired a 20 percent stake in the TradingScreen company. The stake includes an option for additional shares to gain a controlling interest, for a total cash consideration of… Read More >>
Singapore Exchange Completes Post-Trade Overhaul
The Singapore Exchange (SGX), whose component businesses facilitate equity and derivatives trading, has implemented new functions for centralized clearing, settlement and depository services via an incumbent centralized post-trade clearing solution from LSEG Technology. The implementation, which went live Dec. 10 last year, is described as an end-to-end, post-trade transformation for a tier 1 market, officials… Read More >>
DTCC Releases Timetable for Settlement Optimization Plan
First Part of the Launch Slated for Q3 2019 Post-trade infrastructure systems provider the DTCC has released a timetable for the first phase of settlement optimization, which intends to remove “an entire market day of settlement exposure without eliminating a calendar day from the standard trade settlement process,” DTCC officials say. The initial piece is… Read More >>
Steve Goswell to Receive ISITC Excellence Award
Goswell to Be Honored on March 19 ISITC is honoring industry veteran Steve Goswell, currently vice president of Bank of the West, with the ISITC Standard of Excellence Award at the industry standards group’s 24th Annual Securities Operations Summit in Boston next week. Goswell, who will receive his award on Monday, March 19, was picked… Read More >>
Object Trading Up to Speed on SGX’s Titan Platform
Object Trading DMA Coordinated with Titan A vendor of multi-asset trading systems, Object Trading, reports that its services will work with the Singapore Exchange’s (SGX) latest trading platform, Titan, based upon Nasdaq’s Genium INET platform. In conjunction with Titan, Object Trading will handle market data, order execution and pre-trade risk constraints for its clients… Read More >>
Singapore Exchange Restructures and Overhauls Staff
Singapore Exchange Reorganizes and Shuffles Personnel The Singapore Exchange (SGX) reports several recent changes to its personnel and organizational structure, including the consolidation of sales and product units —equities and fixed income, derivatives, and market data and connectivity (MDC) — to “improve operational efficiency,” according to a statement. The new structure also will consolidate SGX’s… Read More >>
