The DTCC is building support to move the industry to a shorter, T+2 settlement cycle for U.S. equities, corporate and municipal bonds and unit investment trust (UIT) trades in a bid to reduce credit and liquidity risks, say officials at the post-trade processing utility. In addition, JPMorgan and industry groups such as the Investment Company… Read More >>
Despite SIFMA, T+2 in the U.S. Faces Obstacles
Citing systemic risk mitigation, securities industry trade group SIFMA is throwing its support behind a move to shorten the settlement cycle for U.S equities, corporate bonds and municipal bonds. But there will be stones in the road to tighter settlement times. Currently, the U.S. settles transactions from trade date plus three days (T+3); SIFMA and… Read More >>
Demand Soars for Recs IT as SIFMA Pushes LEI Usage
Reconciliation Technology ‘Explosion’ in Europe & U.S., Says Aite No longer is reconciliation technology “solely applied” to reconciling cash accounts. That’s the word from market research firm Aite Group’s latest report, “Reconciliation Technology Solutions in 2014: Recs Get Ready to Rumble,” which also takes note of the “explosion in the number of different vendor solutions… Read More >>
Bill Clinton Advises Sifma on Its Charm Offensive
Bill Clinton began his speech at Sifma’s Annual Meeting this week by saying that he has great freedom to say whatever he wants because he’s an ex-president and that, he wistfully added, no one pays attention to him. He could not have been more wrong. As we saw, his comments for news website OZY about… Read More >>
Sifma Takes on New SEF Rules
The CFTC’s new rules for swap execution facilities have spurred controversy and Kenneth E. Bentsen, Jr., acting president and CEO of securities industry advocacy group Sifma, has recently voiced his opposition to key provisions of the final rules.In mid-May, the CFTC gave the initial green light to the rules governing the exchange-like SEFs. With the… Read More >>
O’Malia and Those Hot-Button Issues
As we reported earlier this week, Scott D. O’Malia, commissioner for the CFTC, was the bearer of bad news about the regulator’s data gathering for its swaps data repository (SDR). Yet in his revelatory speech last week to SIFMA members O’Malia was very forthcoming about other thorny issues that got scant coverage.One of the thorniest… Read More >>
Former Logica CFO Joins Misys as Spot Trading Shuffles Execs
Misys Hires CFO from Logica Misys, a provider of banking, treasury, trading and risk solutions, has hired the former chief financial officer (CFO) for Logica, Himanshu Raja, to be its CFO as Misys readies itself for growth, officials say. At Logica, Raja led the sale process that resulted in CGI of Canada acquiring Logica for… Read More >>
Information Mosaic Picks a New Chairman as Tim Ryan Gets Ready to Leave SIFMA
Former Swiss Bank Exec to Serve as Information Mosaic Chairman Post-trade software vendor Information Mosaic has named Ulrich F. Kunz as its non-executive chairman, a former senior executive with the former Swiss Bank Corp. (acquired by UBS), officials say. Effective immediately, Kunz replaces Carl Sundvik who has retired from the chairman’s post. Kunz will help… Read More >>
UBS to Cut 10,000 Jobs as SIFMA Board Elects Officers
UBS to Cut 10,000 Employees by 2015 Swiss banking giant UBS will be cutting its work force by 10,000 over the next two years as it moves away from its less lucrative fixed income business, and attempts to transform itself into “the UBS of the future,” officials say. “By concentrating on its traditional strengths in… Read More >>
Update on Hurricane Sandy and Wall Street
NYSE Euronext, the NASDAQ Stock Market and all other U.S. markets for equities, bonds, options and derivatives will stay closed for Tuesday, Oct. 30, because of the impacts of Hurricane Sandy, a storm estimated to affect 50 million Americans across eight states, including New York. “Sandy has transitioned from a tropical to a post-tropical, or… Read More >>
