Traditional financial institutions such as asset managers will have to embrace the speed of change if they want to speed up data velocity, according to SIX, an exchanges company and market and reference data provider. This was one of the main takeaways from the 2023 annual “Future of Finance” report from SIX. Nearly half, or… Read More >>
SIFMA Wants SEC to Drop PDA Ban & Other News
SIFMA: SEC Rule Puts Too Many Limits on Firms Securities industry trade association SIFMA and its Asset Management Group (AMG) are strongly urging the SEC to abandon proposed rules that would end or nullify the use of predictive data analytics (PDA) and PDA-like technologies by broker-dealers and registered investment advisors (RIAs). In August, the SEC… Read More >>
Options Plans to Hire 200 Over 3 Years & Other News
200 New Jobs Are Coming to Belfast Options Technology, a provider of cloud-enabled managed services, plans to “create 200 new jobs in Belfast over the next three years” as it expands its operations, officials say. The company is headquartered in Belfast City Centre’s Linen Loft building. The company added “100 new team members” over the… Read More >>
Market Data Budgets to Rise by 10%: Report
Asset managers, wealth management firms, banks, and broker-dealers across the world are likely to boost their market data budgets by 10 percent or more next year in “priority areas including equities, fixed income, and alternative data, and by at least 5 percent across other asset classes,” according to a study from market research firm Coalition… Read More >>
Socium Fund Services Deploys Broadridge’s Sentry & Other News
Socium to Manage Portfolios & Ops via Sentry A private equity and private credit fund administrator, Socium Fund Services reports that it has deployed the Sentry loan portfolio management technology solution from Broadridge Financial Solutions, a post-trade systems, services, and applications provider. Socium will use the Sentry system “to more efficiently manage complex private credit… Read More >>
GSAM Buys a Robo-Advisor & Other News
GSAM to Use NextCapital for Defined Contribution Foray Goldman Sachs Asset Management (GSAM) is acquiring Chicago-based robo-advisor NextCapital Group to hasten the development of Goldman Sachs’ offerings for the defined contribution market via personalized managed accounts and digital advice, officials say. The transaction is slated to close during the second half of this year, depending… Read More >>
Corporate Actions Ops Are Stuck in Manual: Survey
But Firms Want Real-Time Corporate Actions Data A new report based on survey results reveals that slightly more than “three-quarters of respondents (78 percent) still process part of their corporate actions manually, with 40 percent processing more than half of their corporate actions in this way,” according to research sponsored by data and infrastructure services… Read More >>
CME Group Ends Most Open Outcry Trading
Eurodollar Options Pits to Stay Open Derivatives exchanges operator CME Group has announced that the physical trading pits shut down since March 2020 because of the COVID-19 pandemic will remain permanently closed as global financial markets move toward a post-pandemic phase. Not all open outcry venues will close, though. “The Eurodollar options pit, which was… Read More >>
SIX & SimCorp Partner to Ease Sanctions
Financial data services and systems provider SIX has begun a partnership with investment management systems vendor SimCorp that brings together their offerings for the Sanctioned Securities Monitoring Service at a time when sanctions are becoming a hot button issue for many financial services firms. “The partnership between SIX and SimCorp, aims to address and streamline… Read More >>
Voters Reward Disruptive & Established Providers via FTF Awards
NEW YORK CITY — A mix of disruptive and established technology providers have made the winner’s circle of the FTF News Technology Innovation Awards (the FTF Awards), which Financial Technologies Forum (FTF) is revealing today. For instance, for the Best Artificial Intelligence (A.I.) Initiative, the winner is Synechron while TCS BaNCS and its Quartz effort… Read More >>
