Paris-based banking giant Société Générale and its wholly owned subsidiary, Société Générale Acceptance N.V. (SGA), are settling with the U.S. Justice Department, the CFTC, and a French authority, Parquet National Financier (PNF), a variety of charges in two cases: a bribery scandal involving officials in Libya, and separately the manipulation of the London Interbank Offered… Read More >>
Thomson Reuters & NRI Expand Reach of BETA Platform
BETA Platform Gets Automated Settlement & STP via Partnership Market data, news and systems provider Thomson Reuters has added international post-trade processing for multi-market and multi-currency securities to its North American wealth management brokerage processing platform, BETA, via the I-STAR/GX platform from Nomura Research Institute (NRI), a system solutions vendor and consultancy. The BETA expansion… Read More >>
SWIFT Extends Financial Crime Fighting to Emerging Markets
SWIFT has expanded its financial crime-fighting services while Broadridge Financial Services has just completed a key blockchain/distributed ledger technology (DLT) pilot — news that broke at SWIFT’s SIBOS industry conference in Toronto this week. In an effort to help small financial services firms and institutions fight financial crime in emerging markets, SWIFT is launching a… Read More >>
Two SocGen Bankers Face Libor Rigging Charges
Two Société Générale bank managers have been indicted in a U.S. federal court for allegedly scheming to rig the London Interbank Offered Rate (Libor). Libor is of course the collection of benchmark interest rates for various currencies and maturities “to which trillions of dollars of financial transactions are tied,” as a recent announcement made jointly… Read More >>
BNP Paribas, Société Générale & Others Launch LiquidShare
Major European Players Back LiquidShare A European blockchain startup with a post-trade focus, LiquidShare, is being created via the support of BNP Paribas, CACEIS, Caisse des Dépôts, Euroclear, Euronext, S2Iem, Société Générale and Paris Europlace. The financial technology venture is the result of a partnership launched by its shareholders in June 2016 to develop a… Read More >>
Research Analysts Could Be Casualties of Unbundling
As MiFID II draws closer, there has been a spate of reports predicting the dire consequences of unbundling on Europe’s investment banks. The separation of research from execution is expected to lead to hundreds of job losses for research analysts as banks restructure their operating models, according to a new report from consultancy McKinsey. The… Read More >>
CFTC Penalizes Société Générale $450K for Software Glitch
The CFTC has issued a penalty of $450,000 against Société Générale SA over charges that the French banking giant failed to properly report non-deliverable forward transactions to a swap data repository (SDR), and failed to report many FX swap, FX forward, and non-deliverable forward transactions to an SDR. The cause of the problem was a… Read More >>
China Renaissance Deploys Fidessa Trading Systems
Firm Says Platform Will Help Its Outreach to Investors China Renaissance, an investment banking, securities and investment management firm with headquarters in Beijing and Shanghai, has deployed an Asian trading platform from vendor Fidessa. The new IT backbone will support the expansion of the firm’s equities business across Asia via a centralized order management… Read More >>
ITG Makes Foreign Exchange and Analytics Hires
Foreign Exchange Hire is from Deutsche Bank ITG, a broker and financial technology provider, reports the hiring of Ruben Costa-Santos as director and head of FX and Andre Nogueira as an analytics director. Costa-Santos, who will oversee ITG’s foreign exchange activity across the analytics, execution and workflow technology product groups, will be based in the… Read More >>
Libor Convictions Give U.K. Regulator a Reprieve
The recent sentencing of four former Barclays traders over Libor has given a much needed boost to the U.K.’s Serious Fraud Office (SFO) whose future has been in doubt due to a mixed set of results over the last few years. Among the four men, Jay Merchant, a former trader at Barclays in New York,… Read More >>
