Nomura Holdings is getting out of the clearing game for swaps transactions, dropping a previously offered service where the bank acted as a gateway for getting its customers’ swaps trades guaranteed by clearing houses. Nomura is just the latest of several banks to back away from clearing amid low margins and high costs imposed mainly… Read More >>
Upheaval Coming for Asset Managers’ Back Offices
The global asset management industry is at a crossroads. In order for firms to move forward in a shifting macro environment, according to three new reports, they’ll need to look backward — to the back office. Each of the reports has a slightly different focus, but all three conclude that many asset managers will be… Read More >>
CalPERS’ Departing COIO Completes Exit as Numerix Picks an MD for EMEA
Pension fund giant the California Public Employees’ Retirement System (CalPERS) has promoted Eric Baggesen to the post of senior investment officer (SIO) for asset allocation and risk management just as Janine M. Guillot, the former chief operating investment officer (COIO), is completing the final projects of her tenure, say CalPERS officials. Baggesen has been serving… Read More >>
Omgeo Replaces its CCO as Markit Acquires DTCC Unit and Staff
Omgeo Replaces Chief Compliance Officer Post-trade services provider Omgeo has hired industry veteran Jeannie Shanahan to be its new managing director of governance, risk management and compliance replacing Kara L. Hill, who left her post as chief compliance officer to be vice president and deputy general auditor for the DTCC, confirm Omgeo officials. Hill joined… Read More >>
Mary Schapiro Goes Private as Barclays Bolsters its Cash Management Team
Mary Schapiro Crosses the Aisle to Join Promontory Mary Schapiro, the former chairman of the SEC, has crossed the aisle to the private sector and joined consultancy Promontory Financial Group as managing director and chairman of the governance and markets practice, say officials.The Washington, D.C.-based Promontory, which offers strategy, risk management, regulatory, and compliance consulting,… Read More >>
State Street and OTC Processing
State Street is spreading the word about its end-to-end package for processing over-the-counter (OTC) derivatives—which includes middle and back office services—just as OTC reforms are likely to cause buy-side firms to choose between a best of breed or an integrated suite approach for the operational tapestry to come for executed and cleared OTC instruments. As… Read More >>
A Thousand Points of Light on the OTC Front
To paraphrase a former president, there are “a thousand points of light” when it comes to activity on the over-the-counter (OTC) derivatives execution, clearing and valuation fronts. Variety abounds as State Street touts a platform that will compete against sell-side offerings and major sell-side players such as BNP Paribas gear up to ready offerings for… Read More >>
