TRADEcho to Hit Early Next Year The London Stock Exchange Group (LSEG) and Boat Services Ltd. will be offering TRADEcho, a combination of the two vendors’ existing and complimentary trade reporting services, officials say. TRADEcho is slated to be available by the first quarter of 2017 and will offer a single trade reporting venue and… Read More >>
SWIFT Network Used for Second Cyber-Attack
Hackers in a second major attack have been able to use the SWIFT financial messaging system to break into a commercial bank, according to media reports and officials at the industry cooperative, which issued a message to customers, dated May 13. For this latest attack, SWIFT officials state that “the SWIFT network, core messaging services… Read More >>
A 21st Century Bank Robbery You’ve Never Heard Of
A story that has gotten little attention but is noteworthy is the $100 million apparently stolen via cyber-fraud in February from the Bangladesh central bank account in the U.S. The ongoing saga has caused the Federal Reserve Bank of New York, Bangladesh Bank and SWIFT officials to issue a statement on May 10, 2016. “Representatives… Read More >>
SWIFT Urges a Cautious Embrace of DLT
The financial messaging and systems cooperative SWIFT is urging a cautious embrace of the much-hyped blockchain/distributed ledger technology (DLT) while acknowledging that it is engaged in many R&D and proof-of-concept projects. SWIFT is laying out its response to the DLT phenomenon via a position paper written with global professional services provider Accenture, and via the… Read More >>
Blockchain for Clearing and Settlement to Be Gradual: Report
The emergence of blockchain/distributed ledger technology (DLT) could led to “a new global clearing and settlement infrastructure” for domains that are “currently poorly served by existing infrastructure or facing poor value for money,” according to a new report from GBST, a securities transaction and fund administration software vendor. However, it’s likely to be a gradual… Read More >>
SWIFT Gets on the Blockchain Proof-of-Concept Bus
Financial messaging and services cooperative SWIFT is providing more details about its R&D efforts, including proof of concept efforts, for blockchain/distributed ledger technology (DLT) in a white paper it just completed with global consultancy Accenture The two have combined efforts for a position paper, “SWIFT on Distributed Ledger Technologies: Delivering an Industry Standard Platform through… Read More >>
CloudMargin Sharpens Collateral Optimization Capabilities
CloudMargin, a provider of web-based collateral and margin management services, reports that it has improved its collateral optimization capabilities to better serve the clearing needs of securities firms. The enhanced optimization combines CloudMargin’s capabilities to source inventory “on a client’s behalf direct from custodians via CloudMargin’s own SWIFT membership,” vendor officials say. Cloud-based collateral management… Read More >>
CloudMargin’s SWIFT Move Pushes Low-Touch Option
Cloud-based collateral management technology vendor CloudMargin reports that it is first such provider to join the SWIFT cooperative, a step that may help the company make its case to firms considering low-touch solutions to meet the non-cleared derivatives margining rules to come. By working with SWIFT, CloudMargin will adopt SWIFT connectivity and standards, says Keith… Read More >>
SWIFT to Give Back $34.5 Million in Rebates
The Brussels-based financial messaging cooperative SWIFT will be issuing a global, 10 percent rebate on the fees it charged for messaging last year, and predicts that it will be returning approximately €32 million ($34.5 million) to those organizations using its services. The rebate for 2015 represents “SWIFT’s continued commitment to the global banking community,” said… Read More >>
Unified Settlement Push in Europe Hits Speed Bumps
The European Central Bank (ECB) has rescheduled the implementation of its Target 2 Securities (T2S) program, allowing one of the largest central securities depositories (CSDs) to delay migration until September 2016. The delays, however, are not likely to derail the T2S push, launched in June 2015 to create a single European platform for securities settlement…. Read More >>
