The Securities Industry and Financial Markets Association (SIFMA), Investment Company Institute (ICI), and the Depository Trust & Clearing Corp. (DTCC) released a report early last month declaring victory in the push for a shorter settlement cycle for markets in North America. However, the report fails to address some of the issues that have emerged over… Read More >>
Why Data Governance Matters
While data governance and data quality management concerns are definitely not sexy subjects, securities-trading firms can get into hot water if data-related matters are mismanaged. Take, for example, Citibank, N.A, and the $75 million penalty levied against it by the Office of the Comptroller of the Currency (OCC) and the related civil penalty of $60,625,620… Read More >>
SteelEye Uses A.I. to Streamline Alert Review Workflows
Trade surveillance provider SteelEye reports that it has made A.I.-based enhancements to Compliance CoPilot via large language models (LLMs) that provide analysis and actionable insights for compliance officers. The added decision-making capability is intended to target wrongdoers that “adopt increasingly sophisticated market manipulation tactics,” officials say. The enhanced Compliance CoPilot “enables analysts to prioritize high-risk… Read More >>
T+1 & International Corporate Actions Are at a Crossroads
A trio of European industry associations says agreement has yet to be reached in the approach firms might take to navigate the impact of T+1 on corporate actions processing for multi-listed and multi-traded securities. The Association for Financial Markets in Europe (AFME), The Federation of European Securities Exchanges (FESE), and the European Central Securities Depositories Association (ECSDA) recently wrote… Read More >>
Combining A.I. & Recs Spurred NeoXam’s Acquisition of EZOPS
Adding artificial intelligence (A.I.) to data reconciliation was a key driver behind NeoXam’s acquisition of EZOPS, an A.I. provider for data control, workflow automation, reconciliation, and regulatory reporting solutions. NeoXam is a provider of data management, performance, reporting, portfolio management, and investment accounting software. “Combining reconciliation with A.I. technologies was central to NeoXam’s acquisition of… Read More >>
Direxion Taps SS&C for ETF & Mutual Fund Distribution
A provider of tradeable and thematic ETFs, Direxion will be using the services of SS&C ALPS Distributors, which will act as the underwriter and distributor for issuance, redemption and distribution of exchange-traded funds (ETFs) and mutual funds, officials say. SS&C ALPS, which is owned by SS&C Technologies, will help Direxion manage more than $40 billion… Read More >>
Humans Do 60% of Ops Data Processing: Q&A
(Duco describes itself as a no-code data automation company that helps clients consolidate, standardize, and reconcile key data types in Duco’s cloud. Its mission is to dramatically reduce the 60 percent of data processing that happens manually via its Data Automation Platform. FTF News recently spoke with James Maxfield, chief product officer at Duco, about… Read More >>
Voice Surveillance Service Targets Off-Channel Regulatory Woes
Securities firms are on the radar of regulators looking for violations of their usage of off-channel communications and that was part of the impetus for digital communications and recordkeeping provider Global Relay’s creation of a voice-to-text service — Global Relay Transcription —that exploits artificial intelligence technologies, officials say. The SEC has been levying fines and… Read More >>
FIA Tech Taps Broadridge for COMS & NYFIX
A technology provider for the futures industry, FIA Tech will be using the connectivity, onboarding, and monitoring service (COMS) and the NYFIX Order Routing Network from Broadridge Financial Solutions to provide clients interoperability across networks and standardization for exchange-traded derivatives (ETD), officials say. The embrace of the Broadridge offerings will also enhance FIA Tech’s Trade… Read More >>
SS&C Acquires Battea Class Action Services for $670M
SS&C Technologies is acquiring Battea-Class Action Services, a securities class action claims management and settlement recovery services provider for $670 million, subject to certain adjustments, officials say. “Battea helps more than 900 banks, asset managers hedge funds and proprietary trading firms receive the maximum distribution of entitled settlements. The acquisition is expected to close this… Read More >>
