Our news roundup focuses on Commerzbank & DekaBank joining Trad-X, Liontrust on a BNY platform, OpenDoor’s new CTO, and NICE Actimize supports OCC guidelines..
triResolve Margin Offers Payments via SWIFT
The triResolve Margin collateral management service from vendor TriOptima now features a new payments connection to the SWIFT financial messaging network that will facilitate access to custodians and tri-party agents, cash transfers, and securities settlement, officials say.
With the new link, the triResolve service, which targets the costs and risks of over-the-counter (OTC) derivatives markets, enables “TriOptima clients in-scope for phase five and six of the BCBS/IOSCO Uncleared Margin Rules will now be able to instruct SWIFT payments directly via the platform,” according to TriOptima, which is part of the CME Group.
The new service will let clients “automate the full collateral management process across both initial and variation margin,” officials say.
The collateral settlement process is “a manual and onerous task for firms, often requiring them to log into a custodian’s portal or even use a fax,” says Raf Pritchard, executive director, head of triResolve, in a prepared statement.
“Combining triResolve Margin with a centrally hosted SWIFT infrastructure removes the headache of connecting to multiple custodians, helping clients to lower transaction costs and significantly reduce settlement risk,” Pritchard adds.
Commerzbank and DekaBank Join Trad-X
Trad-X, a platform for interest rate derivatives, has added two new trading institutions to its dealer-to-client electronic central limit order book, or CLOB.
The two are Commerzbank and DekaBank, which have joined as non-dealers, which, Trade-X says, represents interest “from participants seeking to utilize CLOB execution.”
The CLOB enables qualified dealers “to provide liquidity for clients to execute on, as well as place live resting orders.”
Liontrust to Use BNY Mellon’s Ops Platform
BNY Mellon has onboarded Liontrust Asset Management Plc, to its outsourced offering, an investment operations platform, according to a statement, which describes Liontrust as the platform’s “first end-to-end client.”
The new Investment Operations platform offers a variety of services such as trade support, derivatives lifecycle, collateral management, bank loans, investment book of record (IBOR) and investment performance across all asset classes, according to BNY Mellon. The investment operations business also encompasses middle office solutions for the bank’s institutional asset management client base.
The platform will help asset managers “improve automation and integration capabilities,” according to BNY. The outsourced service also offers “enhanced data management and control capabilities to institutional asset managers.”
As of Dec. 31, 2019, BNY Mellon had $37.1 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management, per the bank. As at 31 December 2019, Liontrust managed £19.1 billion, per the statement.
OpenDoor Securities Names New CTO
Jersey City, NJ-based OpenDoor Securities, which characterizes itself as an “order book for less liquid US Treasuries,” has named Carson Wong chief technology officer (CTO).
Wong joins from Fidelity Capital Markets Technology, where he was most recently senior vice president and chief information officer.
As OpenDoor’s CTO, he will work closely with Susan Estes, the firm’s co-founder, CEO and president.
At Fidelity Capital Markets Technology, Wong headed the firm’s U.S. trading technology division, “spearheading the execution of strategic initiatives in partnership with clients across business channels that included Equities Trading, Primes Services, Securities Finance, FX, and Fixed Income Trading,” the company says in a statement.
OpenDoor’s current CTO Michael Sacks will retire in April 2020, the company adds.
OpenDoor describes its client base as consisting of central banks, pension funds, sovereign wealth funds, primary dealers, asset managers, hedge funds and trading firms.
NICE Actimize Embraces OCC Fraud Guidelines
Financial crime management vendor NICE Actimize has updated its Fraud Essentials solutions to be in line with the fraud risk management best practices issued by the Office of the Comptroller of Currency (OCC), officials say.
The OCC’s guidelines are “consistent with the risk assessment and risk profile of financial institutions and are designed to set an overarching framework for fraud management,” according to NICE Actimize. “The OCC guidance (OCC Bulletin 2019-37) prescribes a framework strongly aligned with existing AML/BSA compliance and risk management frameworks.”
The vendor’s integrated, turnkey offerings “bolster fraud management programs for FI’s of all sizes, preparing them to address the OCC guidance,” says Craig Costigan, CEO, NICE Actimize, in a statement.