Our free news roundup includes briefs about CME’s president, Deutsche Bank in Asia, Tier1, Cloud9 & GreenKey, and Liquidnet.
UBS Brokerage to Deploy GBST’s “Syn~”
Swiss banking giant UBS reports that its Australian brokerage operations staff will be migrating its business to the “Syn~” post-trade platform from vendor GBST to boost operational efficiencies and exploit the latest technologies.
The Syn∽ suite consists of middle and back office processing solutions for banks and brokers that includes pre-settlement, clearing and settlement, trade accounting and business intelligence reporting, officials say.
The UBS brokerage in Australia has been a GBST customer “since 1998 and already uses several GBST post-trade solutions,” officials say. The GBST technology supports post-trade operations for many instruments, including cash equities and exchange-traded options.
“As part of its ongoing relationship with GBST, UBS has also committed to migrating its Australian business to the Syn~ platform … The partnership will see GBST support UBS through the ASX’s CHESS Replacement, providing a modern system to connect with the CHESS Replacement platform,” according to an official statement from GBST.
“This contract extends our relationship with GBST to more than 25 years. It has consistently scaled to meet our growing requirements and the flexible and highly-automated Syn~ platform is an ideal foundation from which to grow our business in Australia,” says Scott Hanlon, head of operations, Australia at UBS, in a prepared statement.
“This relationship also recognizes the multi-million dollar investment we are making in the CHESS Replacement program,” says Denis Orrock, head of Asia Pacific at GBST, in a statement. “GBST was the first vendor to connect to the original CHESS platform over 25 years ago and we are now working hard to ensure our clients can transition to the CHESS Replacement platform and embrace future technology innovations in our fast-moving sector.”
CME to End President’s Post After Durkin Steps Down
Bryan T. Durkin, president of the CME Group, will step down in May, and then serve as a special advisor to the exchanges company before being considered for the company’s board, officials say. The role of president will be eliminated after Durkin relinquishes the role.
After stepping down, Durkin, a 37-year veteran of CME Group, will report to Terry Duffy, the CME Group chairman and CEO. In addition, the CME Group board of directors is recommending that Durkin be up for election to CME’s board at its May 2020 annual meeting of shareholders, officials say.
“I am profoundly proud to have served the clients and shareholders of CME Group through a period of tremendous growth,” Durkin says in a prepared statement. “I have been fortunate to play a role in the dynamic expansion of the global derivatives markets and the critical risk management role they play in every economy.”
Durkin began his career in 1982 as an investigator, officials say. “Throughout his career, he has led many initiatives for the organization and has most recently been responsible for leading the company’s integration of CBOT, NYMEX and NEX. He also has overseen the company’s technology, global operations and data services businesses, as well as its significant international growth,” according to the CME.
The CME Group’s exchanges serve trade futures, options, cash and over-the-counter (OTC) markets. The company offers futures and options via futures trading through the CME Globex platform, fixed income trading via BrokerTec, and foreign exchange trading on the EBS platform, and central counterparty clearing via CME Clearing.
Deutsche Bank Bolsters Fund Services in Asia-Pacific
Deutsche Bank’s Securities Services business has renewed its partnership with investment management solutions vendor SimCorp to deliver integrated fund services solutions via the vendor’s Dimension offering to its clients across Asia Pacific, officials say.
The bank has had a 14-year partnership with SimCorp in Asia Pacific.
“Deutsche Bank’s renewal agreement will cover 12 markets and will support its growth in the region, which converges with the Asian asset management industry’s ‘hyper growth,’ set to reach USD 112 billion by 2025,” according to SimCorp.
“The fund services business in our region is growing rapidly and customers are demanding higher levels of service. Over the years, we have invested thoroughly in technology that can embrace these evolving needs, and this partnership is in line with this strategy,” says Anand Rengarajan, Asia-Pacific head of securities services at Deutsche Bank.
The bank will continue to address key operational challenges including “an increasing number of global, multi-asset investment strategies, to heightening regulatory reporting whilst reducing operating costs,” according to SimCorp.
Tier1 Financial Solutions Picks Board Chairman
Tier1 Financial Solutions, a relationship-management technology provider for capital markets and banking, has named Neil Ferris to be its new chairman of the board of directors. Ferris, a high-tech industry veteran, joined Tier1’s board in 2019.
Before joining, Ferris was CEO of Giganet, a storage networking company.
Tier1 points out that Ferris also was CEO at Open Data, which was sold to a private company, and Fluent Machines, which was sold to Novell Corp.
Tier1 also notes that in 2017 it received “significant equity capital to accelerate growth” from a group of investors led by Wavecrest Growth Partners with participation from MassMutual Ventures and Salesforce Ventures.
Two Vendors Focus on Voice Trading Data Extraction
Cloud9 Technologies, a specialist in cloud-based communications, and GreenKey Technologies, a specialist in artificial intelligence (AI) based conversational analytics, joined together to “provide the institutional marketplace with an innovative solution that will enable a more efficient and secure extraction of voice trading data,” the vendors say.
The collaboration will allow customers to “ ‘voice-populate’ their desktop applications such as trade tickets, exchange clearing portals and CRM systems,” according to the vendors.
The vendors note that their solution can also “be used to structure C9 audio files into an organized list of quotes and trades, creating massive efficiencies for compliance officers needing to complete trade reconstruction. By providing institutional traders with premium analytics and monitoring capabilities of voice trading activity, firms are able to operate across a more interoperable and level playing field with no additional technology overhaul necessary.”
Vendor officials add that they also will be able to “identify all products, pricing and counterparties within the C9 audio recording. Customers will then be provided with a full report detailing the data.”
Liquidnet Names Head of Investment Analytics
Liquidnet, an institutional investment network, reports the appointment of Vicky Sanders as global head of investment analytics, a newly created post.
Sanders, who joined the firm in May 2019, will head Liquidnet Investment Analytics, the firm’s new business vertical.
Liquidnet Investment Analytics “leverages the artificial intelligence capabilities” of OTAS Technologies and Prattle, Liquidnet’s recent acquisitions, as well as SRCHXchange, another Liquidnet acquisition, and will “run alongside Liquidnet’s existing equity execution and fixed-income businesses,” the company says.
Sanders will be based in London and report directly to Brian Conroy, Liquidnet’s president.