US bank PNC has linked its invoice automation platform to OB10, the global e-invoicing network run by specialist firm Tungsten Corporation, in a deal that the bank says will help its commercial customers by making payments faster and improving the quality of payments data. PNC Bank is the first commercial bank in the US to […]
Reforms to the way derivatives trade in the US and Europe are causing a conflict between consumer desire for bespoke solutions and regulatory attempts at standardisation – and the self-inflicted panic as the deadline approaches indicates the cost may be too high, according to a panel of senior capital markets representatives speaking at an event organised by the Futures and Options Association in London on Tuesday.
Most banks are still not ready for the arrival of Swap Execution Facilities, the new category of trading venues created by the Dodd-Frank act in the US to handle OTC derivatives. Worse still, market participants are almost universally negative about SEFs, according to a new paper by research house GreySpark Partners.
Barclays has been fined $3.75 million by the US Financial Industry Regulatory Authority for its failure to keep electronic records, including emails and instant messages, which are required by law. The failure is the latest in a string of recent fines for the bank.
Electronic fixed income trading, one of the last major asset classes traded by humans, could take a big step forward when a new Nasdaq OMX dark pool trading venue goes live next year.
Credit Agricole CIB has signed an outsourcing deal with Genpact, in which the technology firm will help the bank by providing its IT development and maintenance, production support, infrastructure management and user support in the US.
The latest version of the telco-backed Isis mobile wallet service has been launched across the US, following 18 months of testing in Texas and Utah by owners AT&T Mobility, T-Mobile USA and Verizon Wireless.
A surprisingly high proportion of US banks are still not prepared to comply with Dodd-Frank’s regulations on swaps, despite the impending arrival of mandatory trading on swap execution facilities, according to Charley Rich, vice president of product management at tech firm Nastel.
Nasdaq OMX is planning to launch a test facility for algo trading early next year. The Algo Test Facility will be developed jointly with Thesys Technologies, a subsidiary of Tradeworx,
Sapient Global Markets has released a suite of software and services designed to help companies meet FATCA, the controversial new US regulation that obliges banks to report their US customers so that they can be taxed.
Senior financial industry executives have expressed disappointment at the failure of the US and European securities regulators to realise a deal over derivatives reforms and swap execution facilities, the new category of US execution venues brought in under the Dodd-Frank Act.
Trading firms need to upgrade their technology as often as every three months or face getting left behind by the ferocious pace of competition, according to specialists behind the HFT industry’s breakneck expansion into the world’s emerging markets and untamed asset classes.
Some European money transmitter companies are learning what insurance carriers from outside the US. learned years ago — the country is a nightmare of financial regulations that can differ sharply from state to state. And European companies that are doing business in individual states probably need a license from that state.
The European Commission has expressed concerns that the US government shutdown is preventing a deal between the EU and US regulator, just as new swaps rules come into force for firms based both inside and outside the US.
As CFCT commissioner Scott O’ Malia calls for more time for SEF reforms to be implemented, senior market observers are concerned that the new rules will not only fail to meet their 2 October deadline, but will also hurt ordinary market participants and increase systemic risk rather than reduce it.
US based Pinnacle Bank has chosen to outsource its processing to Fiserv as part of its Precision bank platform, in a move the bank says will help it to scale and roll out new products including mobile banking, bill payment and checking. Based in the town of Elberton in the US state of Georgia, Pinnacle […]
US banks Clare Bank and Farmers Exchange Bank have chosen to install cloud-hosted core banking services from vendor Temenos, in a deal that the banks say will help them reduce costs and roll out products to customers more easily.
Financial industry analysts have warned that investors should be careful about how they approach automated trading, following news that a trading error at Goldman Sachs lost the firm $100 million on Tuesday.
One in three US adults now uses mobile banking in their day to day lives– a rise of almost double since 2011, according to new research from the US Pew Research Centre.
US-based Kearny Federal Savings Bank has chosen to install bank processing and mobile payments technology from specialist firm Fiserv, which it says will help the bank increase efficiency and attract new customers.
PayPal users can withdraw money from their accounts and pick up the funds via money transfer company MoneyGram, following a deal between the two US firms that also will see PayPal customers loading funds into their accounts via MoneyGram by the end of the year.
Bloomberg has received approval to launch a Swap Execution Facility, ahead of the compliance deadline for new US Dodd-Frank rules for clearing of OTC derivatives.
US consulting, market data and technology firm Jordan & Jordan has chosen to launch its execution compliance and surveillance service on Nasdaq OMX FinQloud, the cloud computing platform built for financial services and powered by Amazon Web Services.
US post-trade utility the DTCC has agreed to acquire post-trade specialist firm Omgeo, in a deal that it says will help improve collaboration between investment managers, broker-dealers and custodian banks and reduce risk for market participants.
Delays to the controversial US FATCA rule have provided a valuable window of opportunity for financial institutions to prepare.
the US Securities and Exchange Commission says that its cloud-based approach is paying dividends and allowing it to examine the structures of the markets it supervises at a greater level of granularity than ever before.
Swift’s Innotribe innovation project has chosen the 15 US semi-finalists for its start-up challenge, which aims to bring together innovative ideas in financial services and turn them into functioning businesses.
MTS, the European electronic fixed income marketplace majority owned by the London Stock Exchange, plans to open a platform for US institutional investors, allowing them direct access for the first time.
The US Financial Industry Regulatory Authority has appointed Carlo di Florio as executive vice president, risk and strategy. In his new role, di Florio will lead FINRA’s office of risk, emerging regulatory issues, enterprise risk management and strategy.
Banks can breathe a sigh of relief following the publication of amendments to US Dodd-Frank Rule 1073 today, which should allay fears that draconian regulation was about to stifle cross-border payments.
It’s not just the banks that are struggling with the costs of regulation – so are the regulators. In the US. The Commodity Futures Trading Commission has requested a 52% budget hike to $315 million dollars – described by one of its own commissioners as “improbable and unsustainable”.
Nasdaq OMX Group is to acquire bond platform eSpeed from BCG for $750 million in a move that highlights the increasing tendency for large stock exchanges to diversify as capital markets revenues from equity trading continue to decrease.
Bank of America Merrill Lynch has launched a service aimed at helping smaller banks to cope with Dodd-Frank rules for US cross-border trades.
