The imposition of a financial transaction tax in Italy on Friday has prompted condemnation from senior financial market observers, who are warning that the new rules could tip Europe into a liquidity drought that will damage banks and asset managers, punish traditional market participants and encourage a slide away from equities towards other asset classes.
Globally, there are many banks operating on multiple host systems, the result of cherry picking the best in class systems of the day to meet different needs or occasionally, merger and acquisition. Consequently, they have ended up with a legacy of disparate host or core systems, usually segmented by lines of business, such as deposits, retail loans, corporate loans, and trade finance.
Java is the most ubiquitous programming language out there, but it doesn’t work well in the cloud. One approach to overcoming the problem is featured among the Accenture-sponsored FinTech Innovation Lab London finalists.
While changes to the OTC derivatives world grab the headlines, trading is moving to a cross asset world, largely driven by regulation and standardisation – and after a few years of pain, firms may find that they are better off as a result.
German clearing and settlement business Clearstream has opened a new link to Russia’s CSD, the National Settlement Depository, that should allow customers based in the west to trade and settle Russian OFZ treasury bonds more easily.
The introduction of a seven-day account switching service in the autumn is meant to increase competition among UK High Street banks. Will it succeed?
A majority of consumers would prefer portable bank account numbers to make switching between banks easier, according to a new YouGov poll conducted by BT – and the reasons may surprise advocates of Banking 2.0.
While most large banks in the UK offer a mobile app, some do not yet offer mobile cash withdrawal as a feature. That is likely to change soon, according to Ian Byrne, banking director UK and Ireland at ATM maker Wincor Nixdorf.
Kinshasa-based Rawbank has selected Clear2Pay’s e-Banking solution to revamp its online and customer loyalty strategy. Since its launch 10 years ago, Rawbank has become the largest bank by total deposits and total assets in the Democratic Republic of Congo, with a network of branches 30+ providing a local service to retail and corporate clients. Rawbank, […]
Today, maximising profit is harder than ever for banks. The large retail banks have been forced to sell off branches and their investment arms are under increasing scrutiny, writes Tim FitzGerald, finance & banking sales manager, Casewise. The need to change – be it adapting to newly-imposed regulatory frameworks, to differentiating yourself from the competition and […]
Russian broker Renaissance Capital has built a cross-margining tool for the Moscow FX and derivatives markets Micex Selt and Forts, and the London Stock Exchange’s international order book.
Orange Business Services – Trading Solutions has launched a collaboration with Bloomberg Vault that will record voice data in real time, so that brokers can better comply with regulation on record keeping.
Financial technology company SmartStream has launched a reconciliation solution designed to provide low-cost back office services.
Technology companies Verdande and ITRS have developed an early warning system designed to detect trading outages and system failures before they happen.
The International Standards Organisation has finalised details of a new ISO standard that guarantee the long-term authenticity of electronic signatures.
As the US Federal Reserve joins a growing list of financial institutions targeted by cyber criminals, reports of an organised campaign to recruit hackers for a large-scale malware attack, dubbed Project Blitzkrieg, has further highlighted the challenge facing the banking sector.
The Luxembourg Stock Exchange is cooperating with IT support company Altus to develop a market infrastructure for European investment funds, which constitute a large part of the Luxembourg economy.
Big banks and their large corporate clients are in the final stages of preparation for the SEPA end date of February next year, but what about the smaller clients in the non-euro countries?
Dan Wagner is pretty sure that he has an idea how the use of mobile devices will play out in the commercial world and how the relationships between banks, merchant acquirers, merchants and customers will change.
The Qatar Exchange has introduced sponsored access and market making for the first time, in a move intended to boost liquidity and make it easier for a wider pool of investors to access the market.
New guidelines published earlier this month by European regulator ESMA could have a major impact on market making across Europe, according to Matthew Coupe, director of regulation and market structure at NICE Actimize.
US post-trade services utility the DTCC has begun client testing ISO 20022 messages for corporate actions covering distribution events.
European exchanges Eurex and NYSE Liffe are soon to list a host of new derivatives, based on MSCI indices. From March, market participants will be able to trade futures and options based on the MSCI World, MSCI Europe, MSCI All Countries Asia Pacific ex-Japan and futures on the MSCI Frontier Markets.
The Australian Securities Exchange has expanded its efforts to connect to international market with the launch of the ASX Net Global network, which connects to Asia, Europe and North America.
The Philippine Dealing and Exchange has chosen a system to monitor its fixed income markets and make sure that any market abuse is swiftly discovered and dealt with.
Infosys has formally announced its BigDataEdge platform, designed to allow banks to bring together Big Data analytics onto one platform. “There have been several point solutions, but it is important to have a platform,” said Vishnu Bhat, vice president and global head for cloud at Infosys. Customers that have already deployed the platform – some […]
In the history of bank robberies, the £30 million stolen by the Eurograbber attack in 2012 ranks as one of the all-time biggest, globally. And when you consider that this sum was stolen from more than 30,000 accounts across 30 banks in four European countries, using malware that affected both PCs and bank customers’ mobile […]
Dutch bank Rabobank is to sell its asset management business Robeco to Japanese financial services group Orix for €1.9 billion.
High frequency trading specialist Rapid Addition has partnered with IBM to provide an ultra-low latency service for financial firms that are very sensitive to speed.
The National Bank of Abu Dhabi has adopted a monitoring service from Canadian technology company Inetco Systems, which it says will enable it to better keep track of its ATMs and ensure they are working properly.
The National Bank of Canada is to use algorithmic trading tools and market access from Nordic technology company Orc, through its subsidiary National Bank Financial.
Market participants using NYSE Technologies’ market data feed SuperFeed and SFTI network will soon be able to get social media sentiment statistics, following a deal between NYSE and specialist company Social Market Analytics.
A new start-up bank from Finland plans to open across Europe, using an online-only service that it says will redefine what it means to have a bank account.
On February 28, most of the approximately 70 registered swap dealers will stumble across the finishing line for the remaining asset classes of the CFTC implementation of Dodd-Frank trade reporting regulations. Some may be forgiven for breathing a sigh of relief.
As the global method of identifying entities and their ownership structures, the Legal Entity Identifier forms a central part of the G20’s crisis-prevention toolbox. After a few chaotic years of LEI debate and design, regulators are finally nearing the long anticipated starting line for use of the world’s first singular identifier.
Senior market participants have expressed outrage that exchanges continue to charge high fees for market data, while MTFs still lack the means to compete on auctions and are not represented on international indices.
2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that we have answers to these fundamental questions.
Speed is becoming less of a competitive advantage for exchanges as regulation and the need to support long-term investors comes to the fore, according to Christian Katz, chief executive at SIX Swiss Exchange.
A 400% increase in malware for mobile devices masks a security scene where many of the threats are much as they have been for several years – but where the volume of attacks means that firms should think in terms of when they will be attacked rather than if they will be.
Bank deleveraging may inadvertently spur a revival of equity markets, Antonio Zoido, chairman and chief executive at Spanish exchange group BME told delegates at the World Exchange Congress in London yesterday.
