Avoiding spreadsheet Hell
The JP Morgan Task Force Report into its Chief Investment Office’s $6 billion-plus loss found the bank’s Value at Risk was being calculated with an Excel spreadsheet that “required time-consuming manual inputs to entries and formulas, which increased the potential for errors”.
Danish bank goes with SmartStream for corporate actions automation
Danish bank Ringkjøbing Landbobank has adopted a corporate actions tool from SmartStream Technologies, which it says should increase levels of automation and lead to a more efficient service for customers.
FSA’s swansong opens a fast track for new entrant banks
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
Resistant to digital banking? Consumers have never demanded it more.
In today’s multi-channel age, banks cannot afford to focus all their efforts on a single digital strategy any more than solely on the branch experience – the winners will be those that can see beyond channel-specific efforts and provide a truly integrated offering.
Financial IT spend to increase as banks and buy-siders grapple with regulation
Banks, asset managers and hedge funds will have to increase their IT budgets in 2013 to take account of weak market growth and a raft of oncoming financial regulation, according to new research by Ovum.
FSA Libor rules to take effect from 1 April
New rules and regulations for financial benchmarks following the Libor scandal will come into effect next Monday, says the Financial Services Authority, and will follow the recommendations of the Wheatley Review.
Haynes leads new venture to tackle European equities
Following a period of equity market consolidation, the time is right for a new entrant to step forward and transform the exchange business, according to Alasdair Haynes, chief executive of startup trading venue Aquis Exchange.
TSAM delegates slam OTC derivatives regulation
As Europe’s new EMIR derivatives regulation takes hold, senior buy-side representatives have warned that new rules including EMIR and Basel III might actually exacerbate risks rather than reduce them.
Polaris unveils $10m financial technology design centre in Chennai
Polaris Financial Technology has today opened a $10 million financial application design centre at its headquarters in Chennai, India, where customers will be able to work collaboratively with the vendor’s development teams on applications and systems.
EMCF and EuroCCP merger to target collateral efficiencies
As tough new collateral requirements bring ever greater pressure to bear on banks and financial market participants, the union of European clearing houses EMCF and EuroCCP into a new combined entity will help make clearing and settlement more efficient, according to Diana Chan, chief executive at EuroCCP.
Innovation nation: FinTech in the UK
As one of the world’s leading financial centres, geographically well-positioned between America and the Far East, London is very much a global city. It is perhaps unsurprising then that it also attracts businesses looking to provide financial services worldwide.
Interactive Data service aims to untangle transaction tax eligibilities
Market data vendor Interactive Data has responded to the introduction of Financial Transaction Taxes in France and Italy with a new service that supports the identification of instruments that are likely to be subject to them.
Polish bank ramps up mobile payment capability with HP/Accumulate technology
PKO Bank Polski has added a mobile payment service that covers all payment situations using the Mobile Everywhere platform from Stockholm-based Accumulate.
RBS offers to automate SEPA migration for corporates
The Royal Bank of Scotland has announced a new product intended to help clients migrate to mandatory SEPA standards. Called the RBS SEPA Accelerator, the product has a feature that allows a corporate implementing the SEPA XML file format to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This ensures that a corporate can self-test its SEPA readiness.
Yorkshire Building Society to offer PFM through eWise tech deal
Yorkshire Building Society is to offer online personal financial management capabilities through a multi-year agreement with eWise.
Bombay exchange opts for Eurex platform in tech alliance
The Bombay Stock Exchange has become the latest exchange to sign up for Deutsche Börse’s Eurex platform, with the announcement of a long-term technology alliance under which BSE will join the Eurex technology roadmap and deploy Deutsche Börse Group’s trading architecture. As a first step, BSE will replace its derivatives market platform in the course […]
Mobile bill payments to grow rapidly and migrate to tablets
Almost 200 million mobile users will be making bill payments via their mobile by 2017, according to research. According to Juniper Research, there is a growing user acceptance of ‘push’ mobile banking and a sharp rise in tablet adoption that will drive users of transactional tablet banking services. The report also finds that, adoption of […]
DTCC set to open Japanese trade repository for OTC derivatives ahead of April deadline
The Depository Trust & Clearing Corporation will start operating a Japanese over-the-counter derivatives trade repository this month, flowing approval by the Financial Services Agency of Japan.
Corporate clients concerned about stability of banking partners
The good news is that 63% of corporate executives are “highly satisfied” with the service they get from their core banking partners; the bad news is less than half of them are confident that their banks are stable and operating securely within their risk parameters. This is making them increasingly interested in the stability of […]
The risks of runaway regulation
While laudable in intention, reforms to Europe’s OTC derivatives markets may be in danger of inadvertently adding so much cost for participants that the original purpose is undermined, according to Anthony Belchambers, chief executive officer at the Futures and Options Association.