SIA ramps up European expansion
Financial technology company SIA has acquired Italian telecoms firm Emmecom, as part of a plan to create a new technology infrastructure across Europe for merchants and banks.
WealthTech
Barclays under fire for “outrageous” remittance closures
At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.
The battle for benchmarks: divisions in the ranks?
With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO issuing final principles, ESMA and the EBA are simultaneously consulting on a European set of principles. Meanwhile the UK is moving ahead with its own reforms.
Twitter shakes up market: the impact of social media on algos
On 23 April 2013, the markets suffered a brief, sharp drop as algorithms reacted to “news” from the Associated Press’s Twitter handle that President Obama had been injured in a bombing attack at the White House. In a few minutes, the Dow Jones dropped 145 points, Standard & Poor’s 500 Index lost $136 billion in […]
Casablanca Finance installs Avaloq banking system
Moroccan investment bank Casablanca Finance Group has installed a new banking system from Swiss technology company Avaloq, as the Moroccan financial services industry spreads its wings across Africa.
Bahrain Bourse to install Nasdaq OMX trading engine
The Bahrain Bourse is to replace its trading platform with a new one provided by Nasdaq OMX, as the Bourse aims to become a trading hub in the Persian Gulf region.
Saudi Riyad Bank rebuilds treasury tech with Calypso
Saudi Arabia’s Riyad Bank has chosen technology company Calypso Technology to help revamp its treasury operations and improve its back office.
New Turkish exchange embraces Nasdaq OMX technology
Turkey’s newly-merged Borsa Istanbul has formed a deal with Nasdaq OMX, under which the new Turkish market will take up Nasdaq trading, clearing, market surveillance and risk technology.
Iraq Stock Exchange prepares new trading system
The Iraq Stock Exchange is to upgrade its trading technology using Nasdaq OMX, in a project that highlights the progress made by the country’s stock market since the American-led invasion in 2003.
BNP Paribas creates Collateral Access umbrella for buy- and sell-side clients
BNP Paribas Securities Services has added Collateral Access, an integrated and comprehensive collateral management system for both buy-side and sell-side clients.
Broadridge buys Bonaire to build data-driven strategy
Broadridge Financial Solutions is to acquire Bonaire Software Solutions, a provider of asset management fee calculation, billing, and revenue and expense management solutions.
Embrace the internet to determine the future of banking
The impact of the internet on the banking industry may yet turn out to be far more important than the financial crisis and the subsequent regulatory overhaul. Viewing statements on-line and making payments electronically is just the very beginning of the revolution.
Object Trading clients go live on new London derivatives market
Direct market access provider Object Trading has connected its clients to Nasdaq OMX NLX, the newly launched London derivatives market, and they have begun live trading.
A pro-fund change? Good news for AIFs
The Alternative Investment Fund Managers Directive threatens to have a significant operational impact on the industry. Fund managers will soon be subject to a host of new requirements including increased KYC and due diligence, better risk and liquidity monitoring, and new reporting and disclosure requirements. However, in the UK the transition looks to be particularly […]
Union Bank of Taiwan adopts Calastone funds tools
Union Bank of Taiwan has signed up with global fund transaction network Calastone to automate its offshore fund transactions through the new Taiwan Depository and Clearing Corporation fund service.
Keeping it simple: market data management made easy …
New York start-up Simplified Financial Information is piloting a market data analytics system prior to release later this summer.
Next Bank Madrid reveals Spain’s strongest startups
Next Bank Madrid has chosen the finalists for a competition that seeks to find the best financial services startup companies from the Spanish and Portuguese speaking world.
Next level: the changing securities markets
The securities markets are changing rapidly in the face of regulation and technology shifts, and none more so than the fixed income markets.
Indian SMEs in crosshairs at Western Union and IndusInd Bank
India’s IndusInd Bank and Western Union have created a partnership designed to make foreign exchange and global business easier for SMEs in India.
Joining the dots: Thomas Zeeb, chief executive, Six Securities Services
The post-trade infrastructures behind the world’s securities markets face as much, if not more, regulatory driven change as the trading firms in the face of legislation such as the European Union’s European Market Infrastructure Regulation. While some of the effects will be negative, the regulators are showing a constructive approach and recognising that the infrastructure providers came out of the crisis well, says Thomas Zeeb, chief executive of Six Securities Services.
Brazil financial services reforms bring foreign investor promise
As Brazil gears up to host the World Cup next year and the Olympics in 2016, a clutch of government reforms hold high promise for the country’s financial infrastructure, according to Aldo Mendes, deputy governor, monetary policy at Brazil’s Central Bank.
The gathering storm
Recent months have seen rising tensions over the seemingly insurmountable demands for collateral prompted by tough new financial regulation. With US Treasury estimates ranging as high as to $11.2 trillion in stressed market conditions, some observers are deeply concerned that the industry could be in danger of sliding into a black hole
Taking ethical banking global
In early 2009, soon after the global subprime fallout, the official Vatican newsletter published a rather contextual referral for Islamic banking, observing that the ‘ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service‘, writes Riaz Akhtar, senior consultant, […]
LSE hires SunGard man as MillenniumIT chief exec
Millennium Information Technologies, the IT subsidiary of the London Stock Exchange has appointed John Mackay “Mack” Gill, as its new chief executive office, taking over from company founder Tony Weeresinghe, who will become non-executive chairman with a global business development role.
Saxo Bank launches TV service for social investment community
Saxo Bank, the multi-asset online trading and investment specialist, has launched Saxo TV, fronted by former Bloomberg TV News anchor Owen Thomas, to provide on-demand business and financial analysis.
Turkland Bank adopts Infosys core banking tools
Turkish bank Turkland has installed new core banking, CRM and treasury systems from Infosys – the first time a Turkish bank has implemented an externally developed core banking system according to the firm.
Funds under fire
The funds industry is going through a time of great change, with a combination of regulation, cost pressure, consolidation and globalisation forcing many participants to take a close look at their business and operating models and consider what their future role in the ecosystem should be. For some, this means outsourcing activities, creating opportunities for […]
MTS plans move on US fixed income markets
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.
Integrating the LEI to enhance data and risk management
With the newly formed LEI Foundation moving forward with establishing processes for issuing and managing the Legal Entity Identifier through its Regulatory Oversight Committee and the registration of seven pre-Local Operating Units, it is worth taking a step back to understand exactly why the industry is pushing forward with the LEI and what it could achieve.
BM&F Bovespa links up to BT Radianz Cloud
Brazilian exchange BM&F Bovespa has joined the BT Radianz Cloud, a financial community that connects 500 member locations in Latin America with BT’s global network.
Collateral efficiencies could cost $53bn – and weaken risk control
The cost to fully upgrade the financial industry’s infrastructure to make efficient use of collateral will reach $53 billion, according to new research by Celent – but too much standardisation could do more harm than good, warns SIX Securities Services.
German banks set standard framework for clearing OTC derivatives
A legal framework for the standardised clearing of OTC derivatives has been established in Germany with the approval of standardised documentation by the German Banking Industry Committee, the Deutsche Kreditwirtschaft. The DK has published the framework agreement, called the CRV – Clearing-Rahmenvereinbarung – for use by German banks and their buy-side customers with immediate effect. The document […]
Otkritie to roll out Calypso in London and Moscow
Russian broker Otkritie has gone live with the first phase of a new project to bolster its London and Moscow front and back office operations, including collateral management, replacing in-house systems with Calypso platforms.
HFT is here to stay says GreySpark report
Despite its negative public perception, high-frequency trading can act as a force for good in capital markets by adding efficiencies that help investors get a better deal – but only if it is properly regulated, according to new research by technology consultancy GreySpark Partners.
Lack of market surveillance systems “significant problem” says IOSCO report
The absence of market surveillance tools in many jurisdictions and regions is “potentially one of the more significant problems facing the markets in light of technological developments, such as the rapid speed of trade execution and increase in order volume”, says the International Organization Of Securities Commissions in its final report on surveillance.
BNP looks to standard Swift messages for improved collateral protection
BNP Paribas Securities Services and Swift are collaborating to enhance the bank’s collateral protection solutions for corporate, buy-side and sell-side clients. The bank has set up “Margin Project”, planning to integrate Swift’s standardised tri-party collateral messages to ensure full compliance with the upcoming regulatory requirements on OTC transaction, mitigation of counterparty risk, asset safety and […]
Turkey tops table at TradeTech
Prospects for Turkey’s capital markets gave delegates cause for optimism as the TradeTech conference and exhibition in London wound to a close on Thursday. “Turkey is moving from an emerging to a developed market,” said Alexis Chryssochoides, head of prop trading and product development at Eurobank Equities. “The country has already been upgraded by several […]
SIX chief exec calls for industry to educate public about HFT
Market operators have a duty to educate the public about stock markets – and to take widespread concerns about the role of high-frequency traders seriously, according to Christian Katz, chief executive at SIX Swiss Exchange.
Electronic bonds: fixed income trading platforms proliferate
In contrast to the highly automated world of equities, bond trading is an area of the markets that is still heavily reliant on the telephone as a a trading tool, with person-to-person calls making up the bulk of activity on bond desks.
TradeTech panellists see politics riding roughshod over regulation
Discontent with regulation cast a cloud over delegates on the first day of the TradeTech conference in London, as senior industry executives pondered on the politicisation of the debate and the perceived failure of regulators to deliver efficient markets.
