Derivatives reform chaos “stupid and self-inflicted”

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.

An Inside Look at the CFPB (Jan. 14, 2014)

As the payments industry awaits new rules on GPR prepaid cards set to be issued by the Consumer Financial Protection Bureau in May, an in-depth piece in Sunday’s Washington Post offers a fascinating look at the inner workings of the agency—and valuable insights into the CFPB’s origins, culture and motivations.

Swiss Zürcher Kantonalbank targets trade speed with Corvil

Switzerland’s Zürcher Kantonalbank has installed a performance monitoring system from latency management specialist firm Corvil to monitor the performance of its market making and FX business, including market data quality, transaction analysis and FX order flow.

Scope of Target Data Breach Widens; Neiman Marcus Also Hit (Jan. 13, 2014)

The scope of the data breach Target Corp. initially disclosed last month has expanded from 40 million credit and debit card customers to as many as 70 million more Target customers whose names, mailing addresses, phone numbers or emails may have been exposed, the retailer said on Jan. 10. The second set of data, which […]

RBC, Bell Wallet Now Live in Canada (Jan. 13, 2014)

Royal Bank of Canada and telecom provider Bell Canada have gone live with a mobile payment system that enables RBC customers to make purchases online and in stores using NFC-compatible smartphones over Bell’s mobile network.

FinTech Innovation Lab London announces 2014 line-up

Seven startup financial services companies have been chosen by the FinTech Innovation Lab London for its annual innovation-focused competition, which is designed to give support and recognition to promising new ideas in financial services.

LSE reforms international order book as T+2 draws near

The London Stock Exchange has introduced a set of changes for its international order book, including a shift to T+2 settlement, a reduction in tick sizes and changed opening hours, ahead of upcoming EU regulations designed to harmonise settlement across Europe.

People on the Move: Mark Miller and Pete Sinisgalli, Billtrust

Billtrust, a Hamilton, N.J.-based provider of outsourced billing services, announced the addition of Mark Miller, chairman and CEO of consumer digital services company Allconnect, and Pete Sinisgalli, director of supply chain solutions provider Manhattan Associates, to its board of directors.

People on the Move: Kamran Zaki, Adyen

Adyen, an Amsterdam-based provider of international and multichannel payment solutions, has appointed Kamran Zaki president of Adyen North America.

Generation Y leads UK towards mobile banking

Nearly two-thirds (64%) of UK current account holders would prefer to bank online or via a mobile app than via telephone or in-branch banking (29%), according to a recent survey by YouGov and business process specialist Genpact.

Belgian bank offers real-time tools to mobile users

Belgium’s Record Bank has introduced a new mobile banking platform that it says will help customers better manage their money in real time. The features of the new mobile banking service include SEPA payment abilities and the ability for customers to check the status, transaction history and details of their own account. Established in 2001, […]

ABN Amro joins Eurex OTC Clear

Dutch bank ABN Amro has become a member of German derivatives exchange Eurex’s OTC Clear service, which clears interest rate swaps, as part of the bank’s compliance with EMIR.

No SEFs please, we’re bankers …

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.

Aizawa Securities fuels expansion plans with Fidessa algos

Japan’s Aizawa Securities has chosen vendor Fidessa as its new proprietary and wholesale agency trading system, as the Japanese firm prepares to revamp its algo trading against the backdrop of last year’s Japan Exchange Group merger and the upcoming integration of the derivatives market in two months’ time.

Japanese mobile payments hold promise reports Celent

Japan’s evolving payments industry offers an opportunity for financial institutions and card issuers to capitalise on mobile technology and card schemes, according to a new report by analyst firm Celent.

Swift boosts collaboration push with Financial Crime Compliance unit

Swift has created a dedicated Financial Compliance Services unit to manage a growing number of service offerings. The new unit will focus initially on the development of a Know Your Customer Registry planned for launch later this year as well as the integration and development of existing services.

Industry Groups Release Latest SEPA Standardization Requirements (Jan. 7, 2014)

The European Payments Council (EPC), which represents the European banking industry in relation to payments, and the Cards Stakeholders Group (CSG), which represents retailers, vendors, processors, card schemes and the EPC, have published the latest version of the Single Euro Payments Area (SEPA) Cards Standardisation Volume.