BNP Paribas Takes On 900 Staff Members BNP Paribas and Deutsche Bank officials report that they completed by the end of last year the “transfer of clients, technology and key staff from Deutsche Bank’s global prime finance and electronic equities businesses to BNP Paribas,” which was according to the agreed-upon timeline. “Over the course of… Read More >>
Get Ready for the FTF Awards 2022
Get your nominations ready for the highly competitive FTF News Technology Innovation Awards 2022 — now in its 12th year — presented by Financial Technologies Forum and the FTF News service. Since 2011, FTF has celebrated and recognized the professionals, financial technology vendors, service providers, industry bodies, regulators, and other industry participants that have made… Read More >>
Senate Makes Behnam the New CFTC Chairman
Lost in the tsunami of federal government budget battle news is the welcome development that the Commodity Futures Trading Commission (CFTC) has a new, official chairman — Rostin “Russ” Behnam, and that the stage has been set for a full roster of commissioners. On Dec. 16, the U.S. Senate voted unanimously to approve Rostin Behnam… Read More >>
ISITC Promotes Vice Chair to Top Post
Industry standards trade group ISITC has named Kristin Hochstein, the current vice chair, to be its new chair for the 2022-23 term, and she will take over for Lisa Iagatta, who will finish her three-year term as chair by the end of this month. The group, which develops standards and best practices for financial services… Read More >>
Clearing Is Broken: Q&A with RQD*’s CEO
(Consolidation across the clearing sector has resulted in less competition, fewer options for securities firms, and a broken system, says Michael Sanocki, CEO of RQD* Clearing, a new correspondent clearing provider. Thus RQD’s mission is to reach out to firms that are “sorely underserved” and “ripe for disruption.” RQD, which officially launched last month, offers… Read More >>
Goldman Sachs & AWS Partner to Offer Analytics Services
Collaboration Takes Aim at Developers’ Burdens Goldman Sachs and Amazon Web Services (AWS) will be launching a suite of cloud-based data and analytics solutions for financial institutions, dubbed the Goldman Sachs Financial Cloud for Data, officials announced at the AWS re:Invent conference this week in Las Vegas. The cloud-native Goldman Sachs Financial Cloud for Data… Read More >>
Key Groups Push to Start T+1 in 2024
The goalpost for the move by U.S. equities markets from T+2 to the shorter T+1 settlement cycle has shifted from 2023 to the first half of 2024 after an outreach to the industry revealed that more time was needed to revamp and test systems, workflows, and operations to facilitate this fundamental change to securities transaction processing…. Read More >>
Wall Street Mulls Key Pandemic Post-Trade Lessons
Some observers on Wall Street are saying that the global pandemic may be heading toward an end phase. I hesitate to agree with that prediction given the many unexpected riptides that the potentially fatal COVID-19 virus has imposed upon the world since its onset in 2020 (or even sooner). So, while we hope that the… Read More >>
Firms Suffer via Ops Expenses Blind Spot: Report
Lackluster investment in post-trade processes has caused an information blackout that prevents financial services firms from getting an enterprise-wide view of the money that has been spent on brokerage, custodian, exchange, and clearing services, and this weakness is taking a toll on profits, according to a new report from Meritsoft, a post-trade process automation services… Read More >>
DTCC Moves Ahead with DLT-Based Settlement Platform
The DTCC is moving ahead with its alternative securities settlement platform —the Project Ion initiative — based upon distributed ledger technology (DLT) after “a successful prototype pilot” with market participants, officials say. The prototype pilot showed that DLT could support the shorter settlement cycles of trading day plus one (T+1) and settlement on the trading… Read More >>
