Kaitlin Asrow, the acting superintendent of the New York State Department of Financial Services (DFS), says she wants “to build on New York’s first-in-the-nation stablecoin framework” via new provisions that address reserve amounts and risk management aspects of the U.S. Department of the Treasury’s proposed requirements for state frameworks to be certified under the GENIUS… Read More >>
Is Ops Paying a Hidden ‘Manual Processing Tax?’
(Murray Campbell, principal product manager at AutoRek, recently took questions from FTF News about the hidden costs of manual processes that remain in place because firms think they’re more cost-effective than automated solutions. In this Q&A, Campbell makes the case that firms face many ongoing, unknown costs associated with manual processes that carry price tags… Read More >>
GitHub Incident Could Put Firms at Risk: FINRA
Officials at the Financial Industry Regulatory Authority (FINRA) are warning broker-dealers and other securities firms about the potential ripple effects of a cyber-attack upon the popular open source code platform GitHub. The cyber incident “involving GitHub could compromise software supply chains and expose sensitive code across thousands of organizations,” FINRA says in its cyber alert…. Read More >>
DTCC & SSImple Push for Fully Automated SSIs
Post-trade infrastructure provider the Depository Trust & Clearing Corp (DTCC) is working with fintech company SSImple to help custodians automate the submission of correct Standing Settlement Instructions (SSIs) into DTCC’s Alert system — an effort that has become crucial as European firms move closer to their T+1 deadline. The DTCC’s Alert SSI database encompasses multiple… Read More >>
BNY Joins the CLSNet Service
Global custodian BNY has gone live on CLSNet, a bilateral payment netting calculation service, in an effort to “optimize and safeguard” FX operations against settlement risk, officials say. CLSNet is part of CLS, a settlement, processing, and data solutions provider for the foreign exchange (FX) industry. “CLSNet standardizes and automates post-trade matching and netting processes… Read More >>
Northern Trust & Saphyre Expand Capabilities for Outsourced Clients
The Investment Operations Outsourcing (IOO) fund manager clients of custodian Northern Trust will have more control over the lifecycle of account events, thanks to greater transparency and efficiency enabled by a centralized workflow — the result of an expanded collaboration with financial technology provider Saphyre, officials say. Saphyre uses A.I.-based technology to digitize pre-trade data… Read More >>
Is the Post-Trade Market Growing?
Where is the post-trade, securities operations processing market going? One report is predicting “significant expansion” of up to $9.12 billion by 2030 for the market because of DLT/blockchains that facilitate the search for the Nirvana of straight through processing (STP). “The post trade processing solution market is set for significant expansion over the coming years,… Read More >>
DTCC Readies New Portals for Securities Data & Analytics
DTCC officials are readying portals for securities data and redesigned analytics that will use the cloud-based data platform from Snowflake to relay clearing, settlement, and post-trade processing information via dashboards, data visualizations, and analytics tools. The analytics are intended to provide actionable insights that DTCC client firms can use to measure their operational efficiency, officials… Read More >>
The Fed Clarifies How to Handle Tokenized Securities
The tokenization of securities must be taking off as Federal Reserve officials have recently compiled a useful set of frequently asked questions (FAQs), entitled “Capital Treatment of Tokenized Securities Frequently Asked Questions,” that is providing much-needed clarity. Among other helpful aspects, the FAQ sheet offers a definition of tokenized securities via distributed ledger technology (DLT),… Read More >>
ICE & OKX Launch Joint Initiatives
Intercontinental Exchange (ICE), an exchanges operator and financial technology provider, has made an undisclosed strategic investment in OKX, a blockchain technology and trading company, officials say. ICE owns and operates the New York Stock Exchange (NYSE). “The companies intend to evaluate joint initiatives across market structure design, clearing and risk management, data, and institutional access… Read More >>
