Broadridge and Scivantage to Take on TARP III Broadridge Financial Solutions clients will gain access to the Maxit tax lot accounting system for cost-basis reporting from Scivantage, according to a strategic partnership targeting financial services firms that need help with so-called TARP III compliance, say officials from both companies. In April, the Internal Revenue Service… Read More >>
Top FCMs Help Buy Side with Central Clearing Deadline
Commodity pools, private funds, banks and securities firms began the second phase of required clearing yesterday for Category 2 credit default and interest rate swaps and top U.S. clearing brokers serving as futures commission merchants are taking steps to help buy-side firms meet their requirements mandated by the CFTC.The CFTC has waived the clearing requirement… Read More >>
OTC Collateral Reforms to Cost the Industry $53B as Capital Dynamics Details New Fund Management Platform
Celent Report: Price Tag for OTC Collateral Management Reform to Hit $53 Billion As derivatives clearing and collateralization reforms get underway, the financial services industry will spend more than $53 billion in infrastructure and technology investments to make their systems more operationally efficient, according to a new report from market research firm Celent.“We expect it… Read More >>
Time to Dump Your Legacy Systems?
A survey of 125 financial services firms in Europe, North America and Asia-Pacific, sponsored by SimCorp StrategyLab, hits on a tricky question for many firms—just when do legacy systems simply cost so much to maintain that to replace them would be more cost-effective? This issue is hitting home just when most firms are focusing their… Read More >>
Barclays and SimCorp Replace CEOs as Satori Consulting Hires an Industry Vet
Barclays Fills CEO Post and Adds Relationship Manager in NYC Barclays PLC filled its CEO vacancy late last week with Antony Jenkins who will serve as a director and as group chief executive. Jenkins’ predecessor Bob Diamond left his post on July 3 in response to a scandal over the bank’s reporting of Libor rates…. Read More >>
CME Group Hires Executive Director for Push into Korea
CME Group Hires Executive Director for Push into Korea Derivatives exchange giant CME Group has appointed Sung Hee Hong from the Korean Exchange (KRX) as executive director, head of Korea to lead the expansion of CME’s presence in Korea, confirm officials. In this newly created position, Hong will report to Julien Le Noble, CME group’s… Read More >>
The SIFMA News Wrap
The running theme for key vendors participating in last week’s SIFMA Tech Leaders Forum and Expo in New York was operational efficiency for middle- and back-office functions. Providers such as Goldensource, SimCorp, SmartStream and Empaxis are targeting firms that need to keep up with regulators, new data management demands, over-the-counter (OTC) derivatives reforms, and the… Read More >>
