Banco Santander selects ATM monitoring service
Banco Santander is to begin using services provided by ATM maker Wincor Nixdorf to support its Mexican subsidiary. The services cover monitoring, maintenance and troubleshooting.
North America
Nacha sets out to dispel ISO 20022 myths
US payments body Nacha has set out to dispel myths about the ISO 20022 financial messaging standard with a new white paper published as part of an education programme as the US looks to convert its ACH network to the standard.
US T+2 migration guidance published
An “Implementation Playbook” detailing the timeline, milestones and dependencies involved in migrating the US equities, fixed income and unit trust markets to a two-day settlement cycle has been published by the T+2 Industry Steering Committee.
Nasdaq acquires Chi-X Canada
Alternative trading system Chi-X Canada has been bought by Nasdaq, as part of a push by the global exchange group to grow its presence in North America’s largest country. The deal is expected to go through in Q1 next year.
New exchange BIVA plans conquest of Mexico
A new stock exchange, Bolsa Institucional de Valores, is planning to launch in Mexico, creating competition for Latin America’s second largest stock market, the BMV. The exchange, currently waiting for final regulatory approval, will use Nasdaq’s X-stream trading platform.
Nasdaq launches blockchain platform Linq at Money20/20
Nasdaq’s first fruits from its enterprise-wide blockchain technology plan,the Linq share ownership platform, has attracted an initial group of users it was announced at the Money20/20 conference in Las Vegas this week.
The Clearing House inks US payments deal with VocaLink
The Clearing House has signed a letter of intent with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the United States.
Credit Suisse dark pool accused of nefarious activity
Credit Suisse is facing allegations that its dark pool Crossfinder ripped off investors by providing unfair advantages for some participants while misleading others. The incident follows a long history of nefarious activity reported in various dark pools in recent years – and exposed the bank to charges of hypocrisy from market observers.
European Commission and US “close to a deal” on data sharing
Banks may need to revisit the way they handle data, in preparation of an upcoming agreement between the European Commission and the US authorities on data-sharing.
ISDA proposes changes to Dodd-Frank derivatives reforms
Five years on from the Dodd-Frank Act being signed into law in the US, a number of outstanding issues for derivatives reform need to be resolved, according to a new paper by the International Swaps and Derivatives Association.
Tech-powered non-banks taking over US Treasury trading
Technology is equipping non-bank market-makers to move into the US Treasury Market, giving them analytics and speed to manage and hedge risk, while enhancing market liquidity. “Market makers have been deploying electronic tools at varying degrees over the past decade,” says Anthony Perrotta, a principal and head of fixed income research at Tabb Group, author […]
BBVA picks Broadridge for outsourced fixed income processing in US
BBVA Group has entered a multi-year agreement with Broadridge Financial Solutions) for a post-trade managed service to support its institutional fixed income business in the US. Under the agreement, Broadridge will provide an integrated managed service to support fixed income and repurchase agreement processing, international clearance and settlement and investor communications services
DTCC kicks off global data harmonisation plans with derivatives
US post-trade utility the DTCC has issued a series of recommendations on global data harmonisation, beginning with credit derivatives, as part of a grand push to harmonise 30 data fields across global trade repository providers and create a global data dictionary.
Nasdaq claims clearing costs ‘half of CME’
Clearing costs at Nasdaq’s new NFX futures venue will be half those on rival CME, the exchange claims. NFX is due to launch later this summer.
CFTC praises global regulatory harmonisation – just don’t expect uniformity
Global regulators are struggling to find the balance between recognising each other’s existence and learning to harmonise and coordinate their activities, and protecting domestic national economic stability. But people who can’t accept that there will be some differences in regulation between Asia, Europe and the US are not realistic, according to Timothy Massad, chairman of the Commodity Futures Trading Commission.
Cyber security tops DTCC risk barometer
US post-trade utility the DTCC is reporting that almost half of the respondents in its most recent Systemic Risk Barometer Study cited cyber security as their top concern, making it the single largest fear and doubling its rating compared to just 12 months ago.
Fed will report on faster payments at end of 2016
The US Federal Reserve hopes to have a report on how to create a faster payments infrastructure by the end of next year and has begun processing the 325-plus applications it has had from would-be participants in its task force for faster payments.
US looks to learn from other markets on faster payments
The UK Faster Payments experience is providing some guidance for the US Federal Reserve’s efforts to move beyond its slow ACH system, but it should take a different approach, according to a speaker at the Nacha Payments 2015 conference in New Orleans this week.
300 organisations vie to join Fed faster payments task force
More than 300 organisations have applied to participate in the US Federal Reserve’s task force for faster payments, Sean Rodriguez, senior vice president for industry relations at the Chicago Fed, said yesterday at the Nacha conference in New Orleans.
RBC makes first cross-border payment on Canadian RMB Trading Hub
Royal Bank of Canada has made the first cross-border Renminbi payment on Canada’s new RMB Trading Hub through the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada).
ISDA publishes new derivatives principles calling for changes to SEFs
The International Swaps and Derivatives Association has published a set of derivatives trading principles, which are part of an effort to get regulators around the world to harmonise their efforts at derivatives market standardisation. The principles include a call for greater flexibility on US swap execution facilities.
New Canadian exchange Aequitas goes live on MillenniumIT platform
New Canadian exchange Aequitas NEO has gone live for the first time, using the MillenniumIT trading platform built by the London Stock Exchange’s Sri Lanka-based subsidiary.
Appointment: Swift Americas hires markets initiatives director
Swift has hired David Lefferts as managing director, market initiatives for the Americas. Lefferts joins Swift after eight years at Markit, where he held product development, cross-product strategy, and senior business development roles over his eight year tenure.
New trading venue prepares to take on fixed income markets
A new US bond trading venue with a mission to help electronify fixed income markets for investors using experience gained in the equity markets is preparing to launch in the US this quarter. Called OpenBondX, the venue was Created by former Lime Brokerage chief executive Alistair Brown and former colleagues, OpenBondX is an ‘all to all’ system open to the buy-side and the sell-side.
SEFs face reckoning with unintended consequences warns report
Like opening Pandora’s box, the emergence of swap execution facilities in US derivatives markets has brought unexpected consequences and problems as well as benefits. In some cases, asset managers are actively looking to avoid trading on the new platforms and even turning to other asset classes, according to a new report by OpenLink.
CFTC commissioner attacks swaps regulation and proposes alternative agenda
US Commodity Futures Trading Commission Commissioner J. Christopher Giancarlo has condemned the CFTC’s implementation of swaps trading regulation reforms, describing its approach as highly over-engineered, disproportionately modelled on the US futures market and biased against both human discretion and technological innovation.
North American bank IT spending climbs as firms invest in external services
Banks in North America are ramping up IT spending on retail banking services and digital channels this year, with total IT spend expected to reach $64.8 billion by 2016, according to a new report by analyst firm Celent. The figures represent a 4.5% increase this year, as financial institutions increasingly turn to external software provider and specialists to bolster their abilities.
AEOI: tax reporting doesn’t have to be taxing
With so much attention on FATCA in recent times, the financial services industry could be forgiven for seeing it as the most obtrusive regulation ever imposed. This view will soon change. Once the Automatic Exchange of Information (AEOI) comes into force, financial institutions will have far greater challenges to overcome.
Webster Bank embraces Apple Touch ID biometric authentication
US-based Webster Bank has introduced fingerprint authentication, using Apple’s Touch ID technology. The move comes as financial institutions increasingly seek to use biometrics as a tool to improve security.
BATS rejects compromise: calls for $1 billion US exchange fee cut
US exchange BATS Global Markets is calling for an 80% reduction in access fees to the US stock market’s most liquid securities, on grounds that nearly a billion dollars in fees could be slashed without adversely affecting the market. In an open letter to the industry, the exchange also rejected what it calls a “grand compromise” on exchange fees and called for greater transparency and the avoidance of anti-competitive rules.
Cryptocurrencies overcome California legal hurdle – but the battle is not over yet
Digital and alternative currencies, including Bitcoin, can now be used for transactions in California, following the implementation of bill AB129 on 1 January 2015. The new bill is a step forward for cryptocurrencies which have faced tough opposition and scrutiny from global regulators. However, serious doubts about the safety of digital currencies have been voiced by banks.
Innovators’ Spotlight: SUBWAY (Franchise World Headquarters LLC)
The mega-chain goes mobile with many partners and a mobile app of its own with two key ingredients—convenience and loyalty.
US shifts to EMV as Obama and Apple weigh in
The US is finally adopting EMV after an eventful 12 months in which barriers have been overcome. Merchant reluctance is diminishing, good progress is being made, and the ‘EMV train’ is now picking up speed, according to a new report by analyst firm Celent.
Customer Not Present threat prompts response from US providers
As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.
Optimal Payments launches e-commerce acceptance service for merchants
Online payments provider Optimal Payments has launched a new online checkout page, designed to help e-commerce merchants with indemnified alternative payments.
Diebold unveils concept banking “experience” at Money20/20
ATM maker Diebold has unveiled a new concept banking platform with four “experience zones” at the Money2020 conference in Las Vegas. The concept aims to demonstrate how banks can combine convenience, security and self-service with a low cost ‘footprint’.
Brett King preaches the “good news” of mobile banking
Banks need to stop trying to exploit customers and start actually helping people, according to Brett King, chief executive at Moven. Instead of getting people to max out their credit card, a progressive bank should use smartphones and Big Data to help the consumer with the little things.
CPI Card Group Enables Banks to Participate in Any Wallet; Launches EMV Prepaid Card in Canada (Nov. 3, 2014)
CPI Card Group launches a mobile platform that enables NFC payments using the secure element or host card emulation. The Littleton, Colo.-based card manufacturer also announced its first EMV prepaid cards in Canada.
Softcard Users Can Pay at McDonald’s Restaurant, Drive-Thru (Nov. 3, 2014)
Softcard announced a deal with QSR giant McDonald’s that adds 14,000 more U.S. locations to the mobile wallet’s acceptance network.
Anti-HFT Aequitas Neo Exchange prepares for launch
A new exchange is planning to begin trading in March, with a platform focused on long-term investors and issuers. Chief executive Jos Schmitt says the new venue has some unusual features which should help keep unwanted high-frequency traders at bay.
