Make a note, 5th September 2017 has been unveiled as the industry target for the US to move from a T+3 to a T+2 settlement cycle. The decision on this has been reached by the US T+2 Industry Steering Committee (T+2 ISC), organised by The Depository Trust and Clearing Corporation (DTCC) and co-chaired by the […]
New York-based R3 CEV has finished its trial of five distinct blockchain technologies in parallel in the “first test of its kind”. The trial represented the trading of fixed income assets between 40 of the world’s “largest” banks across the blockchains, using cloud technology providers within R3’s Global Collaborative Lab. The banks, including Barclays, Deutsche […]
New York Stock Exchange (NYSE) Group says Pillar, its integrated trading technology platform, completed a “key phase” in its rollout and is on track in the testing stage. Pillar will allow connection to all equities and options markets using a single specification, and NYSE Group says it has been “designed to reduce complexity”. It says […]
Be mobile, be fast and be ready for the demise of paper currency.
Indiana-based Old National Bank has selected SS&C Technologies’ online customer foreign exchange (FX) trading portal. The move comes on the back of an increase in FX related activities at the bank, and it says it will use SS&C’s web-based solution to provide commercial, corporate and institutional customers with direct market access. The portal will deliver […]
Veridian Credit Union, a $2.95 billion credit union in Iowa, is implementing Alkami Technology’s ORB platform for digital channels. The new solution will replace a legacy set-up, which includes a mobile banking offering from another US provider, Clairmail (now part of Monitise). Clairmail was selected by Veridian back in 2009. In 2012, the vendor was […]
Dallas Capital Bank, a local, independent bank is adding mobile banking, digital banking and electronic payments to its customer service functions. The firm has begun integrating its bank’s new digital services with its existing FIS backend core and payments systems. It is also adding a suite of digital banking systems, from digital account origination to […]
Popular Community Bank and Oriental Bank are to deploy FIS Cardless Cash, a mobile banking app to withdraw money from many ATMs in the US. Financial services technology provider FIS and PayPal launched Cardless Cash in January 2015, as a mobile ATM solution that avoids the plastic debit card. This technology provides banks with a revenue opportunity from transactions […]
The Linux Foundation, a non-profit organisation geared to promoting open source technology has announced 30 members from across the finance and technology industries have joined its new Hyperledger Project. Hyperledger is an open source project intended to advance blockchain digital technology for recording and verifying transactions. The founding members of the initiative represent a diverse […]
A common approach to the rules governing central counterparties (CCPs), the key infrastructure for reducing counterparty risk in derivatives trading, have been agreed between Europe and the US. The European Commission (EC) intends to adopt an equivalence decision with respect to Commodity Futures Trading Commission (CFTC) requirements for US CCPs which will allow the European Securities […]
FIS, the financial services technology provider which acquired SunGard at the end of 2015, has predicted organic revenue growth of between 3% and 4% in 2016. It reports that 2015 revenue grew by 3% over 2014 to reach US$6.6 billion. “The resilience of our business model characterised by highly recurring revenues and operational efficiencies allowed us […]
Markit has acquired systems integration software developed by JP Morgan. The provider of financial information services will make the software available to buy- and sell-side institutions seeking to integrate with major systems used in the syndicated loan market, including agent servicing platforms and Markit’s trade settlement services. Facilitating systems integration is an important step toward […]
Fifth Third Bank is introducing Touch ID biometric capabilities to its mobile banking app for the iPhone. Touch ID allows fingerprint authentication for enabled devices, letting customers log into their Fifth Third app with their fingers or thumbs instead of a password. The Bank’s fast mobile app allows people to check balances, transfer funds and […]
Fixed income market operator Tradeweb has launched an electronic over-the-counter (OTC) marketplace for US-listed exchange traded funds (ETFs). The firm says the platform tackles some of the challenges inherent in institutional OTC trading such as pre-trade price transparency, operational efficiency and access to institutional-size liquidity. Tradeweb clients will be able to use the platform to […]
Two online lending platforms – Spotcap and Credibly – have separately raised a total of £71.8 million in capital facilities, lending support to the sector’s prospects in the eyes of investors. Berlin-based, online lending platform Spotcap has raised €31.5 million (£23.8 million) in new funding led by international private equity firm, Finstar Financial Group, with participation from […]
The US division of RBC Wealth Management is working with BlackRock-owned digital wealth management provider FutureAdvisor on a pilot program for select clients in the United States. Called RBC Investor Gateway, the new service will provide RBC Wealth Management financial advisors with the opportunity to reach a broader range of clients through FutureAdvisor’s digital advice platform. […]
Emprise Bank, based in Kansas in the US, has selected FIS as its new core banking provider. The bank, which has $1 billion in assets and 37 branches, selected FIS on the basis of its need for high levels of support, and capacity to provide a single platform that would integrate a set of technologies. That in turn allowed […]
Market operator Nasdaq has seen revenues from its technology sales increase, with its Technology Solutions division, which makes up 27% of total net revenues reach $146 million in the fourth quarter of 2015, up from $4 million from the fourth quarter of 2014. The exchange’s Market Technology unit, which accounts for 13% of total net revenues, […]
Payments provider TSYS is predicting high single-figure growth following its acquisition of merchant solutions provider Transfirst in a $2.35 billion all-cash transaction. The deal, announced as TSYS reports its full-year 2015 results, will create a firm with that TSYS claims will be the third largest integrated payments provider in the US – according to a […]
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.
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’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 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 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.
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.
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.
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 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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
