A consortium of banks and asset managers are banding together to create a new electronic marketplace for equities trading in Europe. To be called Plato Partnership, the group is designing the platform with the goal of improving market fairness.
Euronext has launched an iPhone app to deliver market data from its equities markets to retail investors. The free app will deliver market data delayed by 15 minutes or updated at the end of the day.
Sixty-one percent of male investors under the age of 34 use their smartphones to check on their order status after placing trades, far more than any other investing activity they do with their smartphones. Meanwhile, women under the age of 30 are most likely to use their smartphones to research investment products, at 44 percent.
Jeffries Group appears to be looking for an exit from its Jeffries Bache futures and commodities business after posting sharply lower fourth quarter results. The firm posted a loss of $92.4 million compared with a year-earlier profit of $109.9 million.
For several years now, financial firms have been under increasing regulatory pressure to monitor and manage the risks posed by their vendors, and even their vendors' vendors. As financial firms hone their vendor and third-party risk management skills, their metrics for measuring the riskiness of their vendors may one day become a standard part of the vendor contracts, much like service level agreements, one vendor says.
A glitch forced the shutdown of the International Securities Exchange's two options markets early in the trading day Monday, and the two markets remained closed for the remainder of the day.
Two new iPhone apps launched last week aim to turn upside-down the fee structures with which retail investors trade and access market information.
DTCC/SWIFT received the top spot in a quality ranking of the 14 organizations that serve as registration authorities for Legal Entity Identifiers (LEI), but the research found troubling signs that industry adoption remains low.
Cloud Lending, the cloud-based infrastructure provider specializing in the non-bank lending market has launched a new platform aimed at providing a turnkey cloud-based infrastructure for peer-to-peer and marketplace lending.
CME Group may be weighing the introduction of a hybrid product that with some qualities of swaps and some of other exchange-traded derivatives, the company's chief executive suggested at a conference this week.
Dozens of traders have been let go as probes into manipulation of the FX benchmarks have unfolded, but a New York financial regulator may be looking beyond the traders and investigating FX algorithms. New York Department of Financial Services superintendent Benjamin Lawsky is reportedly investigating whether Barclays and Deutsche Bank used algorithms to manipulate currency benchmarks.
Apple and IBM launched their first cloud-based mobile business applications as part of their partnership, drawing support from Citi for the apps geared toward financial services firms. The partnership, called IBM MobileFirst for iOS, is aimed at bringing IBM's big data and cloud services to iPhone and iPad users in the enterprise.
SWIFT's long-anticipated KYC Registry Service has launched for correspondent banks worldwide, adding another solution to the competitive know-your-customer compliance space several firms are vying to dominate. SWIFT says its solution went live with more than 20 global and regional banks.
Vanguard is seeing strong adoption of a pilot program that offers automated financial advice, with assets more than quintupling in the first three quarters of the year. The automated platforms, known as robo-advisers, have seen strong growth this year, with financial companies like Fidelity and Charles Schwab announcing similar services and independent robo-advisor companies achieving solid expansion.
Interdealer broker ICAP plans to merge its EBS electronic foreign exchange business with its BrokerTec electronic bond trading business. The new business, to be called EBS-BrokerTec, will be headed by current EBS chief executive Gil Mandelzis as CEO, and ICAP group chief executive Michael Spencer as chairman.
A new Royal Bank of Scotland unit will use social intelligence software vendor Artesian to analyze the exchanges between relationship managers and their customers. The technology will be used for RBS' new Williams and Glyn bank, expected to launch in 2015.
UBS has selected big data analytics vendor Sqreem from a pool of tech companies vying for a chance to help the firm enhance user experiences for wealth management clients. Sqreem says it uses "massive parallel computing" and graphics processing units to analyze big data orders of magnitude faster than other database management systems.