The Financial Stability Board, a global regulator, has published proposed changes to the way top currency benchmarks are calculated in response to allegations of benchmark manipulation. Widening the amount of time it takes to calculate the benchmark and adopting alternative forms of benchmark calculation are among the top suggestions the global regulator has proposed for public comment.
Wall Street's main trade group set forth a proposal for reforming U.S. equity markets this week, focusing mainly on eliminating time advantages in data dissemination, reigning in the number of trading venues and eliminating or greatly reducing exchange fees that the group says are distorting pricing and executions.
ICAP, the world's largest interdealer broker, is trimming voice brokers to adapt to current market conditions that have included prolonged low volatility, low volumes and increased use of electronic trading.
If harnessing the power of big data is top of mind for executives at large firms, a new partnership between one of the country's largest corporations and a tech incubator aims to find at least 30 different ways to address it. Working in partnership, GE and Frost Data Capital plan to hatch, incubate and launch 30 new big data analytics companies over the next three years.
The recently released results of Charles Schwab's 2014 RIA Benchmarking Study show record growth among independent registered investment advisors. In fact, registered investment advisors had the highest profitability of any year since the inception of the study in 2006.
Several unintended consequences can be expected to emerge from the wider tick sized pilot proposed by the Securities and Exchange Commission, including more dark trading and less liquidity, according to market structure analysis by KCG Holdings, Inc.
The reports of an exodus of banks and asset managers from the Barclays LX dark pool following the charges filed against it by New York authorities were confirmed by just-released industry data. The number of shares traded on the venue fell by 37 percent in the week the charges were announced, according to data from the Financial Industry Regulatory Authority.
With customers increasingly choosing to buy contracts for cloud-based Bitcoin mining rather than buying and deploying mining hardware, Bitcoin mining technology vendor CoinTerra has begun to offer flexible funding options.
Eurex Clearing has issued a paper carefully outlining the benefits of an increased move toward central clearing. While the paper essentially defends a more engaged role for itself, it is significant because it comes at a time when firms across the globe are coping with or preparing to cope with new operational issues associated with the increased use of central clearing.
London Stock Exchange Group (LSEG) is moving to strengthen its reconciliation offering with a pay-as-you-go reconciliation service built by Bangalore-based IT firm Wipro. The new service will leverage LSEG's existing UnaVista global hosted platform for matching and reconciliation services, but the new pay-as-you-go model means financial services firms can get enterprise reconciliations services without any up-front investment.
A former head of global prime brokerage at BNP Paribas has launched an online start-up that uses algorithms to match investors to hedge funds that meet their investment strategies and risk appetites.
Invoice financing Start-up Payplant offers small companies in need of cash fast payment for outstanding invoices. But unlike invoice factoring companies that charge high fees for funding, Payplant says it is able to offer these services at low rates due to a proprietary scoring method that uses analytics to asses both the small businesses in need of cash and the suppliers from whom they are awaiting payment.
Bloomberg's acquisition of RTS Realtime Systems is intended to expand connectivity to global markets and trading centers, the company said in announcing the acquisition. RTS's global reach includes low latency connections to more than 150 exchanges around the world as well colocation services at more than 90 venues.
It came to light last week that Google helped Goldman Sachs avoid a "needless and massive" security problem last month. Those are the adjectives Goldman Sachs used in court papers to describe a situation that occurred in late June when a contractor working with Goldman Sachs accidentally sent an email to an address that ended @gmail.com instead of one that ended @gs.com.
The Intercontinental Exchange unit tasked with overseeing Libor is reportedly planning to ask banks that submit Libor rate data for more detailed transaction information.
Deutsche Bank and Bank of New York Mellon are working on a deal through which Deutsche Asset and Wealth Management would outsource administration of a nearly $48 billion real estate fund to BNY Mellon. Details are still being hashed out, but the two firms are in exclusive negotiations and an agreement is expected by year-end.
Through a partnership with UK payment network Payzone, San Francisco-based bitcoin payment processor ZipZap will enable bitcoin purchasing at 20,000 retail locations throughout the UK. The partnership is part of an international effort to "democratize" access to digital currency.