News

High-profile hacks push finance firms to rethink identity management

Research firm IDC predicted late last year that the identity and access management market would rise to $7.1 billion in 2018, up from $4.8 billion in 2014 – a nearly 48 percent rise in four years. That rise has been driven in part by financial firms, which have been among the most active adopters of identity management technology.

ICAP's EBS BrokerTec expands into corporate treasury with addition of MyTreasury business

ICAP's EBS BrokerTec electronic foreign exchange and fixed income business has combined with ICAP's MyTreasury business as part of the EBS BrokerTec multi-product expansion strategy. The move expands EBS BrokerTec into the corporate treasury and money market space, and will yield new offerings that blend capabilities of the different platforms.

Company looking to create stock markets in Delaware has Dick Grasso on board

A company led by John Wallace, who used to be CEO of the Philadelphia Stock Exchange, is looking to launch two new stock markets based in Delaware. Wallace is enlisting the help of other big industry veterans for the new venture, including Dick Grasso, who was CEO of the New York Stock Exchange through the Sept. 11 attacks, and Joe Grano, who formerly ran UBS Group AG's wealth management business.

MasterCard expands digital wallet through PAY.ON, Citibank India and travel industry partnerships

In a spate of recent announcements, MasterCard revealed it is actively expanding the reach of its MasterPass digital wallet. The company has sought to boost the wallet's acceptance through partnerships with Citibank India, the payment gateway PAY.ON, and through multiple partnerships in the travel industry.

Number of new US banks drops to zero

There were no new commercial banks or savings institutions launched in the U.S. last year. In fact, since 2010, just four new commercial banks and one new savings institution have opened in the U.S.,...

Deutsche Borse acquires 360T, with rumors of more exchange FX acquisitions to come

Deutsche Borse announced Sunday that it is buying over-the-counter trading platform 360T, greatly boosting its foreign exchange operations less than six months after BATS Global Markets closed its Hotspot FX acquisition. Rumors of other acquisitions of FX venues by exchanges, and reports that other exchange players had bid on 360T have drawn attention to the potential for consolidation in the $1.6 trillion a day FX market.

Agency broker focuses on providing transparency into best execution

In the view of equity and options market agency brokerage Dash Financial, being a broker in today's fast-paced market is about being a technology expert and a consultant on clients' execution objectives.

Startup backed by industry veterans to launch 'permissioned' blockchain-based settlement

Peter Randall, the former CEO and founder of the pan-European trading venue Chi-X, and Anthony Culligan, a hedge fund investor and founder of peer-to-peer bitcoin trading site Roolo, have banded together to launch a blockchain-based payments and settlement system called SETL. The founders said the "permissioned" model of SETL's platform will allow the system to reach the transaction processing capacity level needed for financial industry settlement.

MasterCard reveals some of the projects in its DigiSec Lab

MasterCard is opening up its digital security facility to its customers the company announced last week in an effort to foster further collaboration on key security issues and give customers "greater payments piece of mind." The facility, known as the DIgiSec Lab, is located somewhere in England and proactively tests technology in cooperation with other research facilities such as universities and government security agencies.

 

Nasdaq's NFX aims to challenge energy derivatives trading structure

Nasdaq launched its U.S.-based Nasdaq Futures, Inc. (NFX) Friday, initially offering futures and options on oil, natural gas, and U.S. power benchmarks, with a fee holiday for the first nine months of trading. While some in the industry question how Nasdaq will win market share in energy derivatives where CME Group and Intercontinental Exchange have such dominant positions, Nasdaq said it sees and opportunity for a new entrant with an alternative model.

Preparing to launch, Symphony reportedly seeks more investment

Symphony Communications Services LLC, the corporate instant-messaging startup formed when 14 finance firms collectively invested $66 million in the venture, is reportedly looking for more funding and...

Regulator seeks assurances that bank consortium-backed communications system will be auditable

As Symphony Communications Services prepares to launch its much-anticipated messaging service, New York's financial regulator is raising questions about whether the system can assure that bank communication records will be preserved for overseers.

 

Capital One launches Hygieia open source DevOps dashboard

Announcing that the company has taken another step toward establishing its "geek cred," Capital One unveiled Hygieia, an open source DevOps dashboard at the Oscon open source conference this week. With Hygieia's release, Capital One said it is the first large bank to release an open source software product to the world, and the company promises additional open source products are in the pipeline.

Millennials, security concerns drive financial firms to text communications

Millennials have sometimes been called the texting generation, and a new study indicates their habits may be having a growing effect on how financial firms communicate. Driven by competitive pressure to reach the younger consumers as well as security trends, such as two-factor authentication, financial firms are increasingly adding enterprise-level texting programs as part of their communications platforms.

Deutsche Borse-backed Bondcube folds in crowded e-bond trading landscape

Three months after its official launch, corporate bond trading platform Bondcube has filed for liquidation, the Financial Times reported. The startup, founded in 2012, was 30 percent owned by the Deutsche Borse.

Santander helps customers put money in the kitty

The U.K. arm of Santander has launched a collective savings app that lets users create and manage pools of money with friends and colleagues. The bank says the app, called KiTTi, is the U.K.'s...

Firms turn to social media monitoring for cyberthreat detection

Last year social domains reportedly began outnumbering traditional domains for the first time. For a growing number of companies, including many of the top banks in the U.S., monitoring this more informal part of the Internet is becoming a key defense in identifying criminals looking to gain entry into a firm or divert business away from it, experts say.

Newly independent PayPal outshines former parent on first day of trading

Newly independent PayPal saw its shares rise 5.4 percent on its first day of trading, compared with its former parent eBay, which saw a 2.4 percent rise. The rise meant PayPal's share price closed for the day at $40.47, for a market cap of $49 billion, far larger than eBay, which closed for the day at $28.57, giving it a market cap of $35 billion.

KCG looks to occupy building that used to house Nymex trading pits

KCG Holdings is looking to move into the lower Manhattan building that used to house New York Mercantile Exchange's now shuttered trading pits. The move would likely bring some KCG jobs across the river, from Jersey City, New Jersey, into New York.

 

Standard Chartered innovation chief says blockchain could drive down transaction costs

The blockchain has potential to drastically cut transaction costs while improving the security, transparency and auditability of transactions, Standard Chartered chief innovation officer Anju Patwardhan wrote in a blog posted on LinkedIn. Patwardhan is the latest in a string of financial industry executives to voice support for blockchain technology as a potential disruptive force for transforming financial services.