The Depository Trust Clearing Corporation is teaming with a security-focused industry trade group to launch a platform aimed at boosting the use of standards for sharing cybersecurity threats. The platform, launched with the Financial Services Information Sharing and Analysis Center will promote protocol-based cybersecurity automation, to encourage the quicker dissemination of threat data throughout the industry.
As the industry expresses growing interest in alternatives to Bloomberg's chat services, competing data providers Thomson Reuters and Markit continue to collaborate on open messaging solutions. In the latest development, Markit's directory of contacts has been integrated with Thomson Reuters' Eikon Messenger, creating the first cross-network directory and making it easier for financial market professionals to find contacts from an address book of 250,000 individuals.
After the fanfare over Apple's release of the iPhone 6 and the Apple Pay function starting next month, it could be Apple's embrace of "tokenization" that has the most potential to fundamentally change payments. With uses abound, tokenizaiton has as much potential for businesses as it does for consumers and retailers, an executive with enterprise software giant SAP says.
The Securities and Exchange Commission has handed Barclays Capital a $15 million fine for inadequate compliance following its wealth management unit's acquisition of the Lehman Brothers advisory business in 2008.
Firms in Hong Kong and Shanghai have reportedly been working around the clock to be ready for the October go-live date of the link between the Hong Kong and Shanghai stock exchanges, but for many in the region the technology issues may be the least of it. Stock Connect, or the "Through Train," as some firms have reportedly dubbed the link, has the potential to open up the Shanghai stock market to much more western investment--or it may be poised to suck capital away from other exchanges in the region, depending on your perspective.
Asset management giant BlackRock outlined bold moves for fixing a "broken" corporate bond market in a Viewpoint paper posted on its website Monday afternoon. The firm also warned that the bond market's inefficiencies are being masked by low interest rates, low volatility and the effects of quantitative easing, and its underlying problems will likely come to a head when more normal market conditions return.
Due to a technical glitch, Morgan Stanley brokerage clients who had elected to receive electronic delivery of fund prospectuses failed to receive them during a period that stretched from last fall through the summer, Bloomberg is reporting. The firm has plans compensate employees that may have been affected by the error.
Global agency brokerage and trading services company ConvergEx has partnered with IEX to introduce a new trading algorithm that routes a portion of trades to the IEX market. ConvergEx worked with IEX to create the "Darkest + IEX" trading strategy after its tests showed that orders it routed to IEX were successfully executed without introducing latency arbitrage issues.
High-frequency trading has been accused of bringing many changes to the market, but one technological shift it has not received much credit for is an increased awareness on the importance of time-synchronization.
In a letter to the Securities and Exchange Commission late last week, BlackRock put forth several suggestions for improving equities market structure including lowering exchange fees, requiring brokers to disclose order routing and execution metrics, and eliminating discriminatory or redundant order types.
ParFX, a currency platform designed to limit some of the effects of high frequency trading, has launched a new prime brokerage service that will allow buy side firms to trade through their prime brokers. Some of the first trades using the new service were made by HFT company Virtu Financial.
Bondcube, an all-to-all bond trading platform that received backing from Deutsche Borse earlier this year, is planning to go live in November subject to regulatory approval in the US and UK, Financial News is reporting.
If it seems like a digital display in your bank branch is reading your mind, it might actually be reading your face. Retail branches are using increasingly sophisticated technologies to maximize marketing and customer service opportunities during customer branch visits with highly customized messaging. In the case of the digital displays on monitors inside the bank branch, that may mean that cameras attached to those monitors are scanning customers' faces.
Six months after designing the structure of a swap for hedging the price of bitcoin, Tera Group announced it has won regulatory approval for trading bitcoins on its swaps execution facility TeraExchange. TeraExchange's new platform for trading bitcoin derivatives includes a newly-developed Tera Bitcoin Price Index and will trade U.S. dollar bitcoin non-deliverable forward swaps.
Through the acquisition of Liffe as part of its purchase of NYSE Euronext last year, Intercontinental Exchange has gained a stronger European interest rate swap trading presence. The exchange operator sees opportunity in building further interest rate swaps clearing services to complement that new interest rate swap trading, and its pending acquisition of SuperDerivatives will help build that business, ICE chief financial officer Scott Hill told an audience at a New York conference last week.
CIBC's new president and CEO Victor Dodig began his new role by making sweeping structural changes to the executive management ranks of Canada's fifth largest bank. The changes include two key departures and expanded roles for many others as an eight-member executive committee was formed to replace the existing senior executive team.
Morgan Stanley is closing a managed mutual fund program acquired through its purchase of Smith Barney as part of an effort to streamline some of its managed account offerings, Reuters reported.