News

With concerns mounting, Finra puts its big data CARDS project on hold

The Financial Industry Regulatory Authority has pressed the pause button on its controversial CARDS program, bowing to pressure from financial firms that have widely criticized the project.

Goldman hires tech banking exec to launch online lending

Goldman Sachs plans to develop digital banking services for consumers and small businesses, and has already brought on a new executive to lead the effort.

 

PNC led in branch closures in first quarter, report shows

There was a net loss of 332 bank branches across the US in the first quarter of 2015, with PNC Financial Services Group leading the closure tally for the quarter with 38 net closings, according to a recent report from SNL Financial.   

 

Federal Reserve Bank of Atlanta issues working paper evaluating authentication methods

The Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta released a working paper last month assessing the strengths and weaknesses of different methods of authentication in financial transactions. The paper evaluates authentication methods to address the challenge of increasing the confidence level of authenticating customers without adding so much friction to the process to discourage customers from completing transactions.

GFI launches odd lot corporate bond trading

GFI Group has launched electronic trading of odd lot corporate bonds through its CreditMatch electronic trading system for corporate bonds and derivatives, the interdealer broker firm announced.

UBS should spin off investment bank to Credit Suisse or Deutsche Bank, investor says

UBS should consider spinning off its investment bank and selling it to a competitor like Credit Suisse or Deutsche Bank, according to the president of an activist investor firm that has a stake in...

BGC and GFI begin technology integration, plan Trayport sale

Less than two months since BGC Partners won a protracted bidding war to acquire GFI Group, the two firms have begun integrating technology and support functions, BGC reported. The companies also announced plans to sell Trayport, a GFI energy trading technology company that had attracted interest from several other companies.

 

Tradier adds clearing to offer advisors full-service platform for building robo-advisory

Tradier Brokerage Inc. announced a partnership with Apex Clearing Corp. this week aimed at creating a full-service API platform that registered investment advisors (RIAs) can use to build their own robo-advisory services on top of. The company says the partnership aims to further democratize the robo-advisory concept so that advisors can create customized robo-advisory platforms for their clients without having to do the heavy lifting of building a core brokerage and clearing platform.

 

Selerity and Nasdaq move markets with Twitter earnings leak

Twitter stock was sent reeling on Tuesday afternoon when a Nasdaq unit erroneously posted Twitter's disappointing earnings to Twitter's website about an hour early, and the posting was immediately picked up and disseminated. The error highlighted the speed of information dissemination in the market and may have handed Nasdaq a blemish in the fierce competition for trading and listings among the country's three exchanges.

MasterCard acquires APT data analytics firm to boost differentiated services offering

MasterCard is acquiring analytics firm Applied Predictive Technologies (APT) for $600 million, in a strategic effort to boost business services for merchants.

 

SEC investigates BofA Merrill Lynch related to manipulating retail brokerage reserves

The Securities and Exchange Commission is investigating whether Bank of America Merrill Lynch broke rules through complex trades that may have made a greater percent of retail brokerage funds...

Reference data's new role

Firms have long faced pressure to maintain clean, consistent and accurate reference data, critical for processing trades, and for managing events like corporate actions related to securities held in portfolios. A combination of regulations, technology and increasing trading volumes may be putting new pressures on reference data and in some cases changing how firms view and use it.

 

Niche financial models provider focuses on momentum investing

With an increasing number of articles and even some indices focusing on momentum investing, analytics provider Trendrating is specifically specializing in providing tools and techniques for helping investment managers and advisors measure the momentum factor as part of their investment strategy.

 

Schwab says its robo advisor service attracts new customers

Charles Schwab Corp. says its new robo-advisory service has attracted $1.5 billion of assets in over 23,000 accounts in its first six weeks, with about 20 percent of the accounts coming from clients who are new to the firm. The new accounts are significant as robo advisory services are viewed as key to attracting millennials.

 

Flash crash arrest raises oversight issues for markets

News reports about the arrest of Navinder Singh Sarao for his role in contributing to the "flash crash" were accompanied by reports that the CME Group had spotted the trading irregularities a year prior to the flash crash--yet the trading patterns persisted through 2014.

 

Deutsche Bank outlines more cost cutting

Deutsche Bank outlined 200 billion euros in cuts to its investment bank Monday, on top of plans revealed last week to divest of its PostBank retail banking subsidiary. The cuts are part of a five-year plan to design a more focused investment bank with a more efficient operating model as the bank strives to boost profitability.

 

Bond market participants want delayed TRACE reporting

A variety of bond market participants, from large investment banks to investment managers and electronic trading venues, advocate delaying TRACE reporting of large deals to aid market liquidity, the Financial Times reported. 

Consortium-backed Symphony platform to integrate with Box for content collaboration

Symphony Communications, the secure, open-source communications platform backed by a consortium of Wall Street firms will partner with Box to add Box's secure content collaboration to its platform. The alliance comes two months after Symphony announced an agreement to add Twitter feeds to the platform to support trading decisions.

ANV empowers brokers with tool for servicing customers through Internet, mobile phones

Global insurer ANV Group is aiming to make it easier for brokers to offer specialized commercial insurance lines to small- and medium-sized businesses with a tool for acquiring and servicing customers through mobile phones and Internet devices.  

Goldman investment in Perseus highlights importance of speed

Goldman Sachs' $20.5 million investment in high-frequency technology firms Perseus is being viewed as evidence that speed is becoming as essential for traditional firms as it is for the high-frequency trading firms that have made it their hallmark. The investment represents a minority stake in the company, the Wall Street Journal reported.