News

Short of majority ownership, BGC extends GFI offer

BGC Partners has extended its tender offer to acquire rival interdealer broker GFI Group after its stake in the company more than doubled but fell well short of the majority needed to assume control. The offer to purchase shares of GFI for $5.25 per share in cash has been extended to end of business on Dec. 9.

Unanimous approval of Reg SCI adds rules for technology oversight

Regulation Systems Compliance and Integrity or Reg SCI, the rules devised to better insulate the market against the technical failures, received unanimous approval on Wednesday. The regulation--which mainly applies to exchanges, clearing houses and certain other market infrastructure players--mandates annual reports on efforts to safeguard systems and a policy for immediately notifying the Securities and Exchange Commission when a major technical problem is detected.

Banks outperforming retailers in mobile apps, study shows

Mobile apps have become the most common daily interaction channel for the banking industry as a whole, and 45 percent of smartphone users in the U.S. and U.K. have downloaded and been satisfied with banking apps, according to a study released today by Apigee Institute. By contrast, only 27 percent of the same pool of respondents have downloaded and been satisfied with apps from large retailers.

Fidelity experiments with virtual reality on StockCity data visualization app

Fidelity isn't the first company to launch an interactive virtual city app, but it's the first to create one in which the city is built entirely out of stocks. StockCity, developed by Fidelity's research and development think tank Fidelity Labs, is a data visualization app that recreates investors' portfolios as a 3-D city.

Hong Kong-Shanghai link starts with a flood then slows to a trickle

After a banner first day of trading Nov. 17, when the maximum 13 billion yuan in mainland equities were purchased through the Shanghai-Hong Kong Stock Connect, the rest of the week has so far fallen...

Financial firms wrestle with fourth-party risk

In manufacturing, companies are traditionally worried about every component of their supply chain, assessing each component's performance level and susceptibility to failure. As spectacular cyber breaches and technical glitches make headlines, financial firms that have outsourced portions of their infrastructures as cost-saving measures are now looking at their supply chains with that same critical eye.

Aequitas wins approval in Canada for HFT curbing exchange

Aequitas Innovations Inc. received approval from Canadian regulators to operate as an exchange beginning March 1. The company, backed by several of the largest financial firms in Canada, is designed to curb high-frequency trading and aims to challenge the dominance of TMX Group in Canada's stock market.

Deutsche Bank plans innovation labs to boost digital services

Deutsche Bank is reportedly working with IBM, Microsoft and India's HCL Technologies to set up joint innovation labs in Berlin, London and Palo Alto. The firm plans to send bankers across business units to these labs in an effort to spur innovation and improve digital services, the Wall Street Journal reported.

 

IOSCO report: Post-trade transparency in CDS market does not affect market risk

The availability of post trade data in the credit default swap (CDS) market does not have a significant effect on market risk exposure, according to a new report from the International Organization of Securities Commissions (IOSCO). The report, based on a review of existing studies, publicly-available post trade data and a survey of market participants, also found that more post trade transparency would help the market.

 

ICAP's EBS to launch anonymous FX liquidity pool

ICAP's EBS foreign exchange trading business will launch an anonymous bilateral liquidity pool in early 2015. The company will segment EBS Select, the new pool, so that prices will be delivered in an undisclosed environment and a segregated liquidity pool.

Nasdaq to unveil high-tech revamp of headquarters

Nasdaq is reportedly about to unveil the high-tech renovations to its Times Square headquarters building. The exchange reportedly spent $10 million to add features to the building, which is already...

Technology is key to surviving low rate environment, Bank of America CEO says

Technology investment has been key to managing the low interest rate environment, Bank of America Merrill Lynch CEO Brian Moynihan said Wednesday, by helping the firm improve efficiency while at the same time funding projects that could offer competitive advantages.

BGC amends GFI bid and appeals directly to shareholders

BGC is amending its offer and appealing directly to shareholders in its bid to acquire rival interdealer broker GFI. The latest offer continues a months-long battle for GFI, which is weighing competing offers from BGC and CME Group.

 

Markit, Genpact sign up more than 600 for KYC service

Markit and Genpact Ltd. announce they have signed more than 600 firms to their jointly developed centralized know-your-customer (KYC) information management service. The requirement for financial firms to manage KYC information has sparked the formation of several companies in the past year vying to be industry providers of KYC services.

 

American Express to offer mid-market companies cloud-based payment tools

American Express is planning to offer mid-sized businesses cloud-based tools for automated commercial payments to suppliers. The tools, being offered by the American Express Global Corporate Payments division in partnership with cloud-based financial management vendor Intacct, will allow mid-sized businesses to log on to a cloud-based tool and send checks to a supplier and automatically update the general ledger by clicking a button.

Market observers question impact of 'unprecedented' FX fines

A total of $4.3 billion in fines were levied on six banks by four regulators this week as part of the much anticipated settlement of the FX manipulation scandal. The fines, from the U.K.'s...

Firms boost legal reserves as FX investigations heat up

The Commodity Futures Trading Commission is expected to announce fines in the alleged rigging of the $5.3 trillion-a-day currency markets any day now, according to published reports. The CFTC may levy fines of around $300 million against each firm it is investigating, according to anonymous sources cited by Bloomberg.

 

ICE Benchmark Administration wins management of gold benchmark

Intercontinental Exchange's ICE Benchmark Administration unit will take over the management of the gold benchmark price fixing, replacing a 95-year-old process with an automated platform early next year.

Statkraft upgrades energy trading and risk platform to better manage renewable energy markets

As Europe's largest producer of renewable power, Statkraft operates in a market that has undergone major shifts in recent years. With European regulations encouraging the use of renewable energy before energy from conventional power utilities, energy producers and traders are increasingly using sophisticated calculations to not only predict energy demand, but also to predict supply of renewable energy, whose production levels can vary based on weather conditions.

Buy-side firms, TradingScreen to launch corporate bond crossing platform

A group of buy-side firms have joined with TradingScreen to become the latest entrant in the corporate bond trading platform space. TradeCross, a corporate bond crossing platform that will be further revealed later this month, was designed in collaboration with the buy-side firms who are founding members, TradingScreen says.