News

SEC proposes rules for overhaul of asset management reporting

The Securities and Exchange Commission proposed a set of rules that SEC Chair Mary Jo White said would "modernize and augment" existing data collection from registered investment companies. The rules, which affect asset management firms including mutual funds, ETFs and investment advisors, will require the reporting of more information, more frequently, and in automated formats that the SEC will be able to analyze more quickly.

Global payments startup leverages blockchain engine to reduce cross-border friction

A former Western Union executive has launched a Web-based global payments platform powered by a blockchain engine to reduce friction for businesses in international payments.

First mortgage-backed security swap trade through SEF completed on Tradeweb

The first mortgage-backed security and swap transaction on a swap execution facility was executed on the Tradeweb TW SEF last week, one day ahead of a deadline mandating that trading of the swap portion of those kind of packages occur on SEFs or designated contract makers.

Misys launches software targeted toward Islamic banking

Financial software vendor Misys is launching a new component of its Misys FusionBanking Essence platform targeted toward the growing Islamic banking sector. The company says Islamic banking has an annual growth rate of 17 percent.

 

Overstock invests in ATS for cryptosecurities trading

Overstock, the first company with over $1 billion in sales to start accepting bitcoin, has reportedly invested in an alternative trading system (ATS) to explore the possibility of trading...

Is social media marketing morphing into visible banking?

In the visible banking paradigm, banks make themselves more visible across social media, and they use the medium to better understand their key influencers – both the supporters and the critics.

 

Morgan Stanley launches digital financial education program

Morgan Stanley Wealth Management is partnering with education technology company EverFi to launch an interactive Web-based financial education program for its wealth management clients called Morgan Stanley Financially Fit. The program, which will be offered by Morgan Stanley financial advisors to customers and their families, was tested with financial advisors in the Washington D.C. area last month.

Deutsche Bank retail chief departs as firm opts to split division in restructuring

Deutsche Bank's retail banking chief Ranier Neske has resigned over a disagreement about how the bank would divest its retail banking unit as part of its major planned restructuring. News of his departure comes ahead of shareholder meeting scheduled for Thursday that is expected to be contentious as shareholders are expressing increasing frustration with lagging profits and large fines, according to multiple media reports.

ITG partners with Bondcube as intermediary for US buy side to buy side trades

Agency brokerage ITG is partnering with newly launched bond trading platform Bondcube to serve as an intermediary for buy side to buy side trades in the U.S. ITG, originally known as an operator of equity dark pools, just entered the bond trading space itself late last year with the introduction of Posit FI, the fixed-income version of its Posit equities platform.

BNY Mellon launches Payments Analytics to help clients release funds faster

BNY Mellon launched a new "big data analytics" tool for treasury clients this week designed to provide real-time information on straight through processing success rates, as well as trend data and information on the type and number of payment queries.

Bitcoin Tracker One begins trading on Nasdaq Stockholm

Bitcoin Tracker One, a certificate that uses bitcoin as the underlying asset, began trading Monday on Nasdaq in Stockholm. Its issuer, XBT Provider, is part of Sweden-based digital currency mining...

Growing use of APIs in finance can expose firms to new threats

With financial firms under pressure to compete with a growing number of digital-oriented competitors, the financial sector is increasingly employing one of the most popular tools for effecting digital transformation: application programming interfaces.

Nomura joins exodus from EU and US swaps clearing

Nomura announced this week that it is exiting the clearing of over-the-counter swaps in the U.S. and EU, blaming the continuing lack-of cross-border agreement on regulations for making it too difficult to maintain profitable services. Nomura's move adds to the number of firms exiting the space.

Bloomberg partners with State Street on European corporate bond trading platform

Bloomberg and State Street are partnering to launch Bloomberg Bond Cross (BBX), a new service to help European traders access European bond market liquidity. State Street will act as an impartial counterparty for all trades, allowing participants to maintain anonymity and minimize information leakage.

 

ICAP strengthens digital services for Chinese markets with CNH Hub

Responding to increased trading activity in the offshore Chinese renminbi, interdealer broker ICAP is launching the ICAP CNH Hub, a currency-specific portal that pulls together offshore renminbi data from a variety of services within ICAP group into one consolidated market view.

 

Spotlight: NerdWallet raises $64M as self-service financial advice trend grows

Personal finance and comparison shopping site NerdWallet may be the latest beneficiary of the enthusiasm around online self-service financial planning and robo-advisory services.

Cross-border issues continue to plague derivatives market

Last Thursday, EU and U.S. regulators met to try to harmonize rules regarding central clearing in the derivatives market. Despite the optimistic nature of the joint statement regulators released after that meeting pledging to work toward a summer full of resolutions on issues, most reactions seemed less upbeat.

Vanguard hybrid robo-advisor targets baby boomers

Many firms have launched robo-advisory services with the goal of attracting millennial investors, born of the technology age, who are in the early stages of amassing their life savings. With its launch of its hybrid robo-advisory service last week, Vanguard took a different approach, targeting the service toward baby boomers.

 

Nasdaq plans to leverage bitcoin backbone in enterprisewide initiative

While an increasing number of companies are experimenting with and investing in bitcoin to varying degrees, Nasdaq became the first major Wall Street player to announce plans to leverage bitcoin technology as part of its infrastructure.

 

Cloud Lending launches CL Exchange to match borrowers with lenders

Cloud Lending Solutions, the cloud-based lending technology provider, is launching a new lending exchange designed to better match borrowers with lenders by essentially enabling lenders to share loans that don't match their own criteria with their competitors.