With the move of swaps trading to central clearing, buy-side firms have begun adopting new methods for optimizing their balance sheets. Using compression, compaction and termination services, buy side firms are using highly automated processes for consolidating the open line items on their balance sheets.
The battle to develop a competitor to Bloomberg's instant messaging service continues to gain steam with progress moving forward from two competing systems.
CME Group said it halted trading on its Globex electronic platform for four hours early Monday because software reconfigurations implemented over the weekend did not go as planned. The outage occurred during Asian trading hours, and caused minimal disruption because it was a low volume period.
Wells Fargo began accepting applications for the Wells Fargo Startup Accelerator this week from young companies with technology ideas related to payments, deposits, fraud and other issues that could shape financial services. Earlier this month, Fidelity Investments hosted four teams of Harvard students who demonstrated financial technology products that Fidelity could bring to market.
Cantor Fitzgerald is continuing its push to build its foreign exchange sales and trading team with the hire of two FX traders from Goldman Sachs. The two new hires will be responsible for building out Cantor's global FX business and increasing its market making capabilities, the firm said.
The investment management community's needs for accessing data may be beginning to shift, according to Broadridge Investment Management Solutions.
Hong Kong is reportedly working around the clock to meet the October go-live date for its link to the Shanghai Stock Exchange. As markets closely watch progress on the project that will for the first time open up Chinese capital markets to real-time trading by international investors, some details of trading through the new link are beginning to emerge.
UBS Futures Co. Ltd. officially launched Tuesday to provide futures brokerage services in China. The business represents an expansion of services for its parent company, UBS Securities Co. Ltd, which was the first foreign-invested securities firm with full licenses to conduct business in China.
CME Group's planned purchase of the technology assets of inter-dealer broker GFI Group, announced last week, raised some interesting questions about how brokerage operations are valued. Through a pair of strategic transactions, CME Group isn't just valuing GFI's Trayport and FENICS technology units more highly than GFI's inter-dealer brokerage, it is valuing them more than four times as high.
A consortium of Wall Street firms, led by Goldman Sachs, is reportedly close to buying a stake in an open source chat and instant messaging service called Perzo. The investment would be part of an effort by the firms to find an alternative to Bloomberg's messaging service, the costly service used by much of Wall Street.