Solutions
The International Swaps and Derivatives Association (ISDA) and Markit have launched the ISDA Canadian Representation Letter on ISDA Amend, a joint electronic solution that streamlines aspects of compliance with Dodd-Frank, EMIR and other over-the-counter derivatives regulatory requirements.
On 14 November 2013, the Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des Marchés Financiers (AMF) published Rule 91-507 requiring reporting counterparties to report certain derivatives data to designated or recognised trade repositories with respect to transactions involving local counterparties. Trade reporting requirements in Canada begin on 31 October 2014.
Lansing Gatrell, managing director and head of Markit’s
The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Depository Trust & Clearing Corporation (DTCC) have formed a joint venture to develop and market automation solutions that advance cyber security capabilities and the resilience of critical infrastructure organisations, including financial services firms and others worldwide.
The joint venture, named Soltra, has been established to deliver software automation and services that collect, distil and speed the transfer of threat intelligence from a myriad of sources to help safeguard against cyber attacks.
Soltra leverages FS-ISAC’s 14 years of information-sharing and analysis for critical infrastructure as well as DTCC’s expertise
Newedge and MTS have reported record trading volumes on their Agency Cash Management (ACM) platform for the tri-party repo market.
Trading volumes in tri-party repo topped EUR5 billion over the past month.
The average duration of trades over this period was just under 10 days, with many participants now live on the platform.
ACM is an electronic auction-trading platform that enables institutional cash investors to enter into secured money market investments via the tri-party repo mechanism. Providing an alternative to the traditional suite of unsecured money market products, the platform offers access to cash management investment opportunities. By
Northern Trust has deployed a new compliance management reporting solution (CMRS), using technology developed by Sapient Global Markets.
Northern Trust will now be able to deliver delegated reporting requirements for its clients under the Dodd-Frank Act and European Market Infrastructure Regulation (EMIR) for all derivatives including over the counter/exchange traded, cleared/bilateral and foreign exchange.
The increasing complexity and growing long-term cost of adhering to global regulatory reporting requirements is a significant challenge to the financial services industry. Northern Trust is working together with Sapient Global Markets to address this issue with CMRS, a sustainable solution developed from Sapient Global
It’s a fair assumption to say that the proliferation of hedge fund regulation has spurred technology providers to produce newer, innovative solutions.
Central to this is the growing complexity surrounding data management. If one were to plot data volume over time over the last five years it would resemble a hockey stick with the introduction of Form PF reporting by the SEC two years ago marking the point at which managers began to deal with ‘Big Data’.
Whether it is Annex IV reporting under AIFMD in Europe, reporting on derivative positions under Dodd-Frank and EMIR, CPO-PQR, FATCA, reporting short selling positions to the Hong
ConvergEx Group has launched a dynamic order routing strategy that allows clients to designate a percentage of an order to be sent to IEX, with the remainder going to ConvergEx’s Darkest algorithm.
The algorithm searches for liquidity among more than 20 other non-displayed venues.
ConvergEx is offering this strategy after analysis of IEX executions showed that client orders were being successfully protected from latency arbitrage.
The Darkest + IEX dynamic routing strategy, developed in collaboration with IEX, allows clients to split their orders, explicitly routing either 25 per cent or 50 per cent of a trade to the
“We’ve risen to the challenge to offer a truly integrated risk management approach with APT Enterprise,” comments Laurence Wormald (pictured), COO and head of research, SunGard APT, adding:
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Chi-X Japan Limited, a wholly owned subsidiary of market operator Chi-X Global, launched Chi-Match VWAP Cross (Volume Weighted Average Price) on 1 September.
Chi-Match VWAP Cross offers participants a broker neutral morning, afternoon and full-day cross.
Chi-X Japan trading participants access Chi-Match through existing connectivity.
Makoto Nagahori, chief operating officer of Chi-X Japan, says: “We are very encouraged by the early adoption of Chi-Match from both new and existing participants. As participants continue to look for greater liquidity and opportunities to achieve better execution for their clients, we are pleased that we can offer a crossing facility that
The US Commodity Futures Trading Commission (CFTC) has provided time-limited no-action relief concerning swap execution facility (SEF) access for block trade execution.
This time-limited relief to SEFs is until 15 December 2015 at 12:00 am EST.
The relief granted will facilitate market compliance with credit screening and efficient straight-through processing requirements for block trades.
A block trade is, among other things, a publicly reportable swap transaction that “[o]ccurs away from the registered [SEF’s] or [DCM’s] trading system or platform and is executed pursuant to the registered [SEF’s] or [DCM]’s rules and procedures.” (Commission regulation 43.2)
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SunGard has launched its APT Enterprise platform, which provides integrated risk management through an interactive risk dashboard for buy-side firms.
The new platform will provide asset managers with a competitive advantage derived from an intuitive and coherent analysis of both market and liquidity risks.
This is achieved by improved modelling of multi asset class portfolios, and by streamlining the workflow for market data management. With this capability, asset managers will have the flexibility to enhance their investment strategies, and to realise substantial operational efficiencies through large-scale automation of risk reports.
Leveraging SunGard’s fully hosted risk managed service, APT
