Back-Office Technology
This Week: Macrobond/FactSet, Tradweb, Bloomberg, DTCC, and more
A summary of some of the past week’s financial technology news.
After lengthy fight, Bloomberg’s Figi recognized as official US data standard
The Figi is free to use, and becomes the second reference data standard alongside Cusip, authorized for financial instrument identification by the American National Standards Institute.
Waters Wrap: A whole new way of looking at data spend (And CME-Cboe thoughts)
As brokers start to explore various forms of self-service models, Anthony wonders if this could lead to a complete rethink of how commercial terms and contracts are structured for adding on new datasets.
Investment bank wraps up major tech overhaul after Covid-19 setback
Stifel Europe weathered 2020 volatility and switched vendors in looking to simplify its middle- and back-office functions and increase tech investment.
Waters Wrap: A blockchain problem (And an alt data problem)
Anthony first looks at the alternative data industry and connects to QAnon, before explaining why there needs to be more hard numbers in the world of blockchain.
A blockchain believer: Broadridge looks to expand its DLT influence
The market infrastructure provider has rolled out its blockchain-based repo transaction platform with plans to further build on the emerging technology.
Rimes shutters market surveillance business amid strategy overhaul
The data management firm is undergoing a multi-year program to unravel its surveillance business, as it looks to throw its weight behind its flagship data offerings.
ASX automates corporate actions with issuer forms
The exchange group has completed the multi-year program aimed at standardizing data capture and message delivery using the ISO format.
Waters Wrap: Broadway Technology, Symphony, and new beginnings (And other new CEOs)
Anthony takes a look at some major CEO changes from the last year, and what those moves might mean for clients of those vendors.
Brown Brothers Harriman continues AI ‘transformation’ of fund accounting unit
A new tool that helps business users test and validate their own POCs is set to join the bank’s ranks alongside its other AI projects implemented over the last two years: Linc, Guardrail, and Ants.
Now that Oats is scrapped, regulators will have to (Cat)ch up
Retiring Oats is a milestone on the long and winding road to Cat implementation, but the SEC must make some major decisions in a very short timeframe before the Cat journey is over.
Waters Wrap: The Symphony-Cloud9 tie-up hints at a new tune for the comms provider
Anthony talks with Brad Levy about the company’s acquisition of Cloud9, its plan for future acquisitions, the possibility of an IPO, his thoughts on Big Tech providers, and more.
EC drafting proposal for derivatives consolidated tape
Commission official says beta version ready for testing in 2023 will also include equities, bonds and ETFs
Rights automation group to debut digital language for market data policy expression
Community group that includes JP Morgan, Deutsche Bank, Amazon, and the CME plans to showcase over a year’s worth of work in a bid to drive broader adoption of the digital rights language.
Deutsche Bank leverages AI for securities services
The bank’s client segmentation offering creates more targeted post-trade offerings, while its prediction engine can help reduce settlement failures.
JP Morgan fast-tracks market data licensing tools
The bank is developing solutions to help internal teams understand compliant usage and entitlements.
Nordea: Licensing changes could make RPA too expensive
The Nordic bank is looking for ways to mitigate costs as software vendors define new policy categories to capture robotic workers.
People Moves: Acin, NeoXam, BNY Mellon, Northern Trust, and more
A look at some of the key people moves from the past week, including Tracy Clarke (pictured), who joins Acin as non-executive director and strategic consultant.
Vanguard overhauls EU data strategy to better manage analytics, regulatory needs
The asset manager’s CIO for Europe aims to centralize responsibilities from its UK and EU offices for how its business in the region manages data and develops new investment products.
Technical difficulties: OpenFin says it’s committed to FDC3, while others have their doubts
After quietly pulling its Finos membership this year, OpenFin’s involvement—at least in the public forum that governs it—with the interop standard it has championed for years, continues to dip. Though the vendor has re-affirmed its commitment to FDC3…
Shorter settlement cycles could hit non-US firms hard
As efforts continue to shorten the settlement cycle for US securities to T+1, market participants in Asia worry about the potential implications.
Oats retirement imminent as Cat maintains data quality, Finra says
Oats reporting could be fully migrated to the Consolidated Audit Trail and the Oats system retired as early as June 30.
Waters Wrap: Market data & consolidation—a never-ending timeline (And rise of the fees)
While last week it was announced that Exegy and Vela are merging, Anthony says that the deal is only a sign of what’s to come in the market data space. He also poses some questions about the LSE raising its Sedol fees.