Pan-European exchange Euronext will acquire about 90% of FastMatch for $153 million as part of its expansion plans in the $5.1 trillion daily foreign exchange (FX) market. FastMatch’s management will retain about 10% interest, with minority rights. Closing is subject to regulatory and anti-trust approvals, and is expected to occur in Q3 2017. Stéphane Boujnah, […]
Corporate treasurers have a moment to treasure as Swift has unveiled its new cross-border payments “Tracker” for real-time tracing. Swift says Tracker is the “cornerstone” of its global payments innovation (gpi) initiative – which went live in February – with the aim to deliver greater speed, transparency and end to end tracking. Tracker provides a […]
New York-based OpenFin has open sourced its core technology and is giving application developers free access to its operating layer for financial desktop web applications via its OpenFin Community Edition. The firm, which is a provider of HTML5 runtime technology, says the open source project, called Hadouken, will run under an Apache 2.0 licence. It […]
Nasdaq has unveiled its venture investment programme, Nasdaq Ventures, as it seeks out new fintech firms to work with in the global capital markets. Adena Friedman, president and CEO, Nasdaq, says it plans to “accelerate the pace of innovation”. The minority stake investments made by Nasdaq Ventures are expected to range from less than $1 […]
A new initiative will hold an initial coin offering (ICO) for the production of an industrial material using green technologies – creating the “first” commodity-backed cryptographic token in the process. Called ZrCoin, this will be a derivative – and with the option to buy an equivalent amount of synthetic Zirconium Dioxide (ZrO2). The latter may […]
Who’s buying who? Featuring Broadridge, Message Automation, Numerix and TFG Financial Systems.
Nordea Cash Management and Nordea Markets have launched AutoFX, an automated FX handling tool. Nordea says it is the first bank in the Nordics to offer this type of solution. AutoFX was developed in collaboration with a “large Nordic customer in the media industry”, in an effort to help modern treasury functions automate their daily […]
The Depository Trust and Clearing Corporation (DTCC) announced that the proof-of-concept to improve the netting process for repo transactions using distributed ledger technology (DLT) has been successfully completed.
US-based brokerage services provider Convergex has implemented Ancoa’s market surveillance platform to monitor all trading activity across its domestic and international cash equities and options businesses. It also monitors trading activity of “all lit and dark venues” including Millennium, Convergex’s proprietary applicant tracking system (ATS). The cloud-based deployment is running on Amazon Web Services (AWS), […]
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
United Nations, together with 19 banks and investors worldwide, have launched “a global framework aimed at channelling the money they manage towards clean, low carbon and inclusive projects”. The framework – The Principles for Positive Impact Finance – is a first of its kind set of criteria for investments to be considered sustainable, says the UN.
Accenture and operations benchmarking consultancy firm McLagan evaluate the applications of distributed ledger technology (DLT) in investment banking operations in the “Banking on Blockchain” report.
BNP Paribas Securities Services has teamed up with Calypso Technology to bring to market “a full, end-to-end post-trade services offering across asset classes” for investment banks.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Depository Trust & Clearing Corporation (DTCC) has chosen IBM, in partnership with Axoni and R3, to provide a blockchain/distributed ledger technology (DLT) framework to drive improvements in derivatives post-trade lifecycle events. The firms will work on DTCC’s Trade Information Warehouse (TIW), building a derivatives distributed ledger solution for post-trade processing. The TIW service currently […]
ICAP, a UK-based financial services firm, is jumping on the bandwagon and getting ready to process foreign exchange (FX) trades on blockchain, according to the Financial Times. As Banking Technology reported earlier this year, ICAP’s post trade risk and information division completed a proof of technology test case for blockchain – so its interest is […]
With so much fintech funding activity going on, we’ve summarised the latest fundraising efforts of start-ups. Featuring Lunar Way, FXCH and Polychain Capital.
BNY Mellon’s treasury services business has created a global innovation group and appointed Christopher Mager to lead it.
Treasury professionals are finally adopting mobile cash management, says Melissa Zajac, vice-president and senior product manager, Key Total Treasury, KeyBank’s corporate online channel. Slowly but steadily. So what are the best practices?
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
London-based blockchain firm SETL and Cobalt DL, a private peer-to-peer network, have teamed up to use SETL’s OpenCSD within the Cobalt FX post trade platform. The service is set to launch in 2017, with 15 institutional FX participants “already committed” to the service. Earlier this year, SETL unveiled the OpenCSD platform, its first commercial offering, […]
R3 and twelve of its blockchain consortium member banks have trialled Ripple’s Digital Asset XRP for interbank cross-border payments. Using XRP, Ripple says it can enable near real-time value exchange anywhere in the world, providing “liquidity on demand and reducing associated costs”. David Rutter, CEO of R3, says the prototype “paves the way for a […]
Citi Treasury and Trade Solutions has launched electronic document submission (eSubmit) for account opening. The service is available in “select” Western European countries and allows clients to complete the account opening process by returning electronic versions of documentation rather than paper. Sabine McIntosh, global head of account services product, Citi Treasury and Trade Solutions, says […]
BNP Paribas has selected Fidessa’s derivatives trading platform to underpin the bank’s futures and options agency trading business. The platform will support the workflow requirements across Europe, Asia-Pacific and North America. It will also provide BNP Paribas with a suite of specialised derivatives algorithms, including benchmark algos and advanced synthetic order types to normalise trading […]
Blockchain has the potential to greatly benefit the entire capital markets ecosystem. But the industry should learn to walk – when it comes this emerging technology – before it can run.
The European Central Bank has outlined its plans to consolidate the Target2 and Target2Securities (T2S) platforms, introduce a new European-wide instant payments platform by November 2017 and develop a new collateral management system. The Eurosystem’s “Vision 2020” plans were outlined by Yves Mersch, a member of the executive board at the ECB, at Sibos 2016.
Italy’s TAS Group and targit GmbH Austria have signed a deal to collaborate on bringing a Software-as-a-Service (SaaS) model for liquidity risk management and reporting within reach of tier two and three banks throughout Central and Eastern Europe, including Austria and Germany.
Read our first Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year.
Join the consortium. PayCommerce, an open cross-border payments network, has launched an instant cross-border payment, clearing and integrated settlement programme for global banks.
Momentum is building behind the T2S securities settlement system as it gains critical mass. While expected benefits and outcomes have not fully materialised, the unexpected benefits have captured the imagination of the post-trade industry.
The threat of cybercrime shows no sign of diminishing any time soon, but to what extent can market infrastructures and financial institutions protect themselves against hacking attacks?
Custodians are being urged to adopt a standardised utility model for the management of standing settlement instructions (SSIs) to resolve ongoing challenges such as high costs and risks for buy-side firms.
Standard Chartered, National Australia Bank, Mizuho Financial Group, BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank are the latest banks to join Ripple’s blockchain-powered network for cross-border payments. “2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as […]
Finserv provider Tramonex is partnering with Saxo Payments for segregated client accounts in 25 currencies, and foreign exchange (FX) liquidity. Tramonex has joined the Saxo Payments Banking Circle, and says it is now able to offer its clients individual, physical and virtual accounts with their own unique International Bank Account Numbers (IBANs). Tramonex previously offered […]
All aboard the blockchain bandwagon – Goldman Sachs has filed a new patent application to use it on the foreign exchange (FX) market. The latest development follows on from late last year when Goldman Sachs made a patent application for a new virtual currency, dubbed “SETLcoin”, for “nearly instantaneous execution and settlement” of trades involving […]
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
Commcise has implemented its flagship cloud-based commission management software, CommciseBuy, at BNP Paribas Investment Partners (BNPP IP). The project covers the investment manager’s international network across Europe, North America and Asia Pacific. The new solution comprises “a complete multi-broker, multi-asset, integrated commission sharing agreement (CSA) and share-of-wallet hosted service”, says the vendor. Commcise also provided […]
BGL BNP Paribas, a Luxembourg-based subsidiary of BNP Paribas, has gone live with a new centralised hub for securities processing. The technology that underpins it is the Olympic core banking system, supplied by banking tech vendor ERI. ERI is a long-standing supplier of core banking software to BNP Paribas’ wealth management and private banking businesses. […]
BTL Group is partnering with Visa Europe Collab to investigate potential applications for blockchain settlement in financial services. The project will use BTL’s cross-border settlement platform Interbit to explore the ways in which blockchain-based settlements can “reduce the friction” of domestic and cross border transfers between banks. A small number of European banks have been […]
Virtual bank accounts (VBAs) are a hot topic among the treasury community today. While you may have heard of VBAs before, their usage is rapidly evolving – and their benefits for treasurers continue to grow. Dick Oskam, global head of sales for transaction services at ING Bank, explains what VBAs are all about. In an increasingly […]
