EuroCCP and EMCF merger receives OFT approval
Pan-European clearing houses EMCF and EuroCCP have received approval from the UK consumer authority the Office of Fair Trading to go ahead with their planned merger, announced in July.
Europe
UK Payments Council reports 11% increase in account switching
The number of UK consumers who switched their current account during the last month increased by 11% compared to the same period last year, giving hope to the UK Payments Council that its new seven-day account switching service which launched on 16 September may be beginning to work.
Banco Itaú Suisse installs ERI private banking platform
Banco Itaú Suisse, the Swiss business of Latin American bank Itaú Unibanco, has chosen a private banking business system from software vendor ERI as part of a drive to make the Swiss unit a central hub for the Group’s European private banking business.
Swift completes acceptance testing for T2S
Swift has completed network acceptance testing for its connectivity service for T2S, the EU project to reform Europe’s post-trade infrastructure.
Regulation is a “moving floor” says Yorkshire Building Society
The constantly changing tide of national, European and global regulatory change is making life difficult for Britain’s building societies and banks to keep pace, according to Mark Smith, head of ALM at Yorkshire Building Society.
UK account switching a “complete waste of time” claims bank panellist
The UK Payments Council’s seven-day account switching service has been attacked as a “complete waste of time” by participants at a panel discussion in London on Wednesday – an allegation that was vigorously denied by representatives of the Council and the UK retail banking sector.
Squawker completes European launch
Sell-side only block trading network Squawker has completed its pan-European rollout, connecting 70 sell-side firms to the new venue, which promises ‘algorithm-free’ trading in 13 European countries.
CaixaBank sets up handset financing JV with Telefónica
Spanish operator group Telefónica has teamed with local bank CaixaBank to set up a company offering consumer financing for mobile handsets and devices.
Mobile payments success needs complete ecosystem
The public is ready to adopt mobile payments in many aspects of their lives, but service providers need to have a defined role in the ecosystem and an understanding of how they interact with other players and the consumer.
Comarch rolls out mobile banking for corporates
Polish IT specialist Comarch has launched a mobile business banking solution aimed at banks that want to give corporates, SMEs and micro business customers a mobile offering.
EE rolls out mobile voice recording for financial services firms
UK operator EE has launched mobile voice recording services to help UK organisations to fully comply with the FCA’s mobile trading regulations.
BATS Chi-X Europe will bring down the cost of European ETFs says Mark Hemsley
BATS Chi-X Europe’s upcoming move into the European listings space will help bring a much-needed reduction in costs that could help to make the European ETFs market stronger, according to Mark Hemsley, chief executive at BATS Chi-X Europe.
Financial institutions are “missing out” on big data says TeleWare
As financial regulation on mobile phone recording grows ever tighter in Europe, a significant proportion of financial institutions still haven’t put in place any technology to handle it. They could be missing out, according to Steve Haworth, chief executive at computer telephony specialist TeleWare.
London Stock Exchange prepares millimetre wave trading link
The London Stock Exchange is planning to roll out a new millimetre wave wireless communication link between its data centre in the City of London and the Equinix data centre in Slough, in a deal that will provide faster access and benefit HFT firms looking to arbitrage between multiple trading venues.
WorldPay’s world of payments shows huge diversity
Adoption of alternative payment mechanisms is growing more rapidly in developing economies as they leapfrog the legacy infrastructures deployed elsewhere.
Zapp: putting banks back in the m-payments picture
Formed earlier this year, Zapp expects to launch next year with the backing of most of the major UK retail banks, Peter Keenan, chief executive of the venture, says that at the time of launch the Pay by Zapp service will be available to 40% of UK current account holders, and it will have the backing of 50% of the nation’s online and mobile retailers – including well-known brands.
US-Europe derivatives rulemaking deal “falls at first hurdle”
Senior financial industry executives have expressed disappointment at the failure of the US and European securities regulators to realise a deal over derivatives reforms and swap execution facilities, the new category of US execution venues brought in under the Dodd-Frank Act.
FIS sets sights on eastern Europe with new cloud banking platform
US banking and payments technology specialist FIS has launched a cloud-based real time core banking utility aimed at mid-tier banks in central and eastern Europe, which it says will help client to roll out new products faster and cheaper than ever before.
Cloud makes inroads into UK mid-tier as Leeds Building Society joins HP alliance
Leeds Building Society has joined the shared services alliance founded by HP Enterprise Services and the Yorkshire Building Society in September, in a deal that will see the society move its core application for mortgages and savings to the cloud. The deal also marks a growing recognition among the UK’s mid-tier institutions of the power of cloud to help them move with the times.
Trading arms race intensifies with new social media tool
A new tool designed to help banks and their clients gain a decisive trading advantage over their rivals based on Twitter posts has been launched by UK-based fin tech firm Eagle Alpha.
“Problematic” US shutdown causes SEF blues at the EU
The European Commission has expressed concerns that the US government shutdown is preventing a deal between the EU and US regulator, just as new swaps rules come into force for firms based both inside and outside the US.
Research firm aims to identify winners and losers in High Street struggle
A new monthly index that measures UK current account switching has been launched by research firm TNS, providing a snapshot of changing consumer behaviour as the UK Payments Council’s switching service begins to take effect.
Intelligent changes to lending: winning back consumers’ hearts
Following yet another revelation that UK banks have been mis-selling financial products to their customers, this time for identity theft and credit card protection insurance, the need for high street lenders to prove that they are changing their lending behaviour has never been so great.
LSE launches new derivatives market
The London Stock Exchange has intensified its push into the derivatives markets with the launch of a new bourse called LSE Derivatives Market, which it says will create new opportunities for traders in London and provide a better proposition under the EU’s EMIR legislation than its predecessor Turquoise Derivatives.
UniCredit plans mobile payments play with First Data
European commercial bank UniCredit has chosen payment processing company First Data Corporation to help it pursue its mobile payments plans.
Nationwide reports rise in UK account switching – but critics remain unconvinced
Nationwide has reported a significant increase in the number of customers switching their main current account to the building society, following the introduction of the new seven day account switching service on 16 September – but not everyone is convinced.
Competition for Russia heats up as TMX boosts Moscow link
Trading infrastructure provider TMX Atrium has released a set of options for trading Russia through its connection to Frankfurt’s Equinix FR2 IBX data centre and the Moscow Exchange – a move designed to shepherd customers as rival providers stake out their own claims to the Russian market.
Mobile wallets face uphill struggle in UK
Less than one in ten UK consumers has used a mobile wallet, despite the widespread availability of the technology, a new study has found.
Germany’s Eurex to support new SL-x securities lending platform
Eurex clearing, the post-trade arm of Germany’s Eurex derivatives exchange, is to act as the clearing house for new securities borrowing and lending venue SL-x Trading Europe when it launches in Q4 this year.
MyBank E-Mandate pilot ready to go live
EBA Clearing has signed five financial institutions, 11 European service providers and two corporates for its MyBank E-Mandate pilot, which will begin in October and will test the firm’s solution for Sepa core direct debits for reliability, security and usability.
Flurry of initiatives show confidence in ‘on time’ T2s
Momentum is building behind the European Central Bank’s (ECB’s) Target2-Securities (T2S) settlement platform. With the ECB confirming the platform will be delivered on time, further proof of the industry’s confidence in the initiative has come via a series of announcements regarding connectivity to T2S.
Payments: the final push
For those involved in European payments, the final months of this year are likely to be characterised by a frenzy of activity as the deadline for migration to single euro payments area instruments looms.
Russia’s TCS bank turns to big data to create value
Clever use of data about customers can be the key to success as customers move from cash to cards, according to Oliver Huwes, chief executive at Russian bank Tinkoff Credit Systems.
Millions prepare to switch banks as UK switching service launches
Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.
Zapp zeroes in on UK banks as mobile banking competition builds
Mobile payments specialist Zapp is expecting to sign up five of the six major UK banks within the next few weeks, following a deal with acquirer WorldPay, announced this week. However, the platform still has a long way to go to catch-up with rival Barclay’s Pingit, which has a significant head-start, having launched in February 2012.
Big brother is watching: Russia’s BCS installs surveillance tools
Russia’s BCS Financial Group has chosen to install market abuse surveillance, insider dealing and compliance tools from specialist firm b-next, as the firm prepares to enter the UK market.
Boerse Stuttgart taps Nasdaq OMX trading engine
Germany’s Boerse Stuttgart has chosen Nasdaq OMX to provide it with a new trading engine, which it says will decrease latency and increase throughput for members on the exchange. The Stuttgart exchange is focused on corporate bonds and investment funds for private investors, and has an average volume of €370 million per day. The exchange […]
Welcome back: five emails you need to send this quarter
Here’s what you don’t know about how the European Parliament is going to stretch your time and budget in 2014 …
BCS upgrades pre-trade risk checks to meet new algo trading regs
Russian broker BCS Prime Brokerage plans to install a new pre-trade risk system called TripleCheck, which it says will help it to meet tough new regulations on algorithmic and proprietary trading.
UK account switching rising – but still below par
Retail banking competition is likely to heat up over the next decade, with millions more people switching accounts every year, according to new research published by the Centre for Economics and Business Research. But current levels are still far behind those found in other industries such as electricity and gas utilities, the study found.
