Banks in the UK and Ireland need to adjust to changing consumer behaviour as customers cut back on the amount of time they spend banking online and visiting bank branches, according to new research by Accenture.
Danish bank Ringkjøbing Landbobank has adopted a corporate actions tool from SmartStream Technologies, which it says should increase levels of automation and lead to a more efficient service for customers.
New rules and regulations for financial benchmarks following the Libor scandal will come into effect next Monday, says the Financial Services Authority, and will follow the recommendations of the Wheatley Review.
Russia’s Moscow Exchange has begun its migration to T+2 settlement, marking a significant milestone in the exchange’s efforts to attract international investors.
The shift to SEPA offers significant benefits to businesses – from lower bank fees on euro payments and direct debits to opportunities to streamline processes.
The European Central Bank says that the speed of adopion of direct debits in line with the Single Euro Payments Area standards is “unacceptable” and urged regulators and payment service providers to make greater efforts to push the instrument or risk damaging the reputation of the scheme.
As Europe’s new EMIR derivatives regulation takes hold, senior buy-side representatives have warned that new rules including EMIR and Basel III might actually exacerbate risks rather than reduce them.
Major global banks have praised the FinTech Innovation Lab London, a project which partners senior bank executives with startup companies, for helping to energise the development of innovative new products in financial services, at an investor day presentation in London City Hall this morning.
As one of the world’s leading financial centres, geographically well-positioned between America and the Far East, London is very much a global city. It is perhaps unsurprising then that it also attracts businesses looking to provide financial services worldwide.
PKO Bank Polski has added a mobile payment service that covers all payment situations using the Mobile Everywhere platform from Stockholm-based Accumulate.
The Royal Bank of Scotland has announced a new product intended to help clients migrate to mandatory SEPA standards. Called the RBS SEPA Accelerator, the product has a feature that allows a corporate implementing the SEPA XML file format to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This ensures that a corporate can self-test its SEPA readiness.
Structural reforms and overhauls of financial infrastructures are intended to turn Moscow into an international financial centre, but there is still a long way to go.
SEPA solutions specialist Sentenial has completed its planned investment in the Benelux Region with the opening of a fully-supported operational office in Amsterdam and the relocation and expansion of its Brussels office.
The imposition of a financial transaction tax in Italy on Friday has prompted condemnation from senior financial market observers, who are warning that the new rules could tip Europe into a liquidity drought that will damage banks and asset managers, punish traditional market participants and encourage a slide away from equities towards other asset classes.
German clearing and settlement business Clearstream has opened a new link to Russia’s CSD, the National Settlement Depository, that should allow customers based in the west to trade and settle Russian OFZ treasury bonds more easily.
Russian broker Renaissance Capital has built a cross-margining tool for the Moscow FX and derivatives markets Micex Selt and Forts, and the London Stock Exchange’s international order book.
The Luxembourg Stock Exchange is cooperating with IT support company Altus to develop a market infrastructure for European investment funds, which constitute a large part of the Luxembourg economy.
Payments specialist Sentenial has hired former Logica CGI sales director Jean-Pierre Arens to head up its efforts in France, as the Irish firm expands its ambitions across Europe.
Poland’s Warsaw Stock Exchange has set a date for its migration onto NYSE Euronext’s UTP trading system.
Dutch bank Rabobank is to sell its asset management business Robeco to Japanese financial services group Orix for €1.9 billion.
A new start-up bank from Finland plans to open across Europe, using an online-only service that it says will redefine what it means to have a bank account.
Speed is becoming less of a competitive advantage for exchanges as regulation and the need to support long-term investors comes to the fore, according to Christian Katz, chief executive at SIX Swiss Exchange.
London’s financial sector jobs market continues to be depressed, with the number of new jobs on the market down 18% on this time last year, and the number of people looking for jobs down 26%.
Russian asset manager Alfa Capital has implemented SDX, SuperDerivatives real-time cross-asset front office system, for its structured products business.
Danish bank Jyske Bank has gone live with corporate actions technology from SmartStream.
Polish clearing house KPDW CCP has deployed technology from Nasdaq OMX to help it meet the European Commission’s new EMIR rules on OTC derivatives. Under EMIR, the majority of OTC derivatives will have to be centrally cleared via central counterparties. The rules are intended to reduce systemic risks in financial markets by removing the possibility […]
Euroclear Bank has begun clearing and settlement for Russian ruble-denominated OFZ government bonds – a market worth US$100 billion, according to figures provided by Baring Asset Management.
Next month, the European Commission’s EMIR regulation on the central clearing and reporting of OTC derivatives is due to take effect in Germany. Investment managers Insight Investment and OFI Asset Management have begun clearing OTC derivatives on Eurex via its new service, EurexOTC Clear.
Russia’s central securities depository NSD is to get a complete business intelligence overhaul through a joint project with consultancy Optima Group. The deal should help bolster NSD as one of the key pieces in the government’s strategy to turn Moscow into an international financial centre.
As new rules for the central clearing of OTC derivatives loom ever larger on the horizon in both Europe and the US, technology is helping to make the transition easier – but the kind of contracts being traded may well change, according to CME Group.
Seven innovative start-up companies have been chosen to take part in a major new London-based project that aims to bolster advanced technologies in financial services. The seven firms will participate in a twelve-week programme in which they will gain support from the major banks and gather interest from venture capitalists and investors.
Dutch cooperative Rabobank has increased its outsourcing of banking software development and testing, via a five-year deal with technology specialist Cognizant that the cooperative hopes will provide it with the benefits of stronger technology.
UK Prime Minister David Cameron gave a speech earlier this week in which he promised to hold a referendum on UK membership of the EU by 2018, if he is re-elected. The speech reflects pressures not just in the Conservative party, but fundamental differences in Europe as a whole over how to approach financial markets and the wider economy.
The upcoming IPO of Russia’s Moscow Exchange on its own bourse is just one step in a titanic effort to transform Russia’s capital markets and attract attention from international investors – and it may not be the most important one, according to Serge Alexandre, electronic trading services at Russian broker Otkritie.
Former Liquidnet Europe head John Barker is to take up a new role at Russian financial services firm BCS Financial Group, Banking Technology has learned.
Proposals in Germany that would affect the country’s capital market structure could create problems of regulatory arbitrage when the European Commission’s MiFID II arrives in 2015-16, according to Mark Spanbroek, general secretary at the FIA European Principal Traders Association.
A heated argument that erupted between panellists at an event in London yesterday signals deep divides in Europe over the role that financial regulators should take as France and Germany introduce their own national rules.
Market participants have expressed support for controversial new proposals in Germany to control high-frequency trading, including a requirement to obtain a licence or stop trading.
Investors looking to trade in Russia can now take advantage of a new high-speed route from Frankfurt to Moscow, built by technology and connectivity provider TMX Atrium. The idea behind the new link is to provide access for clients that need low-latency access to the Russian market, which currently represents the world’s sixth largest economy, […]
New regulations that will affect how banks run crossing networks for their buy-side clients should avoid constraining investor choice by forcing a ‘one-size-fits-all’ approach to trading, according to Miranda Mizen, senior consultant at TABB Group.
